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.

Class A Property Spans 450,000 Square Feet in Heart of Silicon Valley

TMG Partners
KREF AND TMG PARTNERS ANNOUNCE LEASE OF ENTIRE 350 - 380 ELLIS OFFICE CAMPUS TO OPENAI IN MOUNTAIN VIEW

SAN FRANCISCO/NEW YORK – KKR Real Estate Finance Trust Inc. (NYSE: KREF) and TMG Partners, one of the San Francisco Bay Area’s largest mixed-use property developers, today announced the lease at 350-380 Ellis, a Class A campus in Mountain View, California, to OpenAI.

The five-building Class A property is strategically located in the heart of Silicon Valley and is owned by KREF and capital accounts advised by KKR. In 2024, TMG was selected to reposition the campus into a future-ready workplace designed to meet the needs of leading global technology companies.

“When we took ownership of 350–380 Ellis, we saw the opportunity to apply the full breadth of KKR’s real estate capabilities to create long-term value in one of the world’s most important technology and growth corridors,” said Matt Salem, KREF CEO and Head of Real Estate Credit at KKR. “We believed this institutional-quality Class A campus would resonate with a forward-thinking, high-growth company. We are pleased to welcome OpenAI to the property. Executing a full-building lease in under two years underscores the asset’s positioning and our disciplined approach to value creation.”

TMG led the transformation of the campus, modernizing the asset into an institutional-quality, highly connected and future-ready workplace designed to support scale, flexibility and long-term tenant needs. The comprehensive redesign integrates the five buildings into a seamless environment, upgrades core infrastructure and introduces collaboration- and wellness-focused amenities throughout, including a new front entry arrival experience, new indoor/outdoor café, rooftop decks and a revitalized secure 2.0-acre outdoor amenity zone featuring flexible, open-air workspace.

“Our team immediately recognized the opportunity to reposition this property into a premier headquarters environment in a prime Silicon Valley location,” said Ben Kochalski, President and CIO of TMG Partners. “Working closely with KKR, we focused on enhancing connectivity, amenitization, and flexibility to create a vibrant workplace aligned with the needs of modern technology companies. OpenAI’s long-term commitment to the property validates that vision.”

Other existing campus amenities include move-in ready finishes, open work environments, expansive meeting/conference rooms, executive briefing center, kitchen/break areas on each floor, and collaborative space. Additionally, there is a full-service gastropub restaurant and cafeteria, an onsite multi-story parking structure, tennis court, and sand volleyball court all surrounded by a vibrant landscape of redwood and oak trees. 

Newmark’s Executive Managing Director Jon Mackey, Vice Chairman Mike Saign and Executive Vice Chairman Phil Mahoney represented the landlord in the lease of the property.  JLL’s Mike Lino and Jon Moeller represented OpenAI.

About KKR Real Estate Finance Trust Inc.

KREF is a real estate finance company that focuses primarily on originating and acquiring senior loans secured by commercial real estate properties. KREF is externally managed and advised by an affiliate of KKR & Co. Inc. For additional information about KREF, please visit its website at www.kkrreit.com.

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. LinkedIn