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

 

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.
Union Square Macy's
The San Francisco Standard
Macy’s Union Square: Too big to sell, too early to close
by Kevin V. Nguyen

Despite announcing a closure nearly two years ago, Macy’s has stuck with its flagship store in San Francisco, since no one wants to buy it off the rack.

The retailer announced Tuesday that it is partnering with San Francisco real estate firm TMG Partners to explore a potential redevelopment of its property at 170 O’Farrell St. — emphasis on “potential.” The Union Square location will remain open indefinitely.

Since Macy’s owns the building, any closure of the store would have to include a sale of the property, since the company would have to pay for taxes and maintenance.

TMG will help Macy’s conduct a “strategic assessment” of the property to explore the viability of renovations or reuse that “align with the needs of today’s office workers, residents, visitors, retail, and local businesses,” the retailer said.

No applications have been filed with the Planning Department. Macy’s said the partnership is in the early stages, and it will share updates on the Union Square store in the coming months.

Speaking to the San Francisco Chronicle, which first reported the agreement(opens in new tab), TMG CEO Michael Covarrubias said there are “a lot of creative things” his firm has been thinking about for the property. “Housing is important for downtown,” he noted.

A closure would have affected about 400 jobs. | Source:Morgan Ellis/The Standard

At its peak in the mid-1990s, Macy’s dominated San Francisco’s premier shopping area, spanning 1.1 million square feet across its flagship at 170 O’Farrell St., the I. Magnin Building at 90 Grant Ave., and the Macy’s Men’s store at 120 Stockton St. But since then, closures have become a regular pattern for the retailer, including 40 stores in 2015, 100 stores in 2017, and 150 last year.

Previous redevelopment efforts, including a pitch by Morgan Stanley to turn the men’s store into office space, stalled.

A spokesperson said the TMG partnership is part of Macy’s “ongoing strategy to evaluate compelling options for its real estate portfolio.”

TMG has spent the year buying properties near the Union Square store. In June, The Standard reported that the firm was in contract to buy the Metreon, a shopping center that is home to the city’s only IMAX movie theater and downtown’s only Target. A month later, TMG agreed to purchase an office building at 149 New Montgomery St.

A source said this is not the first time TMG has sniffed around Macy’s. The group was considering a pre-pandemic deal when the retailer sold two neighboring buildings in 2016(opens in new tab) and 2019(opens in new tab).