The fourth building remained in shell condition until last month, when tenant improvements began for Babcock & Brown, an Australia-based investment advisory that signed a long-term lease for 155,000 sf. Located a 2 Harrison St. on the San Francisco waterfront for the past 16 years, the firm will relocate to One Letterman Dr. in the first quarter of 2008.

Three other projects are in the works at the Presidio. This spring, the Walt Disney Family Foundation, a Presidio tenant since 2001, will begin rehabilitating the barracks in the Presidio's Main Post for use as the Walt Disney Family Museum and Library. The project will include a children's learning center with hands-on art programs, an extensive collection of artifacts and archival material, exhibits on animation and motion pictures, a research center for scholars, exhibits of art works influenced by Disney, a book store/gift shop, and a small café. The museum is expected to open to visitors in August 2009.

The Trust also is working toward the creation of a lodge at the Main Post. In fall 2006 the trust released a request for expressions of interest in the project and received approximately 12 responses. Responses to the subsequent request for proposals is due later this month. Next week, respondents to the will offer their preliminary ideas and designs for the project. The Trust expects to begin negotiations with a project team this summer.

The Trust also is evaluating four responses to its March 30, 2007 request for proposals to lease and rehabilitate 12 historic buildings totaling 144,000 sf. The buildings are located west of the Letterman Digital Arts Center.