TMG Partners has won awards for many projects
including honors for “Best Mixed Use,”
“Best Office,” and “Best Historic Rehabilitation”.
Continental Development Corp. has tapped San Francisco development firm TMG Partners to manage the repositioning of the 400,000-square-foot 155 Fifth St., which Wells Fargo vacated at the end of June.
TMG President Michael Covarrubias said the firm is evaluating all the options for the property - including housing and retail - but it is probably best suited for a large technology or government office tenant. The San Francisco Convention and Visitors Bureau has also looked at the property as a potential location for the expansion of Moscone West, but is currently focused on another TMG-owned property, 680 Folsom.
The Fifth Street property redevelopment comes at a time when central SoMa between Fourth and Seventh streets has seen radical change and could undergo even more development. A block South of 155 Fifth St., the $460 million Westfield San Francisco Centre opened in 2006; just to the north, the InterContinental San Francisco hotel was completed in 2008. In addition, the Hearst Corp. has hired Forest City to come up with a redevelopment scheme for the San Francisco Chronicle property directly across the street.
"We are going to look at a few alternative uses," said Covarrubias. "It could be in the right place at the right time. It's right in the middle of an up-and-coming pathway."
Continental owns or manages 4 million square feet in Southern California and, like TMG, specializes in new development as well as reviving aging or challenged urban properties. Continental Senior Vice President Alex Rose characterized TMG as a Northern California version of his firm.
"When we knew Wells was going to leave, the conclusion we came to was that it was important to have local knowledge of market conditions, brokers and city folks and processes," said Rose.