The University of Pennsylvania announced on Monday a $25-million donation from billionaire investor Ronald Perelman to establish a new home for Penn’s political science and economics departments, writes The Philadelphia Inquirer.

The center, to be developed in an existing building on the Philadelphia campus, will be named for Mr. Perelman, a Penn trustee who earned undergraduate and graduate degrees from the university’s Wharton School of Business. He is a longtime donor to the school, and his parents, Raymond and Ruth Perelman, made the largest gift in Penn history, $225-million in 2011 to its medical school.