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TMG Partners Seeks to Add $625M in Bay Area Value-Add Investments
San Francisco-based TMG Partners closed a $220-million separate account to invest in value-add commercial real estate in the Bay Area. The capital was sourced from a single institutional investor and represents TMG’s second venture with this unnamed investor.
The venture will seek to acquire roughly $625 million of value-add and opportunistic investments. Product types will include office, R&D, residential and mixed-use.
TMG Partners’ Michael Covarrubias says, “This separate account follows a successful $165 million venture we formed with this investor four years ago.”
That fund included two office buildings and a development site in Oakland, and an office property in San Jose, three of which were sourced off-market. The first Oakland investment and the San Jose property were sold over the past year, following completion of renovations and signing long-term leases with a number of tenants, including Google, Oracle, Arup, Clovis Oncology and Santa Clara County.
*Pictured TMG’s Telegraph Tower, a fully-entitled, office development at 2200 Telegraph Ave. in Oakland’s Uptown neighborhood.
For comments, questions or concerns, please contact Dennis Kaiser
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