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

LCN Capital Partners is a New York-based commercial real estate investment manager with ~$3 billion in AUM

Upfront consideration of ~$260 million, ~$150 million of deferred and contingent consideration

80% of the total consideration is payable in equity

Deal expected to close by end of 2026; LCN team will join GSAM’s Real Estate division under Jim Garman

Advisors: GS (Goldman Sachs, Wachtell, Lipton, Rosen & Katz, DLA Piper), LCN (RBC Capital Markets, McDermott Will & Schulte)