Later Years
Throughout the years, the center has continued to evolve in terms of both tenants and construction and was managed by the university through its investment affiliate Stanford Management Company since 1991. However, in 2003, taking advantage of the high prices that shopping centers were fetching, the university's board of trustees agreed to sell the center for USD $333 million to Simon Property Group which, in turn, leases the underlying land from the university under a 51-year lease. The university's lease includes an annual rent equal to a 25% percent of the center's net profits.
Read more about this topic: Stanford Shopping Center
Famous quotes containing the word years:
“In social halls a favored guest
In years that follow victory won,
How sweet to feel your festal fame
In woman’s glance instinctive thrown:
Repose is yours—your deed is known,”
—Herman Melville (1819–1891)
“My dear Kafka,
When you’ve had five years of it, not five months,
Five years of an irresistible force meeting an immoveable object right in your belly,
Then you’ll know about depression.”
—Philip Larkin (1922–1986)