Drexel University Announces $45 Million Gift

PHILADELPHIA, Nov. 16, 2010 /PRNewswire-USNewswire/ -- Drexel University President John A. Fry today announced a record $45 million gift from financier and corporate executive Bennett S. LeBow toward construction of a new academic center for the College of Business, which was named in LeBow's honor in 1999.

The gift is the largest donation to Drexel from a single donor and the largest by an alumni benefactor.  LeBow, who received a Drexel degree in electrical engineering in 1960 and an honorary degree in 1998, has now committed a total of $60 million to Drexel.

"Drexel's College of Business is one of the best investments I ever made," LeBow said. "In 10 short years, the school has vaulted into the rankings of national leaders among MBA and entrepreneurship programs and is recognized for the strong experiential learning opportunities it provides to undergraduates."

Fry said, "Ben LeBow understands better than most that today's students require an education that combines traditional disciplines and connects the discovery of knowledge with solving real-world problems."

LeBow's new gift will support construction of a 12-story, $92 million academic center for the College of Business, replacing an outdated Matheson Hall, scheduled for demolition in summer of 2011, with the new building opening in 2014. Robert A.M. Stern Architects LLP and Voith & Mactavish LLP designed the new facility.

Since LeBow's initial $10 million gift in 1999, the business school constructed the Pearlstein Business Learning Center, designed by Philip Johnson; launched full-time, online and industry-specific MBA programs; and grew its student enrollment in size and quality. About 70 percent of full-time faculty joined LeBow College within the past decade; and the school created five centers: Laurence A. Baiada Center for Entrepreneurship, Center for Corporate Governance, Sovereign Institute for Strategic Leadership, Center for Corporate Reputation Management, and the Krall Center for Corporate and Executive Education.

LeBow College is one of fewer than 25 percent of business schools worldwide to be accredited by the Association to Advance Collegiate Schools of Business.

"The hallmark of business education is experiential learning," said George P. Tsetsekos, the R. John Chapel, Jr. Dean of the LeBow College of Business. "The building will help us to better connect with the Philadelphia business communities and allow our students to learn in a setting that is less like a classroom and more like the corporate environment."

LeBow made his reputation as a turnaround specialist.  Through restructuring and smart management, his Brooke Group Ltd. resuscitated enterprises in industries as wide ranging as jewelry, real estate and sports collectibles. He currently is chairman of the board and CEO of Borders Group, an international bookseller and chairman of the board of Vector Group Ltd., a private equity firm that has focused on real estate and tobacco products.

SOURCE Drexel University