At the center of the square is a monument in memory of the national author Miguel de Cervantes, who wrote the novel about Don Quixote. Many have made him into a national and cultural hero, because of his ability to present words of help and frustration of the Spanish nation, that come into action by Don Quixote's battles for the windmills. The statue presents Cervantes himself, as he looks onto the two characters: two bronze statues places under him, one of Don Quixote, and the other of his trusted servant, Sancho Pancho.
It is not for nothing that this whole area filled up with skyscrapers, this is one of the busiest intersections in Madrid. Two of the most prominent skyscrapers at in Plaza de Espana are Edificio Espana (built in 1947, and was built with modern elements and new buildings styles, along with traditional Spanish style), and not far is the Torre de Madrid, which for years has been the tallest building in Madrid.