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:
“If you feed a man, and wash his clothes, and borne his children, you and that man are married, that man is yours. If you sweep a house, and tend its fires and fill its stoves, and there is love in you all the years you are doing this, then you and that house are married, that house is yours.”
—Truman Capote (20th century)
“But to wish is first to think,
And to think is to be dumb,
And barren of a word to drop
That to a milder shore might come
And, years ahead, erect a crop.”
—Philip Larkin (1922–1986)