Penn Law School Gets $125 Million Gift From Carey Foundation (1)

The University of Pennsylvania law school is receiving a $125 million donation, the largest in its history, from the W.P. Carey Foundation.

In recognition of the donation, the school will be renamed Carey Law School, according to a statement Friday. The foundation manages wealth amassed by William Polk Carey, who founded what is now the real estate investment trust W.P. Carey Inc. Several members of the family attended the university.

Carey died in 2012.

The gift will help the school increase financial aid, including for students from historically underrepresented groups, and expand pro-bono programs and recruiting, according to the statement. It will also assist alumni with career support beyond their first jobs.

The foundation, started in 1990, has provided donations to several other universities. Those include the business schools at Johns Hopkins University and Arizona State University and University of Maryland’s law school. Those schools have been renamed to honor the gifts.

The W.P. Carey REIT is based in New York and has a market value of $14.6 billion and a portfolio of 1,204 net lease properties, according to its website.

To contact the reporter on this story:
Janet Lorin in New York at jlorin@bloomberg.net

To contact the editors responsible for this story:
Sam Mamudi at smamudi@bloomberg.net

Josh Friedman, Alan Mirabella