Denver-based developer Continuum Partners is part of an ownership group led by Embrace Real Estate and its affiliate 1823 Partners, an independent asset management firm, that has acquired the iconic Ghirardelli Square in San Francisco from Jamestown.
Embrace Real Estate, in partnership with Continuum Partners, will lead the property’s business plan, leasing, and day-to-day operations. This transaction marks a generational transfer of one of the country’s most recognized mixed-use destinations.
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.
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.
