Capital Tower was completed in 1967 and originally known as Pearl House. The 125,000 sq ft (11,600 m2) tower was bought on 25 November 2002 for £17.4 million by Aberdeen Property Investors from the Raven Group. The tower houses several key clients including Admiral Insurance and regional government bodies. A job centre, bookshop and galleries were built on the lower floors, but in 1998, they were replaced by a new set of developments including café-bars, and the car parks were re-clad. At this time the building received its current name – Capital Tower.
The building lost its title of tallest structure in Wales when Meridian Quay in Swansea was topped out on 12 September 2008. There was a proposal for an even taller tower at Bay Pointe in Cardiff Bay; however, in December 2008 the Western Mail reported that this was unlikely to ever be built. The Mayor of Cardiff said the way forward for Cardiff is upwards to give it a more major ‘international-city feeling’.