Samuel Tak Lee, a Massachusetts Institute of Technology (MIT) alumnus in the class of '62, has granted the school with one of the largest donations in its history.
According to the Associated Press, Lee gifted MIT $118 million for a worldwide real estate program with a focus on China. First off, the donation will establish the Samuel Tak Lee MIT Real Estate Entrepreneurship Lab.
"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," MIT President L. Rafael Reif said in a statement. "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."
The school said in its announcement the donation was authorized Wednesday with several high-ranking officials present. Lee's gift is one of the largest in the school's history and one of the largest in the U.S. in recent memory. Lee has recived two degrees from MIT, one in 1962 and the second in 1964.
"This is a period of tremendous change and opportunity for entrepreneurs in China and around the world," Lee said in the statement. "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."
