Oregon State University’s College of Business will expand into a $50 million state-of-the-art facility thanks to a $10 million commitment from Joan and Ken Austin, Jr., of Newberg, Ore., and a $6 million commitment from the late Al Reser, his wife Pat of Beaverton, Ore., and their family. The building project was announced at the college’s annual Alumni and Business Partner Awards dinner in Portland on May 6.
The Austin and Reser gifts will be combined with others to construct a five-story, 100,000 sq. ft. building adjacent to Fairbanks Hall containing classrooms, offices, student services and collaborative learning spaces for the college’s growing undergraduate and graduate programs. Private gifts of $30 million are sought for the project, which will be combined with $25 million in state bonds, subject to approval by the Oregon State Legislature. The additional $5 million in private funds is included in the project to help with start-up costs and ongoing building operations. More than half of the fundraising goal has already been secured.
Work on the new facility is expected to begin in spring 2013, with completion slated for fall 2014. The building will be nearly twice the size of the college’s historic Bexell Hall, which was built in 1922. Then serving 900 students, the Oregon State school was among the first 12 schools of commerce in the nation. Today, the college serves 2,400 undergraduate business majors, 90 MBA students, and 600 students in the business and entrepreneurship minor. Increased student demand will require continued use of a portion of Bexell Hall for some business programs, and the remainder will be used to accommodate growing enrollment in other Oregon State programs.
“Coming at the dawn of our second century of operation, this new building signifies the beginning of a very exciting new era for the college. We are profoundly grateful to the Austins and Resers for making this advancement possible,” said Ilene Kleinsorge, the Sara Hart Kimball Dean of the College of Business. “Our MBA program is growing, and our emphasis on entrepreneurism, innovation and experiential learning has made our undergraduate programs especially well attuned to today’s business needs, and therefore increasingly in demand.”
To recognize the Austins as lead donors for the project, the building will be named in their honor. The Austins are co-founders and owners of A-dec, Inc., one of the largest dental equipment manufacturers in the world. In addition, Joan Austin is president of Springbrook Properties, which developed and owns the Allison Inn & Spa, a highly acclaimed destination spa with luxury accommodations.
“As business people, Joan and I see very clearly the need for a great business school—one that is focused on the specific needs of Oregon businesses and their leaders,” said Ken Austin. “Our family is glad to help OSU take the next big step forward.”
The couple has generously supported Oregon State for many years through their financial gifts and personal service on multiple advisory boards. In the College of Business, their gifts launched two signature programs: the Austin Family Business Program and the Austin Entrepreneurship Program. Ken Austin received his undergraduate degree in industrial and manufacturing engineering from Oregon State in 1954. The Austins’ daughter and son and their spouses also are Oregon State alumni.
Four million of the $6 million pledged by the Reser family will be used as a challenge grant to encourage other gifts to the building. Al Reser and his wife Pat grew Reser’s Fine Foods, a family-owned fresh refrigerated food company based in Beaverton, Ore., into an $800-million domestic and international business that today employs more than 2,000 workers, half of them in Oregon.
Oregon State University President Ed Ray noted that promoting economic growth and social progress is one of three key areas the university has identified as core strengths and priorities for investment. “By partnering with the Austin and Reser families as well as other private investors on this facility, we will dramatically enhance our ability to prepare future generations of Oregon’s business leaders,” he said.
