SAN FRANCISCO-In a joint venture, TMG Partners and Northwood Investors LLC, plans to develop two towers with approximately two million square feet of office, retail and residential improvements on a 1.17-acre site at First and Mission Streets in San Francisco.

The partnership said Wednesday that it had acquired the land.

“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 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.”

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. 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.
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 Kukral, Northwood employs a fundamental, value-driven investment strategy with a longer-term outlook.

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TMG Partners and Northwood Plan Transbay Towers

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