Mirza Yusof Aashtiani, the Grand Chancellor of Naseredin Shah constructed this square in the name of his son Mirza Hassan Mostowfi-ol-Mamalek. From 1303 till 1312 AH.
four buildings were constructed in four sides of the square in adaptation to Paladio, the famous Italian Architect of the Renaissance epoch.
One of these buildings were demolished and in the year 1345 AH, a multi storeyed building of the National Bank has been erected there. Due to construction of the underground metro network, the central square has also been demolished.