{"id":1004141893,"date":"2016-04-14T23:02:30","date_gmt":"2016-04-15T07:02:30","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004141893"},"modified":"2020-04-23T02:48:18","modified_gmt":"2020-04-23T10:48:18","slug":"legg-mason-completes-acquisition-of-clarion-partners","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/legg-mason-completes-acquisition-of-clarion-partners\/","title":{"rendered":"Legg Mason Completes Acquisition of Clarion Partners"},"content":{"rendered":"<p>By Keith Loria, Contributing Editor<\/p>\n<p><strong>New York<\/strong>\u2014<a href=\"https:\/\/www.leggmason.com\/\" target=\"_blank\" rel=\"nofollow\">Legg Mason Inc.<\/a> has acquired an 82 percent equity\u00a0interest in <a href=\"https:\/\/www.clarionpartners.com\/Pages\/default.aspx\" target=\"_blank\" rel=\"nofollow\">Clarion Partners<\/a> for a reported $577 million.<\/p>\n<p>Additionally, Legg Mason\u00a0will pay for its portion of certain co-investments on a dollar for dollar basis, estimated at\u00a0$16 million\u00a0as of the end of 2015. Clarion Partners has an AUM of nearly $40 billion.<\/p>\n<div id=\"attachment_1004141894\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/04\/150610-joe-sullivan.jpg\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004141894\" data-attachment-id=\"1004141894\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/legg-mason-completes-acquisition-of-clarion-partners\/150610-joe-sullivan\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/04\/150610-joe-sullivan.jpg\" data-orig-size=\"720,480\" 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=\"150610-joe-sullivan\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/04\/150610-joe-sullivan.jpg?w=720\" class=\"wp-image-1004141894 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/04\/150610-joe-sullivan.jpg\" alt=\"Joe Sullivan of Legg Mason (courtesy of Legg Mason)\" width=\"300\" height=\"200\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/04\/150610-joe-sullivan.jpg 720w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/04\/150610-joe-sullivan.jpg?resize=300,200 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004141894\" class=\"wp-caption-text\">Joe Sullivan, chairman &amp; CEO of Legg Mason (courtesy of Legg Mason via Loyola University Maryland)<\/p><\/div>\n<p>\u201cWe have long expressed that we think adding real estate to our portfolio of investment capabilities at Legg Mason was important,\u201d Joe Sullivan, Legg Mason chairman &amp;\u00a0CEO, told <a href=\"https:\/\/www.commercialsearch.com\/news\/\" target=\"_blank\">Commercial Property Executive<\/a>. \u201cThis kind of investing in real estate provides the income and stability associated with fixed income and the growth associated with equity. It\u2019s a nice add and a strategic add to our portfolio and gives our shareholders exposure to a new asset class, but most importantly it gives our clients access to an incremental and additional investment capability.\u201d<\/p>\n<p>With the acquisition, Legg Mason now has more than $670 billion\u00a0in assets under management.<\/p>\n<p>\u201cWe have a very strong mission here about investing to improve lives,\u201d Sullivan said. \u201cWe looked at the challenges the average investor faces and we think we need to provide an increasing amount of choice and alternatives around \u2018How do you get to where you want to be?\u2019 It\u2019s going to be hard to generate the type of returns that investors need to meet the retirement or financial goals with just traditional equity exposures. What we\u2019ve been doing over the last couple of years is trying to build alternative investment capabilities. Clarion is considered one of the best firms in the business, so when they became available, it fit in with that mission.\u201d<\/p>\n<p>Under the terms of the deal, Clarion Partners will operate as the primary independent real estate investment affiliate for\u00a0Legg Mason, and its management team will retain the remaining 17 percent of equity in the company.<\/p>\n<div id=\"attachment_1004141895\" style=\"width: 160px\" class=\"wp-caption alignleft\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/04\/bio_furnary.jpg\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004141895\" data-attachment-id=\"1004141895\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/legg-mason-completes-acquisition-of-clarion-partners\/bio_furnary\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/04\/bio_furnary.jpg\" data-orig-size=\"150,190\" 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;1&quot;}\" data-image-title=\"bio_furnary\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/04\/bio_furnary.jpg?w=150\" class=\"wp-image-1004141895 size-full\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/04\/bio_furnary.jpg\" alt=\"Steve Furnary, chairman &amp; CEO of Clarion Partners\" width=\"150\" height=\"190\" \/><\/a><p id=\"caption-attachment-1004141895\" class=\"wp-caption-text\">Steve Furnary, chairman &amp; CEO of Clarion Partners<\/p><\/div>\n<p>Steve Furnary, Clarion Partner chairman &amp;\u00a0CEO, will continue in his role. Many of Clarion\u2019s other leaders have signed long-term contracts in conjunction with the transaction.<\/p>\n<p>\u201cLegg Mason\u00a0is an ideal partner for Clarion Partners,\u201d Furnary said in the release. \u201cLegg Mason\u00a0values partnership within and across its independent multi-manager platform. They understand and relate well to our strong fiduciary culture and the importance of maintaining an autonomous Clarion partnership brand.\u201d<\/p>\n<p><a href=\"https:\/\/www.rbccm.com\/\" target=\"_blank\" rel=\"nofollow\">RBC Capital Markets<\/a> and Azrack &amp; Co. served as financial advisors to\u00a0Legg Mason. <a href=\"https:\/\/www.morganstanley.com\/\" target=\"_blank\" rel=\"nofollow\">Morgan Stanley &amp; Co. LLC<\/a> acted as financial advisor to Clarion Partners.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Baltimore-based company paid a reported $577 million to acquire a majority stake in the New York-based real estate investment firm.<\/p>\n","protected":false},"author":451,"featured_media":1004141894,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,1600,21742,10],"tags":[],"class_list":["post-1004141893","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-new-york","category-latest","category-northeast"],"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>Legg Mason Completes Acquisition of 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\/legg-mason-completes-acquisition-of-clarion-partners\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Legg Mason Completes Acquisition of Clarion Partners\" \/>\n<meta property=\"og:description\" content=\"The Baltimore-based company paid a reported $577 million to acquire a majority stake in the New York-based real estate investment firm.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/legg-mason-completes-acquisition-of-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=\"2016-04-15T07:02:30+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-23T10:48:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/04\/150610-joe-sullivan.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"480\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\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\/legg-mason-completes-acquisition-of-clarion-partners\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/legg-mason-completes-acquisition-of-clarion-partners\/\",\"name\":\"Legg Mason Completes Acquisition of Clarion Partners - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/legg-mason-completes-acquisition-of-clarion-partners\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/legg-mason-completes-acquisition-of-clarion-partners\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/04\/150610-joe-sullivan.jpg\",\"datePublished\":\"2016-04-15T07:02:30+00:00\",\"dateModified\":\"2020-04-23T10:48:18+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/aaa29b723dad85f2444ae3cb0c4d735f\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/legg-mason-completes-acquisition-of-clarion-partners\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/legg-mason-completes-acquisition-of-clarion-partners\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/legg-mason-completes-acquisition-of-clarion-partners\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/04\/150610-joe-sullivan.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/04\/150610-joe-sullivan.jpg\",\"width\":720,\"height\":480},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/legg-mason-completes-acquisition-of-clarion-partners\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Legg Mason Completes Acquisition of 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\/aaa29b723dad85f2444ae3cb0c4d735f\",\"name\":\"Keith Loria\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/c971a04cf612cbf81bf5ac2e5ca5dfe85c32fa0d44d16ce044eee3b59755107d?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/c971a04cf612cbf81bf5ac2e5ca5dfe85c32fa0d44d16ce044eee3b59755107d?s=96&d=mm&r=g\",\"caption\":\"Keith Loria\"},\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/keith-loria\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Legg Mason Completes Acquisition of 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\/legg-mason-completes-acquisition-of-clarion-partners\/","og_locale":"en_US","og_type":"article","og_title":"Legg Mason Completes Acquisition of Clarion Partners","og_description":"The Baltimore-based company paid a reported $577 million to acquire a majority stake in the New York-based real estate investment firm.","og_url":"https:\/\/www.commercialsearch.com\/news\/legg-mason-completes-acquisition-of-clarion-partners\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2016-04-15T07:02:30+00:00","article_modified_time":"2020-04-23T10:48:18+00:00","og_image":[{"width":720,"height":480,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/04\/150610-joe-sullivan.jpg","type":"image\/jpeg"}],"author":"Keith Loria","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\/legg-mason-completes-acquisition-of-clarion-partners\/","url":"https:\/\/www.commercialsearch.com\/news\/legg-mason-completes-acquisition-of-clarion-partners\/","name":"Legg Mason Completes Acquisition of Clarion Partners - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/legg-mason-completes-acquisition-of-clarion-partners\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/legg-mason-completes-acquisition-of-clarion-partners\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/04\/150610-joe-sullivan.jpg","datePublished":"2016-04-15T07:02:30+00:00","dateModified":"2020-04-23T10:48:18+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/aaa29b723dad85f2444ae3cb0c4d735f"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/legg-mason-completes-acquisition-of-clarion-partners\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/legg-mason-completes-acquisition-of-clarion-partners\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/legg-mason-completes-acquisition-of-clarion-partners\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/04\/150610-joe-sullivan.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/04\/150610-joe-sullivan.jpg","width":720,"height":480},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/legg-mason-completes-acquisition-of-clarion-partners\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Legg Mason Completes Acquisition of 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\/aaa29b723dad85f2444ae3cb0c4d735f","name":"Keith Loria","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/c971a04cf612cbf81bf5ac2e5ca5dfe85c32fa0d44d16ce044eee3b59755107d?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/c971a04cf612cbf81bf5ac2e5ca5dfe85c32fa0d44d16ce044eee3b59755107d?s=96&d=mm&r=g","caption":"Keith Loria"},"url":"https:\/\/www.commercialsearch.com\/news\/author\/keith-loria\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/04\/150610-joe-sullivan.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004141893","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\/451"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004141893"}],"version-history":[{"count":2,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004141893\/revisions"}],"predecessor-version":[{"id":1004423176,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004141893\/revisions\/1004423176"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004141894"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004141893"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004141893"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004141893"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}