In 1905 the building of a new and important street Gran Via was confirmed and the former insurance company La Unión y el Fénix opened, to French and Spanish architects, a design competition for its new headquarters on the corner of this street.
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The building is of very fine proportions with an impressive dome which is visible from some distance. Originally the dome was crowned with a phoenix in reference to the insurance company however in 1975, Metropolis bought the building and put a winged statue of victory in its place designed by Federico Coullaut Valera.