Ghirardelli Square, the waterfront landmark perched above Fisherman’s Wharf, has changed hands. The 12-building complex is now owned by a new outfit called Embrace Real Estate, together with an affiliate of Miami-based 1823 Partners. The buyers say they plan to refresh the mix of shops and experiences with what they describe as best-in-class tenants, and they have tapped a new operator to run leasing and day-to-day management. So far, they are keeping the price tag to themselves; financial terms were not disclosed.
As reported by The San Francisco Standard, Embrace and 1823 Partners purchased the historic property at 900 North Point Street from Jamestown, which had owned the site since 2013. The Standard notes that Jamestown previously paid about $56 million for the Square and boosted occupancy from roughly 55% to fully leased, helping turn it into a tourist magnet that now lures nearly nine million visitors a year.
Who’s Behind the Buyers
Embrace is led by founder and managing partner Brandon Tarpey. His role is spelled out on his LinkedIn profile, which lists him as the firm’s founder and managing partner.
Miami-based 1823 Partners launched in 2025 as an insurance-first investment platform and describes its strategy as focused on long-term ownership and “enduring value,” according to 1823 Partners. In other words, they are signaling that they are not looking for a quick flip, even if the Square’s visitor traffic might tempt a more impatient investor.
What’s Next for the Wharf
Denver-based Continuum Partners has been brought in to steer leasing and daily operations at Ghirardelli Square. The new owners say they are focusing on curated tenants and upgraded visitor programming rather than immediate, large-scale redevelopment. For now, the plan sounds more like a steady remodel than a gut job.
According to The San Francisco Standard, the new ownership group has not yet announced any specific new leases. In the meantime, local retailers have been testing the waters with pop-ups, including Patagonia's temporary shop earlier this spring, per Hoodline.
The Square, which houses Ghirardelli’s U.S. flagship store and is listed on the National Register of Historic Places, remains one of San Francisco’s most reliable tourist draws. Embrace and 1823 Partners say they are looking at gradual, long-term changes rather than an overnight transformation, meaning the chocolate-scented plaza is not about to lose its old-school charm any time soon.
