Built in 1904 as a gymnasium with swimming pool, indoor track and showers, the building is a memorial to student William Preston Bynum Jr., who died after his second year at Carolina. His grandfather gave the building to the university. In 1939, it was remodeled for offices, after construction of Woollen Gymnasium made it obsolete. Architect Frank gave the gray-brick building a Classical portico.

Over the years, the building was home for UNC Press, the News Bureau, the School of Journalism, and many other offices. Today, the building houses the Cashier's Office and offices of the Graduate School and Research Services.