A brick barracks that has sat empty above Presidio Tunnel Tops park since the 1970s is about to become one of San Francisco's most scenic coworking spaces. The Presidio Trust has signed a lease with Canopy, a boutique coworking firm, to fill the entire three-story building at 102 Montgomery Street with private offices, suites, conference rooms, a café, kitchens and a gym for members.
The deal marks the last brick structure on the Presidio's Main Post to be restored and activated, according to the San Francisco Chronicle, which first reported the lease. Built in the late 19th century as an Army barracks, the building was completed in early 1896 as a two-company brick barracks for the Fifth U.S. Artillery Regiment, one of five identical structures raised along Montgomery Street between 1895 and 1897 using standardized plans from the Quartermaster General's Office, according to a Presidio Trust building fact sheet.
A Boutique Firm Known for Quiet, High-End Offices
Canopy caters largely to venture capital and professional services members, and already operates locations in the Financial District, Jackson Square, Pacific Heights and Menlo Park, per the Chronicle's reporting. The firm was founded in 2016 by designer Yves Béhar, developer Amir Mortazavi and entrepreneur Steve Mohebi, launching its first 2,300-square-foot Fillmore Street location in Pacific Heights before expanding, according to Business Insider.
The new 40,000-square-foot space will be designed by Béhar and his firm, fuseproject, which is handling the custom interior layout and furnishings, according to Morning Star. The hub is projected to open to members in spring 2027 following the custom buildout across three floors and a basement, the announcement notes. Canopy's design philosophy has long avoided typical startup office trappings like foosball tables or neon signs, instead prioritizing soundproof private offices, quiet work zones and ergonomic Herman Miller furniture, according to DeZeen.
Bahram Mohebi, Canopy's cofounder and CEO, said clients will benefit from access to nature, bridge and bay views, and the character of a historic building, per the Chronicle's report.
Rehab Effort Fits a Bigger Push to Restore Old Buildings
The Presidio Trust conducted an 18-month full-scale rehabilitation of 102 Montgomery Street, carried out under Presidio Forward, a capital investment program designed to fast-track improvements to aging park infrastructure and historic military buildings, building on three decades of park conversion efforts, per the same Presidio Trust fact sheet. The Trust said the rehabilitation brought the building back to life for modern use while preserving its historic character, according to the Chronicle's account. The lease is one of the largest signed in the Presidio in 2026, and roughly 4,000 people already work in more than 350 buildings across the park.
The Presidio Trust is a federal agency that stewards the 1,500-acre national park, and it relies on leasing revenue from historic buildings like 102 Montgomery to maintain and operate the site. That mandate traces back to the bipartisan Presidio Trust Act, passed by Congress in 1996, which required the park to become self-sufficient without direct federal appropriations; the Trust reached full financial independence in 2005, and direct federal funding ended entirely by fiscal year 2013, according to CBS News. The Stanford Social Innovation Review reported that the Trust now generates revenue exceeding its annual operating costs by roughly $30 million, with all proceeds reinvested into park maintenance, historic rehabilitation and public open space.
Presidio Occupancy Dwarfs Downtown San Francisco's
The Presidio maintains a 97% occupancy rate for its residential and commercial properties, a striking contrast with downtown San Francisco's office market, which recorded a vacancy rate between 30.1% and 31.6% during the first half of 2026, according to Cushman & Wakefield. Citywide vacancy had peaked at 36.7% in 2025 before a slight recovery driven by artificial intelligence firms, the firm's report notes. The Trust is also marketing other renovated historic properties, including Eleven Eighty Mason Street along the Crissy Field shoreline, with office spaces ranging from 4,000 to 84,000 square feet supporting more than 200 tenant organizations across the park.
The Canopy lease follows other recent moves to activate long-dormant Presidio structures. Hoodline previously reported on Fieldwork Brewing's plans to open the park's first dedicated brewery taproom in the former Presidio Social Club building near Tunnel Tops, which had sat vacant since the club closed in May 2024. Together, the deals point to a steady stream of commercial tenants filling out the historic Main Post as the Trust continues leaning on private leases to keep the national park financially self-sustaining.
