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 PARTNERS PRESIDENT AND CIO BEN KOCHALSKI NAMED CO-CEO IN EXPANSION OF LEADERSHIP ROLE

TMG Partners, one of the San Francisco Bay Area’s largest mixed-use property developers, today announced Ben Kochalski Co-CEO with Michael Covarrubias who also remains Chairman. Ben will retain his role as Chief Investment Officer.

TMG PARTNERS PRESIDENT AND CIO BEN KOCHALSKI NAMED CO-CEO IN EXPANSION OF LEADERSHIP ROLE

Michael Covarrubias Retains Dual Role of Chairman and Co-CEO

SAN FRANCISCO (April 28, 2026) – TMG Partners, one of the San Francisco Bay Area’s largest mixed-use property developers, today announced Ben Kochalski Co-CEO with Michael Covarrubias who also remains Chairman. Ben will retain his role as Chief Investment Officer.

“Ben hit the ground running with his strong leadership skills and ability to bring our multiple teams at TMG together, which has been key to our development efforts and capital formation success across the Bay Area,” said Michael Covarrubias, TMG Partners Chairman and now co-CEO. “His strategic vision and ability to identify projects and bring them to fruition through creative solutions has aligned with both short- and long-term goals for the company – so this expansion of his roles will only strengthen our ongoing and future opportunities, especially with our renewed focus on San Francisco’s Downtown.”

Most recently TMG President and CIO, Ben joined the firm as Regional Partner in 2019 and, as a member of TMG's Investment Committee, led the investment strategy for the company, including all acquisitions and dispositions, while supporting the firm’sdevelopment activities. He was instrumental in the repositioning of 350-380 Ellis that is now fully leased to OpenAI, and closed the acquisition of 149 New Montgomery – now 60% leased – located at the nexus of the South Financial District, SOMA, and Downtown. 

TMG has demonstrated its commitment to San Francisco and Downtown through strategic acquisitions and strong support of the Downtown Development Corporation. As such, Ben is overseeing improvements to the Metreon through structural renovations, a more diverse retail mix, and the reimagining of the rooftop event space. He is also leading the team’s massive transformation to the Macy’s building on Union Square that TMG is reinventing after entering into a joint venture with the parent company.

“I have enjoyed the challenges of the mix of properties – from office to retail – that we have taken on during what has been challenging, if not turbulent years,” added Ben. “It’s the determination we share across the TMG team that inspires me, and I am ambitious to expand my opportunity to lead us to the next level.”

Prior to TMG, Ben was principal and director of John Buck Company's JBC West division. Since opening their San Francisco office in 2011, he managed and grew it while leading high profile projects such as Park Tower and One Steuart Lane. During his time at The John Buck Company, he was responsible for over $2.7 billion of acquisitions and dispositions and his responsibilities included implementation of investment strategy, oversight and coordination of the West Coast investment activities, joint venture structuring, and the origination of new investment opportunities for the firm’s West Coast regional office. 

Ben holds a Bachelor of Applied Science degree from The Ohio State University with a (BASc) in Civil Engineering, and a MBA in Real Estate Management, Finance, Entrepreneurship and Innovation at Northwestern University’s Kellogg School of Management. He resides in the Bay Area with his wife and three children.

About TMG Partners

TMG Partners, founded in 1984 and headquartered in San Francisco, is one of the Bay Area’s largest and most active mixed-use property development and management companies. TMG has more than 33 million square feet across every major city in the Region, including Oakland, San Francisco, Marin, and San Jose. The $6.8B portfolio includes a broad spectrum of office, retail, residential, and industrial properties, ranging from office campus and multi-story properties in urban-infill locations to mixed-use and single-story suburban buildings. Throughout its four decades of leadership in civic organizations, TMG has invested in the Bay Area’s growth and cyclical reinvention across housing, office, and retail. For detailed information, visit TMG Partners.