It is named after Romanian historian, writer and revolutionary Nicolae Bălcescu (1819–1852).

Well-known buildings of the square are the Sacred Heart Church, a Roman Catholic church completed in 1919[2] and the ensemble of the Grigore Moisil Theoretical High School.

During the Austrian Empire, the square was called Grundhausplatz.

[3] As a result of the Austro-Hungarian Compromise of 1867, this name was translated into Hungarian: Telekház tér.

After the partition of Banat and starting with 1919, the square was renamed Alexandru Lahovary Square, after the name of Foreign Minister Alexandru Lahovary.