Partnership to Develop Mixed-Use Project on Assemblage of Parcels at First and Mission Streets in San Francisco
SAN FRANCISCO (June 26, 2013) – In a joint venture, TMG Partners, one of the San Francisco Bay Area’s largest mixed-use property developers, and Northwood Investors LLC (“Northwood”), a leading privately-held global real estate investment and management firm, announced today the acquisition of an assemblage of parcels at First and Mission Streets in San Francisco. The partnership plans to develop two towers with approximately two million square feet of office, retail and residential improvements on the 1.17-acre development site.[contextly_sidebar id=”12409b4c8241e50f5484e342bf57a955″]“The Transbay site will be transformative to the City of San Francisco and will positively impact the residential, commercial and restaurant/retail communities,” said Michael Covarrubias, chairman and CEO, TMG Partners. “It’s very exciting for our team to be a part of what will be the last mixed-use development of this scale in this area of downtown.”
The property was rezoned in 2012 under the Transbay Plan, which was put in place to encourage density around the Transbay Terminal. With frontage on First and Mission Streets, the property was rezoned for a mixed-use development project comprised of an 850-foot commercial tower and a 605-foot residential tower.
John Z. Kukral, president and CEO of Northwood Investors, stated, “We are pleased to make a significant investment in the San Francisco market and strongly believe in the City of San Francisco’s long-term vision for the neighborhood surrounding the Transbay Terminal. We are excited to work with the City of San Francisco and TMG Partners to design and develop a world-class project at the site.”
About TMG Partners
TMG Partners, founded in 1984 and headquartered in San Francisco, is a full-service real estate development and management company. TMG has developed more than 20 million square feet of property throughout the San Francisco Bay Area, including Emeryville, Marin City, Novato, Palo Alto, San Bruno, San Jose and San Francisco. One of the most active developers in this area in the last decade, the company has developed a variety of office, retail, residential and industrial properties, ranging from office campus and multi-story properties in urban, infill locations to mixed-use retail and single-story suburban buildings. For detailed information, visit: www.tmgpartners.com
About Northwood Investors
Northwood Investors is a leading privately-held global real estate investment and management firm with approximately $3.7 billion of real estate assets. Founded in 2006 by John Z. Kukral, Northwood employs a fundamental, value-driven investment strategy with a longer-term outlook. Northwood has extensive experience investing in a wide range of real estate assets worldwide, including office buildings, shopping centers, hotels and residential investments, over multiple cycles and property types and geographies, providing the firm with a deep knowledge base, strong relationships, and tremendous access to global real estate resources. For further information on Northwood, visit:www.northwoodinvestors.com