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 world is a puzzling place today. All these banks sending us credit cards, with our names on them. Well, we didn’t order any credit cards! We don’t spend what we don’t have. So we just cut them in half and throw them out, just as soon as we open them in the mail. Imagine a bank sending credit cards to two ladies over a hundred years old! What are those folks thinking?”
—Sarah Louise Delany (b. 1889)
“Perfect present has no existence in our consciousness. As I said years ago in Erewhon, it lives but upon the sufferance of past and future. We are like men standing on a narrow footbridge over a railway. We can watch the future hurrying like an express train towards us, and then hurrying into the past, but in the narrow strip of present we cannot see it. Strange that that which is the most essential to our consciousness should be exactly that of which we are least definitely conscious.”
—Samuel Butler (1835–1902)