Ackman, Oxman give $400M Pershing shares for NY brain institute

Billionaire investor Bill Ackman and designer Neri Oxman donated 10 million Pershing Square shares through the Pershing Square Foundation to create the Ackman Oxman Institute for brain research, rehabilitation and recovery in New York. The shares were valued at about $400 million based on Pershing Square’s closing share price on Wednesday.

The foundation has acquired a 400,000-square-foot building on Manhattan’s Upper West Side and is under contract to purchase an additional 130,000-square-foot property nearby, along with an adjoining vacant lot and associated air rights to expand the site.

The institute will focus on research into brain function and disorders, clinical rehabilitation and recovery programs, and work on human performance and longevity. Ackman described the planned facility as ‘a leading center for brain research, rehabilitation and recovery, and a site for work on human performance and longevity.’ The project is expected to involve collaborations with Mount Sinai and other hospitals and medical schools.

The donation was made by the Pershing Square Foundation rather than by Pershing Square Capital Management. Ackman and Oxman plan a second donation of comparable or potentially larger value; that future gift will not be made in Pershing Square shares.

No opening date or detailed timeline for construction and program rollout has been announced. The property purchases and contracts indicate a multi-phase development that will include research space and clinical facilities, and the foundation has begun securing the real estate footprint needed for the institute.

Ackman runs Pershing Square; Oxman is an architect and designer who has worked across disciplines. The Ackman Oxman Institute is a private-sector initiative intended to connect academic medical centers and clinical care providers in New York.