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
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News & Awards.

TMG Partners has won awards for many projects
including honors for “Best Mixed Use,”
“Best Office,” and “Best Historic Rehabilitation”.
In the News. Press Releases. Awards.
Image by Roxann C on Unsplash

Lightspeed Venture Partners has secured a 12-year lease for 43,284 square feet at 149 New Montgomery Street, moving its headquarters from Menlo Park’s Sand Hill Road to downtown San Francisco in one of the most pointed signals yet that the artificial intelligence investment ecosystem has decisively shifted into the city.

The Registry
Lightspeed Venture Partners Leases 43,284 SQFT Space at 149 New Montgomery for San Francisco HQ

Lightspeed Venture Partners has secured a 12-year lease for 43,284 square feet at 149 New Montgomery Street, moving its headquarters from Menlo Park’s Sand Hill Road to downtown San Francisco in one of the most pointed signals yet that the artificial intelligence investment ecosystem has decisively shifted into the city. Building owner TMG confirmed the deal and identified Lightspeed’s plans to use the space as its new headquarters, according to industry sources.

The firm will retain its long-standing Menlo Park presence,  but the relocation of its corporate base reflects how much of the venture industry’s AI conviction now sits inside a few square miles of downtown San Francisco. Lightspeed currently occupies the second floor of 2 South Park Street, a roughly 22,000-square-foot, three-story building, according to its website.

The lease nearly doubles Lightspeed’s footprint in the city and places it within a short walk of Anthropic, the AI developer it has bet on more aggressively than perhaps any other investor in its portfolio. Lightspeed led Anthropic’s Series E round in 2025, co-led the Series F roughly six months later, and was a significant participant in the $30 billion Series G that closed early this year at a $380 billion post-money valuation, according to Anthropic. Anthropic’s headquarters sits along Howard Street, only a few blocks east of Lightspeed’s new offices.

The geography is not incidental. San Francisco-based companies pulled in $169.2 billion in venture capital during the first quarter of 2026, ranking the city as North America’s top venture market, according to Cushman & Wakefield. Anthropic and OpenAI accounted for a meaningful share of that total, the firm reported. For a venture firm whose AI thesis has reshaped its franchise, the New Montgomery lease is less a real estate decision than a positioning statement.

Lightspeed managed more than $40 billion in assets as of December 2025 and closed over $9 billion across a series of new funds that month, according to a news release. The firm has emphasized a deep AI track record dating to its first sector investment in 2012 and 165 AI startups backed since, the release said. Co-founder Ravi Mhatre, in the same announcement, described AI as the most transformative technology shift in a generation and said the firm had been investing on that conviction for years.

That conviction is reshaping the firm’s neighborhood map. Several Lightspeed portfolio companies — among them Navan, Rippling, Carta, Glean, and Snap — have themselves expanded their San Francisco footprints in recent years. The new headquarters places Lightspeed’s partners within blocks of those tenants and the early-stage AI companies clustering downtown.

The lease is a meaningful win for TMG, which acquired the 80,000-square-foot building in September alongside Bridges Capital. Ben Kochalski, named TMG’s co-chief executive officer at the end of April, said in a reported statement that the deal represented another win for the city’s downtown. When TMG acquired the building, Kochalski had positioned the asset’s intersection of downtown neighborhoods and transit access as a draw for tech, AI and professional services tenants.

The market backdrop supports that thesis. San Francisco recorded its strongest first-quarter leasing total since 2000, with 3.5 million square feet of activity, according to Colliers’ Q1 2026 office market report, which pegged citywide direct asking rents at $69.41 per square foot. Overall vacancy fell 170 basis points quarter-over-quarter to 28.7 percent, the largest single-quarter decline since the third quarter of 2019, Colliers reported. CBRE recorded net absorption of more than 2.27 million square feet in the quarter and an average asking rate of $71.19 per square foot, according to its Q1 2026 figures. Kidder Mathews attributed the surge in leasing primarily to AI-focused and traditional technology firms in its Q1 2026 report, noting that net absorption of 855,000 square feet marked the strongest performance since 2019.

For the building, the deal swaps a flexible-office anchor for a long-duration institutional tenant — a trade landlords across downtown have been chasing for two years. For Lightspeed, the move shortens the distance between its capital and the companies deploying it. And for Sand Hill Road, the most storied address in venture capital, it is another data point that the gravitational center of the industry no longer sits there.