The Palace of Concerts and Sports (Koncertu ir sporto rumai), built in 1971 in the southernmost part of "Zirmunai" in the middle of the former cemetery, is an example of Soviet Brutalist architecture, remarkable for its vessel-like exterior. The Palace, once one of the architectonic icons of Soviet Vilnius, was, until the 1990s, a major venue for sporting events, especially local and international basketball matches, as well as concerts and shows. Its seating capacity is about 4,400.

On October 22nd, 1988 the building hosted the statutory meeting of Sajudis, the Lithuanian political organization that led the struggle for Lithuanian independence; on 14-15 January 1991, a public funeral for the victims of the January Events took place at the Palace. Later in the 1990s, the building was used as a temporary shopping mall where space was leased to small entrepreneurs for business exhibitions and fairs. In the 2000s developers announced plans to build multifunctional complexes, incorporating sports, business and residential structures, that would replace Zalgiris Stadium and the Palace of Concerts and Sports; the projects have been stalled due to the inclusion of the Palace into the list "Registry of Cultural Values" in July 2006, and related litigation.