Plaza de Oriente  Plaza de Oriente is a square in the historic centre of Madrid, Spain. It is rectangular in shape and monumental in character and was designed in 1844 by Narciso Pascual y Colomer. The square was propagated by King Joseph I, who ordered the demolition of the medieval houses on the site. It is located between some important landmarks in Madrid: To the west is the Royal Palace, the Royal Theatre to the east, and to the north is the Royal Monastery of the Incarnation. Monument to Philip IV is a memorial to Philip IV of Spain in the centre of Plaza de Oriente.