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.
San Francisco real estate firm emerges as new buyer after original Hong Kong-based acquirer backs out of distressed property deal
The Registry
149 New Montgomery Building in San Francisco Acquired by TMG Partners, Bridges Capital Amid Foreclosure Proceedings

A historic San Francisco office building that was set to be acquired by Hong Kong-based GAW Capital Partners earlier this year has found a new owner as the property grappled with foreclosure proceedings. TMG Partners, a prominent San Francisco real estate firm, along with Bridges Capital have acquired the debt on 149 New Montgomery Street and gained control of the 76,000-square-foot building, according to industry sources. The development marks a shift from the original $25 million purchase agreement that GAW Capital Partners had entered into with seller Monahan Pacific in January, according to previous reporting by The Registry.

The change in ownership trajectory came as the 1930s-era building fell into financial distress. Current owner Monahan Pacific defaulted on its mortgage in February, with the total debt amount ballooning to more than $25 million when including interest and penalties. The San Rafael-based developer had secured a $21 million loan from Natixis Real Estate Capital in 2014, but payments became due in November 2023.

The property’s troubled path began after the January deal with GAW Capital Partners apparently fell through. GAW Capital Partners, a private equity fund management company focused on Asia Pacific real estate markets, had agreed to purchase the building for approximately $295 per square foot through its U.S. affiliate, GAW Capital USA.

The building’s current troubles reflect broader challenges in San Francisco’s commercial real estate market. The Class B office property was appraised at $270 per square foot last year, representing nearly a 40 percent decline from its 2014 valuation. Two floors totaling nearly 18,000 square feet are currently vacant and being marketed for lease, while additional space may become available as existing tenants face their own challenges.

Coworking company Werqwise currently occupies 42,000 square feet in the building, while tech firm Marin Software, which also has space there, is reportedly in the process of dissolving, according to a report by the San Francisco Standard. The building’s retail component includes Cafe Madeleine, a French bakery that has operated on the ground floor for nearly 25 years.

For TMG Partners, the acquisition continues an active year of deal-making. The firm, which has operated in the Bay Area for more than 40 years and developed over 30 million square feet of space, has been linked to several high-profile transactions in 2025, including potential purchases of The Metreon and the Macy’s building in Union Square.

Monahan Pacific’s investment in 149 New Montgomery represented a significant preservation effort when the company purchased the earthquake-damaged building in 1998 for $11 million. The firm invested in comprehensive seismic upgrades and interior renovations to transform the previously vacant structure into modern office space suitable for technology tenants.