The dredging boom allowed the Dunedin Stock Exchange to move from its cramped accommodation into this building on Princes Street in May 1900. The building, whose size gives some sense of the prestige and success of the exchange in those years, was designed by architects Mason and Wales. It was originally intended as the Dunedin post office, but the provincial government decided it was too elaborate for this purpose. So the building became successively the museum, the first site of Otago University, the local headquarters of the Colonial Bank, and the Bank of New Zealand, before being occupied by the exchange.

Despite the building being demolished in the 1960s, the location was still known as The Exchange.