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The building was designed by John Carl Warnecke & Associates^[1] for the Pahlavi Foundation, an organization run by the then-Shah of Iran, Mohammad Reza Pahlavi, "to pursue Iran's charitable interests in the U.S.". After the Iranian revolution in 1979, the Islamic Republic of Iran sought to take control of the Shah's property, including the assets of the Pahlavi Foundation, which was renamed the Alavi Foundation.

Tenants who leased space at 650 Fifth Avenue included Ivan F. Boesky, the infamous "greed-is-good" Wall Street speculator who was convicted of insider trading in 1987, and Marc Rich, a billionaire oil trader whose invention of the spot oil market made his fortune and changed the world economy.^{[citation needed]}

The Alavi Foundation itself has its headquarters in Suite 2406.^[2]

سرمربی جدید استقلال از آمریکا متنفر است