It was built on the site of the former Swire House.
It is named after Sir Paul Chater, partly because the buildings are between Chater Road and Connaught Road Central.
Following the Praya reclamation of 1890-1904, a building was constructed and served as offices of Canadian Pacific Ocean Services and Hong Kong, Canton & Macao Steamboat Company .
This building was acquired in 1921, and used as its headquarters by the Union Insurance Society of Canton Ltd., and then became known as .
It was bought by The Hong Kong Land Company in 1946, and demolished in 1950.
Swire House was completed in 1962, and had a total floor space of 35,000 square metres .
The site was again redeveloped by Hongkong Land when the new Hong Kong International Airport opened. The building's main tenant, Cathay Pacific, relocated when the airport moved to its new site at Chek Lap Kok.
The building has a total floor area of 438,500 net sq.ft. , was designed by architects Kohn Pedersen Fox. It was originally configured into 30 floors - 474,000 net sq. ft - of office accommodation above a three-level retail podium of 45,000 net sq.ft. and a three-level basement, which includes 112 parking spaces. When the project was announced, in 1997, the estimated cost was HK$2.3 billion, and would complete in 2003.
The building is linked to the Central Elevated Walkway, also owned by Hong Kong Land.