QAD Property Sold to University of California for Over $100 Million
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.