Built for the family of Giorgio Centurione, the palace underwent various phases of renovation during the 18th century by the Pallavicini, a family that had profitable financial relations with Spain and the Duchy of Milan.

A first phase of renovation dates back to 1718-1724: the architecture of the residence, still linked to 16th-century canons, underwent a first, substantial renovation of the atrium, the monumental staircase and the façades overlooking the Filippini Fathers' complex and Via Lomellini, which were decorated with pilasters, tympanums and enriched with stucco floral motifs.

The intervention also includes a new distribution of the interior spaces of the representative flat on the second piano nobile, whose rooms are decorated with frescoes by Domenico Parodi and stuccoes by Mutoni and Giacomo Antonio Boni.

A small gallery was also created, also frescoed by Parodi, which contributed, together with mirrors, consoles and other sumptuous furnishings, to give unity to the rooms and bring them up to date with the new taste.

A second phase of extension dates back to 1756-1763, when the building was enriched with a small hanging garden on the first floor, immediately above the stables. Recently restored, the palace now houses private flats and offices.