Complex sentence: Initially a San Francisco Convent, then the Central University of Venezuela followed as the Bibliotect or the Central Library, the edifice is now the historic Palace of the Academies from the time of President Pérez Jiménez.
Split into simpler sentences: Initially a San Franciscan Convent, then the Central University of Venezuela, it later became the Biblioteca or the Central Library. The edifice is now the historic Palace of the Academies from the time of President Pérez Jiménez.