Previously named Palazzo Baldinotti Carpegna, this building by architect Giovanni Antonio de' Rossi (1619-1695) was erected on its present location at the end of the 17^th century.

Until the early 20^th century, it housed departments of Rome University, relocated in 1930. Following the adoption of the urban development plan of 1926, the building was demolished and later reconstructed. In particular, the new façade was rebuilt in 1935 moving it back to make room for a broader Corso Rinascimento.

In the 1940s, the building was connected to Palazzo Madama to make up for the parts lost as a consequence of the clearance to broaden Via della Dogana Vecchia. The two buildings were linked with a two-storey arcade. The upper part is supported by seven Tuscan-order granite columns and its arches, featuring Ionic columns, are closed with large window panes. Cardinal John's Courtyard, also known as the Courtyard of the Palm, is enclosed by the arcade, Palazzo Madama, the Crescenzi Tower and a building designed by architect Koch.

Using a technique which was very advanced at that time, a fresco by Lodovico Giminiani depicting the founder of the Carpegna family was carefully detached from this building and moved to the ceiling of the "Corridor of the Hero" at Palazzo Madama.

The Senate Standing Committees hold their sittings at Palazzo Carpegna. For this reason the building was recently renovated in order to make the most of its ample spaces, adopting innovative architectural solutions which successfully combine sober elegance and state-of-the-art functionality.