This elegant limestone monument was the headquarters of Standard Oil of New Jersey, the successor of John D. Rockefeller's Standard Oil Trust, which was broken up into smaller components under anti-trust legislation in 1911. Through Standard Oil of New Jersey, the largest and most influential of these successor companies, Rockefeller and his board maintained control of the US oil industry.

The Standard Oil Trust had operated out of buildings on this site since 1885. Their original ten-story building stood on Broadway at the northern end of the property. The new building was erected in phases, allowing the company to remain on site during construction. The last piece of construction, the center of the Beaver Street front and the light court was not completed until 1928 as tenants on that portion refused to vacate until their leases expired. The building's west front bows gently, following the curve of Broadway.

Graceful terraces with balustrades, urns, and obelisks mark its setbacks. The tower is crowned with a symbolic oil-burning beacon set atop a stepped pyramid. In the classically inspired lobby, the names of the founders of Standard Oil are inscribed, like Roman emperors, in marble just above the cornice line.

One of the most prolific and prominent firms of the early twentieth century, Carrère and Hastings was also the architect of the New York Public Library at 42nd Street. The Museum of American Financial History occupies part of the building's ground floor.