In 1938, architects Osvaldo Toro and Miguel Ferrer worked together at the Puerto Rico Reconstruction Administration (PRRA) where they worked until 1945 when together with Civil Engineer Luis Torregrosa they formed the firm known as Toro, Ferrer & Torregrosa. In 1952, when Torregrosa left the firm, its name was changed to Toro & Ferrer.

Osvaldo Luis Toro Morales (1914-1996) was born in Ponce to Carlos Toro Labarthe and Judith Morales Bravo. He studied at Columbia University from where he received a Bachelors in Architecture (BArch) degree in 1937. Upon graduation Toro worked for a year in new York firm of renowned architect Ernest Flagg, who among other works design the Annapolis Naval Academy. In 1938 he returned to Puerto Rico and went to work for the PRRA as a junior architect. In 1942 he left the PRRA and worked in association with Rafael Carmoega for a year before returning to the PRRA in 1943. Miguel Ferrer Rincón (1915-2004) was born in San Juan to engineer Miguel Ferrer Otero and Gloria Rincón García. He studied at Cornell University from where he received a Bachelors in Architecture (BArch) degree in 1938. Upon graduation, he returned to Puerto Rico and joined the PRRA.

In addition to the Caribe Hilton Hotel which was their first big work and the first Hilton Hotel to be constructed outside the continental US, Toro & Ferrer are credited among others with the design of the Puerto Rico Supreme Court Building in Puerta de Tierra area of San Juan, La Concha Hotel in the Condado area of San Juan , the Curaçao Hilton now in Willemstad, Curaçao, the Intendente Ramírez Building for Puerto Rico’s Treasury Department in Puerta de Tierra in 1969, and the Banco de Ponce new corporate office headquarters in Hato Rey in 1972. In 1965 Toto & Ferrer collaborated with the New York firm of Kahn & Jacobs in the design of Popular Center Building in Hato Rey.

The firm lasted until 1984 when both partners decided to retire.