Goldman Sachs has reached an agreement to acquire LCN Capital Partners, an investment manager focused on sale-leaseback, build-to-suit, and triple-net lease real estate strategies. The transaction is valued at up to $410 million and is designed to expand Goldman Sachs’ capabilities in net lease and sale-leaseback markets globally.
Under the terms outlined, Goldman Sachs will provide approximately $260 million in upfront consideration. An additional amount of up to $150 million may be paid as deferred and contingent consideration, subject to the achievement of long-dated performance targets and service commitments by LCN’s team. The structure reflects a mix of immediate and performance-based compensation aligned with the platform’s future results.
LCN Capital Partners oversees roughly $3 billion in assets under supervision as of June 30, 2026. Its client base consists mainly of institutions, insurance companies, and high-net-worth investors seeking income-oriented real estate exposure. The firm is known for originating, negotiating, investing in, and managing sale-leaseback, build-to-suit, and net lease investments across North America and Europe.
Founded in 2011 by Edward V. LaPuma and Bryan York Colwell, LCN has raised 10 investment funds that aim to outperform both traditional credit instruments and conventional real estate alternatives. The firm is headquartered in New York and operates as a specialized platform within the net lease sector.
David M. Solomon, chairman and CEO of Goldman Sachs, said the acquisition will enhance the firm’s ability to provide diversified return streams for Asset & Wealth Management clients and broaden capital solutions for corporate users of real estate. He noted that LCN’s focus complements Goldman Sachs’ existing private real estate capabilities built over three decades and supports service to insurance, institutional, and wealth channels.
LaPuma emphasized that LCN’s team, strategy, and alignment with both capital partners and corporate tenants will remain in place, while the backing of Goldman Sachs increases the scale of its ambitions. He highlighted the combination of LCN’s origination network and investment discipline with Goldman Sachs’ corporate relationships, global distribution, and client coverage as a foundation for building a larger triple-net lease platform.
The deal takes place in a market environment where corporate sale-leaseback opportunities are considered substantial, with an estimated $14 trillion of corporate-owned real estate held on balance sheets across North America and Europe. At the same time, demand for triple-net lease assets is described as growing among global investors, underscoring the strategic relevance of the acquisition for both parties.
Goldman Sachs Global Banking & Markets is serving as financial advisor to Goldman Sachs on the transaction, while Wachtell, Lipton, Rosen & Katz and DLA Piper are acting as legal counsel. LCN Capital Partners is being advised by RBC Capital Markets as financial advisor and by McDermott Will & Schulte as legal counsel. A recently acquired solar-powered distribution center in Louisiana, held by LCN, was highlighted in connection with the announcement.
