Presidio Trust Commercial Leasing Ends 2023 with 97% Occupancy Rate

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Feb 05, 2024, 14:22 ET

Additional buildings to be rehabilitated in 2024 to meet demand

SAN FRANCISCO, Feb. 5, 2024 /PRNewswire/ -- Commercial leasing operations in the Presidio of San Francisco closed the 2023 calendar year with an occupancy rate of 97%, surpassing the San Francisco downtown occupancy rate of 65%. The Presidio's total commercial portfolio is 91 buildings with 2.2M SF, with 174 tenants. Demand has been strong due to the attraction of its unique park-like setting, low density environment, and the financial model that gives back—tenants and their customers appreciate that the revenue from leasing operations supports the Presidio as a public national park site, keeping it open and free for all to enjoy.

"We chose to move to the Presidio because the location is ideal for our employee-base in Marin and the city," said Scott Swisher, managing director, head of western region originations, ACORE Capital. "The bay and bridge views from the office, the safety of the park, and ample nearby parking make it ideal for hosting clients, guests, and investors. We feel the location will allow us to attract and retain high quality talent and continue to grow our client- and capital-base going forward."

New and Renewed Leases

The Presidio Trust welcomed a diverse slate of tenants in 2023, primarily in the office and educational sectors. Twenty-seven new leases for a total of 71,228 SF were signed, and 42 existing tenants renewed 104,058 SF. Larger new leases include:

Cow Hollow Preschool, 17,000 SF
Thuma, 13,000 SF
Headline, 10,002 SF
Canvas Church of SF, 10,000 SF
Crown Road Software, 5,500 SF
ACORE Capital, 4,000 SF

More Opportunities

Leasing is underway in the newly rehabilitated former warehouse complex Eleven Eighty at Crissy Field (84,000 SF), with stunning views of the bay and the Golden Gate Bridge. Of that space, 44,000 SF is under contract for retail, office, and medical use. There is still space available for lease in the complex.

The Presidio Trust continues to increase its development pipeline, rehabilitating more commercial office space for new tenants and businesses in the coming year. Buildings including 102 Montgomery on the Main Parade Lawn and 40 Mesa Street located across the street from the Presidio Officers' Club are in development for multi-tenant office use and available for pre-lease. To view all leasing opportunities in the Presidio, click here.

About the Presidio

The Presidio is one of America's most visited national park sites, located within the Golden Gate National Recreation Area. The Presidio Trust is an innovative federal agency that stewards and shares the history, beauty, and wonder of the Presidio for everyone to enjoy forever. It earns the funds to manage the park through its hospitality, residential and commercial operations. The Trust manages the Presidio in partnership with the National Park Service and with support from the Golden Gate National Parks Conservancy.

Media Contact:
Lisa Petrie, [email protected]
415-263-7787 (M); 415-561-5424 (O)

Download Images HERE.

SOURCE Presidio Trust