Columbia Business School has announced two gifts totaling $40 million toward construction of new facilities north of the university's main Morningside Heights campus.

The gifts of $25 million and $15 million from Arthur J. Samberg and Mario Gabelli will be used to build out the business school's new Manhattanville campus. To be designed by New York architecture firm Diller Scofidio + Renfro, the new campus will comprise more than 450,000 square feet and offer multifunctional spaces where students, faculty, and alumni can gather.

Both Samberg and Gabelli serve on the school's board of overseers. Samberg, the former chief investment officer, president, and chairman of Pequot Capital Management, a $5 billion hedge fund that closed in 2009 after settling an insider trading suit brought by the Securities and Exchange Commission, is the founding sponsor of the Arthur J. Samberg Institute for Teaching Excellence at Columbia. Gabelli, the founder, chairman, and CEO of GAMCO Investors, a $30 billion global investment firm, is a sponsor of the Center on Global Brand Leadership and has endowed a finance professorship at the school.

"I am extraordinarily grateful to accept these generous pledges. Art and Mario's decades-long involvement at the highest levels of the school's leadership has helped put Columbia Business School at the forefront of management education," said Columbia Business School dean Glenn Hubbard. "Thanks to their support, our new Manhattanville campus will feature classrooms of tomorrow and other cutting-edge innovations that will allow us to continue preparing the next generation of business leaders to confront the challenges of twenty-first century economy."