The 67-meter-high (220-foot-high) tower situated on the city's European side was constructed in 1348 as a watchtower and later in the Ottoman era, as an observation post against fires. Today, it is a landmark giving a splendid view of the Golden Horn through a narrow panoramic deck at the top.

The tower, the tallest building in the city when it was first constructed, was restored multiple times since the 19th century when it was damaged in a fire. The last restoration was done in the 1960s when its roof was reconstructed and the wooden interior was replaced by a concrete structure.