The tower was sponsored by the Metropolitan Real Estate Company, the later creators of the neighbouring Edificio España. At the time of its creation, it was the tallest office and apartment building in Spain and entire Europe, boasting a total of 142 metres of height. It was Edificio España, and then Torre Picasso that eventually deprived Torre de Madrid of the title of the tallest building of the country, a title that it soon lost itself to Torre de Caja Madrid. Apart from apartments and office space, the building holds a number of shops, a hotel, and a cinema.