New York billionaire Bill Ackman is investing $260 million to establish a large brain research institute on Manhattan's Upper West Side. The Pershing Square Foundation purchased a 400,000-square-foot building at 125 West End Avenue for $190 million and an adjoining property at 320 West 66th Street for $70 million. With additional development rights, the facility will span nearly 700,000 square feet when complete, according to fortune.com.
The project, named the Ackman Oxman Institute after Ackman and his wife Neri Oxman, will focus on comprehensive brain studies including rehabilitation, longevity, and nutrition. Ackman was motivated by a personal family crisis in February when his 26-year-old daughter Lucy suffered a brain hemorrhage and was found alone 15 hours later. The existing building currently houses West End Labs, a life sciences and research campus, which will be transformed into the new institute.
This investment marks a significant shift for Ackman, known for his contrarian Wall Street bets, into the field of brain research. The scale of the institute, nearing 700,000 square feet, positions it among the largest dedicated brain research centers in Manhattan. The initiative reflects growing interest in brain health and neuroscience, areas attracting increasing philanthropic and scientific attention globally.
The Pershing Square Foundation finalized the property acquisitions this week, with construction and development plans underway to expand the site. The institute aims to become a leading center for brain research, combining scientific expertise and innovative approaches to address neurological challenges.