It’s the way we think 
that sets us apart.

TMG Partners has been in the business of developing award-winning, financially-successful, community-based real estate for 40 years. As much as we have accomplished over the last four decades, we believe it is the way we THINK about our region, the risks we manage, the critical timing of our projects and the value we create that sets us apart.
Localism

Real Estate is
a local business.

No, really.

The San Francisco Bay Area is an extremely diverse real estate marketplace with countless micro-business climates teeming with possibility. But you have to be here—and know here—to make the most of the opportunities all around us. Having been exclusively committed to the Bay Area for four decades, we have developed a keen local intuition which gives us a unique advantage in recognizing both the opportunities and risks in this complex market.
Regionalism

We Think 
Mega

If we try to solve our land use problems by focusing
only on the nine Bay Area counties, we will fail.

Michael CovarrubiasChairman & Co-CEO

As the Bay Area’s economy has grown over the last four decades, so too has its challenges—particularly related to transportation, housing, affordability and climate change. To plan for growth of 4 million more people in the next third of a century, TMG is thinking bigger, beyond our nine Bay Area counties, and working on longer term strategies to create greater connectivity across our entire megaregion.
Timing

It’s got to work at low tide as well as high tide.

Some of our best deals are the ones we didn’t do.

Matt FieldCo-CEO

Almost anyone can make money in a positive economic climate. But it takes discipline, depth of market knowledge and experience in all major product types to know when to buy and when to sell. The most profitable deals can be the ones you decide just don’t make sense or are outbid by an “out of town” competitor. Because we are active in our markets on a daily basis, TMG Partners has managed a portfolio through 40 years of market cycles that works in all phases and has withstood the sands of time.
Vision

huh?

Once it’s obvious, it’s too late.

Cathy GreenwoldSenior Advisor

If you wait for the statistical proof to confirm real estate opportunities, you’re looking backwards. TMG Partners has cultivated an approach to studying the business landscape that reveals market opportunities before they become obvious. Our contrarian investment strategy balances optimism and caution with the intent of turning forward-looking investments into no-brainers.
Returns

Redefining IRR

Our measure for success goes beyond profit.

Lynn TolinChief Operating Officer &
Executive Vice President

Most investment professionals have a clear understanding of IRR: Internal Rate of Return, a purely financial measurement of performance. At TMG we use a different definition. For us, IRR means balancing Integrity, Relationships and Results. We measure every aspect of our business through this lens to ensure our partners, communities, tenants and buyers are treated with the highest degree of respect and responsibility while we consistently deliver superior financial performance.
Think
Localism
Regionalism
Timing
Vision
Returns
Close

Close

 

Advisory Board.

TMG Partners is privileged to work with a board of advisors represented by regional and world leaders in real estate, technology, government and finance.

Ron Conway

Headshot of Ron Conway

Ron Conway is the Founder and Co-Managing Partner of SV Angel. Ron has been an active angel investor since the mid 90’s. He was the Founder and Managing Partner of the Angel Investors LP funds (1998-2005). He was included in 2010’s Vanity Fair 100 most influential people in the Information Age. He was awarded Best Angel at The 2009 TechCrunch Crunchies Awards. He was named #13 in Forbes Magazine Midas list of top “deal-makers” in 2011. Ron was with National Semiconductor Corporation in marketing positions (1973-1979), Altos Computer Systems as a co-founder, President and CEO (1979-1990) and took Altos public on Nasdaq in 1982 and served as CEO of Personal Training Systems (PTS) (1991-1995). PTS was acquired by SmartForce/SkillSoft (Nasdaq SKIL).

Philanthropically, Ron is a Board Member of the Salesforce.com Foundation, and member of the UCSF Medical Center Chancellor’s Advisory Board in SF, and is active in fundraising for the UCSF Benioff Children’s Hospital, College Track, Sandy Hook Promise-Newtown CT, Americans for Responsible Solutions-Gabby Giffords, and the THORN Foundation. Ron is an advocate for technology companies and civic engagement in San Francisco and founder of sf.citi (San Francisco’s tech-backed civic organization). Ron is also an advocate for immigration reform and a co-founder of FWD.US.

Kathryn A. Hall

Kathryn A. Hall_2025

Katie Hall is a Member of the Board of Managers and shareholder at Pathstone. She also serves as the Founder and Co-Executive Chair of Galvanize Climate Solutions, a climate-focused global investment firm. Katie also serves as a Director of Laurel Trust Company.

Prior to Pathstone, Katie was the Founder of Hall Capital Partners (“HCP”), which advised on $45 billion of client assets. She was also a member of the firm’s Board of Directors, Executive Committee and Investment Review Committee. Before founding Hall Capital Partners, Katie was a General Partner of Laurel Arbitrage Partners, a risk arbitrage investment partnership. Prior to that, she was a General Partner at HFS Management Partners (predecessor to Farallon Capital Partners) and Hellman & Friedman. Katie began her career at Morgan Stanley, where she worked in both the risk arbitrage and mergers and acquisitions departments.

Katie graduated cum laude from Princeton University with a bachelor’s degree and earned an MBA from Stanford. She serves as Board Member for a number of corporate boards (including Gap Inc. and Ariat International) and is active on the Board of UCSF Foundation, UCSF Foundation Investment Company, and SFMOMA. Katie is also Chair of the Board of Trustees of the Andrew W. Mellon Foundation. Previously Katie served on the boards of a number of civic and educational institutions, including serving as Chair of the Board of Trustees of Princeton University from 2011-2019. Katie was a member of the Board of PRINCO from 1998-2011 and Chair from 2008-2011.

Kenneth T. Rosen

Ken Rosen_2025

Ken Rosen is Chairman of Rosen Consulting Group, a real estate market research firm, Chairman of the Fisher Center for Real Estate and Urban Economics, and Professor Emeritus and California State Chair of Real Estate and Urban Economics at the Haas School of Business at the University of California, Berkeley. Mr. Rosen is a trustee of the Urban Land Institute and is a member of the board of directors of several non-profit and for-profit entities that deal with real estate finance and development. He was appointed to the Economic Advisory Board to the Secretary of the Department of Commerce by President Ronald Reagan. He has testified on numerous occasions before various United States Senate and United States House of Representatives committees, and the California Senate Judiciary Committee on housing policy issues. He has appeared on CNBC, CNN, the Today Show and PBS discussing real estate issues. He has been widely quoted in The New York Times, Wall Street Journal, Bloomberg Businessweek, San Francisco Chronicle and San Francisco Business Times. He has authored over 100 articles and four books on real estate and real estate finance.

He was formerly the Chairman and founder of Rosen Real Estate Securities LLC (RRES), and Chairman, founder and portfolio manager of Lend Lease Rosen Securities, both REIT money management firms. Also, Ken served as the special real estate advisor to The Davos World Economic Forum, and from 1985-1990 he was Consultant/Managing Director of Salomon Brothers’ Real Estate Research Department.

Mr. Rosen received his Ph.D. in Economics from the Massachusetts Institute of Technology, and a B.A. with highest honors from the University of Connecticut in 1970. He was a Professor of Economics at Princeton University.

Ned Spieker

Headshot of Ned Spieker

Warren E. "Ned" Spieker, Jr., is a partner of Spieker Realty Investments, a private real estate investment and development firm in Menlo Park, California. He served as chief executive officer of Spieker Properties, Inc. and was Chairman of the Board of the company until its merger into Equity Office in 2001. Mr. Spieker also served as a managing partner and board member of Trammell Crow Company, a company that delivers building management, brokerage and development and project management for users of and investors in commercial real estate. He serves on the board of Continuing Life, a developer and operator of Continuing Care Retirement Communities (CCRCs) that provide independent living, assisted living and skilled nursing facilities at four California locations; past member of Health Care Property Investors, Inc., a real estate investment trust and investor in healthcare-related real estate located throughout the United States. Mr. Spieker is also a past Chairman of the Board of Governors of the National Association of Real Estate Investment Trusts (NAREIT).

A native of California, Mr. Spieker holds a Bachelor of Science degree in business administration from the University of California at Berkeley. He served as a trustee of the University of California Berkeley Foundation and presently serves on the Advisory Board of the Haas School of Business. In addition, Ned serves as director, trustee and member of various civic and community organizations.

Jim Wunderman

Headshot of Jim Wunderman

Jim Wunderman serves as the president and chief executive officer of the Bay Area Council, a business-backed public policy organization in the San Francisco-Oakland-Silicon Valley Bay Area. Led by its CEO members, the Bay Area Council is the strong, united voice of more than 300 of the largest Bay Area employers, representing 4.43 million workers and revenues of $1.94 trillion, worldwide. Since becoming CEO in 2004, Wunderman has led the 80 year-old public policy organization to become one of the most influential, effective institutions of its kind.

Under Wunderman's leadership, the Council has grown significantly in membership, revenue and profile, and has developed a global competitiveness strategy for the Bay Area that serves as a model for other regions. Some of the core elements of the strategy are to develop world-class infrastructure, a second-to-none education system, and to enact a smart growth plan that will stand in an era of climate change and economic pressures.

Appointed by Gov. Gavin Newsom, Wunderman also serves as Chair of the Water Emergency Transportation Authority (developer and operator of San Francisco Bay Ferry). Since 2008, Wunderman annually teaches a course on Executive Leadership at the UC Davis Graduate School of Management.

Wunderman holds degrees from San Francisco State University, and Kingsborough College of the City University of New York.