Esprit has owned the two-acre parcel adjacent its headquarters for 20 years. In 1982, it turned the property into Esprit Park, replete with running track, par course, picnic areas, trees and a large, open lawn. In 1984, the company picked up the Mission Bay Property, located at 201 16th Street, for a paltry $20,000, according to Old Republic Title Co. The current assesed value of the land and structures is $8.44 million.

Located between 19th and 20th and Minnesota and Indiana streets, the city estimates the value of the park at $10 million. After months of negotiations, the City of San Francisco says it will acquire the property in exchange for Esprit's right to a four-acre parcel in Mission Bay, and credit for certain fees worth about $3.8 million.

The Mission Bay property can reportedly hold some 450,000 sf of leasable space. It is zoned for commercial, retail or industrial under the city's Mission Bay Rdevelopment Plan. The asking price was not immediately available.