Short of money after the war, Stanford leased land to companies instead of selling it. The Stanford Industrial Park was authorized in 1951, Varian Associates moved in as the first tenant in 1953, and Hewlett-Packard set up its headquarters there by 1956.
Renamed Stanford Research Park in the 1970s, it covers about 700 acres in Palo Alto and has been home to Xerox PARC, NeXT and Facebook among many others.