Goldman Sachs announced an agreement to acquire LCN Capital Partners, a commercial real estate investment manager specializing in sale-leaseback and net-lease transactions, for as much as $410 million, the company said on Tuesday. Goldman Sachs said it will pay roughly $260 million at closing, plus an earn-out of as much as $150 million contingent on LCN hitting future performance and service milestones. About 80% of the total consideration will be paid in Goldman Sachs stock.
LCN Capital Partners was established in 2011 by Edward V. LaPuma and Bryan York Colwell and currently oversees approximately $3 billion in assets as of June 30, 2026, drawing capital from institutional investors, insurance companies, and high-net-worth individuals. The firm invests across sale-leaseback, build-to-suit, and triple net lease sectors in North America and Europe.
Upon closing, LaPuma, Bryan York Colwell, and the broader LCN team will join the real estate business within Goldman Sachs Asset Management, the company said. "LCN's differentiated platform is highly attractive for our asset and wealth management clients who want diversified sources of returns and offers corporate clients innovative capital solutions," Goldman Sachs Chairman and CEO David M. Solomon said in a statement.
"Our team, our strategy, and our commitment to our partners, both capital and corporate, remain unchanged — what changes is the scale of our ambition," Edward V. LaPuma said in a statement. Goldman Sachs said it anticipates completing the transaction before year-end 2026, pending regulatory sign-off and customary closing requirements.
On the advisory side, Goldman Sachs Global Banking & Markets represented the buyer, and RBC Capital Markets worked with LCN. The acquisition adds to Goldman Sachs Asset Management's real estate holdings. The firm's real estate business was established in 1991 and has invested more than $65 billion in capital since 2012, according to Goldman Sachs.
Goldman Sachs oversees more than $4 trillion in assets under supervision as of June 30, 2026. The LCN deal is part of a broader push by Goldman Sachs to expand its asset management business. The firm announced an agreement earlier this month to acquire NEOS Investments, a provider of options-based income ETFs, in a deal worth up to $2.25 billion in cash and equity.
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