Between 1955 and 1957, Stanford University entered into six residential ground leases in the Town of Woodside, comprising a total of approximately 44 acres. Three of the original ground leases were subsequently subdivided and assigned, creating the current total of 11 leaseholds ranging in size from 3 to 6.87 acres. All have been developed into single-family residences.
Upon lease expiration, the property associated with the leasehold reverts to Stanford University.
On April 2017, Stanford announced a lease extension offer program to the leaseholders of the properties located in the Town of Woodside. All references to the "Lease" in this website shall mean the original leases, the terms of which remain in effect and are controlling, as amended by the 2017 Amendment. All capitalized terms shall have the meanings set forth in the Lease. The 2017 Amendment added the following elements to the Lease:
Ability to extend Lease:
Lessees can request multiple lease extensions at any time up to the Extension Right Expiration Date (expiration date of the original lease) for any number of months or years, as long as the extension does not exceed a 51-year maximum term.
Maximum possible lease expiration date:
Lessees can achieve a maximum lease expiration of 51 years from their original lease expiration date by exercising a series of extensions or a single 51-year extension at the end of the Extension Right Expiration Date (expiration date of the original Lease).
Fee for lease extensions:
Lessees who choose to extend the term of the Lease will pay an Extension Fee proportional to the timing and duration of the requested extension as well as the value of the parcel at the time the extension is requested. The extension fee can be funded as part of a sale of the leasehold.
Stanford's Right-of-First Offer ("ROFO"):
When a lessee decides to sell their leasehold, Stanford has the right, but not the obligation, to purchase the leasehold at the Lessee's offer price, before the Lessee offers it to any other party. If Stanford elects to purchase the leasehold, the sale will close after all contingencies are removed. If Stanford elects not to purchase the leasehold the Lessee may sell it to a third party, subject to the requirements of the Lease. The Lease is assignable to future lessees upon sale of the leasehold.
| 300 Family Farm 310 Family Farm 320 Family Farm 350 Family Farm 370 Family Farm 420 Family Farm 1800 Portola Rd 1820 Portola Rd |
1840 Portola Rd | 3910 Sand Hill Rd | 3950 Sand Hill Rd | |
| Lease Commencement Date | July 1, 1957 | February 15, 1956 | October 14, 1955 | June 1, 1955 |
| Original Lease Expiration Date | June 30, 2056 | February 14, 2055 | October 13, 2054 | May 31, 2054 |
| Extension Right Expiration Date | June 30, 2056 | February 14, 2055 | October 13, 2054 | May 31, 2054 |
| Maximum Possible Lease Expiration Date | June 30, 2107 | February 14, 2106 | October 13, 2105 | May 31, 2105 |