Carnegie Mellon University today will announce a $67 million gift from alumnus David A. Tepper, whose name already is on the business school after a $55 million gift in 2004, and now will adorn a new quadrangle.
The announcement is being made on the day of the inauguration of president Subra Suresh, who took the helm in July.
The latest gift is the largest gift to the university from a CMU graduate and the largest gift for a building project at CMU. The largest gift to CMU is $265 million from the late William S. Dietrich II, a longtime CMU trustee.
The new gift comes from Mr. Tepper's charitable foundation. The earlier gift was made by Mr. Tepper and his wife, Marlene.
Mr. Tepper, who founded and is president of Appaloosa Management, a hedge fund firm in New Jersey, serves on the CMU board and on the Business Board of Advisors for the business school.
He grew up in Stanton Heights, graduated from the now-closed Peabody High School in 1975 and earned an economics degree at the University of Pittsburgh in 1978 and a master's degree in industrial administration from CMU in 1982.
The new David A. Tepper Quadrangle will be on Forbes Avenue on a 4.5-acre site, now the location of the Morewood lot, where the school holds its spring carnival. CMU's 10-year master plan envisioned this location for a new Tepper School of Business building as well as other academic buildings.
The university initially will spend $201 million on the quadrangle, including a new business school, university welcome center. There will be larger classrooms, meeting and collaboration spaces, a fitness center and a cafe. The Tepper gift serves as an "establishing gift" to launch this expansion.
"David Tepper is a visionary, both as a businessman and a philanthropist, and we are grateful for his generous support of the university and the business school that bears his name," said Mr. Suresh in a prepared statement.
"Carnegie Mellon's culture is historically holistic, integrating research and learning among individual schools and academic disciplines. Our vision for the new Tepper Quadrangle builds on these strengths, creating new interdisciplinary interactions for learning and research and connecting innovation to the business community," Mr. Suresh said.
Robert Dammon, dean of the Tepper School of Business, said the new building will enhance programs, increase innovative research and interdisciplinary degrees and provide technology that is flexible for the future.
Education writer Eleanor Chute: email@example.com or 412-263-1955.
First Published November 14, 2013 10:11 PM