Goldman Sachs Bets Big on Sale-Leasebacks With LCN Capital Acquisition

Goldman Sachs is expanding its role as a commercial landlord through a deal to acquire LCN Capital Partners, a firm specializing in sale-leaseback deals. The bank agreed to pay up to $410 million for LCN, which allows companies to sell their buildings and then rent them back, freeing up cash while keeping the same office or warehouse.

The acquisition is part of Goldman's efforts to grow its wealth and asset management unit, led by Marc Nachmann. Nachmann noted that there will be a growing desire for such products, and LCN is at a scale that Goldman can 'materially grow from here.' The deal is expected to close on August 18, 2026.

Sale-leaseback deals combine property ownership with corporate credit, which is becoming popular among money managers. The tenants are often highly rated companies, the rents usually rise with inflation, and owning real estate comes with tax benefits.