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.

Find out which firms made CPE’s annual list of 20 industry leaders.

Commercial Property Executive
2025 Top Commercial Real Estate Developers

While Office Starts Slow, Industrial Projects Dominate

Discover which companies earned a spot on CPE’s annual ranking among the 20 industry leaders.

Despite the higher interest rates and growing uncertainty of the past few years, developers continued to put shovels in the ground and bring new product on line. 

Between 2022 and 2024, developers added approximately 150 million square feet of office space across the U.S., according to Yardi Matrix. As of September of this year, the national office development pipeline included more than 38.5 million square feet under construction, with Boston in the lead with 4.4 million square feet underway. Overall, during the first nine months of the year, completions at the national level totaled 19.1 million square feet. Yardi Matrix projects another 53.1 million square feet by year-end, with 30 million square feet expected in 2026.

In the industrial sector, close to 1.7 billion square feet of industrial space came online nationwide, according to the same source. As of September, approximately 340.5 million square feet of industrial space was underway. Completions totaled more than 219 million square feet. A combined total of 294 million square feet is expected to come online by the end of the year, with an additional 235 million square feet anticipated in 2026.

The 20 companies on our “2025 Top Commercial Developers” ranking delivered a combined 272.2 million square feet of commercial real estate space over the same three-year period with a total market value estimated at more than $70.2 billion. The same leading developers also had close to 176 million square feet of projects under construction as of June 2025. 

Similar to last year’s top developers, 80 percent of firms signaled they will maintain or even ramp up their construction activity over the next six quarters, starting in the third quarter of 2025. Most companies anticipated growth, while the remainder projected declines.

Trammell Crow Co. once again snagged the first position on the 2025 Top Commercial Real Estate Developers ranking. Among other factors that boosted the firm on top, Trammell delivered 56.2 million square feet of commercial real estate space from 2022 to 2024. As of June 2025, the company also had a notable under-construction pipeline, centered predominantly around industrial projects. 

Lincoln Property Co. placed second, with completions during the three-year period amounting to 40.8 million square feet and projects under development mainly targeting industrial projects. Panattoni Development Co. rounded out the top three, completing 46 million square feet between 2022 and 2024 and with 9.3 million square feet of industrial space underway.

Below is a more detailed look at the top 10.

1. Trammell Crow Co.

For another year, Trammell Crow Co. leads the ranking. The wholly owned subsidiary of CBRE Group has completed 56.2 million square feet of commercial real estate space between 2022 and 2024. The projects valued at $18.3 billion focused mostly on the industrial sector, followed by office, healthcare, retail, hospitality and other sectors. As of June, Trammell had 53.6 million square feet of commercial space under construction. Most of the projects were industrial developments, such as the 1 million-square-foot industrial park the company recently started on in Phoenix.

2. Lincoln Property Co.

Lincoln Property Co. earned second place. Between 2022 and 2024, the private real estate firm has completed 40.8 million square feet of commercial space. Industrial projects dominated the company’s recent deliveries, followed by mixed-use, life science, data center and office developments. As of June, Lincoln was building 42.3 million square feet of additional commercial real estate space. In August, Lincoln and Kairoi Residential have topped out Waterline, a 1,025-foot mixed-use tower that now holds the title of Texas’ tallest building.

3. Panattoni Development Co.

Panattoni Development Co. claimed the third position. The developer has completed 46 million square feet of commercial real estate valued at $5.8 billion from 2022 to 2024. All completions were in the industrial sector, such as the 753,069-square-foot facility at FRED310 in Frederickson, Wash., that came online in 2024. In July, Panattoni and Crow Holdings Capital sold the fully-leased building in a landmark sale, ranking among the largest core industrial deals on the West Coast. As of June, the company was working on 9.3 million square feet of industrial space.

4. Tishman Speyer

Tishman Speyer reached fourth place. The global development firm has delivered 13 million square feet of commercial real estate space between 2022 and 2024. Valued at $9.7 billion, these developments were primarily mixed-use projects, with additional developments in the office and health-care sectors. Meanwhile the company’s redevelopment projects mainly targeted the office sector. As of June, Tishman’s pipeline included 10.7 million square feet under construction. Tishman Speyer served as developer for JPMorgan Chase’s recently completed 2.5 million-square-foot global headquarters in Manhattan.

5. Sansone Group

Sansone Group placed fifth. The family-owned company has delivered approximately 17 million square feet of commercial real estate valued at $3.6 billion. Nearly all of these developments were in the industrial sector, with some retail projects also in the mix. As of June, the company had more than 12.9 million square feet of mostly industrial space under construction. In March, Sansone teamed up with Clous Road Partners to acquire a nearly 19-acre site in Columbus, Ohio, intended for a cold storage development.

6. MetLife Investment Management

MetLife Investment Management claimed sixth place. MIM has delivered 14.9 million square feet of commercial real estate between 2022 and 2024. Valued at $3.2 billion, these projects primarily targeted the industrial sector, with additional developments in office and hospitality sectors. As of June, the company had close to 6.1 million square feet under construction, mainly industrial space with some office projects. The same month, a joint venture between MetLife Investment Management and Trammell Crow Co. completed the first phase of Coastal Trade Center near the Port of Savannah, delivering three speculative warehouses totaling 2.3 million square feet.

7. Stream Realty Partners

Stream Realty Partners ranked seventh. The national commercial real estate company has delivered 10.5 million square feet of commercial real estate between 2022 and 2024. Most of these developments were in the industrial sector, with office and other sectors also in the mix. Meanwhile all of Stream’s redevelopment projects focused on the office sector. As of June, the company had 4.3 million square feet under construction. Building on that pipeline, recently Stream started on its first Nashville-area industrial project—a 1.1 million-square-foot development in Lebanon, Tenn.

8. Transwestern

Transwestern earned eighth place. Between 2022 and 2024, the company has completed 9.4 million square feet of commercial space valued at approximately $1.7 billion. Industrial developments dominated the portfolio, rounded out by health-care and hospitality projects. As of June, Transwestern had 5.9 million square feet underway. Recently the company started on the second phase of The RO in Houston, this addition will include a mixed-use tower, a multifamily community and retail buildings.

9. Majestic Realty

Majestic Realty claimed ninth place. Between 2022 and 2024, the company delivered 10.1 million square feet of commercial space valued at $2 billion. Nearly all of these projects were industrial with a smidge of retail. As of June, Majestic had 1.3 million square feet of industrial space under construction. In the same month, Majestic secured a tenant bringing Building 5 at Fort Worth South Business Park at full occupancy. At full build-out, the 320-acre master-planned development built in partnership with Hickman Cos. will encompass 4.5 million square feet.

10. Foundry Commercial

Foundry Commercial rounded out the top 10. The full-service real estate company has delivered 6.7 million square feet of commercial space totaling roughly $1.6 billion. Industrial projects dominated Foundry’s projects, alongside health-care developments with redevelopment focused on industrial entirely. In August, the company teamed up with Crow Holdings Capital to acquire a vacant office building in Irving, Texas. After demolition, a 118,032 square-foot industrial building will take its place. As of June, the company had 5.1 million square feet in progress.

—Agota Felhazi, Senior Associate Editor

Methodology

The 2025 CPE Top Commercial Real Estate Developers ranking uses self-reported data for all companies. Our rankings utilize weighted formulas based on a variety of factors (only a few of which are specified here), including current and future plans, market value of projects completed and under construction, and geographic and property diversification. The ranking represents what we feel is a logical balance between firm growth and market share.

Read the December 2025 issue of CPE.