In 1479, a new city hall was completed on nearby Gammeltorv and the old building was taken over by the University of Copenhagen which was founded the same year by King Christian I with the approval of Pope Sixtus IV.

The Bishop's House was destroyed in the Copenhagen Fire of 1728 but rebuilt from 1731 to 1732, on the same site but smaller and to a new design by Lars Erichsen, a master builder, who also worked for the university.

In 1896, the building underwent a comprehensive renovation and alteration under the architect Martin Nyrop, known for designing the new Copenhagen City Hall completed in 1905.

Below the window, there is a plaque, also designed and written by Nyrop, which commemorates the long history and former uses of the site: It reads: Helt rædsomt man med mig i Tiden monne raade:Som Raadhus først jeg stod vor By til Gavn og Baade.

1479.Saa var jeg Studiegaard, men blev, da her i Landet Guds rene Ord fik Løb, til Bispegaard omdannet.