Its triangular shape of the space was determined by a series of rope walks which used to be located at the site.
It was designed by the sculptor Rasmus Harboe who had previously created the reliefs on the facade of Elijah's Church.
55A commemorates the World War II resistance fighter Erik Koch Michelsen.
In 1901 city architect Ludvig Fenger fitted the square with underground lavatories.
Similar facilities were constructed at the City Hall Square, Amagertorv and Nyhavn.