The entire ASU community is celebrating the fact that one of the nation's most successful business leaders -- Wm. Polk Carey - chose to invest $50 million in ASU's business school. Carey's gift is the largest single gift ever received by ASU, and the second largest to any U. S. business school.

A gift of this magnitude validates the school's progress toward achieving its ambition -- to become a peer of the very best business schools in America. Under the leadership of Dean Larry Edward Penley, the W. P. Carey School has steadily improved quality and is recognized the world over for its MBA, its undergraduate honors program, its sophisticated approach to technology and its leadership in developing new business thought.

Carey, known as an innovator in real estate finance, built his company and his fortune identifying successful enterprises and investing in them. ASU is right to feel knighted by his support. But to view this milestone solely as a reward for past performance would be to miss the keyword: investment. Carey -- the businessman -- gets behind successful endeavors headed for even greater things. Understanding that, the $50 million is as much a challenge as a reward.

Far from resting on its pedestal, the W. P. Carey School of Business now prepares for its next steep climb.

The best stories actually begin before events unfold. This is certainly true of the story of the relationship between Wm. Polk Carey and Arizona State University. The story goes back more than 100 years, spans the continent and ties together two families who have been great supporters of education.

A native of Baltimore, Md., Carey is linked to the founding of Johns Hopkins University and Johns Hopkins Hospital. Members of Carey's family sat on the first boards of directors of both the university and the hospital, and Carey himself continues to support the institution. In fact, the most popular undergraduate minor at Johns Hopkins is the W. P. Carey Program in Entrepreneurship and Management.

From his mother's family Carey inherited the link to the founding of Arizona State University. In August 1879, Carey's maternal grandfather, John Samuel Armstrong, left Virginia with his bride of 10 months on the 17-day journey to Arizona. Armstrong had accepted an appointment to be the Superintendent of Education for the Sacaton Pima Indian Agency, south of the recently settled town of Tempe. Soon he became a leader in the community, and by 1885 he was Tempe's representative to the Territorial Legislature. That year, Armstrong filed legislation to establish the Arizona Territorial Normal School, and on March 12 the bill was signed into law. The institution that later became Arizona State University was born. Eventually the Armstrongs returned east, to North Carolina, where John Samuel Armstrong prospered as a banker and an industrialist.

Fast forward to 2003, and Armstrong's grandson repeats history by stepping forward to provide the endowment that could propel ASU's business school to world class stature. His grandfather, the Arizona pioneer, would have enjoyed the moment.

"My grandfather loved Arizona," Carey said. "That's where he got his start in life."

Carey himself attended Princeton University before graduating from the Wharton School of Finance and Commerce at the University of Pennsylvania (B.S. economics '53). He honed his business skills working in his step-father's car dealership before striking out on his own, founding International Leasing Corp. in 1959. The business arranged private placement of corporate debt and leased equipment and vehicle fleets, eventually expanding into aircraft and entire factories. In those early years he launched the first foreign direct investment in Australia.

Following stints in executive-level real estate and finance positions, Carey again started his own firm. In 1973 he founded W. P. Carey & Co. LLC (NYSE: WPC), a New York City based real estate investment firm. The firm is one of the largest holding companies of commercial and corporate real estate in the world. Along with its affiliated publicly held non-traded real estate investment trusts (REITs), the company owns and/or manages more than 500 properties throughout the United States and Europe, totaling more than 60 million square feet of space valued at approximately $5 billion.

Carey is known in his industry for perfecting the triple net leasing model, but he is also famous for his support of education. Through the W. P. Carey Foundation he has made gifts to Johns Hopkins University, the University of Pennsylvania, Princeton University, California Institute of Technology and Colorado College.At ASU he has supported the Colleges of Law and Public Programs.

Though he did not earn his degree at ASU, Carey is an honorary alumnus having been awarded the Sc.D. honoris causa in 1998.

"ASU is becoming a great university," he said, explaining some of the reasons why he focused his generosity on the business school. "It is certainly big enough to be considered national, but the appeal is to be known nationally for quality. That is happening, especially at the business school."

Carey believes that a strong university, and especially an excellent business school, will help the region grow economically.

"ASU has had two strong presidents in a row with Lattie Coor and Michael Crow -- and Larry Penley is a great leader. The combination of a great president and a great dean is very powerful," he commented. "That means ASU is going to continue to grow and prosper for Phoenix and Arizona. It will create a stream of talent flowing into the area, and a lot of them will stay, creating a better place to live."

Carey's high expectations for the school that bears his name involve ethics and leadership as well. Throughout his career, Carey has insisted on holding every business decision to the same standard -- is it the right thing to do.

"It is my hope and prayer that the W. P. Carey School of Business will adopt one of our mottos, which is 'doing good while doing well,'" he said. "I hope ASU will consider the dreams and hopes and ambitions of its applicants and not just look at grades. We're seeking to bring up tomorrow's leaders."

The W. P. Carey School is starting its new chapter on the firm foundation of high achievement. "The W. P. Carey School has a core of extremely bright students -- out of 350 accredited business schools, to be 25th for undergraduate studies and 12th among public MBA programs is excellent," the benefactor said. "We just need to keep doing it."

ASU's leader agrees.

In a knowledge economy, says ASU President Michael Crow, a region's ability to thrive and compete depends upon its ability to produce new knowledge -- and universities generate new knowledge.

"The business school is as important as the scientific laboratory -- it's a laboratory of business, a laboratory of economic development, a laboratory of economic growth and change," he told a business audience recently. "We are developing a globally recognized business school, a critical ingredient to building the university and the community. The W. P. Carey gift to the business school is a part of that process."

Dean Penley strikes a similar theme in describing the gift and the naming.

"Our faculty and staff have already built high quality undergraduate and graduate business programs," he commented. "We will apply the additional resources made available by Mr. Carey -- along with the great gift of his name -- to increase the slope of our climb."

The Carey endowment is earmarked for people -- excellent faculty and students -- and projects, but not for bricks and mortar. That means the next phase of the climb will include fundraising to secure the money for a new building. Land at the corner of Mill Avenue and University Drive has been designated for a 325,000 square foot building estimated to cost $75 to $80 million. The university has put $35 million on the table toward that project, and Dr. Crow has challenged the community to come up with the rest.

As the stock of the W. P. Carey School rises, so will the value of every ASU business degree. No matter what the school was called at the time of graduation, all business graduates are now alumni of the W. P. Carey School of Business.

Carey himself, who is impressed with ASU graduates he has hired, predicts that this phenomenon will play out for all. It is of great value to say you graduated from a known, named school, he said, and ASU will benefit from the association.

But the benefits are not limited to reflected glory. Opportunities for alumni to share in the school's increasing excellence will come through W. P. Carey's executive education programs, alumni events and networking possibilities ... maybe even a new shirt for homecoming!

Wm. Polk Carey

The faculty and staff of the W. P. Carey School of Business show off their new name. Dean Larry Penley is in white.