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Goldman Sachs to acquire LCN Capital Partners for up to $410 million

The bank pays $260 million upfront, with $150 million more tied to long-term performance.

At a glance

  1. The price could reach $410 million: $260 million in cash upfront, plus as much as $150 million in deferred payments that hinge on LCN hitting multi-year performance targets and meeting service commitments.
  2. LCN works the seam between corporate credit and real estate.
  3. The firm was founded in 2011 by Edward V. LaPuma and Bryan York Colwell.

Goldman Sachs has agreed to buy LCN Capital Partners, a New York manager in the sale-leaseback and net-lease corner of commercial real estate. The price could reach $410 million: $260 million in cash upfront, plus as much as $150 million in deferred payments that hinge on LCN hitting multi-year performance targets and meeting service commitments. LCN oversaw about $3 billion in assets as of June 30, 2026, with institutions, insurers and wealthy individuals making up the bulk of its clients. Connect CRE and IREI reported the terms.

LCN works the seam between corporate credit and real estate. It finds, negotiates, buys and manages sale-leaseback, build-to-suit and net-lease properties in North America and Europe. A sale-leaseback lets a company sell a building it owns and lease it back, freeing up the capital tied up in the property. The purchaser collects rent and holds the possibility of appreciation. LCN's hybrid approach blends credit analysis with real estate underwriting, aiming for income with protection against inflation and tax benefits, plus upside from the property itself.

The firm was founded in 2011 by Edward V. LaPuma and Bryan York Colwell. It has raised ten funds intended to beat credit and real estate alternatives, and the platform has generated an average annual net cash-on-cash return of 10.8 percent since inception, per the firm.

Paying for the deal machine

David M. Solomon, Goldman's chairman and CEO, said the LCN platform is "highly attractive" for Asset & Wealth Management clients seeking diversified returns, and that it complements the private real estate team's three-decade track record across insurance, institutional and wealth segments. LaPuma struck a scale note: with Goldman's corporate relationships and global distribution bolted onto LCN's origination network, the firm can serve partners "at a scale no independent firm could match." The team and its commitments stay the same, he said; only "the scale of our ambition" changes.

The deferred portion of the price does real work. Payments tied to performance and service commitments give the sellers a reason to keep producing long after the sale closes. For Goldman, the $3 billion currently under supervision is the visible base; the actual asset is the origination engine—the corporate relationships, the underwriting discipline, the pipeline of future net-lease deals.

A $14 trillion pool of corporate property

The opportunity set runs far beyond LCN's own portfolio. The announcement cites an estimated $14 trillion of corporate-owned property sitting on North American and European balance sheets—the raw material for future sale-leasebacks. Companies looking to improve balance-sheet efficiency are already tapping that pool, while investor appetite for net-lease assets grows, according to the report.

Goldman Sachs Global Banking & Markets advised the buyer; Wachtell, Lipton, Rosen & Katz and DLA Piper were legal counsel. RBC Capital Markets advised LCN. At the top of the price range, the deal works out to roughly 14 percent of supervised assets—a valuation that only makes sense if the pipeline keeps feeding. The portfolio is what the firm has already built. The engine is what Goldman is buying.

Reported by the Deals desk from Connect CRE and IREI. Published . Corrections

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