Embrace Real Estate and 1823 Partners Acquire San Francisco’s Ghirardelli Square from Jamestown in Partnership with Continuum Partners

New Ownership Group to Build on Ghirardelli Square’s Legacy with a Neighborhood-Driven Vision for One of America’s Great Landmarks

SAN FRANCISCO & MIAMI--(BUSINESS WIRE)--Embrace Real Estate, a global real estate investment firm, and its affiliate 1823 Partners, an independent asset management firm, today announced their acquisition of Ghirardelli Square, the historic waterfront landmark at 900 North Point Street in San Francisco’s Fisherman’s Wharf district, from Jamestown. Embrace Real Estate, in partnership with Denver-based developer Continuum Partners, will lead the business plan, leasing, and day-to-day operations of the property. The transaction represents a generational transfer of one of the most recognized mixed-use destinations in the country.

Ghirardelli Square encompasses 12 buildings along the San Francisco waterfront, with origins dating to 1862. Listed on the National Register of Historic Places and widely regarded as the first major adaptive reuse project in the United States, the property is home to the Ghirardelli Chocolate Company’s U.S. flagship, a collection of restaurants and retailers, a Fairmont Heritage Place hotel, and the 19-foot illuminated Ghirardelli sign that has been part of the city’s skyline since 1915. The property welcomes nearly nine million visitors each year, supported by a strong base of destination tourism alongside consistent local and regional demand.

Brandon Tarpey, Founder and Managing Partner of Embrace Real Estate, said, “Ghirardelli Square is one of the most iconic mixed-use properties in country, with an unmatched combination of history, location and foot traffic. Our focus will be elevating the merchandising, introducing best-in-class tenants and experiences, and ensuring the Square remains both a premier destination for visitors and a place that resonates with the local community.”

Anant Bhalla, Co-Founder and CEO of 1823 Partners, said, “Our strategy is grounded in enduring value and long-term ownership, partnering with world-class operators and investing in assets that stand the test of time. Ghirardelli Square exemplifies that approach, and we are proud to steward this iconic landmark’s rich heritage in San Francisco for decades to come.”

Mark Falcone, CEO and Founder of Continuum Partners, said, “Ghirardelli Square has been meaningful to San Franciscans and visitors from around the world for generations. We approach this opportunity the same way we approach all of our work, with respect for history, a commitment to the community, and a belief that great places should strengthen the neighborhoods around them. There is real momentum in San Francisco under Mayor Lurie’s leadership, and we see Ghirardelli Square as an important part of that story. We are proud to partner with 1823 and Embrace – who share our community focus and championing of local businesses – and we look forward to earning the trust of San Francisco.”

The new ownership group acknowledged the exceptional work Jamestown has done at Ghirardelli Square over the past decade. Since acquiring the property in 2013, Jamestown restored iconic elements of the Square, such as the Ghirardelli sign and clocktower, executed a successful lease‑up from 55% to 100% leased, secured a curated mix of best‑in‑class local operators, and reestablished the Square as a destination for locals and visitors alike through an unwavering commitment to preserving the character of this San Francisco landmark. During its ownership, Jamestown also entitled as multifamily and sold 915 North Point St., a former ancillary parking garage, to JS Sullivan Development, which delivered 35 units of housing in 2025, and is not part of this acquisition.

Alex Schwiebert, Senior Vice President, West Coast Regional Market Leader of Jamestown, said, “We’ve been proud stewards of Ghirardelli Square for over a decade and believe the property is well positioned for continued momentum under the new ownership team. We continue to believe in the long-term opportunity of San Francisco and are investing in our portfolio of properties throughout the Bay Area, including Levi’s Plaza and Waterfront Plaza in the City’s Northern Waterfront.”

Looking ahead, the new ownership group will focus on strengthening Ghirardelli Square as a world-class, mixed-use destination rooted in community and local relevance. In their business plan for the property, the new owners emphasize thoughtful stewardship, tenant quality and long-term value, ensuring the Square continues to serve San Franciscans and visitors – as well as the surrounding communities – well into the future.

The new ownership group and its leadership teams bring deep expertise in property stewardship and management to Ghirardelli Square. Embrace has extensive retail experience in markets such as New York, South Florida, and Aspen. Continuum Partners has been nationally recognized for its work across a diverse portfolio that includes the Denver Union Station transit neighborhood and the Belmar mixed‑use district, both recipients of the Urban Land Institute's Global Award for Excellence, as well as Denver’s 9+CO and Market Station, and significant projects in downtown Los Angeles.

About Embrace Real Estate

Embrace Real Estate is a global real estate investment firm and operating platform founded by Brandon Tarpey in partnership with 1823 Partners. The firm combines world-class leasing capabilities with deep institutional relationships and significant portfolio leverage to drive value across a collection of premier assets. Embrace brings an international reach and a hands-on operating philosophy, partnering with leading operators and investors to acquire, reposition, and manage high-profile properties. The platform’s leasing expertise and global network of brand and tenant relationships allow it to assemble tenant rosters and programming that differentiate its properties.

About 1823 Partners

1823 Partners is a registered investment adviser that supports its clients including insurance companies, pension firms, and family office investors with tailored investment strategies that match their risk and return profile. The firm’s focus is on fulfilling its commitment to its investors by backing their real promises with real assets and resilient credit investments. The firm manages a growing number of different private investment strategies, with proven capabilities in real estate, private equity, asset backed finance, and corporate credit. 1823 Partners has offices in Miami and New York, with another office opening later in 2026 in London. For more information, please visit: www.1823.partners.

About Continuum Partners

Continuum Partners is an innovative, award‑winning real estate development and investment firm founded in Denver, specializing in urban mixed‑use and value‑add opportunities. Since 1997, Continuum has overseen more than $3B of development across office, retail, hospitality, multifamily, and mixed‑use projects. Guided by a mission rooted in community design and ecological sustainability, Continuum is nationally recognized for its work in complex redevelopment, adaptive reuse, and community‑focused placemaking. Continuum maintains a broad base of investments, including real estate development and operating businesses such as the Born Hospitality Group, and applies a long‑term, design‑forward approach to unlocking value in underutilized assets while creating enduring benefits for communities and partners. Learn more at https://continuumpartners.com/.