Edhat Staff
By edhat staff
The former headquarters of local software company QAD has been sold to the University of California for over $100 million, according to the Pacific Business Times.
QAD’s Santa Barbara property was listed in May featuring its isolated 29 acres on a hill between Montecito and Summerland with ocean views and two office buildings that have over 122,000 square feet.
Earlier this year QAD announced a work-from-home schedule for employees with plans to reopen a smaller headquarters office in the area.
The deed was filed at the Santa Barbara County Clerk-Recorder office on June 24. UC Investments, which manages the University of California’s investment funds and portfolios, reportedly purchased the property as an investment.
It’s unclear what the property will be used for, although it is not zoned for public use so there has been speculation that the offices could be leased to another large tech company.
UCSB has students living in cars or working multiple jobs to live crowded together in Isla Vista. This is disgusting and an embarrassment, a respected institution like UCSB should know better. How can they be this out of touch?
The UC system depends on taxpayer subsidies yet can make a $100 million impulse buy?
At least it has windows…
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Wow, where on earth did they get money like that? It better be for housing for students and faculty.
Yet another thing to keep in mind the next time you get a donation request from UC.
The trend of corporations acquiring an increasing share of our real estate is disturbing, and the trend of government entities acquiring real estate is even more disturbing. Such entities have many advantages over private individuals and given enough time that could lead to all property being owned by corporations and government entities.
UC is UC. if they’re able to invest this much money in outside investments that have nothing to do with campuses and students directly, it’s fair for people to question what’s going on, where their priorities are, and where the dollars are going. I wrote a hell of a lot of checks out to “UC Regents” back in the day, and continue to have ties to the local university but have real skepticism about our local university’s mindset and goals, as I’ve expressed previously here. #not good neighbors
Exactly Yacht…