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:
“Mee of these
Nor skilld nor studious, higher Argument
Remaines, sufficient of it self to raise
That name, unless an age too late, or cold
Climat, or Years damp my intended wing
Deprest, and much they may, if all be mine,
Not Hers who brings it nightly to my Ear.”
—John Milton (1608–1674)
“Today, almost forty years later, I grow dizzy when I recall that the number of manufactured tanks seems to have been more important to me than the vanished victims of racism.”
—Albert Speer (1905–1981)