Goldman Sachs to Acquire LCN Capital Partners in $410M Deal
The transaction will provide the buyer with growth opportunities in the sale-leaseback and triple-net lease sectors.
Looking to tap into the growing opportunities in the sale-leaseback and triple-net lease sectors of commercial real estate, Goldman Sachs has entered into an agreement to acquire LCN Capital Partners in a deal worth up to $410 million.
The agreement calls for Goldman to pay about $260 million for LCN, with an additional $150 million contingent on future performance targets and service commitments. Approximately 80 percent of the total consideration will be paid in stock.
LCN, a New York-based private real estate investment firm, has approximately $3 billion in assets under supervision as of June 30, primarily from institutions, insurers and high-net-worth individuals. LCN originates, negotiates, invests in and manages sale-leaseback, build-to-suit and triple-net lease investments across North America and Europe. Since it was founded in 2011 by Edward LaPuma and Bryan York Colwell, LCN has raised 10 investment funds.
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LaPuma, Colwell and the LCN team will join the real estate business within Goldman Sachs Asset Management after the deal closes later this year.
LCN’s platform offers corporate clients additional capital solutions and will expand Goldman’s ability to serve insurance, institutional and wealth clients.
Becoming part of Goldman Sachs Asset Management’s global client franchise will strengthen LCN’s committed capital base, which is supported by longstanding limited partner relationships across pension, insurance, family office and high-net-worth investor channels, LaPuma stated in prepared remarks.
Goldman Sachs was advised by Goldman Sachs Global Banking & Markets as financial advisor and Wachtell, Lipton, Rosen & Katz and DLA Piper as legal counsel. LCN was advised by RBC Capital Markets as financial advisor and McDermott Will & Schulte as legal counsel.
Growing demand for alternative solutions
Goldman’s planned acquisition comes at a time when companies are increasingly seeking private market solutions to monetize real estate assets and fund strategic growth and turning to sale-leaseback and build-to-suit transactions as a source of flexible capital.
Investor demand for the triple-net asset class is growing in the U.S. and across the globe. U.S. net-lease investment volume rose 13 percent to $12.8 billion in the second quarter of 2026, accounting for 10 percent of total commercial real estate investment, according to CBRE. As of the second quarter of 2026, net-lease investment volume in the U.S. increased 14 percent year-over-year to $57 billion.
CBRE reported the industrial and logistics sector represented the largest share of net-lease activity in the second quarter, with 63 percent, or $8.1 billion—up from 56 percent the previous year. Investments were up 28 percent year-over-year, driven by a 37 percent increase in single-asset sales.
Private investors were the most active buyers in the U.S. net-lease market, with investment up 16 percent year-over-year to $7.3 billion in the second quarter. Institutional investors and equity funds boosted net-lease investment by 16 percent year-over-year to $2.3 billion, according to CBRE. Cross-border investment increased 14 percent year-over-year to $922 million in the second quarter, representing 7 percent of total net-lease investment, similar to the previous year.
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