Exchange Place was constructed in 1931 as the City Bank Farmers Trust Building. At that time the building was the 4th tallest building in the world and it remained among the top ten tallest buildings in New York until 1970. The building was designed by the architectural firm of Cross and Cross. In 1996, the building was designated a City Landmark by the New York City Landmarks Preservation Commission. Upon completion Exchange Place will be converted into Downtown's finest luxury rental apartments, making it one of Lower Manhattan's tallest residential buildings to date.