moved several times, the Exchange did not leave this intersection until its closing in 1964. After constructing and then outgrowing a small building nearby on Gravier, the Exchange built a palatial Second Empire building in 1881, at the northern corner of Gravier and Carondelet. Noted for its lavish interiors, the building soon became a landmark in the city. However, in 1916, the building was deemed unsafe and planning began for a replacement. World War I and several other factors conspired to delay the construction of the replacement until 1920, and the original plans for an equally lavish replacement building were scaled back. The resulting structure was much more modest, modeled after a Renaissance palazzo; the architects were Favrot and Livaudais. The Cotton Exchange occupied this building until its 1964 closure, selling the building in 1962 and merely renting space for the last two years of operation. Today, the building is a hotel in the New Orleans Central Business District. It was listed on the National Register of Historic Places in 1977, and further has been named a National Historic Landmark. Degas painting The renowned French artist Edgar Degas painted the picture of a cotton office, seen here, in 1873 while visiting his mother's Louisiana relatives. Although certain sources label the painting as depicting the Cotton Exchange, the setting of the painting is actually the office of a cotton factor in a nearby building known as "Factors' Row." See also Cotton factor New York Cotton Exchange, the first cotton exchange in the U.S. Mobile Cotton Exchange, the third cotton exchange in the U.S., founded after New Orleans Exchange Memphis Cotton Exchange, founded 1874 Cotton production in the United States List of National Historic Landmarks in Louisiana National Register of Historic Places listings in Orleans Parish, Louisiana References Financial services companies established in 1871 Commercial buildings on the National Register of Historic Places in Louisiana National Historic Landmarks in Louisiana 1871 establishments in Louisiana Commodity exchanges in the United States 19th century in New Orleans 20th century in New Orleans Buildings and structures in New Orleans Buildings and structures completed in 1921 National Register of Historic Places in New Orleans Cotton industry in the United States Cotton organizations New Orleans Lower Central Business District