The history of Baker Center dates back to 1925 when Morris T. Baker, George D. Dayton and several other investors formed the Intersection Holding Company and purchased the property bound by Marquette Avenue on the west, Seventh Street on the north, Second Avenue on the east and Eight Street on the south, with the exception of a section (90 by 155 feet) at Second Avenue and Eight Street, which was owned by the Business Women's Club. At the time of the purchase the property was known as the "Street Car" or "Terminal" Block because it was proposed to be developed as the main terminal for all city and suburban streetcars. The Terminal Block, excluding the Business Women's Club, was purchased from the Rapid Transit Real Estate Corporation for $1,500,000. After the purchase of the property, Intersection Holding Company became the Morris T. Baker Company and the Terminal Block became known as the Baker Block.

The Morris T. Baker Company's original plans for the property was to construct:

• A twelve story office building on the corner of Seventh Street and Second Avenue ("the Baker Building")
• A three story parking garage with street level store fronts between the Baker Building and the Business Women's Club ("the Baker Garage")
• A twelve story hotel on the corner Seventh Street and Marquette Avenue
• A five story office building on the corner of Eight Street and Marquette Avenue ("the Arcade Building")
• A three story office building between the hotel and Arcade Building along Marquette Avenue
• A two story office store front building between the Baker Building and the hotel ("Baker Annex")

Because of strong demand for office space in 1925 the plans for Terminal Block were changed. Instead of building the hotel on the corner of Seventh Street and Marquette Avenue another twelve story office building was constructed. The original name of this development was the Terminal Building but because of a conflict with the local transit company the name was changed to the Roanoke Building.

The Baker Garage
The Baker Garage opened in August of 1925, with stalls for 416 cars, for a cost of $400,000.00 and was the first garage in Minneapolis to have multi levels connected by a ramp system.

The Baker Building
The Baker Building, a twelve story office building with 87,872 square feet of space, opened on May 1, 1926 at a cost of $1,000,000. It was the first building constructed on the block by Morris T. Baker Company and was attached to the Baker Garage on the first three floors so tenants in the building could have direct access to the garage and their cars.

The Arcade Building (subsequently named the "Multifood" and "Investors" Building)
The Arcade Building, a five-story office building with 141,648 of space, and the Baker Annex along Seventh Street were built in 1926 and 1927 at a cost of $950,000. A sixth floor was a later addition to the Arcade Building in 1929. Floors seven through thirteen were added in the mid 1960's.

The Roanoke Building (originally named the "Terminal Building")
The Roanoke Building, a twelve-story office building with 88,638 square feet of space, was completed and opened September 1, 1927 at a cost of $900,000.

The Peavey Building (subsequently named the "U.S. Trust Building")

The Morris T. Baker Company owned the Baker Block until it was purchased by Investors Diversified Services, Inc. ("IDS"). IDS owned the Baker Block through 1977 when it was purchased by Oxford Development Minnesota ("Oxford Properties"). In 1985 BAPUT Properties (British American Properties Unit Trust of London) purchased the block from Oxford Properties. The Baker Block was sold again in 1989 to St. Paul Properties who currently own the property, which is now called the "Baker Center."