Situated in the Vallechiara area, on the edge of the Guastato (today Piazza della Nunziata) and along the road that climbed up to the borgo del Carmine, an area characterised by great building ferment already in the Renaissance period, the palace, initially built as the suburban residence of the Lomellini family, was rebuilt at the behest of Giacomo Lomellini, a rich and cultured member of the family that had made its fortune with the coral monopoly of Tabarca. Following various changes of ownership, from 1945 to the present day it became the headquarters of the Area Military Command.

The palace, which only became part of the urban circuit with the opening of Strada Nuovissima (via Cairoli) in the 1770s, is affected by the great urban transformations that have characterised the surrounding area since the 18th century.

Of great value are the frescoes that adorn the interior, painted by artists such as Domenico Fiasella and Giovanni Carlone.