Tag Archives: Massachusetts

Financials and Endowment 2024: Investments returned 8.9 percent 2024; endowment $24.6 billion

Named after its major donor — co-founder of Analog Devices — this Frank Gehry designed holds the top spot for highest absolute cost per square foot of any US university research — just shy of $500 million in today’s dollars.

The project replaced a “temporary” structure from World War II known for fostering innovation, particularly through the MIT Radiation Laboratory. The new center was intended to continue this legacy by housing the Computer Science and Artificial Intelligence Laboratory (CSAIL), the Laboratory for Information and Decision Systems (LIDS), and the Department of Linguistics and Philosophy, while promoting interdisciplinary collaboration through its innovative design.

Bird’s-eye view of campus from the Stata Center. #aroundMIT pic.twitter.com/so7euTqtX5

— Massachusetts Institute of Technology (MIT) (@MIT) May 23, 2017

The donations were driven by MIT’s goal to consolidate its computer science, electrical engineering, and artificial intelligence departments into a state-of-the-art facility to encourage the exchange of ideas and technology. The project, completed in 2004, faced challenges, including cost overruns and a subsequent lawsuit against Gehry and contractor Skanska USA for alleged design and construction flaws, such as leaks and drainage issues. This lawsuit was amicably resolved in 2010. Despite these issues, the Stata Center remains a landmark of MIT’s campus, celebrated for its bold architecture and role in fostering innovation.

Inside MIT CSAIL’s Stata Center. pic.twitter.com/XSvA9CgSdy

— MIT CSAIL (@MIT_CSAIL) April 11, 2024

Other major contributors:

• Bill Gates, who donated $20 million through the William H. Gates Foundation, resulting in one of the center’s towers being named the Gates Tower.
• Alexander W. Dreyfoos Jr. (MIT class of 1954), who gave $15 million, leading to the naming of the Dreyfoos Tower.
• Morris Chang of TSMC and Charles Thomas “E.B.” Pritchard Hintze (an MIT graduate associated with JD Edwards, now Oracle), who also provided significant funds.
• Steven Kirsch, founder of Infoseek, who contributed $2.5 million specifically for the construction of the center’s auditorium.