Ghirardelli Square has been sold to a new company called Embrace Real Estate and its affiliate 1823 Partners, the firms announced Friday.

The buyers acquired the property from Jamestown, which had owned the 12-building complex at 900 North Point Street since 2013. Embrace, which was once a hospitality firm, partnered with Miami-based 1823 Partners to launch a new global real estate investment platform last year.

As a part of the deal, Embrace Real Estate, in partnership with Denver-based developer Continuum Partners, will lead the leasing and daily operations at Ghirardelli Square.

Financial details were not disclosed in the announcement. Jamestown previously paid $56 million for the complex.

The property, with origins dating to 1862, is listed on the National Register of Historic Places and houses the Ghirardelli Chocolate Company’s U.S. flagship store, restaurants, retailers and a Fairmont Heritage Place hotel. The 152-foot illuminated Ghirardelli sign has been part of the city’s skyline since 1915.

Under Jamestown’s ownership, the property’s occupancy rose from 55% to 100% leased. The company also restored the landmark Ghirardelli sign and clock tower. The square draws nearly 9 million visitors a year.

“Ghirardelli Square is one of the most iconic mixed-use properties in the country, with an unmatched combination of history, location and foot traffic,” said Brandon Tarpey, founder and managing partner of Embrace Real Estate. He said the new owners plan to focus on “elevating the merchandising, introducing best-in-class tenants and experiences.”

Before launching Embrace last year, Tarpey was senior vice president of real estate at M Development, a Colorado-based company.

Anant Bhalla, co-founder and CEO of 1823 Partners, said the firm’s strategy centers on “enduring value and long-term ownership.” The firm was established in 2025 and works with insurance companies, pension funds, and family offices on different private investment strategies including real estate, private equity, asset backed finance, and corporate credit.

Alex Schwiebert, senior vice president of Jamestown’s West Coast portfolio, said the firm was proud to have been stewards of the historic property.

“We continue to believe in the long-term opportunity of San Francisco.”