Ghirardelli Square, one of San Francisco’s most recognizable landmarks, has a new owner. Embrace Real Estate and its affiliate 1823 Partners announced Friday the acquisition of Ghirardelli Square from Jamestown, which had held the 12-building waterfront complex at 900 North Point Street since 2013. Financial terms were not disclosed. Jamestown had originally purchased the property for $56 million.
Embrace Real Estate, founded by Brandon Tarpey, is partnering with Denver-based Continuum Partners to lead leasing and daily operations at the square. Tarpey, formerly senior vice president of real estate at Colorado-based M Development, launched Embrace last year after pivoting the firm from hospitality into a global real estate investment platform. The co-acquisition partner, 1823 Partners, was established in 2025 and is led by co-founder and CEO Anant Bhalla, whose firm works with insurance companies, pension funds, and family offices across real estate, private equity, and corporate credit strategies.
The property has origins dating to 1862 and is listed on the National Register of Historic Places. It houses the Ghirardelli Chocolate Company’s US flagship store, a collection of restaurants and retailers, and a Fairmont Heritage Place hotel. The 152-foot illuminated Ghirardelli sign, a fixture of the city’s northern waterfront skyline, has stood since 1915. The square draws nearly nine million visitors annually.
Under Jamestown’s stewardship, occupancy at the complex rose from 55% to fully leased, and the firm oversaw the restoration of the landmark sign and clock tower. Alex Schwiebert, senior vice president of Jamestown’s West Coast portfolio, said the firm remained confident in San Francisco’s long-term prospects.
Tarpey said the new ownership intends to focus on elevating the tenant mix and introducing what he described as best-in-class experiences to the property. Current tenants include Palette Tea House, and the change in ownership has raised expectations among local food and hospitality observers that new restaurant announcements could follow in the coming months.
