This is the 378th most frequent Italian word.
grande
Large; great.
Here, 'grande' is used as an adjective to denote the large size of the building.
Il palazzo in città è molto grande.
The building in the city is very large.
In this context, 'grande' means significant or important, used metaphorically.
È un grande onore ricevere questo premio.
It is a great honor to receive this award.
Here, 'grande' is used figuratively to mean 'successful or renowned'.