TMG Partners

What TMG Partners does

TMG Partners is a privately-held, full-service real estate development company headquartered in San Francisco, founded in 1984 and exclusively focused on the San Francisco Bay Area across all nine counties. Over four decades the company has entitled, developed, acquired, and managed a portfolio of more than 33 million square feet of space valued at approximately $6.8 billion, spanning Class A office, mixed-use, residential, retail, and build-to-suit projects. TMG operates a project-level capital model in which it structures joint ventures with institutional sponsors (KKR, CalPERS, Rockwood Capital, Farallon, Fortress, Boston Properties, Essex Property Trust, and others), pre-leases to creditworthy enterprise tenants, repositions assets, and either retains property management or disposes to long-term institutional owners. Its tenant roster includes Google, OpenAI, PG&E, Cisco, Samsung Semiconductor, Microsoft, Ripple, Zynga, Pinterest, Macy's, Target, WeWork, and Lightspeed Venture Partners, among others.

TMG's core offering is full-cycle real estate development: acquisition, entitlement, construction management, leasing, and asset management, rather than a software or technology product. The company has no proprietary technology stack; it monetizes through (i) development gains on sale or sale-leaseback (e.g., Zynga purchase of 650 Townsend for $228 million, Dolby purchase of 1275 Market for $110 million, PG&E purchase of 300 Lakeside for nearly $1 billion), (ii) ongoing property management fees for capital partners (e.g., managing 350 Ellis for KKR after the OpenAI lease), and (iii) pre-sale of entitled residential product to operators such as Essex Property Trust and Behringer Harvard. Distribution is enterprise field sales, executed via direct relationships with corporate tenants and institutional capital rather than consumer marketing.

The company's strategic posture emphasizes contrarian, counter-cyclical acquisition (distressed and bankruptcy purchases including First and Mission at $122 million and Champion Station from Cisco at $154 million), complex entitlement work in supply-constrained urban infill sites, and long-duration capital partnerships that allow it to hold assets through market cycles. Recent activity (2025-2026) reflects an opportunistic expansion phase, including the OpenAI lease, the Metreon acquisition, the 149 New Montgomery deed-in-lieu acquisition, and the Macy's Union Square partnership, alongside a leadership expansion to a three-Co-CEO model.

Name

TMG Partners

Legal name

TMG Partners

Website

https://tmgpartners.com

Company type

Private

Founded year

1984

Operating status

Operating

Headcount range

11–50 employees

Short description

TMG Partners is a privately-held, full-service San Francisco Bay Area real estate developer founded in 1984 that has developed 33+ million square feet and $6.8 billion of office, mixed-use, residential, and retail projects for enterprise tenants and institutional capital partners.

Ownership category

akta.pro rank

Headquarters

HQ city

San Francisco

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Marketing or Sales, Technology or R&D, Infrastructure, Others

Revenue model

1. Real Estate Development and Disposition: TMG Partners develops, acquires, repositions, and manages a diversified portfolio of commercial and residential properties across the San Francisco Bay Area. Revenue is generated through property sales, long-term leases, and development fees.
2. Property Management: TMG continues to manage properties on behalf of capital partners after development and lease-up, such as managing the 350-380 Ellis campus for KKR after OpenAI lease execution.

Go-to-market motion3 records

Distribution channels3 records

Marketing channels3 records

Core offering

TMG Partners is a privately-held, full-service real estate development company that acquires, entitles, develops, repositions, leases, and manages commercial, mixed-use, residential, and R&D properties across the nine-county San Francisco Bay Area. The company structures project-level joint ventures with institutional capital partners and serves major corporate tenants and technology companies, with a portfolio spanning over 33 million square feet valued at $6.8 billion.

Product overview

TMG Partners is a privately-held, full-service real estate development company headquartered in San Francisco that has been exclusively focused on the San Francisco Bay Area for over 40 years. The company operates as a single unified real estate development platform rather than a segmented product suite, and its 'products' are the individual properties it develops, acquires, repositions, and manages. The portfolio spans over 33 million square feet valued at $6.8 billion and includes a broad range of property types: Class A office buildings (e.g., 350 Ellis, 600 Battery Street, Landmark at One Market), large-scale mixed-use developments (e.g., 88 Bluxome, First and Mission, Hamilton), residential properties (e.g., SOMA Grand, The Crossing, 1880 Mission), retail and entertainment centers (e.g., Metreon, Macy's Union Square, Public Market Emeryville), and build-to-suit projects for major tech tenants (e.g., Samsung Research Center, Platform 16 with Boston Properties). TMG frequently structures joint ventures with institutional capital partners (KKR, CalPERS, Fortress, Essex Property Trust, DivcoWest, and others) for acquisition, development, and repositioning, and continues to manage properties on behalf of partners after completion.

Differentiator

Problem solved

Functional benefit

Products and services

• 350 Ellis Campus A 449,000 sq. ft. four-building Class A office campus in Mountain View acquired in partnership with KKR and repositioned as a modern, highly amenitized workplace, with 450,000 sq. ft. pre-leased to OpenAI in a 10-year agreement.
• 300 Lakeside A 1 million sq. ft. full city block in Oakland featuring a 28-story office tower, low-rise mixed-use building, and 1,300-stall parking garage topped by a 2.3-acre rooftop garden; fully pre-leased to PG&E and sold to PG&E in 2025.
• 1221 Broadway (Clorox Building) A 535,714 sq. ft. 24-story Class A trophy office tower in downtown Oakland, formerly the international headquarters of The Clorox Company, acquired by TMG and KKR in 2018.
• 1330 Broadway An 18-story, 320,209 sq. ft. trophy office tower in downtown Oakland recognized as one of the finest examples of International Style architecture in the USA.
• 505 Brannan A 150,000 sq. ft. LEED Platinum office building in San Francisco's SOMA district, built in Phase I with a Phase II vertical addition planned, fully leased to Pinterest.
• Telegraph Tower (2201 Valley) A ground-up 28-story development in Oakland providing approximately 875,000 sq. ft. of creative office space with 30,000 sq. ft. of private terraces and unobstructed views.
• Breuner Building An 86-year-old, 8-story historic terra cotta landmark building in Oakland fully rehabilitated by TMG into a modern Class A multi-tenant office building; WeWork lease won San Francisco Business Times Real Estate Deal of the Year.
• 2460/2480 North First Two two-story buildings in North San Jose comprising 147,774 sq. ft. of office space, fully renovated and 100% occupied by Google and the County of Santa Clara.
• Pier 70 Parcel K North A fully entitled mixed-use development at San Francisco's Pier 70 in the Dogpatch neighborhood, managed by PKN Manager LLC (a TMG subsidiary) with Presidio Bay Ventures, comprising 245 residential units, ground floor commercial/maker spaces, and large outdoor areas.
• Platform 16

Quantifiable outcome

• 33+ million square feet developed and managed
• +2 more outcomes

Named customers12 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered minor.

• Avison YoungminorChannel Partner/ Reseller/ DistributorAvison Young represented TMG Partners in the 43,248-square-foot lease with Lightspeed Venture Partners at 149 New Montgomery.
• JLL (Jones Lang LaSalle)minorChannel Partner/ Reseller/ DistributorJLL represented Lightspeed Venture Partners in the 149 New Montgomery lease transaction.

Scale indicators5 records

Recent moves10 records

Expansion highlights5 records

Direct peers

• Alexandria Real Estate Equities: Alexandria Real Estate Equities (ARE) is a publicly traded REIT focused on office/laboratory space and has a JV with TMG Partners at 88 Bluxome in San Francisco's SOMA. Comparable on institutional-grade development, life-sciences adjacency, and urban infill strategy.
• Kilroy Realty Corporation: Kilroy Realty is a publicly traded West Coast office REIT with a major Bay Area presence including trophy office campuses in Mission Bay and the Peninsula. Directly comparable on Class A office development, technology tenant relationships, and San Francisco/Oakland submarket expertise.
• Hudson Pacific Properties: Hudson Pacific Properties is a publicly traded office REIT with a significant Bay Area and Los Angeles focus, including studio/creative office product similar to TMG's 600 Battery Street and Hamm's Building. Comparable on creative office repositioning and tech tenant focus.
• Tishman Speyer: Tishman Speyer is a privately-held global real estate developer and investor with trophy office and mixed-use developments in major US markets. Comparable on institutional-grade urban infill development, pre-leasing strategy, and JV-driven business model.
• Boston Properties: Boston Properties (BXP) is a publicly traded Class A office REIT and active JV partner with TMG Partners at Platform 16 in San Jose and as a buyer of TMG's 680 Folsom development. Directly comparable on trophy office development and large-tenant pre-lease strategy in urban markets.
• DivcoWest: DivcoWest is a privately-held Bay Area real estate investment and development firm and active JV partner with TMG on multiple deals including 1275 Market and Google-leased Silicon Valley office. Directly comparable on Bay Area focus, value-add repositioning, and tech-tenant strategy.
• Related Companies: Related Companies is a large privately-held developer of mixed-use, office, and residential properties in major US cities. Comparable on large-scale mixed-use development (similar to TMG's Hamilton, 88 Bluxome), historic rehabilitation, and institutional capital partnerships.

Regional players

• Swinerton: Swinerton is a California-based commercial construction and development firm with deep Bay Area presence. Comparable on West Coast commercial development and tenant-improvement work, though more weighted to construction services and project management than full-cycle development.

Broad incumbents

• Brookfield Properties: Brookfield Properties is a global real estate owner/operator with significant US office and mixed-use assets. Comparable on trophy office ownership and institutional-scale development, but with broader national and global focus versus TMG's exclusive Bay Area mandate.
• Lendlease: Lendlease is a global real estate and construction group with mixed-use urban development expertise including San Francisco projects. Comparable on large-scale urban infill development and mixed-use expertise, though much larger and globally diversified.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/tmg_partners
• Facebookfacebook.com/1667287690169048
• LinkedInlinkedin.com/company/tmg-partners

Compliance9 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about TMG Partners