Built in 1883 by Paul Déchard, it is an emblematic building with several elements classified in the catalogue of historical monuments of the city of Paris.
In addition, its history is linked to important events of the twentieth century: it was the seat of the Basque government in exile (between 1937 and 1940 and between 1945 and 1951), the headquarters of the police of the Franco regime (during the German occupation of Paris, between 1940 and 1944) and the seat of the Spanish Federal Council of the European Movement (established in 1949).
The mansion was finally attached by the French judicial authorities to the Franco state in 1951, and became the Spanish Library in 1952.
In 1991, the Spanish State created the Instituto Cervantes to spread the Spanish language and culture of Spanish-speaking countries. The centre of Paris, the first to have been created, includes the building at 7, rue Quentin Bauchart and the Spanish library on avenue Marceau.
In 2006, the library was named after the Mexican writer Octavio Paz (1914-1998), winner of the 1990 Nobel Prize and the 1981 Cervantes Prize.
The building was closed for 7 years for redevelopment and upgrading and reopened to the public in October 2022.