May 12, 2015 06:45 PM EDT By Staff Reporter, UniversityHerald Reporter

Yale University received its second largest single donation in its history to "create a campus hub for student life with a mix of educational, cultural and social functions," Inside Higher Ed reported.

The $150 million gift from Blackstone founder and Yale alumnus, Stephen A. Schwarzman '69 will establish a university-wide center, The Schwarzman Center, to enable virtual engagement with global audiences.

"My hope is that the Schwarzman Center will serve as the crossroads for the campus, but also place Yale at the crossroads of the world," Schwarzman said. "The education I received at Yale changed the course of my life. It is now a pleasure to give back by creating something on campus that will be transformational for all members of the Yale community. Future generations will utilize the Schwarzman Center in innumerable new ways and, in so doing, keep the Yale experience at the cutting edge."

School officials said the student center will be "transformational" for students at Yale. It will provide, for the first time, a center dedicated to cultural programming and student life at the center of the university.

The new student hub will, hopefully, build a more unified, accessible, and innovative institution and further the school's role as a leading research university "that proudly and unapologetically focuses on its students," according to School President Peter Salovey.

"So much of the educational experience at Yale takes place outside the classroom," Salovey said."But until now, Yale has lacked a central gathering space that can serve as a locus - and a catalyst - for students from every part of Yale to interact with one another. We thank Steve Schwarzman for his vision and support in helping us advance our vision of a more unified, accessible, and innovative university."

The new center will transform the historic Commons and three floors of the adjacent Memorial Hall, both built at the University's bicentennial in 1901.

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