The phrase "storied institution" refers to a well-known place, organization, or establishment with a rich history and many interesting stories. Full definition
And more recently, over 150 of the top private high schools in the U.S., including Phillips Exeter and Dalton — storied institutions which have long relied on the status conveyed by student ranking — have pledged to shift to new transcripts that provide more comprehensive, qualitative feedback on students while ruling out any mention of credit hours, GPAs, or A — F grades. (edutopia.org)
In its opening year Josef and Anni Albers taught art and weaving, respectively, having left Germany after the Nazis closed the equally storied institution, the Bauhaus, that same year.Albert Einstein and Clement Greenberg gave lectures, and Robert Rauschenberg, Kenneth Noland, and Ray Johnson were among the numerous artists who emerged from the school. (artsy.net)
In doing so, we have turned a page for this storied institution, which has been known by the same name since it was first founded 129 years ago «by a small group of merchants, lumbermen, bankers, and manufacturers.» (boardoftrade.com)