During the 1870s, a merchant named Vassilios Melas bought a plot of land here, framed by Aiolou, Kratinou, Streit, and Sofokleous Streets, and located opposite Kotzia Square.

Melas awarded the design of this imposing, two-storey house to Ziller. Subsequently, due to its size and decorative features, the manor quickly became known as the largest and most expensive private building of the era.

Following the death of Melas and his wife, in accordance with his will a foundation for children was endowed in 1893. Since then, the mansion has served other needs, at one point accommodating the Athens Stock Exchange and the Athens Club in the late 1800s. After suffering extensive fire damage in 1897, the mansion was restored within two years by engineer Petros Protopapadakis. Later, between 1909 and 1932, a third floor was added.

After 1973, the building was listed as protected, eventually housing the National Bank of Greece which, in agreement with Melas children’s foundation, restored the building to its original design, removing the additional third floor and following the designs of the architect Vlachopoulos.