A family crisis inspired Bill Ackman to spend $260 million to create a massive brain research institute in Manhattan - Fortune

What the report says

Fortune reports that billionaire investor Bill Ackman is moving ahead with plans for a large brain research center on Manhattan’s Upper West Side, funded through Pershing Square Philanthropies. The project, to be called the Ackman Oxman Institute after Ackman and his wife, Neri Oxman, centers on the foundation’s $190 million purchase of 125 West End Avenue, now home to West End Labs, and a $70 million contract for a neighboring building at 320 West 66th Street. With added development rights, Fortune says the institute could eventually reach nearly 700,000 square feet.

According to Fortune, Ackman said the idea gained urgency after his 26-year-old daughter Lucy suffered a brain hemorrhage in February and was found many hours later. He described her survival and recovery as shaping the institute’s mission, which is expected to bring together specialists in areas including genetics, nutrition, rehabilitation, longevity and neurosurgery. Ackman also said he and Oxman had previously considered a brain-focused philanthropic effort after Oxman’s mother died of Alzheimer’s five years ago.

The institute’s board includes Nobel Prize-winning cell biologist Jim Rothman and Stanford neuroscientist Andrew Huberman, Fortune reported. Ackman said the board is searching for a first chief executive, and he expects operations to start in the main building by the end of the year. The project will be developed in partnership with Mount Sinai, where doctors treated his daughter.

The planned institute marks a major expansion of Ackman’s philanthropy beyond his better-known Wall Street and public advocacy roles. Fortune notes Pershing Square Philanthropies has already committed more than $1 billion through grants and investments, and Ackman expects future support to include startups and venture capital linked to the research center.