On February 1, 1974, a short-circuit in an air-conditioner on the 12th floor ignited the fire that gutted this building. Almost all of the building was occupied by a single banking company, Banco Crefisul S/A. The large amounts of paper, plastics, electrical equipment and wooden walls and furniture contributed to the fire spreading rapidly. Most of the people attempted to escape upwards, due to the stairs being filled with smoke, in the hope of being rescued by helicopter, but Joelma did not have a heliport. Despite the bravery of the fire fighters, 18 people jumped to their deaths to escape from the fire or in failed attempts to reach to out-of-reach fire ladders. At the end the death toll reached 188.