The Gruenspan became known mainly for concerts and progressive rock parties. The building on the corner of Simon von Utrecht Straße holds 800 guests and has an exterior facade designed by Hamburg artists Dieter Glasmacher and Werner Nöfer.

The history of the building is as eventful as that of the Gruenspan itself. It dates back to the end of the 19th century, when Große Freiheit 58 was built as a "dance hall" and later became known as the "Palmengarten." In the following decades, the house was converted several times, among other things, into a hippodrome, a bathhouse and a cinema, until 1968, when the legendary opening week of the Gruenspan was celebrated.