Stanford’s Institute for Stem Cell Biology and Regenerative Medicine will soon be housed in its own facility, thanks to a $33 million donation to the School of Medicine from Lorry I. Lokey ‘49, according to a press release issued yesterday.

“This is an extraordinarily exciting time in science and medicine, and I am deeply appreciative to Lorry Lokey for his confidence in us,” School of Medicine Dean Philip Pizzo said in the press release.

Lokey has placed the funds for the new building in an account expected to appreciate before 2009, when construction on the facility is scheduled to begin. The new building will be located between Campus Drive and the Center for Clinical Sciences Research.

Overall, Lokey donated $163 million to various organizations in 2006, and is the 25th ranked donor on The Chronicle of Philanthropy’s list of America’s most generous benefactors.

Lokey — who was editor of The Daily in 1949 — is a frequent investor in science and biotechnology. At Stanford, he previously donated $20 million to fund the Lorry I. Lokey Laboratory Building, which opened its doors in 2004.

“The biotech revolution has become so important to the quality of life,” he said in the press release. “To me, the biotech field is going to be very, very hot for the next generation.”

He added that he is particularly interested in stem cell research due to the possibility that the therapies developed will enhance lifespan and quality of life.

“The important thing to me is that stem cells might not only extend life,” said Lokey, “but also improve the quality of life, as so many people suffer in their later years.”