It was temporarily opened on July 5, 1985, and the completion ceremony was fully opened on July 27, the same year, and was held on September 30. It was the tallest building in the world when excluding North America, beating the Sunshine 60 building in Tokyo, Japan at the time of its completion, before the OUB centre was built in Singapore in 1987 and the Bank of China Tower in Hong Kong in 1990. During the 1988 Seoul Olympics, the torch was lit at the Bonghwadae in front of the 63 Building, and it became famous around the world. Originally, it was the headquarters of Korea Life Insurance of Shindonga Group, but it was dismantled in 1997 due to the IMF, and the 63 Building was moved to Hanwha Group. The Seoul International Fireworks Festival began in 2000 and was canceled in 2001 in the aftermath of the September 11 terrorist attacks in the United States, and the event dates were adjusted in consideration of the 2002 Korea-Japan World Cup. It has been designated as an official World Cup cultural event. The 63 Building was also owned by Hanwha Group when Korea Life Insurance (currently Hanwha Life Insurance) was acquired and incorporated into Hanwha Group in September. The total land area is 21,430 square meters (6,483 pyeong) and 166,097 square meters (50,305 pyeong).