LucasFilm Signs 60-Year Lease at Presidio

SAN FRANCISCO-Presidio Trust board members say that despite the fact that its anchor tenant is LucasFilm, the park does not intend to turn the area into a Star Wars theme park. Still, LucasFilm’s recently signed 60-year lease, which is valued at $300 million, has board members of the park finding themselves having to explain what is really in store for the old Army base.

During the 60-day comment period for its “Presidio Trust Implementation Plan,” the trust board members met with the public to announce that the University of California would not expand its medical facilities into the park, despite previous negotiations.

The Presidio will, instead, increase its open space by 100 acres, decreasing the nearly 6 million SF of built-area space without losing housing units, in an effort to increase the number of visitors and making the park financially self-sufficient by 2013.

Board members said that they do not intend to build large hotels, retail chains or other businesses on the land, with the exception of the new LucasFilm complex, which has reportedly signed a 60-year lease with the Presidio Trust.

The lease was signed at $5 million in rent per year with incremental adjustments to be made in the future. LucasFilm will build a 900,000 SF complex that will include a 1,500 space underground garage. This deal accounts for 14% of the park’s annual revenue.

Businesses that will be considered for the space are ones that will make the Presidio a more enjoyable place for visitors, such as convenience stores, coffee shops and restaurants.

Maintaining a low amount of traffic is of key concern to the Presidio, according to the board members. An effort will be made to house as much of the staff as possible in the park will be made, and any housing units torn down will be replaced. There is also talk of building bed-and-breakfast inns to accommodate tourists.