Embrace Real Estate and its affiliate 1823 Partners announced the acquisition of Ghirardelli Square from Jamestown, marking a significant ownership transition for one of the most iconic mixed-use destinations in the United States.
The acquisition was completed in partnership with Continuum Partners, which will lead the business plan, leasing strategy, and day-to-day operations of the property. Located in San Francisco’s Fisherman’s Wharf district, Ghirardelli Square is a historic waterfront site comprising 12 buildings and attracting nearly nine million visitors annually.
Originally established in 1862 and listed on the National Register of Historic Places, Ghirardelli Square is widely regarded as one of the first major adaptive reuse projects in the United States. The property features a mix of retail, dining, and hospitality offerings, including the flagship location of the Ghirardelli Chocolate Company, a Fairmont Heritage Place hotel, and the iconic illuminated Ghirardelli sign that has been part of the city’s skyline for more than a century.
The new ownership group plans to build on the property’s legacy with a focus on enhancing tenant mix, introducing new experiences, and strengthening its role as both a premier tourist destination and a community-oriented space for local residents.
Jamestown, which acquired the property in 2013, oversaw a major repositioning of Ghirardelli Square, including restoring key historic features, increasing occupancy from 55 percent to full lease-up, and curating a mix of local and national tenants. The firm also supported nearby residential development projects during its ownership period.
The acquisition reflects continued investor confidence in high-profile, mixed-use assets in major urban markets, particularly those with strong tourism demand and historical significance. The new owners emphasized long-term stewardship, community engagement, and sustained investment to ensure the property remains a central part of San Francisco’s cultural and commercial landscape.
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“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.”
Brandon Tarpey, Founder And Managing Partner, Embrace Real Estate
“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.”
Anant Bhalla, Co-Founder And CEO, 1823 Partners
“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.”
Mark Falcone, CEO And Founder, Continuum Partners
“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.”
Alex Schwiebert, Senior Vice President, West Coast Regional Market Leader, Jamestown
