Clarion Partners

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]

Clarion Partners, LLC
FormerlyJones Lang Wootton Realty Advisors
ING Clarion
TypeSubsidiary
IndustryPrivate equity real estate
Founded1982 (1982)[1]
FoundersStephen Furnary[2]
John Weisz
Frank Sullivan[3][4]
Headquarters230 Park Avenue
New York City
U.S.[1]
Number of locations
10 offices
Key people
David Gilbert (CEO)
AUMUS$83.5 billion (Q3 2022)[2]
Number of employees
297 (2022)
ParentFranklin Templeton Investments
Websitewww.clarionpartners.com
Footnotes / references
[5]

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]

References
  1. "Clarion Partners | TRD Research". TRD Research | Published by The Real Deal. March 19, 2019.
  2. "Key Data". Reference Hub.
  3. "Q&A with Stephen J. Furnary, Chairman and CEO, Clarion Partners". Urban Land Magazine. May 23, 2012.
  4. "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. "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.
  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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