The General Petroleum Building, which is now known as the Pegasus Apartments, was constructed in 1947 in the Modern architecture style. Walter Wurdeman & Welton Becket were the building's architects and P.J. Walker Co. was the general contractor. The offices were occupied from its opening, in February 1949, until it was eventually vacated in 1994.
The building was vacated in 1994 and converted into 322 apartments in 2003 by developers Kennedy Wilson and the KOR Realty Group. Since then it has been used as an apartment block and it was added to the National Register of Historic Places in 2004 based on architectural criteria.