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.
OpenAI Signs 10-Year Lease for 439,000 SQFT Mountain View Campus

OpenAI has signed a 10-year lease for a roughly 439,000-square-foot office campus at 350 and 380 Ellis Street.

The Registry
OpenAI Signs 10-Year Lease for 439,000 SQFT Mountain View Campus

OpenAI has signed a 10-year lease for a roughly 439,000-square-foot office campus at 350 and 380 Ellis Street in Mountain View, a deal that cements the artificial intelligence company’s expansion into Silicon Valley and adds further momentum to the region’s recovering office market. Industry reports show the rental agreement was executed with an affiliate of KKR Real Estate Finance Trust Inc.

The lease encompasses a five-building complex spread across two addresses. The buildings at 350 Ellis Street total approximately 264,700 square feet, while the 380 Ellis Street structures account for about 184,300 square feet, according to public records. Each building rises three stories.

Newmark’s Michael Saign, Phil Mahoney and Jon Mackey were the listing agents for the Ellis St. property.

In 2024, TMG Partners announced plans with the property owner KKR to reposition 350-380 Ellis St. TMG and KKR intended to move forward with immediate enhancements to 350 Ellis’ suite of amenities and creating a self-enclosed secure campus environment. The planned renovations included a new fitness center, indoor/outdoor café, workplace roof decks, and an improved 2.5-acre outdoor amenity zone with dedicated fresh air workspace.

The property is situated in the heart of Silicon Valley and has a high-quality architectural design, flexible floorplans with interconnected layouts across four buildings. Buildings A, B, C and D are each four-story premier, Class A buildings that are interconnected in a U-shape surrounding the main campus outdoor workspace and amenity area.

Other existing campus amenities at 350 Ellis include move-in ready finishes, open work environments, expansive meeting/conference rooms, 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, sand volleyball court and numerous outdoor patios.

In recent months, OpenAI has been making moves to dramatically expand its physical footprint in the Bay Area, with the artificial intelligence powerhouse actively scouting for massive office spaces across Silicon Valley’s prime real estate corridor. Last year, the company behind ChatGPT, which already occupies more than 800,000 square feet in its San Francisco headquarters, was eyeing an additional 100,000 to 300,000 square feet in the South Bay. The expansion hunt comes as OpenAI rides high on a recent $40 billion funding round and positions itself as the dominant force in the generative AI revolution. Industry sources familiar with the matter said the company had been touring properties in Mountain View, Sunnyvale and Santa Clara with a JLL broker team, targeting spaces that could accommodate its rapidly growing workforce.

The latest OpenAI lease is the latest in a string of large transactions that suggest Silicon Valley’s office market is regaining its footing after years of pandemic-driven malaise. Full-year leasing volume in Silicon Valley reached 7 million square feet in 2025, the highest level since the onset of COVID-19 and a 26 percent increase over 2024, according to Savills’ Q4 2025 Silicon Valley Office Market Report.

Newmark’s Q4 2025 office report for the region found that year-to-date net absorption totaled 2.4 million square feet, the strongest performance since 2018 and the fifth consecutive quarter of positive net absorption. Active office-only tenant demand stood at 6 million square feet, up 62.2 percent from the prior quarter, driven primarily by technology firms, according to the Newmark report.