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.
This S.F. mall defied the wave of downtown closures. Now it’s been sold

The Metreon, San Francisco’s downtown mall anchored by Target and AMC Theaters, has been sold in another sign of rising investor appetite in the city.

San Francisco Chronicle
This S.F. mall defied the wave of downtown closures. Now it’s been sold
Roland Li

The Metreon, San Francisco’s downtown mall anchored by Target and AMC Theaters, has been sold in another sign of rising investor appetite in the city.

TMG Partners and Bridges Capital closed on their purchase of the four-story, 320,000-square-foot property on Monday. The property was acquired from Acore Capital, a lender whose executives previously worked at Starwood, the former owner of the mall.

The price wasn’t disclosed, but the property at 135 4th St. was previously assessed by the city at $150.7 million.

Metreon weathered the pandemic better than many other downtown retail properties and is 92% leased. It has benefitted from its proximity to Moscone Center, which has seen strong bookings in the past year and was crammed with football fans last week before the Super Bowl. In contrast, the nearby San Francisco Centre — which TMG is also considering bidding on — is fully vacant and closed last month.

Metreon “is attractive because of the recovery we’re seeing in the city,” said Benjamin Kochalski, TMG president and chief investment officer. TMG and Bridges “are very much believers in San Francisco’s comeback,” he said.

Target renewed its lease a few years ago for another 10 years — despite 682 reports of larceny theft last year at the same intersection — and AMC Theaters continues to operate 15 movie screens, including the tallest IMAX screen in the country.

There’s currently an 11,000-square-foot corner space on the ground floor that is vacant, and some vacancies in the interior food court, Kochalski said.

The new owners plan to reimage and rebrand the mall’s fourth-floor City View event space, in collaboration with placemaking group Skylight.

“We are putting together an incredible vision to reimagine the event space,” expected to take three to six months, said Kochalski.

Further changes could come to the food court, but haven’t been decided yet.

The city of San Francisco owns the land under the mall, meaning TMG and Bridges will have to pay rent to the government through a ground lease.

“This investment in the Metreon is a powerful vote of confidence in our downtown recovery,” Mayor Daniel Lurie said in a statement. “The Metreon remains a key anchor downtown, drawing residents and visitors to the heart of our city, and TMG Partners’ investment will help build on our city’s momentum. We’re grateful for their partnership as we work to accelerate San Francisco’s comeback.”

TMG is also working with Macy’s to reimagine its flagship Union Square store as investor interest in San Francisco ramps up. But major challenges remain, including a near-record high office vacancy rate, a city budget deficit that could top $1 billion, and transit funding gaps that could lead to major cuts for BART and Muni.

“There is a lot of optimism and interest in investing in San Francisco and the Bay Area. But there are still a lot of structural challenges that we continue to work through,” Kochalski said.

Bridges, founded in 2024 as a family office, has been an active buyer. It also bought 1045 Sansome St., 400 Montgomery St. and, also in partnership with TMG, purchased 149 New Montgomery St.

“Bridges Capital is pleased to partner with TMG in the acquisition of Metreon, an important cornerstone of the Yerba Buena neighborhood,” said Brandon Boze, founder and managing partner of Bridges Capital, in a statement. “We look forward to continue enhancing the experiences offered in this dynamic neighborhood to visitors and locals alike.”