Grosses Give $20M to Cedars-SinaiWednesday, November 14, 2012
Sue and Bill Gross have given $20 million to the Cedars-Sinai Medical Center in Los Angeles.
The money will go toward the hospital’s new Advanced Health Sciences Pavilion, which includes a surgical center named after the couple.
The donation follows a recent pledge of $4 million to the University of California, Irvine’s Stem Cell Research Center, which already bears their name. The gift to UCI calls for a matching donation by the end of this month.
Bill Gross is the cofounder and co-chief investment officer of Pacific Investment Management Co. in Newport Beach. Gross runs Pimco's flagship Total Return Fund, which has about $281 billion in total assets. Pimco has more than $1 trillion in assets under management.
Cedars-Sinai's new pavilion is expected to open next summer. The 11-story, 820,000-square-foot facility will have the capacity to serve about 400 patients a day. It will include the Cedars-Sinai Heart Institute and research laboratories, as well as a pharmacy.
The Sue and Bill Gross Surgery and Procedure Center will take up the whole fifth floor.
A bridge connecting the surgery center and the medical center also is dedicated to the couple and is named the Sue and Bill Gross Skywalk.