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:
“The great war that broke so suddenly upon the world two years ago, and which has swept up within its flame so great a part of the civilized world, has affected us very profoundly.... With its causes and its objects we are not concerned. The obscure fountains from which its stupendous flood has burst we are not interested to search for or explore.”
—Woodrow Wilson (1856–1924)
“There is no lonelier man in death, except the suicide, than that man who has lived many years with a good wife and then outlived her. If two people love each other there can be no happy end to it.”
—Ernest Hemingway (1899–1961)