January 17, 2021 Breaking News, Latest News, and Videos

Santa Monica Businessman Donates $15 Million To USC Business School:

The founder of an investment firm in Santa Monica has donated $15 million to USC, it was announced last week. Thomas J. Barrack, Jr., a USC trustee and real estate magnate, made the donation to the university’s Marshall School of Business.

With the funding, USC will reportedly renovate a business school building that would serve as the home of Marshall’s international business programs.

“As a distinguished USC trustee and alumnus, Thomas Barrack is a stellar leader in our university’s community, as well as a renowned leader in the sphere of international finance,” USC President C.L. Max Nikias said in a statement. “The Barrack family’s exceptionally generous gift will bolster our Marshall School of Business and its faculty and students, and revitalize one of the school’s key facilities for generations to come.”

Marshall’s international business program for graduate and undergraduate students would be housed in a renovated Bridge Hall, which was originally built in 1928. According to USC, the building’s “vintage” exterior will remain as is, but its interior would be upgraded and redesigned.

With the donation, USC will renovate Bridge Hall to include classrooms, community areas, offices, and research centers.

“Education and the development of a cultural sixth sense are the keys to commerce, and commerce is the key to tolerance and understanding,” Barrack said. “As an alumnus, I feel privileged to supply stewardship for the bricks, while Marshall, its dean, administration and faculty supply the intellectual mortar. I am thrilled to be part of this exciting venture at Marshall and hope that the resources provided by the enhanced facility will help nurture the next generations of international business leaders.”

Elected to the USC Board of Trustees in 2012, Barrack graduated from Southern Cal in 1969. A Los Angeles resident, Barrack, 67, founded Santa Monica-based Colony Capital, considered one of the largest private equity real estate firms in the world, in 1991. According to Forbes, the firm invested an estimated $34 billion in assets.

Among the assets he operates includes the Fairmont Raffles Hotels International, which owns the Fairmont Miramar on Wilshire Boulevard.

Also according to Forbes, Barrack has invested in Michael Jackson’s Neverland Ranch.

In 2011, Barrack was listed at No. 375 on the Forbes 400.

USC stated the building would be renamed to Barrack Hall.

Barrack was born to Lebanese immigrants and a Los Angeles native. In addition to earning his Bachelor’s degree from USC in 1969, Barrack also has a law degree.

While an undergraduate at USC, Barrack was a star player on the school’s rugby team, earning a national championship during his tenure.

in News
Related Posts

Edify TV: Overhaul for Canyon Property?

January 15, 2021

January 15, 2021

A unique Santa Monica Canyon property may be getting an overhaul. Learn more in this video made possible by School...

Edify TV: The Westside’s Best Pies

January 14, 2021

January 14, 2021

Here are some of the best pies on the Westside ahead of National Pie Day on January 23. Learn more...

City Council Votes Mayor Himmelrich And Team To Keep Council Positions: Santa Monica Beat – January, 14, 2021

January 14, 2021

January 14, 2021

Local news and culture in under 5 minutes. * City Council Votes Mayor Himmelrich And Team To Keep Council Positions...

65-Year-Old Santa Monica Bakery on Verge of Shutting Down

January 14, 2021

January 14, 2021

Westside Food Scene January 14, 2021 By Kerry Slater 65-Year-Old Santa Monica Bakery on Verge of Shutting Down  A beloved...

Food Review: The Westside’s Insanely Delicious Tijuana Tacos

January 14, 2021

January 14, 2021

Tacos 1986 in Westwood Village stands out amid a crowded taco scene By Kerry Slater In a city filled with...

Santa Monica Pier Closed for Five Days in a Row

January 13, 2021

January 13, 2021

City cites warm weather forecasted for Santa Monica By Sam Catanzaro With temperatures reaching the 80s expected, city officials are...

Edify TV: Westside Kids Compete to Keep Beach Clean

January 12, 2021

January 12, 2021

Westside kids are competing to keep the beach clean! Learn more in this video made possible by Santa Monica College.

Santa Monica Fire Department Rolls Out Vaccinations

January 12, 2021

January 12, 2021

SMFD helps with rollout across county  By Chad Winthrop Beginning this month , Santa Monica Fire Department firefighters and paramedics...

SMC and MLK Westside Coalition’s 36th Annual Celebration of Rev. Dr. Martin Luther King, Jr.

January 12, 2021

January 12, 2021

Mon, Jan 18, 9:00 AM – 11:00 AM Online Only at 9am on Jan. 18th – Visit: MLKjrWestside.org  The Rev. Dr....

Assemblymember Richard Bloom Announces Intention to Run for L.A. County Supervisor

January 11, 2021

January 11, 2021

State rep. looking to replace Sheila Kuehl in 2022 By Sam Catanzaro With incumbent Supervisor Sheila Kuehl signaling she won’t...

Man Jumps to Death at Santa Monica Place

January 11, 2021

January 11, 2021

Man jumps off parking structure in Monday suicide  By Sam Catanzaro A man died by suicide Monday after jumping off...

Santa Monica City Resumes Preferential Parking Restrictions: Santa Monica Beat – January, 11, 2021

January 11, 2021

January 11, 2021

Local news and culture in under 5 minutes. * Santa Monica City Resumes Preferential Parking Restrictions * La County Approves...

Edify TV: Santa Monica Pier Shut Down Weekends

January 11, 2021

January 11, 2021

Santa Monica Pier has been shut down on weekends temporarily as COVID-19 cases rise in Los Angeles. Learn more in this...

Edify TV: Santa Monica Bloomingdale’s Closing

January 10, 2021

January 10, 2021

Santa Monica’s Bloomingdale’s is set to shut down, adding to a sting of vacancies in the downtown Santa Monica area....