The building opened in 1952 as a replacement for Patten Gymnasium, and was the site of the Final Four for the 1956 NCAA Division I men's basketball tournament.

At the conclusion of the 2016–17 basketball season, the arena was renovated and upgraded as part of a $110 million project completed in late 2018.

Designed by the architectural firm of Holabird & Root & Burgee and built of reinforced concrete, McGaw Memorial Hall contained 54,000 square feet (5,000 m2) of interior space.

Partitions, portable bleachers, and a removable basketball floor made the building suitable for a wide variety of uses.

While the intent was to provide a space large enough to hold the entire student body of Northwestern University at once during convocations and other such campus occasions, the auditorium was also used by the North Shore Music Festival and, soon after its opening, by the Second Assembly of the World Council of Churches.