{"id":1004162278,"date":"2016-12-23T07:31:33","date_gmt":"2016-12-23T15:31:33","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004162278"},"modified":"2022-12-08T16:36:53","modified_gmt":"2022-12-09T00:36:53","slug":"executive-of-the-year-spotlight-stephen-furnary","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/executive-of-the-year-spotlight-stephen-furnary\/","title":{"rendered":"Executive of the Year Spotlight: Stephen Furnary"},"content":{"rendered":"

By Sanyu Kyeyune<\/p>\n

\"Stephen

Stephen Furnary (pictured) received Honorable Mention for the 2016 Office Property Executive of the Year award.<\/p><\/div>\n

This article is one in a series of short articles profiling\u00a0recipients of CPE’s Executives of the Year<\/a> awards. Celebrating its 20th year, the program recognizes the contributions of commercial real estate’s top executives across all major business sectors and asset types.<\/em><\/p>\n

First-place winners and honorable mention awardees\u00a0are chosen by a confidential vote of the\u00a0CPE 100, an invited group of industry\u00a0leaders.<\/em><\/p>\n

Today’s installment recognizes Clarion Partners’ Chairman & CEO Stephen Furnary, who\u00a0has been responsible for the firm’s strategic direction since helping establish the company in 1982.<\/p>\n

Honorable Mention: Office Property Executive of the Year<\/b><\/p>\n

Stephen Furnary, <\/b>Chairman & CEO, <\/span>Clarion Partners<\/b><\/p>\n

Headquarters:\u00a0<\/strong>New York City<\/p>\n

Years with Clarion: <\/strong>34<\/p>\n

Previous role:<\/strong>\u00a0Executive vice president & partner at Lazard Realty Inc.<\/p>\n

Clarion at a glance:\u00a0<\/strong>The company operates\u00a08 offices with\u00a0more than 280 employees. Clarion has approximately\u00a0$40 billion in assets under management.<\/p>\n

Legg Mason acquisition: <\/b>Clarion opened 2016 by announcing the company’s planned\u00a0acquisition by Legg Mason, a global asset management firm headquartered in Baltimore. In April, Legg Mason completed the purchase of an 82 percent stake in Clarion<\/a>, which operates as Legg Mason\u2019s primary independent real estate investment affiliate and provides the company with access to alternative asset classes, including core, core-plus and opportunistic real estate investments. The acquisition commanded a reported $577 million. Furnary, who shepherded the sea change resulting in Clarion maintaining a 15 to 20 percent interest, will continue as the company’s\u00a0chairman and CEO.<\/span><\/p>\n

Dallas office park: <\/b>In mid-January, Clarion awarded Stream Realty Partners exclusive property management of Lakeside Trade Center, a 1.8-million-square-foot, four-building office complex in Dallas.\u00a0The property’s sprawling\u00a0layout accommodates nine tenants.<\/span><\/p>\n

Back Bay buyout: <\/b>In August, Clarion parted ways with two 13-story office buildings in Boston\u2019s Back Bay area, selling the interconnected properties to John Hancock Real Estate on behalf of a separate account for $100.5 million. Totaling 184,000 square feet, the two buildings were erected in 1967 and 1972, undergoing a complete renovation in 2014.<\/p>\n

Selling Portland:<\/b> In November, Clarion teamed with HFF to sell <\/span>Park Square Campus, a 295,767-square-foot, two-building creative office campus in Portland, Ore., to a European separate account client advised by CBRE Global Investors. Located in downtown Portland, the property\u2019s two mid-rise towers were constructed in 1969 and 1983. In 2015, the buildings were converted to creative office space.<\/span><\/p>\n

Park Square Campus, which sold for $94.4 million,sits on 1.75 acres and includes a communal, 8,000-square-foot Great Room, outdoor dining areas with fire pits, showers, lockers and bicycle storage. The office complex boasts a convenient location\u00a0near\u00a0mass transit, as well as an ENERGY STAR rating of 100.<\/span><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

The company kicked off 2016 with a management-led recapitalization, selling a majority interest to a Baltimore-based asset manager.<\/p>\n","protected":false},"author":1245,"featured_media":1004162280,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21791,21742,21747,21744],"tags":[32790,33204],"class_list":["post-1004162278","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exec-of-the-year","category-latest","category-office","category-people","tag-clarion-partners","tag-stephen-furnary"],"acf":[],"yoast_head":"\nExecutive of the Year Spotlight: Stephen Furnary - 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\/executive-of-the-year-spotlight-stephen-furnary\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Executive of the Year Spotlight: Stephen Furnary\" \/>\n<meta property=\"og:description\" content=\"The company kicked off 2016 with a management-led recapitalization, selling a majority interest to a Baltimore-based asset manager.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/executive-of-the-year-spotlight-stephen-furnary\/\" \/>\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=\"2016-12-23T15:31:33+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T00:36:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/Stephen-Furnary.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"150\" \/>\n\t<meta property=\"og:image:height\" content=\"190\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Sanyu Kyeyune\" \/>\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\/executive-of-the-year-spotlight-stephen-furnary\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/executive-of-the-year-spotlight-stephen-furnary\/\",\"name\":\"Executive of the Year Spotlight: Stephen Furnary - 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