In 2005 the Theocharakis Foundation bought and restored one of the last standing old buildings of the centre of Athens. The building was renovated and its interior was reformed so that it could function as an exhibition area and as a concert hall. The building has 6 floors. On the lower ground level there is an Auditorium with the capacity of 175 seats. On the ground floor there is the reception area and an art shop. A café can be found on the first floor while the second third and fourth floor function as exhibition areas. On the fifth floor the permanent collection of the Modern Greek painter Spyros Papaloukas is housed.

In the Frissiras museum the visitor can admire paintings of contemporary artists both Greek and foreigners. The museum organizes different exhibitions displaying different works of art that are part of its extended collection. Therefore there is not a permanent exhibition.