July 2, 2025 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

More Commercial Uses Could Be Coming to RAND Building

July 1, 2025

July 1, 2025

Amendment Unlocks New Opportunities, Secures $5.5 Million in Community Benefits The Santa Monica Planning Commission unanimously approved an amendment to...

People are Using Palisades for “Disaster Tours.” Local Officials Are Trying to Stop Them

July 1, 2025

July 1, 2025

A new motion introduced to City Council requests a coordinated strategy from LADOT, the Los Angeles Police Department, and the...

Santa Monica Favorite Esters Rebrands as Esters Wine Shop & Oyster Bar

June 30, 2025

June 30, 2025

New Concept Launches With French-Spanish Flair and Free Bubbles Esters Wine Shop, the fave Parisian-style wine bar in downtown Santa...

Letter to the Editor: Santa Monica’s Great Park: It’s Time to Deliver on 100 Years of Promise

June 30, 2025

June 30, 2025

Santa Monica stands at the edge of history. For nearly a century, residents have consistently supported turning the airport land...

Why Nordstrom Says It’s Closing Its Santa Monica Place Location

June 30, 2025

June 30, 2025

A Nordstrom spokesperson explained the closure as a strategic realignment Nordstrom confirmed its decision to close its Santa Monica store...

Three-Bed Palisades Highlands Townhouse Hits Market for $1.7M

June 30, 2025

June 30, 2025

The Mediterranean-style property, located at 1529 Michael Lane, is part of a 71-unit community A remodeled 1,919-square-foot townhouse in the...

Six-Bed Mar Vista Hilltop Home Under Construction Lists for $5.3M

June 30, 2025

June 30, 2025

The private backyard is complete with a pool, spa, fire pit, built-in BBQ, and areas for outdoor dining A stunning...

(Video) Getty Villa Reopens Six Months After Dodging Destruction of Palisades Wildfires

June 29, 2025

June 29, 2025

With the reopening also comes a new exhibit, “The Kingdom of Pylos” Getty Villa Reopens Six Months After Dodging Destruction...

Free Virtual Planetarium Shows Coming to SMC in July

June 29, 2025

June 29, 2025

The virtual format is in place as construction of the new SMC Planetarium and Observatory nears completion The Santa Monica...

Santa Monica Adopts $793.3M Budget for FY25-27, Prioritizing Housing and Safety

June 29, 2025

June 29, 2025

The budget preserves core services and invests in major projects, including over $1 billion in hotel investments The Santa Monica...

Iranian Pastor in West L.A. Speaks as Church Rocked by Immigration Raids 

June 28, 2025

June 28, 2025

Five Detained as Fear Spreads Through Persian Christian Faith Community  Fear has spread through a West Los Angeles congregation after...

California Doubles Down on Hollywood: $750M in Tax Credits Approved for Film and TV Industry

June 28, 2025

June 28, 2025

State Lawmakers Back Major Expansion of Production Incentives, Raising Job Projections Los Angeles’ film and television industry is poised to...

Park: “Our Water Infrastructure Must Be Emergency-Ready Every Day”

June 28, 2025

June 28, 2025

Councilwoman expressed cautious relief at the news but emphasized the need for robust infrastructure The Los Angeles Department of Water...

Washington Square Pizza Opens to the Public

June 28, 2025

June 28, 2025

New York Style Pizza “By-The-Slice” Now at the Beach By Nick Antonicello  Washington Square Pizza formally opened its doors today...

California Allocates $5B for Road Repairs, Transit Expansion

June 28, 2025

June 28, 2025

The funding aims to improve road safety, reduce traffic congestion, and promote cleaner transportation California is investing nearly $5 billion...