From 1682 to 1690, the northeastern corner of the square was embellished by architect Jan Křtitel Erna by a single-storey Baroque palace which was expanded and increased by an additional storey in 1791. The name of the building gained its name from its purpose, specifically raising abandoned aristocratic and burgher maidens. During World War II, the neighboring Althann Palace was severely damaged by bombing and had to be torn down, putting the Palace of the Noble Ladies at the same risk, but it was ultimately repaired. Its interiors are now home to one of the five exhibitions of the Brno Moravian Museum. The interior of the palace boasts a beautiful chapel with late Baroque frescoes.