The original station building was cramped and unable to cope with peak demand during cricket matches at nearby Lord's Cricket Ground. It was demolished and reconstructed to a design by the Metropolitan Railway's architect Charles W. Clark in 1924–5 with a larger building that enclosed the space above the platforms with a concrete slab to form a parking garage under the original glazed platform roof. The station was renamed to St John's Wood on 1 April 1925 and to Lord's on 11 June 1939.
In the mid-1930s the Metropolitan line was suffering congestion at the south end of its main route where trains from its many branches shared the limited capacity between Finchley Road and Baker Street. To ease this congestion, deep-level tunnels were built between Finchley Road and the Bakerloo line tunnels at Baker Street. On 20 November 1939, the Metropolitan line's service to Stanmore was transferred to the Bakerloo line and diverted to Baker Street via the new tunnels. A new Bakerloo line station at St John's Wood was opened to replace Lord's station. It had been the intention of the Underground's management to close Lord's station to normal services, but retain it for temporary use during important cricket matches, but the advent of World War II meant that this plan was abandoned and the station closed permanently on 19 November 1939.
The surface building survived until the late 1960s before it was demolished. The site is now occupied by a hotel.