Presidio Trust Names C&W to Manage Commercial Portfolio

A federal agency that oversees the Presidio in San Francisco has picked Cushman & Wakefield to manage its 2 million-square-foot commercial real estate portfolio.

The Presidio Trust chose the Northern California arm of the Chicago-based real estate services firm to serve as property manager for the Presidio’s commercial wing, handling lease administration, tenant relations and services, the San Francisco Business Times reported.

Terms of the contract, which began this month, were not disclosed. The portfolio was previously managed by Newport Beach-based RiverRock Real Estate Group, whose 10-year contract ends this year.

The Presidio Trust will continue to run new leasing and building maintenance.

Property management at the nearly 1,500-acre Presidio, a former Army post next to the Golden Gate Bridge that became a national park in 1994, will be led by C&W’s Sandra Boyle, executive director for its Western Region; Marsha Ramsey, senior managing director for Northern California; and Nicole Price, director of Northern California.

The Presidio’s historic buildings, which once served as military barracks and warehouses, now make up 2 million square feet of leasable commercial space. The park has 180 tenants working in education, hospitality, financial services, nonprofits, entertainment and retail.

The Letterman Digital Arts Center complex includes such tenants as Founders Fund, a venture capital firm, and the legendary Lucasfilm entertainment company.

Cushman & Wakefield will be responsible for managing that space, plus 400,000 square feet of commercial space occupied by the Presidio Trust or its partners, the agency said.

The Presidio’s commercial portfolio is expected to grow to nearly 2.5 million square feet.

Some 400,000 square feet has opened up for leasing since 2021. The Presidio Trust said it expects to list another 150,000 square feet at a seven-building complex at 1180 at Crissy Field; a 43,000-square-foot building at 102 Montgomery Street; and an 8,300-square-foot building at and 40 Keyes Avenue.

The agency’s portfolio is now 94 percent leased, with rental rates beginning in the mid-$50 per square foot range, according to Mark Zuffo, commercial leasing manager at the Presidio Trust.

He said Cushman & Wakefield’s expertise at managing large campuses will help sustain the portfolio’s growth and accommodate its tenants.

— Dana Bartholomew