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10/04/21
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TMG Partners has closed a $220 mil separate account to invest in real estate in the Bay Area. The capital was sourced from a single institutional investor and represents TMG’s third venture with this investor.
This new capital commitment will support more than $625 mil of new investments and will bring the developer’s aggregate investments in its TMG Bay Area Investments program to more than $2 bil. The capital is flexible and allows TMG to invest in multiple product types including office, R&D, life science, residential, and mixed-use.
“The Bay Area remains one the country’s most competitive real estate investment markets,” said Matt Field, TMG’s President. “This third round of capital will continue to allow us to respond to opportunities with remarkable speed and conviction, and we look forward to finding new opportunities to acquire, improve, and deliver high quality assets in the Bay Area.”
Investments in the most recent separate account included the 300 Lakeside office building which TMG pre-leased to PG&E’s new headquarters and the adjacent development site for 1.3 msf of development in downtown Oakland, as well as an office property in Santa Clara. The first separate account invested in three Oakland properties and one San Jose property, two of which were sold following completion of renovations and signing long-term leases with a number of tenants, including Google, Oracle, Arup, Clovis Oncology, and Santa Clara County.
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