LCN Capital Partners acquires mission-critical headquarters facility of Staples, Inc. in Framingham, MA

The property serves as the North American headquarters facilities for Staples, Inc., the #1 e-commerce and #1 direct-to-consumer player in the office supplies and related products market.

New York – February 7, 2020 – LCN Capital Partners (“LCN”), a private real estate investment firm and a recognized leader in the primary corporate sale-leaseback and build-to-suit markets, today announced that it has completed its acquisition of Staples, Inc.’s (“Staples”) mission-critical headquarters office located in Framingham, MA. The property was purchased on behalf of LCN North American Fund III, L.P. Founded in 1986, Staples is both the #1 e-commerce and #1 direct-to-consumer player in the office supplies and related products market.

Totaling roughly 665,000 sq. ft., the headquarters office will be leased to Staples, Inc. for a period of 25 years. The Framingham headquarters houses all corporate functions for Staples, Inc. including the senior executive team, merchandising, finance, legal, HR, IT, and supply chain overhead. The property also includes a number of amenities providing an enhanced employee experience, including onsite car service, dry-cleaning, daycare, and a full-service gym.

This is the second time LCN and Staples have worked together, following the 2018 sale-leaseback of Staples’ mission-critical distribution and fulfillment centers.

LCN worked closely with Sycamore Partners, the private equity owners of Staples, to structure both this and its 2018 investment on behalf of LCN North American Fund II L.P.

Edward LaPuma, co-founder of LCN Capital Partners, said: “We are delighted to be adding this world-class office headquarters to our portfolio. Working with Staples and Sycamore has been a great experience and we have been impressed by the commitment and transparency of both teams. Importantly, we pride ourselves on the good relationships that we develop with our tenant clients and their equity sponsors, which often leads to repeat business. This investment is another step in a long-term relationship that will benefit Staples, Sycamore and LCN. We look forward to helping Staples continue to grow their business and to future sale-leasebacks and partnerships with Sycamore.”

About Staples, Inc.

Staples is the undisputed brick and mortar leader in office supplies and related products space, but also the leader in the e-commerce market for office supplies and associated products. Staples, Inc., the North American Delivery business (“NAD”), reported sales of $10.7 billion in fiscal year 2020 alone, making it the 5th largest e-commerce business in the U.S. of any kind, behind only Amazon, eBay, Apple, and Walmart. The company is able to service 95% of its customers with free next-day delivery. NAD bills itself as a low-cost provider with the ability to reach a broad spectrum of small to large volume customers through its three go-to-market channels: Staples Business Advantage (“SBA”),, and For More information, please visit:

About LCN Capital Partners

Founded in 2011 by Edward V. LaPuma and Bryan York Colwell, LCN has assets under management in excess of $3.5 billion across its three US Dollar denominated funds, and three Euro denominated funds. Headquartered in New York City, LCN also has offices in London, Amsterdam, Cologne and Luxembourg.

LCN Capital Partners is a recognized leader in the primary sale-leaseback and build-to-suit markets. In these primary markets, investments and leases are originated and negotiated directly with the corporate users of mission critical real estate.  LCN delivers a long-term solution for its tenant-clients by providing a non-bank capital resource, efficient monetization of on-balance sheet real estate, continued operational control of key assets, enhanced financial metrics, and potential tax benefits. LCN’s investing partners benefit from the long-term and inflation protected distributions that it supplies. For more information, please visit:

Media Contacts:

For LCN:
Kevin FitzGerald
Gasthalter & Co.
(212) 257-4170


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