Printer Friendly

GE DONATES LANDMARK SKYSCRAPER TO COLUMBIA UNIVERSITY

 /NO-CHARGE DIAL-UP PHOTO ACCOMPANIES THIS STORY (Instructions below)/
 NEW YORK, June 2 /PRNewswire/ -- Columbia University and General Electric today announced the gift of GE's 50-story landmark building at 570 Lexington Avenue to the University.
 "The gift of this magnificent structure will enable the University to establish a significant presence in mid-town Manhattan," Columbia President Michael I. Sovern said at a news conference today. "We envision 570 Lexington as particularly useful for many elements of Columbia's teaching and research mission."
 The University will revitalize the building, now two-thirds unused, by installing educational programs, research units, and some administrative offices. Additional uses as an alumni gathering place and a conference center are under study.
 Dennis D. Dammerman, GE's Senior Vice President of Finance, said: "Today's gift combines two long-term hallmarks of GE management--support for education and effective use of assets. Columbia's needs for expansion space and our desire to see this structure more fully utilized make today's transaction a natural."
 The 320 GE employees now in the building at 51st Street and Lexington will remain as tenants after Columbia assumes ownership of the building later this month. The approximately 50 employees who now operate and maintain it will become Columbia employees.
 "No jobs will be lost as a result of the gift," said Mr. Sovern.
 GE and Columbia placed the value of the gift at approximately $40 million.
 Completed in 1931, the building has been long famed for its art deco ornamentation. The City of New York's Landmarks Preservation Commission formally designated 570 Lexington Avenue a landmark building in 1985. The building's architects were Cross & Cross; John Walter Cross studied architecture at Columbia.
 The 623-foot tall structure was built for the RCA Corporation, which had been formed by a consortium of companies that included GE. GE received title to it in 1932 as part of the dissolution of the consortium. The building served as GE's headquarters until 1974 when the present headquarters facility was established in Fairfield, Conn. The building currently houses the New York offices of a number of GE businesses.
 -0- 6/2/93
 /NOTE TO EDITORS: Photo of 570 Lexington Ave. is available without charge on your photo receiver. Have photo editor dial in to 212-967-1293, 212-643-2005 or 212-643-2006 for PRN060293NY1D/
 /CONTACT: Fred Knubel of Columbia University, 212-854-5573; or Bruce Bunch of General Electric, 203-373-2039, or home, 203-263-5595/
 (GE)


CO: General Electric Co.; Columbia University ST: New York, Connecticut IN: SU:

LR -- NY031 -- 4444 06/02/93 12:00 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 2, 1993
Words:411
Previous Article:HARRIS CORPORATION AWARDED TWO TELECOMMUNICATION CONTRACTS VALUED AT $7.6 MILLION
Next Article:MOBIL REACHES AGREEMENT ON NIGERIAN OFFSHORE BLOCK
Topics:


Related Articles
GE donates 570 Lexington.
Dennis Dammerman Named Vice Chairman of GE and Head of GE Capital Services; Gary Wendt Resigns.
National Christmas Tree in Washington, D.C. to Sparkle with 75,000 GE Holiday Lights.
World-Famous 'Christ the Redeemer Statue' in Rio de Janeiro to Glow with New GE Lighting System.
GE Matching Gifts Program Contributes $64,000 to Cleveland-Area Nonprofit Organizations.
GE Lighting, The Home Depot, Glidden Paint, Cleveland Schools Staff, Parents And Students Join Together to Spruce Up Collinwood High School.
Update: Change in Location for Today's News Conference/Rally.
2000 National Christmas Tree to Glow with Over 125,000 GE Lights.
New GE Appliances Donation Center Web Page Helps Consumers Help Their Communities.
Schering-Plough Appoints Elpidio Villarreal Vice President & Associate General Counsel, Litigation & Conflict Management.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters