Drexel Business School receives $10M gift for new real estate institute

Drexel University's Lebow College of Business received a $10 million gift to support a new real estate institute.

The gift is from the Wilbur C. and Betty Lea Henderson Foundation and will help establish the Wilbur C. Henderson Real Estate Institute.

This donation honors the legacy of the late Wilbur Henderson, a 1947 graduate of Drexel, a World War II veteran and a well-known real estate developer in the Philadelphia region.

“We are deeply grateful to the Wilbur C. and Betty Lea Henderson Foundation for this generous and transformational gift," Drexel University President John Fry said in a press release. " It will not only ensure that Drexel will prepare the next generation of civically minded real estate practitioners and leaders who promote cultural, economic and environmental health in their communities, but also will increase our University’s capacity and thought leadership to advance equitable development in our cities."

Drexel said the institute will serve as a hub of research and connect industry leaders with faculty and students.

The Henderson Foundation's gift will also create a fund to allow students to engage directly in property investment and development and co-invest with the university and its partners.

Additionally, a seed fund will be created to help jumpstart student projects in the real estate field.

“In honor of Mr. Henderson’s civic accomplishments, the Wilbur C. and Betty Lea Henderson Foundation continues to support initiatives dedicated to the communities he worked in, including its continuous support of Drexel’s innovative and industry-leading real estate education,” Executive director of the Henderson Foundation Steve Buxton said in a press release.

A national search will be launched to recruit a director for the institute as it is set to open in 2024, according to the university.