Following the Great Fire of 1834, 1 Hanover Square was built in 1851-54 for the Hanover Bank, an institution historically tied to the adjacent commercial district. It is thought to have been built by Robert F. Carman, a developer, and builder, who made his fortune rebuilding the "burnt district."

The Brownstone, Anglo-Italian style in which it was built has largely remained unchanged since its construction. However, it used to have two stoops, due to its occupation by multiple businesses.

The Cotton Exchange assumed ownership in 1871 and serving as its sole tenant unified the building. In doing so, it added the clock above the entrance with the words "Cotton Exchange" on a scroll around it.

Following the departure of the Cotton Exchange, 1 Hanover Square had a series of tenants, including the Grace shipping company and the Haitian Embassy. In 1914, "the India House" came to take over the building.

Diplomat Willard Straight and industrialist James A. Farley conceived of it as a place where merchants and bankers could converge and discuss American commerce and trade. The name India House was chosen to evoke the exoticism of the faraway indies and they hired the architects Delano and Aldrich to convert the building to a club.

The famous architects found much of the ornamentation of India House overbearing and stripped it down to its more refined elements and gave the building a whitewash. In the interior, Delano and Aldrich added maritime details and accents throughout the club.

The India Club remains to this day. For more than a century it has been a lunch club for Wall Streeters. Today it is still a private club, though its restaurant is open to the public for lunch and dinner.