CAMBRIDGE, MA—Hong Kong-based real estate developer and Massachusetts Institute of Technology alumnus Samuel Tak Lee has bestowed a $118-million gift that will fund the creation of a real estate entrepreneurship lab at MIT.
The new Samuel Tak Lee MIT Real Estate Entrepreneurship Lab will promote social responsibility among entrepreneurs and academics in the real estate profession worldwide, with a particular focus on China, MIT states in its announcement. The gift will fund fellowships to attract both U.S. and international students; will support research on sustainable real estate development and global urbanization; and will make the lab's curriculum available online.
The gift was formalized at signing ceremony at MIT on Wednesday that was attended by Lee; his son, Samathur Li; MIT president L. Rafael Reif; executive vice president and treasurer Israel Ruiz; chancellor for academic advancement Eric Grimson; and vice president for resource development Julie Lucas. In recognition of Lee's commitment to the Institute, Building 9, home to the MIT Center for Real Estate, will be named the Samuel Tak Lee Building. The new Samuel Tak Lee MIT Real Estate Entrepreneurship Lab will be housed in MIT's Department of Urban Studies and Planning and the Center for Real Estate.
“With this gift, Sam Lee aims to tap the transformative power of real estate to shape the built environment, and thereby to shape society and culture, to enrich our shared civic life, to increase our harmony with nature—in short, to make a significant positive impact on the world,” Reif says. “As MIT strives to work for the betterment of humankind, Sam's generosity dramatically increases our capacity to create and inspire far-reaching positive change. We are deeply grateful for the vision and partnership of the Lee family, and for the trust they have placed in MIT.”
“This is a period of tremendous change and opportunity for entrepreneurs in China and around the world,” Lee says. “By cultivating a long-term perspective, real estate professionals can create even greater value for themselves and for society based on responsible, sustainable strategies. I am eager to connect ambitious, talented students with the skills and knowledge that will help them succeed.”
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.