The theater was located at 190 N. State in Chicago. When it opened in 1919 it was a vaudeville venue. It was part of the Orpheum Circuit.  In the front was an office designed by Rapp and Rapp.  The auditorium was designed by G. Albert Lansburgh.

The theater subsequently became part of the RKO chain.  It was named for its location near the corner of State and Lake.  In 1938, it became a part of the Balaban and Katz Chain.  It had one screen and a capacity of 2,649 seats.  Until 1941, there were live acts and movies.  After that time, movies only were shown

The theater was closed in 1984.  The interior was gutted and was converted into offices and studios for ABC television station WLS.