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LucasFilm Signs 60-Year Lease at Presidio

SAN FRANCISCO-The firm will pay $5 million in rent annually for land on which it will build a 900,000 SF complex with a 1,500 space underground garage. The deal accounts for 14% of the annual revenue expected from the old army base.

By Michelle Savage | Updated on August 15, 2001

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.

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