Morgan and Walls, an architectural firm from Los Angeles, designed the Arcade Theatre in the Beaux-Arts style. This seven-story building has office space on its upper floors. The Arcade is next to the former Cameo and Roxie movie theaters. In 1991, the city of Los Angeles declared the Arcade Theatre a Historic-Cultural Monument.

Opened in September 1910, the same year as the Cameo Theatre, the 1,400-seat Arcade was part of the Pantages Theatre circuit, run by Alexander Pantages (whose famous landmark theater is at Hollywood and Vine). It was a vaudeville-style theater until the 1940s, when it was changed to show movies and newsreels, which it did until 1992, by then it had become a grindhouse.

Since then, the lobby space has been turned into a retail area; the auditorium remains intact and unused.