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 Franklin Resources, Inc. is an American multinational holding company that, together with its subsidiaries, is referred to as Franklin Templeton; it is a global investment firm founded in New York City in 1947 as Franklin Distributors, Inc. It is ...

. In 2022, IREI ranked Clarion as the eighth largest real estate investment manager in North America based on assets under management.

Background

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

Jones Lang Wootton Jones Lang LaSalle Incorporated (JLL) is a global commercial real estate services company, founded in the United Kingdom with offices in 80 countries. The company also provides investment management services worldwide, including services to insti ...

was a corporate partner. During that period, real estate investment was mostly by large private institutions related to Banks and Insurance companies. The aim of the firm was to allow investors the opportunity to work with smaller and more nimble organizations. In 1995, the founders bought out Jones Lang's interest in the firm and renamed it to Clarion Partners. In 1998,

ING Group The ING Group ( nl, ING Groep) is a Dutch multinational banking and financial services corporation headquartered in Amsterdam. Its primary businesses are retail banking, direct banking, commercial banking, investment banking, wholesale bankin ...

acquired Clarion and the firm's brand name changed to ING Clarion. In 2011,

Lightyear Capital Lightyear Capital is a private equity firm focused on leveraged buyout and growth capital investments in financial services companies. The firm, which is based in New York City, was founded in 2002 with the backing of UBS AG by Donald Marron. ...

partnered with Clarion's management to acquire Clarion from ING for $100 million. In 2016, Lightyear Capital sold Clarion to

Legg Mason Legg Mason was an American investment management and asset management firm headquartered in Baltimore, founded in 1899 and acquired by Franklin Templeton Investments as of July 2020. As of December 31, 2019, the company had $730.8 billion in asse ...

for $585 million. In 2021,

acquired Legg Mason for $4.5 billion. As Clarion was a subsidiary under Legg Mason, it has now become a subsidiary under Franklin Templeton Investments. On September 11, 2005, Co-founder Weisz passed away. On May 13, 2014, Co-founder Sullivan retired from the firm. 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.

Investments

Most of Clarion's real estate investments are based in North America. *

1201 Third Avenue 1201 Third Avenue (formerly Washington Mutual Tower) is a , 55-story skyscraper in Downtown Seattle, in the U.S. state of Washington. It is the third-tallest building in the city, the eighth-tallest on the West Coast of the United States, and t ...

* 1600 Seventh Avenue * American Stock Exchange Building * Burlington Center Mall * Constitution Center *

Old Palm Golf Club Old Palm Golf Club is a private residential golf community with an equity club located in Palm Beach Gardens, Florida, United States. The community was founded in 2004 by WCI, but in September 2010 was purchased by real estate investment group Clar ...

West Hollywood Gateway The West Hollywood Gateway is a two-level urban vertical retail power center in West Hollywood, California. It was developed by the JH Snyder Company and designed by architect Jon Jerde, located on the southwest corner Santa Monica Blvd. and La B ...

References

External links

* {{authority control 1982 establishments in New York City Financial services companies established in 1982 Companies based in New York City Investment companies of the United States Real estate companies of the United States