Billionaire investor Ronald O. Perelman has donated $25 million to the University of Pennsylvania to create a center to house its political science and economic departments, the university announced Monday.
The center will bear his name and be based at the West Philadelphia Trust Building at 36th and Walnut Streets in the heart of Penn's campus.
"Ron Perelman's extraordinary generosity will enable us to create an outstanding center for political science and economics, two of Penn's most popular undergraduate majors," Penn president Amy Gutmann said in a statement. The center, she said, "will transform the existing space into a magnificent new building that will combine two key academic departments in one central location."
The building currently houses several administrative offices and the office of counseling and psychological services, all of which will be relocated, Penn said in a news release.