Clarion Partners

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Clarion Partners, LLC
FormerlyJones Lang Wootton Realty Advisors
ING Clarion
TypeSubsidiary
Industry Private equity real estate
Founded1982;42 years ago (1982) [1]
FoundersStephen Furnary [2]
John Weisz
Frank Sullivan [3] [4]
Headquarters 230 Park Avenue
New York City
U.S. [1]
Number of locations
10 offices
Key people
David Gilbert (CEO)
AUM US$83.5 billion (Q3 2022) [2]
Number of employees
297 (2022)
Parent Franklin Templeton Investments
Website www.clarionpartners.com
Footnotes /references
[5]

Clarion Partners ("Clarion") is an American real estate investment firm headquartered in New York City. The firm is the real estate asset management platform of Franklin Templeton Investments. [6] In 2022, IREI ranked Clarion as the eighth largest real estate investment manager in North America based on assets under management. [7]

Contents

Background

The firm was founded in 1982 by Stephen Furnary and John Weisz who previously worked at Citibank's real estate investment management group. [3] Frank Sullivan who was also from Citibank joined them shortly after it was formed. [3] [4] When it was incorporated, it operated under the name Jones Lang Wootton Realty Advisors (JLWRA) as Jones Lang Wootton was a corporate partner. [3]

During that period, real estate investment was mostly by large private institutions related to Banks and Insurance companies. [3] [4] The aim of the firm was to allow investors the opportunity to work with smaller and more nimble organizations. [3] [4]

In 1995, the founders bought out Jones Lang's interest in the firm and renamed it to Clarion Partners. [3]

In 1998, ING Group acquired Clarion and the firm's brand name changed to ING Clarion. [1] [3] [8]

In 2011, Lightyear Capital partnered with Clarion's management to acquire Clarion from ING for $100 million. [1] [3] [9] [10] [11]

In 2016, Lightyear Capital sold Clarion to Legg Mason for $585 million. [12] [13]

In 2021, Franklin Templeton Investments acquired Legg Mason for $4.5 billion. [14] As Clarion was a subsidiary under Legg Mason, it has now become a subsidiary under Franklin Templeton Investments. [15]

On September 11, 2005, Co-founder Weisz passed away. [16] On May 13, 2014, Co-founder Sullivan retired from the firm. [4] On April 17, 2017, the final co-founder, Furnary retired from the firm but still remained Executive chairman and passed on operational duties to the new CEO, David Gilbert. [17] [18]

Investments

Most of Clarion's real estate investments are based in North America. [2] [7]

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References

  1. 1 2 3 4 "Clarion Partners | TRD Research". TRD Research | Published by The Real Deal. March 19, 2019.
  2. 1 2 3 "Key Data". Reference Hub.
  3. 1 2 3 4 5 6 7 8 9 "Q&A with Stephen J. Furnary, Chairman and CEO, Clarion Partners". Urban Land Magazine. May 23, 2012.
  4. 1 2 3 4 5 "Clarion Partners founder retires | News". Institutional Real Estate, Inc. May 13, 2014.
  5. ↑ "Form ADV" (PDF). SEC. Retrieved November 24, 2022.
  6. ↑ Amroim, Venilia. "Franklin Templeton to acquire Legg Mason, forming $1.5trn manager". IPE.
  7. 1 2 "Institutional Real Estate, Inc. – Global Investment Managers 2022" (PDF). October 15, 2022. Archived from the original (PDF) on October 15, 2022.
  8. ↑ Marriott, Robin (January 16, 2013). "ING Clarion to rebrand". Infrastructure Investor. Retrieved October 15, 2022.
  9. ↑ "Lighyear To Acquire ING Clarion Partners". Institutional Investor. Retrieved October 15, 2022.
  10. ↑ admin (February 16, 2011). "ING'S U.S. DIVISION SPINS OFF". REBusinessOnline. Retrieved October 15, 2022.
  11. ↑ "Marron's Lightyear out to raise $1.1 bln fund". Reuters. March 1, 2011. Retrieved October 15, 2022.
  12. ↑ Chung, Sarah Krouse and Juliet (January 22, 2016). "Lightyear Capital Sells Clarion Partners to Legg Mason". Wall Street Journal. ISSN   0099-9660 . Retrieved October 15, 2022.
  13. ↑ Seltzer, Rick (January 22, 2016). "Legg Mason spends more than $1B on 3 deals with an eye toward diversification". www.bizjournals.com. Retrieved October 15, 2022.
  14. ↑ "Franklin Templeton acquires Baltimore-based Legg Mason in $4.5 billion deal". Baltimore Sun. Retrieved October 15, 2022.
  15. ↑ "Clarion Partners, A Franklin Templeton Subsidiary, Announces Expanded ESG Efforts". www.businesswire.com. September 8, 2021. Retrieved October 15, 2022.
  16. ↑ "Paid Notice: Deaths WEISZ, JOHN ALEXANDER". The New York Times. September 13, 2005. ISSN   0362-4331 . Retrieved October 15, 2022.
  17. ↑ April 17, Paul Bubny |; PM, 2017 at 12:39. "Furnary Stepping Down as Clarion CEO". GlobeSt. Retrieved October 15, 2022.{{cite web}}: CS1 maint: numeric names: authors list (link)
  18. ↑ "Clarion Partners appoints new CEO as part of succession plan". Pensions & Investments. April 17, 2017. Retrieved October 15, 2022.
  19. ↑ Stiles, Marc (November 2, 2012). "1201 Third Avenue office tower in Seattle sells for $548.8 million". www.bizjournals.com. Retrieved October 15, 2022.
  20. ↑ "Clarion Picks up Seattle's 32-Story Qwest Plaza for $137M". Commercial Property Executive. April 4, 2012. Retrieved October 15, 2022.
  21. ↑ Morris, Keiko (January 21, 2018). "Now Is the Perfect Time to Go Big on Retail, One New York Developer Says". Wall Street Journal. ISSN   0099-9660 . Retrieved October 15, 2022.
  22. ↑ Adelman, Jacob. "Investment group set to buy Burlington Center Mall, with reported plans for industrial project". inquirer. Retrieved October 15, 2022.
  23. ↑ Sernovitz, Daniel (December 13, 2012). "MetLife acquires Constitution Center for $734 million". www.bizjournals.com. Retrieved October 15, 2022.
  24. ↑ "Old Palm sold to investment group". www.golfcoursearchitecture.net. Retrieved October 15, 2022.
  25. ↑ Vincent, Roger (August 18, 2004). "New Mall in West Hollywood Is Sold". Los Angeles Times. Retrieved October 15, 2022.
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