Formerly the Königsberg Stock Exchange, the scale and grandeur of this late-19th century Renaissance-inspired building make it one of Kaliningrad's architectural highlights and it is perhaps best viewed from across the River Pregel on Kant Island (otherwise known as Kneiphof).

The Stock Exchange had originally been situated on Kneiphof itself, having been established there in 1623, but the 18th and 19th centuries saw the island become increasingly crowded and redevelopment plans in the 1860s required it to be moved to the opposite bank of the river. Architect Karl Mueller was brought in to oversee construction of the new, purpose-designed facility (built, as with the cathedral, on top of wooden stilts inserted into the soft ground) and, taking five years to complete, it was officially opened in 1875.

Air raids took their toll on the building during WW2 and it stood in ruins until 1967, at which point the Soviet authorities took steps to restore it and then utilise it as the Palace of Mariners' Culture. From the year 2000 on, it has been the Regional Centre of Youth Culture and stages various concerts and events throughout the year.