The second oldest bar in Buenos Aires after the famous Cafe Tortoni opened in 1897, originally named La Toja. Located just one block from the headquarters of the political party Unión Cívica Radical's central committee, it became a regular haunt of major politicians of the time such as Hipólito Yrigoyen and Marcelo T. de Alvear. It was reopened under the name Iberia in the 1930s and became the meeting place for those supporting the Republicans in the Spanish Civil War - often leading to fights in the street with the fascist Franco supporters, who would meet at the Bar Español directly opposite.
Located on what is now known as "the most Spanish corner in Buenos Aires", close to Teatro Avenida, Hotel Castelar, and the Spanish restaurants El Globo, El Imparcial, El Hispano and Plaza Asturias, the restaurant was declared a Site of Cultural Interest by the city government in 2005. It opens 24 hours a day, 365 days of the year.