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OHSU Receives Largest Donation in Its History: Schnitzer Investment Corp. Donates South Waterfront Property Worth More Than $35 Million

Business Wire, June 16, 2004

PORTLAND, Ore. -- The Schnitzer Family's Donation of Nearly 20 Acres of Land -- Valued in Excess of $35 Million -- Just South of the Marquam Bridge Paves the Way for Expansion of OHSU's Educational Facilities

To further invigorate Oregon Health & Science University's (OHSU) growth, Portland's Schnitzer Investment Corp. has presented the university with a gift of nearly 20 acres of land at the South Willamette River Waterfront. The property -- valued in excess of $35 million -- is the largest in OHSU's 117-year history, and will be known as the OHSU Schnitzer Campus.

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"We have donated this gift of land to establish a legacy for the long-term economic viability of Portland through the expansion of OHSU," said Kenneth Novack, CEO of Schnitzer Investment Corp. "We hold the philosophy that it is both our obligation and privilege to give back to the community that has been so good to us. In that spirit, this donation is an expression of our family's deep-rooted support for and belief in visionary projects that benefit Oregonians. We hope the gift inspires a synergy of giving and development aimed at supporting the health and vitality of Oregon and OHSU, for generations to come."

Indeed, over several decades, Schnitzer family members and Schnitzer companies have demonstrated a long-term commitment to OHSU, providing financial gifts, in-kind contributions and active participation in various educational and health care programs, campaigns and initiatives. Novack added, "Gilbert Schnitzer, along with his late brothers, Manuel, Morris and Leonard, set the tone of meaningful philanthropy through their generosity to the community over the years. This most recent gift is the culmination of several years of discussions -- both internally and with OHSU -- about how the Schnitzer family could best make a sustainable contribution toward OHSU's ability to grow and more effectively serve the larger community."

To that end, Dr. Peter Kohler, OHSU president, cites this gift as a critically important component to OHSU's ongoing effort to educate the next generation of health care professionals.

"Only once or twice in a generation does a significant gift create an opportunity to transform an institution. The remarkable gift from the Schnitzer family is such an opportunity. The donated land will provide the site for the health and science education campus of the future, on which the best of interdisciplinary educational techniques and practices will be used to educate the practitioners of the future. The most modern of collaborative, electronic educational techniques will provide opportunities for educational centers of excellence involving other institutions as well. The advanced, technology-rich, multidisciplinary education that the students receive will become the basis for the health practices for the 21st century."

The land is located just south of the Marquam Bridge and is a key part of the growing South Waterfront community. In the coming weeks, OHSU will determine how the land will be integrated into its central city campus plans, as well as the overall vision for the South Waterfront. Initial concepts for usage revolve around a model center featuring collaborative and interdisciplinary learning opportunities for nursing, medical, dental and engineering students.

About OHSU's South Waterfront Project:

OHSU has recently broken ground on a new center for advanced medicine and research located on eight acres just south of the land donated for the Schnitzer Campus. OHSU expects to invest $500 million to $1 billion in its central city campus to build approximately 1.5 million square feet of bioscience research laboratories, patient care facilities, classrooms and offices, all in fulfillment of its primary mission to improve the health and well-being of Oregonians.

About the Schnitzer Family's History of Philanthropy:

For decades, the Schnitzer family and Schnitzer companies have provided financial, in-kind and active volunteer and fund raising support for many programs and initiatives for OHSU, including the Center for Women's Health and Doernbecher Children's Hospital, demonstrating their commitment to help OHSU grow and contribute in meaningful ways to the vitality of the larger community.

Media Note: A press event will be held Tuesday, June 29, 2004, at 11 a.m. at the South Waterfront site to celebrate the official signing of the deed and land transfer. Additional details about the event will be released in the coming week.

Business Services Industry

OHSU Receives Largest Donation in Its History: Schnitzer Investment Corp. Donates South Waterfront Property Worth More Than $35 Million

Business Wire, June 16, 2004

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