In July of 1999, philanthropists Robert M. and Mary Montgomery purchased and renovated the landmark art deco movie theater that houses PB/ICA from Palm Beach Community College.

Former owner, J. Patrick Lannan, renovated the facility in 1980 to house his collection of contemporary art and design. After his death in 1983, the Lannan Foundation, chaired by his son, J. Patrick Lannan, Jr., resumed the museum's mission of presenting contemporary art.

In 1989, the Foundation and a majority of the collection were relocated to Los Angeles. The building and remaining works were then donated by the Lannan family to Palm Beach Community College. Originally built in 1939 as the Lake Theater, the building was most recently known as the Museum of Contemporary Art (MOCA). The Lannan Foundation has since relocated to Santa Fe, New Mexico.