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.
TMG named receiver for 3 Hines buildings
San Francisco Business Times
TMG named receiver for 3 Hines buildings
by Blanca Torres

TMG Partners has been named by Alameda County Superior Court as the receiver for three Emeryville buildings owned by a subsidiary of Houston-based Hines Interests.

The subsidiary, NOP Watergate, defaulted on a $152 million loan from Pacific National Bank for the buildings, which total more than 814,000 square feet and are part of the Watergate office tower complex. Pacific National filed the notice of default on July 15.

"We are very excited," said Michael Covarrubias, chairman and CEO of TMG Partners, in a statement. "We look forward to employing the strength of our Bay Area-wide experience in leasing, asset management and maximizing value to make this assignment a success for the bank."

As receiver, TMG will manage the assets, but not take title to them, during the property's default period, which runs around four months. TMG's compensation will be determined by the court.

The purpose of a receiver is to preserve the value of an asset during court proceedings, said Karl Geier, a real estate attorney with Miller Star Regalia in Walnut Creek. Typically, the lender wants to take the property out of the borrower's control. Having a receiver also helps a bank or lender protect itself from lawsuits while a property is in default.

Appointing a receiver is common in commercial mortgage defaults, Geier said, and has become a growing source of business for property managers thanks to the increase in properties going back to lenders.

"We interviewed several strong firms for this position," said Patricia Theophilos, executive vice president of Pacific National Bank, in a statement. "TMG's combination of local market knowledge, reputation and financial results is exceptional."

The Watergate office tower complex includes a fourth building also owned by Hines that is not in default. That building is 100 percent leased to Oracle and Novartis.

Hines and its investor partners also defaulted on two other Bay Area properties, 333 Bush St. in San Francisco, on which Brookfield Real Estate Finance and Munich Hypo Bank were the lenders, and Marin Commons, a 455,000-square-foot office complex in San Rafael.