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

 

Michael A. Covarrubias

Chairman &
Chief Executive Officer
Headshot of Michael A. Covarrubias

Michael Covarrubias joined TMG Partners in 1988 and has directed the company since 1995.

Michael began his career at Union Bank. Over 17 years, his roles included managing commercial and real estate lending, administrative management, and in his last position, serving as Senior Vice President and Manager of Union Bank’s Silicon Valley Regional Real Estate Center.

As CEO, Michael has fostered an entrepreneurial culture of talented, committed professionals resulting in the entitlement, development, acquisition and management of a diversified portfolio of 33 million square feet, valued at $9.8 billion.

Beyond the firm’s distinguished reputation as a leader in Bay Area Region real estate, Michael is highly respected for his leadership in the business community, notably as Chair of the Bay Area Council, CASA Co-Chair, and leading a critical effort with the Metropolitan Transportation Committee on regional solutions for transportation, housing, and economic vitality. He continues to participate in civic leadership roles in San Francisco, such as the Downtown Development Corporation.

He has also served in multiple leadership roles for the Urban Land Institute. Michael was appointed Board Member of the Real Estate Roundtable in 2023. He was honored with a Lifetime Achievement Award from the San Francisco Business Times in 2019 and was named a 2025 San Franciscan of the Year by the San Francisco Examiner.

Michael is a graduate of the University of San Francisco with a bachelor’s degree in business administration.

Affiliations

Bay Area Council, Prior Chairman of the Board, Current Executive Committee Member

Bay Area Council Economic Institute, Board Trustee

Urban Land Institute, Trustee, Governor-ULI Foundation, San Francisco District Council Governance Committee Member

Fisher Center for Real Estate & Urban Economics, University of California, Berkeley, Policy Advisory Board Member and Executive Committee Member

The Real Estate Roundtable, Board Member

CommonSpirit, Board Member

Lambda Alpha, Member, Prior Member of the Year

Presidio Bank, Founder

Various philanthropic boards, including the American Heart Association, American Red Cross, City of Hope, UCSF, and United Way of the Bay Area.

Partners.

Headshot of Michael A. Covarrubias

Michael A. Covarrubias
Chairman &
Chief Executive Officer

Headshot of Benjamin Kochalski.

Benjamin Kochalski
President &
Chief Investment Officer

Lynn Tolin

Lynn Tolin
Executive Vice President & Chief Operating Officer

Headshot of Kevin McLean

Kevin McLean
Chief Financial Officer

Headshot of Scott C. Verges

Scott C. Verges
General Counsel &
Executive Vice President

Headshot of Ken Dupee.

Ken Dupee
Managing Director of Real Estate

Headshot of Peter Weltchek.

Peter Weltchek
Managing Director of Finance

Nickie Diggs - Managing Director of Asset Management

Nickie Diggs
Managing Director of Asset Management

Headshot of Denise Pinkston.

Denise Pinkston
Managing Director of Land Use and Policy

Headshot of Daniel E. Siri

Daniel E. Siri
Director of Tax

Headshot of Matt Field

Matt Field
Senior Advisor

Headshot of Cathy Greenwold

Cathy Greenwold
Senior Advisor