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 39 years. As much as we have accomplished over the last three 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 over three 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 & CEO

As the Bay Area’s economy has grown over the last three 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 FieldChief Investment Officer

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 39 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

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
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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.
Skyline of Oakland.
The Registry
PG&E Confirms $906MM Acquisition Price of 300 Lakeside in Oakland
by Kate Snyder

The official price for PG&E Corp.’s acquisition of the 910,000 square foot tower that houses the firm’s headquarters in Oakland has been identified. According to a regulatory filing, the purchase price of the property will be $906 million, or approximately $995 per square foot. The firm has agreed to make payments of $150 million by July 11, 2023, $250 million on or before July 11, 2024, and the remaining $506 million at closing in June 2025. 

Additionally, according to the filing, a $75 million option payment letter of credit was returned to PG&E. The company will also receive a credit of approximately $172 million towards the final payment, subject to adjustments.

Located at 300 Lakeside Drive, the tower was formerly known as the Kaiser corporate headquarters building. The 29-story asset also includes a parking garage with a rooftop garden, as well as roughly 130,000 square feet of office and retail space.

As part of PG&E’s relocation from San Francisco to Oakland, the company secured a 35-year lease on the property with an option to purchase its new home at Lake Merritt, according to The Registry’s previous reporting. The agreed-upon price was about $892 million, or the equivalent to $980 per square foot, but PG&E noted in a filing with the Securities and Exchange Commission that the final number was “subject to certain adjustments.” Earlier this year, the firm opted to move forward with the purchase of the tower.

The seller, San Francisco-based TMG Partners, acquired the property for $450 million in October 2020 and arranged the office deal with PG&E. 

In February, TMG subdivided the 300 Lakeside property to create a separate legal parcel for the office tower, which PG&E began occupying last year. TMG will retain the other parcel, which includes a parking facility and a smaller commercial building, for potential future redevelopment.

When PG&E committed to its 35-year lease at 300 Lakeside, it marked the largest lease ever signed in Oakland or San Francisco, and the purchase of the headquarters building is expected to break real estate records, especially considering the aftermath of the pandemic. The complex deal was executed during an unforeseen and unprecedented economic interruption. TMG presented the building to PG&E as a relocation opportunity for their headquarters while bidding on the property in 2019. At that time, the property was owned by Swig Co. and Rockpoint Group.