Goldman Sachs to Buy Sale-Leaseback Firm LCN for Up to $410M

Goldman Sachs has agreed to acquire LCN Capital Partners, a sale-leaseback specialist that reports roughly $5.9 billion in assets under management in its own SEC filings, for up to $410 million, the bank announced Aug. 18. A sale-leaseback lets a company that owns its building sell it for cash to an investor, then immediately sign a lease to keep operating out of the same space, a way to pull capital out of real estate without moving.

Why it matters

For an owner-occupier weighing a sale-leaseback ahead of the 2026-27 debt maturity wall, this deal changes who sits across the table. Instead of negotiating with a boutique manager, that owner is now dealing with a scaled, Goldman-backed platform inside Goldman Sachs Asset Management, which likely means different pricing and more certainty of close on a deal that size. LCN’s leadership is staying in place rather than being absorbed and wound down.

The numbers

The deal totals up to $410 million: about $260 million upfront in cash plus up to $150 million in deferred and contingent consideration tied to long-term performance targets, with roughly 80% of total consideration paid in Goldman equity. Goldman and LCN describe LCN’s assets under supervision at about $3 billion as of June 30. LCN’s own Form ADV, filed with the SEC on March 30, 2026, reports $5.9 billion in regulatory assets under management across 36 accounts, nearly double that figure, plus 38 employees, 21 of them in investment advisory roles. The deal is expected to close by year-end, pending regulatory approval.

What’s next

LCN co-founders Edward LaPuma and Bryan York Colwell and their team are set to join GSAM’s real estate group once the deal closes. For national owners and developers staring at 2026-27 maturities, sale-leasebacks are one of the more common workarounds when refinancing is expensive or unavailable, and this deal puts more capital and a bigger name behind that option. Watch for whether Goldman’s larger balance sheet pulls more owner-occupiers toward sale-leasebacks over straight refinancing as the maturity wall builds.