Faculty members, alumni and beneficiaries gathered yesterday evening to dedicate the Joan and Sanford ’55 Weill Hall and the Weill Institute for Cell and Molecular Biology.

Weill Hall — which cost $162 million to build and features state of the art equipment — will serve as the base for Cornell’s New Life Sciences Initiative and its Institute for Cell and Molecular Biology.

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“It would be a place where we tangibly support our efforts of sustainability. It would be a place where innovative ideas will be developed from the bench to the bedsides,” President David Skorton said at the ceremony.