In 2018, Meridian Credit Union entered into a fifteen-year naming rights agreement with the City of Ottawa.

The theatre employs a full-time manager and other support staff, and has a regular company of volunteers who serve as ushers and stage crew, for events presented by non-profit organizations.

The theatre is located in the Ben Franklin Place civic complex at Baseline Road and Woodroffe Avenue.

On September 27, 2019, a ceremony was held to name the studio theatre after the beloved local actor and broadcaster Les Lye.

Numerous touring performers have graced its stages including Paul Potts, Russell Peters, Dave and Ian Thomas, Jeff Healey, David Clayton-Thomas, Sarah McLachlan, Bruce Cockburn, Blue Rodeo, The Barenaked Ladies, The Kids in the Hall, The Rankin Family, Leahy, Lyle Lovett, and the Moscow Philharmonic Orchestra.