Built in 1938 at the same time as Tower Hall, LRW fulfilled a longtime need for a student activities center and was named in memory of the wife of former Stephens President James Madison Wood.

Lela Raney Wood taught and studied at several institutions, and held degrees from the Missouri State Teachers College and Columbia University. The Woods attended college together and taught together, and had a son, Jimmy, in 1921. During their tenure, Stephens grew from a college of one building and 52 students to one that encompassed 190 acres, with more than 16 buildings and 900 students.

Given her dedication to student life, it was fitting that, when LRW was dedicated in October 1938, it was named in memory of Lela Raney Wood.

Constructed within a mere 90 days at a cost of $175,000, LRW served as the headquarters for student extracurricular and recreational activities for decades. It opened its doors to mass student assemblies and dances featuring important big bands like the Harry James Orchestra. In 1942 and 1946, thousands gathered in LRW's ballroom for a national network radio broadcast of ABC's "Town Meeting of the Air," discussing current events.