Leipätehdas was built in 1923 and extended in 1955, originally to accommodate a bakery operated by the Elanto cooperative. Before the current large bakery, the block housed a smaller bakery built in 1907.

The bakery moved out late 1990 and the property was sold to Senaatti, who converted the building into an office building for educational use between 2001 and 2003. In 2009, Leipätehdas was transferred to Helsinki University Properties.

Long-term tenants, such as The Finnish National Opera Ballet School, Helsinki Dance Institute, StepUp School and Helsinki City Education Department have been at Leipätehdas since 2003. After the Academy of Fine Arts moved to other premises in 2013. Helsinki City Theatre and The National Library of Finland moved in while their premises were under renovation.

Currently property is owned by real estate fund managed by NREP. NREP aim is to upkeep tenant satisfaction in high level the building while taking into consideration sustainability matters in the building.