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:
“I do not portray the thing in itself. I portray the passage; not a passing from one age to another, or, as the people put it, from seven years to seven years, but from day to day, from minute to minute.”
—Michel de Montaigne (1533–1592)
“Helicon: “It takes one day to make a senator and ten years to make a worker.”
Caligula: “But I am afraid that it takes twenty years to make a worker out of a senator.””
—Albert Camus (1913–1960)