The palace is located in the Prague heritage reservation area and significantly participates in the expression and visual composition of the Grand Priory Square (Velkopřevorské náměstí). The building is an example of a city palace with a high historical, architectural and artistic value of both façades and interiors. The building is listed in the Central List of Cultural Monuments as an immovable cultural monument. The original building at of today’s Little Buquoy location was built in 1598 in the late Renaissance style. From 1621 to 1721 he served as an alumneum (boarding school) of the Sovereign Military Order of Malta. After several changes of owners and a Baroque reconstruction in the late 18th century, became palace in 1816 it the property of the Buquoy aristocratic family. This family, which originated in present-day northern France, already owned the neighboring large palace at that time, so it united these two palaces.
Both of these buildings are now state-owned and have been leased to the French Embassy since 1945. The client of the works is the Diplomatic Service, a contributory organization of the Ministry of Foreign Affairs of the Czech Republic.