Alumnus John G. Schreiber has made gift of $10 million to the Loyola University Chicago to support the construction of a new facility for the Quinlan School of Business. The University officials have decided to name the facility, John and Kathy Schreiber Center.

"Their generosity will lead to a state-of-the-art, environmentally sustainable building that will allow for collaboration, learning, and great debate; it will truly transform the way we deliver-and our students benefit from-Loyola's world-class business education," Loyola University Chicago President and CEO Michael J. Garanzini, S.J., said in a statement.

The 10-story facility will include advanced classrooms, innovative social spaces, and a presentation and gathering area. Plus, a system of atria will use sunlight to provide energy throughout the building, maintaining Loyola's commitment to sustainability.

Besides catering to the needs of undergraduate and graduate business students, the building will also comprise of several centers, including the school's prominent Family Business Center, the Center for Risk Management, and the new Supply and Value Chain Center. Loyola's Executive Education programs also will be featured in the center.

The Schreiber Center is expected to be completed August 2015.

Schreiber graduated from the Undergraduate School of Business Administration 1968 and from Harvard Business School 1970. He then spent 20 years of his career in real estate investment management by serving as a partner in Chicago-based JMB Realty Corporation. He retired from JMB 1990 and established the New York-based Blackstone Group's real estate investment management business, 1992.

"Loyola's School of Business played a big part in my development as a student and in my career in business," said Mr. Schreiber. "Contributing to the construction of the new business school building gives me a way to acknowledge Loyola's importance in my life."