The building in which today the Atlas Cinema and Shopping Arcade are located, was built as a winter residence, during the reign of Abdhulaziz by a businessman called Agop Köçeoğlu. It was built after the great fire which broke out in the Beyoğlu-Galata districts in 1870 and turned about five thousand buildings into ashes.

The basement floor (B Block) of the building, which today is being used as a shopping arcade, is known to have been used as a stable for well-bred horses and then converted into a horse circus.

As years went by, changes in the building's architecture were made again by Köseoğlu in order to meet the needs of the day. An annex was made next to Block B and thus adjoined with the mansion.

After 1932, extensive annexes and repairs were made in Block B and the building was turned into an entertainment and art center. In 1947, the Atlas Cinema with its 1600 seats and 35 viewing boxes, was one of the biggest movie theatres in Beyoğlu, Istanbul. In 1948, the "Kulis Bar-Restaurant" was opened, and a theater hall for 300 seats called "Küçük Sahne" was opened by Muhsin Ertuğrul along with the contributions of Yapı Kredi Bank's founder Kazım Taşkent.

It is known that, as time passed many changes in the ownership of the building have occured. The building was once owned by Balkan immigrants Aziz and Ahmet Borovalı, who first settled in İzmir and engaged in the tobacco business. As the tobacco business regressed in the 1930's, they moved to Istanbul in to the building's A Block starting an antiquities business. In the 1960's the building was purchased by Banker Kastelli Stocks and Bonds A.Ş.. With the liquidation of Kastelli A.Ş., the building was turned over to the Finance Treasury.

Since the building was constructed during the last era of the Ottoman Empire reflecting the architectural tradition of that period, the building was evaluated to be a historical monument in the first degree and was taken under protection.

The 44 shops operating in the Atlas Shopping Arcade today, were sold in 1985, via an awarded contract by the National Real Estate Directorate of the Istanbul's Chief Fiscal Authority. Since the building was considered to be a historical monument of paramount degree and sheltered culture & art institutions in its structure, the 10 remaining parts were alloted to The Ministry of Culture. In 1993, the building was extensively restored and regained its order.

Some parts of the locations in the possession and at the disposal of the Ministry of Culture are being used by the Istanbul State Directorship of Gallery of Fine Arts. The Parts in Block C are assigned to the Film Directors Association, Cinema Performers Associaton and to the Contemporary Cinema Performers Associaton. The Atlas Cinema and Küçük Sahne are active in Block A.

With the building's basement floor being turned into a shopping arcade, today, the Atlas Cinema renders service in three halls with a capacity of 715 seats. The 44 shops in the A, B and C Blocks of the building are giving services as cafes, bars and restaurants, and shops for clothing, hand bags and shoes, gift shops, carpet-kilim, handicrafts, cosmetic products, cassettes-cds, golden and silver jewellery, seashells and natural stones, model maquettes, antiquities, stamps and precious objects and alike.