Goldman Sachs said it will acquire commercial real estate investor LCN Capital Partners for as much as $410 million, paying about $260 million upfront and up to $150 million more if long-term performance targets and service commitments are met. About 80% of the consideration will be paid in Goldman stock. LCN manages about $3 billion and focuses on sale-leaseback, build-to-suit and triple-net lease investments across North America and Europe in industrial, office, retail and other corporate-use properties. Goldman Sachs said LCN's investment funds, corporate relationships and real estate team will join Goldman Sachs Asset Management, with co-founders Edward V. LaPuma and Bryan York Colwell set to move over with the wider team. David Solomon, Goldman chairman and chief executive, said the business complements the firm's private real estate platform and would broaden its ability to serve insurance, institutional and wealth management clients while giving corporate clients additional financing options. The transaction is expected to close by the end of 2026, subject to regulatory approval and customary closing conditions. The deal follows Goldman's recently announced agreement to buy NEOS Investments for up to $2.25 billion, part of a broader push to expand its asset and wealth management operations.