Lincoln Center's New York State Theater, home to New York City Opera and New York City Ballet, will be renamed this fall in honor of billionaire David H. Koch, who has pledged a gift of $100 million over the next 10 years, according to The New York Times.

The theater, originally built in 1964, will be undergoing periodic renovations over the next 12 months, causing City Opera to relocate for the season. City Ballet will continue to perform as scheduled. Among the initial renovations will be a larger orchestra pit, new stage lighting, and new media equipment.