Cushman & Wakefield Awarded 2.5MSF Commercial Property Management Assignment for the Presidio of San Francisco National Park Site
Assignment includes 171 mostly historic properties across office, retail, cultural, and industrial/flex
SAN FRANCISCO, December 12, 2023--(BUSINESS WIRE)--Cushman & Wakefield announced the firm’s Northern California Asset Services has been selected by the Presidio Trust to provide commercial property management services for its tenants at the Presidio of San Francisco, a unique national park site and National Historic Landmark at the base of the Golden Gate Bridge. Cushman began in the role on December 1. The Presidio is home to a mix of office, retail, cultural, and industrial/flex space across more than 171 mostly historical properties. The contract encompasses approximately 2.5 million square feet of space.
The Presidio is a former U.S. Army post that became a national park site in 1994 as part of the Golden Gate National Recreation Area. It is managed by the Presidio Trust, working in partnership with the National Park Service. Over the course of two decades, the Presidio Trust and its partners have transformed the military installation into one of the most visited national park sites in America, featuring world-class trails, nature experiences, and recreation. Today, the Presidio hosts 9.6 million visits annually.
In addition to being a popular visitor destination, the Presidio is essentially a small town, owing to the buildings and infrastructure that are the legacy of the Army days. This includes hundreds of historic buildings originally constructed as barracks, quarters, warehouses, hangars, and gun batteries. The Presidio Trust has brought these beautiful structures back to life through adaptive reuse. Today, the park is home to schools, gyms, restaurants, museums, and a wide range of office tenants, from non-profits to tech startups and venture capital firms. In total, the park has approximately 180 tenant organizations, including Letterman Digital Arts, Presidio Theatre, Futures Without Violence, Tides Converge, Sports Basement, and the Presidio Community YMCA. Rents earned support the operation and maintenance of the park.
The Cushman & Wakefield property management team for the Presidio portfolio is being led by Sandra Boyle, Executive Managing Director, West Region, Marsha Ramsey, Senior Managing Director, Northern California, and Nicole Price, Director, Northern California.
"The Presidio Trust was seeking a knowledgeable partner with the experience and wherewithal to fulfill the complex management responsibilities associated with this large and uniquely specialized portfolio. Our team offers adept talent who can support the needs of the Presidio Trust’s existing and future commercial tenant base and understands the great importance and delicate nature of this historic portfolio. We are appreciative to have been chosen to be part of this exciting assignment and wonderful community," said Sandra Boyle.
"We are thrilled to have been selected to lead commercial property management for this renowned portfolio in this beautiful, world class location along the San Francisco Bay. Our team looks forward to working closely with the Presidio Trust to oversee the management needs of these historic commercial assets and their connection with this tight-knit community," added Marsha Ramsey.
Presidio Trust has plans for further investment and improvement in 2024 and beyond. This includes renovating and bringing to market an additional 150,000 SF of commercial space. Properties will be renovated to high Leadership in Energy and Environmental Design (LEED) standards.
"As our commercial real estate portfolio grows in size and complexity, and as we seek cutting edge solutions and more efficient ways of managing the portfolio, Cushman’s expertise in property management, project, and construction management, leasing, and market research will provide us with the expertise we need to support the Presidio Trust while also providing the best possible service to our tenants," said Jeff Eichenfield, the Presidio Trust’s Director of Commercial Asset Management.
Cushman & Wakefield’s Asset Services ranked as the #2 Top Property Management firm in the country with approximately 5 billion square feet under management in the United States, according to the latest annual ranking from Commercial Property Executive, a real estate news source.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in approximately 400 offices and 60 countries. In 2022, the firm reported revenue of $10.1 billion across its core services of property, facilities and project management, leasing, capital markets, and valuation and other services. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), Environmental, Social and Governance (ESG) and more. For additional information, visit www.cushmanwakefield.com.
About the Presidio and the Presidio Trust
The Presidio is one of America’s most visited national park sites, located within the Golden Gate National Recreation Area. Spanning 1,500 acres next to San Francisco’s Golden Gate Bridge, the Presidio is among the most biologically diverse parks in America. Historically a home to native peoples and a military post under three flags, its facilities have been reinvented as museums, restaurants, hotels, homes, and offices. The Presidio Trust is the federal agency that stewards the Presidio, in partnership with the National Park Service and with support from the Golden Gate National Parks Conservancy. The Trust sustains the Presidio by leasing homes and workplaces and offering visitor amenities. Learn more about locating your business in the park at https://presidio.gov/lease-an-office.
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Contacts
Joshua Deale
Cushman & Wakefield
Communications Manager, West Region
+1 415 677 0423
joshua.deale@cushwake.com
