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The assignment includes 171 mostly historic properties across office, retail, cultural, and industrial/flex
December 14, 2023 | Staff Reporter | USA | Property Management
Cushman & Wakefield has announced that 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 US 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 organisations, 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 square feet 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.
