Goldman Sachs will pay about $260 million upfront for LCN, with another $150 million possible if the company meets certain long-term goals. That puts the total deal at up to $410 million.
LCN makes money by investing in properties used by major companies. One of its main businesses involves buying buildings from companies and then renting those same properties back to them, giving businesses cash while allowing them to continue operating from the buildings.
The purchase is Solomon’s second major acquisition announced this month. Goldman recently agreed to buy investment firm NEOS Investments in a deal worth up to $2.25 billion. NEOS manages about $30 billion.
Solomon said adding LCN will give Goldman’s clients more ways to invest in real estate. The LCN team will join Goldman Sachs Asset Management after the deal closes, which is expected by the end of 2026.