{"id":1004135413,"date":"2016-01-22T08:52:34","date_gmt":"2016-01-22T16:52:34","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004135413"},"modified":"2020-05-18T17:22:05","modified_gmt":"2020-05-19T01:22:05","slug":"breaking-news-legg-mason-buys-clarion-partners","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/breaking-news-legg-mason-buys-clarion-partners\/","title":{"rendered":"Breaking News: Legg Mason Buys Clarion Partners"},"content":{"rendered":"<p>By Samantha Goldberg, Associate Editor<\/p>\n<div id=\"attachment_1004135417\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/Joseph-Joe-Sullivan-750.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004135417\" data-attachment-id=\"1004135417\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/breaking-news-legg-mason-buys-clarion-partners\/joseph-joe-sullivan-750\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/Joseph-Joe-Sullivan-750.jpg\" data-orig-size=\"800,533\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Joseph-Joe-Sullivan-750\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/Joseph-Joe-Sullivan-750.jpg?w=800\" class=\"wp-image-1004135417 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/Joseph-Joe-Sullivan-750.jpg\" alt=\"Joseph-Joe-Sullivan-750\" width=\"300\" height=\"200\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/Joseph-Joe-Sullivan-750.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/Joseph-Joe-Sullivan-750.jpg?resize=300,200 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/Joseph-Joe-Sullivan-750.jpg?resize=768,512 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004135417\" class=\"wp-caption-text\">Joseph Sullivan, Chairman &amp; CEO, Legg Mason<\/p><\/div>\n<p>It looks like the <a href=\"https:\/\/www.commercialsearch.com\/news\/rumors-of-deal-between-legg-mason-and-clarion-heat-up\/\" target=\"_blank\">rumors<\/a> were true\u2014<a href=\"https:\/\/www.leggmason.com\/\" rel=\"nofollow\" target=\"_blank\">Legg Mason<\/a> is buying <a href=\"https:\/\/www.clarionpartners.com\/Pages\/default.aspx\" rel=\"nofollow\" target=\"_blank\">Clarion Partners<\/a>. Legg Mason and <a href=\"https:\/\/www.lycap.com\/\" rel=\"nofollow\" target=\"_blank\">Lightyear Capital <\/a>announced that they&#8217;ve arranged a deal for Legg Mason to take an 83 percent majority stake in Clarion Partners for a cool $585 million. Clarion management will retain the remaining 17 percent stake and act as the primary independent real estate investment affiliate for Legg Mason. Lightyear, the previous majority partner, will sell its entire ownership stake. The deal is expected to close in the second quarter.<\/p>\n<p>As CPE <a href=\"https:\/\/www.commercialsearch.com\/news\/rumors-of-deal-between-legg-mason-and-clarion-heat-up\/\" target=\"_blank\">previously reported<\/a>, Legg Mason has been looking for acquisitions in recent months, with the company&#8217;s CEO, Joseph Sullivan, announcing at the July 2015 annual stockholders&#8217; meeting that its M&amp;A pipeline was robust. This deal has been in the works for the past several months and now has finally come to fruition. As part of the deal, Legg Mason will pay for its portion of certain co-investments on a dollar-for-dollar basis, which is estimated at $16 million as of Dec. 31, 2015. Additionally, Steve Furnary, chairman &amp; CEO of Clarion, will continue in his current role.<\/p>\n<p>The acquisition marks a significant expansion of Legg Mason&#8217;s offerings in the alternative asset management category, adding differentiated real estate capabilities like core and core-plus portfolios.<\/p>\n<p>Stay tuned to CPE for more in-depth coverage of this deal as more details come to light.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>After months of rumors, Legg Mason confirmed that it will acquire majority ownership of Clarion Partners from Lightyear Capital. <\/p>\n","protected":false},"author":1242,"featured_media":1004135417,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,23891,21742],"tags":[],"class_list":["post-1004135413","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-national","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Breaking News: Legg Mason Buys Clarion Partners - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/breaking-news-legg-mason-buys-clarion-partners\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Breaking News: Legg Mason Buys Clarion Partners\" \/>\n<meta property=\"og:description\" content=\"After months of rumors, Legg Mason confirmed that it will acquire majority ownership of Clarion Partners from Lightyear Capital.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/breaking-news-legg-mason-buys-clarion-partners\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-01-22T16:52:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-19T01:22:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/Joseph-Joe-Sullivan-750.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"533\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Samantha Goldberg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/breaking-news-legg-mason-buys-clarion-partners\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/breaking-news-legg-mason-buys-clarion-partners\/\",\"name\":\"Breaking News: Legg Mason Buys Clarion Partners - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/breaking-news-legg-mason-buys-clarion-partners\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/breaking-news-legg-mason-buys-clarion-partners\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/Joseph-Joe-Sullivan-750.jpg\",\"datePublished\":\"2016-01-22T16:52:34+00:00\",\"dateModified\":\"2020-05-19T01:22:05+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/f1f1a5515e98de75723e2ccbc3ea2de4\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/breaking-news-legg-mason-buys-clarion-partners\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/breaking-news-legg-mason-buys-clarion-partners\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/breaking-news-legg-mason-buys-clarion-partners\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/Joseph-Joe-Sullivan-750.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/Joseph-Joe-Sullivan-750.jpg\",\"width\":800,\"height\":533},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/breaking-news-legg-mason-buys-clarion-partners\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Breaking News: Legg Mason Buys Clarion Partners\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/f1f1a5515e98de75723e2ccbc3ea2de4\",\"name\":\"Samantha Goldberg\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/4db099f66e29a7222d81fc0c25e8ba396a007d6c5d8b59879ed9fcfe7e05b232?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/4db099f66e29a7222d81fc0c25e8ba396a007d6c5d8b59879ed9fcfe7e05b232?s=96&d=mm&r=g\",\"caption\":\"Samantha Goldberg\"},\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/samanthagoldberg\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Breaking News: Legg Mason Buys Clarion Partners - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/breaking-news-legg-mason-buys-clarion-partners\/","og_locale":"en_US","og_type":"article","og_title":"Breaking News: Legg Mason Buys Clarion Partners","og_description":"After months of rumors, Legg Mason confirmed that it will acquire majority ownership of Clarion Partners from Lightyear Capital.","og_url":"https:\/\/www.commercialsearch.com\/news\/breaking-news-legg-mason-buys-clarion-partners\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2016-01-22T16:52:34+00:00","article_modified_time":"2020-05-19T01:22:05+00:00","og_image":[{"width":800,"height":533,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/Joseph-Joe-Sullivan-750.jpg","type":"image\/jpeg"}],"author":"Samantha Goldberg","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/breaking-news-legg-mason-buys-clarion-partners\/","url":"https:\/\/www.commercialsearch.com\/news\/breaking-news-legg-mason-buys-clarion-partners\/","name":"Breaking News: Legg Mason Buys Clarion Partners - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/breaking-news-legg-mason-buys-clarion-partners\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/breaking-news-legg-mason-buys-clarion-partners\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/Joseph-Joe-Sullivan-750.jpg","datePublished":"2016-01-22T16:52:34+00:00","dateModified":"2020-05-19T01:22:05+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/f1f1a5515e98de75723e2ccbc3ea2de4"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/breaking-news-legg-mason-buys-clarion-partners\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/breaking-news-legg-mason-buys-clarion-partners\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/breaking-news-legg-mason-buys-clarion-partners\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/Joseph-Joe-Sullivan-750.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/Joseph-Joe-Sullivan-750.jpg","width":800,"height":533},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/breaking-news-legg-mason-buys-clarion-partners\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Breaking News: Legg Mason Buys Clarion Partners"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/f1f1a5515e98de75723e2ccbc3ea2de4","name":"Samantha Goldberg","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/4db099f66e29a7222d81fc0c25e8ba396a007d6c5d8b59879ed9fcfe7e05b232?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/4db099f66e29a7222d81fc0c25e8ba396a007d6c5d8b59879ed9fcfe7e05b232?s=96&d=mm&r=g","caption":"Samantha Goldberg"},"url":"https:\/\/www.commercialsearch.com\/news\/author\/samanthagoldberg\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/Joseph-Joe-Sullivan-750.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004135413","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/1242"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004135413"}],"version-history":[{"count":1,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004135413\/revisions"}],"predecessor-version":[{"id":1004447071,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004135413\/revisions\/1004447071"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004135417"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004135413"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004135413"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004135413"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}