The neo-Renaissance building was completed in 1886 and was used as an apartment building for the client. The ornamentation of the building includes elements that use 19th century railway symbols, referring to the owner. Ödön Lechner, who personally supervised the construction of the building, also had an eye on the Opera House opposite. He considered it important that the new building should harmonise with, rather than rival, the building designed by Miklós Ybl, which had opened its doors to the public shortly before, in 1884. From 1946 to 2002, the palace housed the Hungarian Dance Academy (formerly the Hungarian Ballet Institute).