TMG Partners has entitled, developed, acquired
and managed a diversified portfolio of
23 million square feet, valued at $3.5 billion.
TMG Partners and Northwood Investors acquired the last remaining development site at the Transbay Terminal in a complex transaction structure involving the lender, disputed owner and the bankruptcy court. The site has 225,000 square feet of existing building which will be renovated while TMG finalizes approval for almost 2 million square feet of mixed-use development.
TMG entitled a 100,000 square foot expansion of the 12 story 680 Folsom Street building originally constructed for Pacific Bell in 1964, and conceived a comprehensive rehabilitation program designed by Skidmore, Owings & Merrill LLP and engineered by Tipping Mar.
TMG formed a joint venture in October 2010 with Rockwood Capital to execute the complex rehabilitation, leased 85% of the project to Macy’s.com and Riverbed Technology within months, and obtained a $170 million construction loan from Heleba and Nord banks to commence construction in March 2012. TMG sold the asset to Boston Properties in October 2012 and was retained by Boston Properties as the Development Manager. The project is scheduled for completion in November 2013.
TMG devised a complex strategy to technically meet zoning requirements to convert non-permitted office space to permitted office space and successfully obtained approval for the entire building to be permitted as office space. Implemented a comprehensive renovation plan for the building that included a branding campaign tied to the building’s history and highlighting the unique features of the building. The renovation plan included a new entry and ground floor façade, all new common area finishes throughout the building, including main lobby, restrooms, corridors and elevator lobbies.
As Cisco systematically vacates the buildings over time, TMG will embark on a complete renovation of the campus by rebranding the 1990s-era R&D buildings into a series of Class-A campuses or single tenant buildings. Renovations will include signage, landscaping, building skin, interiors and common areas.
In the fall of 2006, TMG formed a joint venture with Farallon Capital Management to purchase and reposition 650 Townsend, a large floor plate office building in San Francisco’s SOMA district. After completing an extensive rehab of the property which included a new lobby and common area improvements, new elevators and other building system upgrades, TMG secured a 270,000 square foot lease with on-line gaming company Zynga, Inc, who made the building its new headquarters. Less than one year later, after increasing its lease to 436,000 square feet, Zynga purchased the entire building from TMG for $228 million.
TMG Partners and its capital partner DivcoWest purchased this mid-Market area office building from the State Compensation Insurance Fund for $44 million in October 2011 and implemented a capital improvement plan to address numerous building deficiencies. A 16-story seismic upgrade was fully designed and permitted within 3 months and construction commenced in January 2012. The partnership received an unsolicited purchase offer from Dolby Laboratories and closed the $110 million sale in July 2012. The seismic work was completed in August 2012 together with other improvements to the building systems.
This 202-unit development site was acquired by Avant Housing, a joint venture with TMG, AGI Capital and CalPERS, in late 2010. While the project was entitled and “shovel ready”, our development team went to work with the architectural designers to reconfigure the unit floor plans and common areas to strengthen this new apartment community’s appeal to technology employees in the thriving South of Market. The project is located in the heart of the Mission District near many shops and restaurants and is just one block away from a BART station. Construction will be completed in late spring of 2013.
Acquired in late 2011 by Avant, a joint venture between TMG Partners, AGI Capital and CalPERS, 900 Folsom was planned and entitled with a “sister property”, 260 Fifth Street, at the corner of Fifth and Folsom in San Francisco. The project was presold to Essex Property Trust in June of 2012. Avant was engaged to manage the construction for Essex, scheduled to be completed by early 2014. The nine-story, Type 1 concrete project consists of 282 rental units, onsite parking and ground floor retail.
Acquired in 2007 by Avant, a joint venture between TMG Partners, AGI Capital and CalPERS, the site consisted of a 40,000 square foot building formerly owned by Bill Graham Presents/Live Nation. The project went through design, planning and entitlements with its “sister property”, 900 Folsom Street, at the corner of Fifth and Folsom in San Francisco. The project was presold to Essex Property Trust in June of 2012. Avant was engaged to manage the construction for Essex, scheduled to be completed by early 2014. The nine-story, Type 1 concrete project consists of 181 rental units, onsite parking and ground floor retail.
In the fall of 2010, TMG formed a joint venture with Continental Development Corporation to reposition 155 5th Street. Continental Development originally built the building and after a 35-year lease with Wells Fargo, Continental retained TMG to execute a redevelopment plan for the building. TMG conceived a comprehensive rehabilitation of the building including new skin, systems, seismic upgrade, and asbestos abatement. TMG executed a complex re-entitlement of the building for the Dugoni School of Dentistry and sold the building to Dugoni upon completion of the entitlements.