Clarion Partners
| File:Clarion Partners.png | |
| Formerly | Jones Lang Wootton Realty Advisors ING Clarion |
|---|---|
| Company type | Subsidiary |
| Industry | Private equity real estate |
| Founded | 1982[1] |
| Founders | Stephen Furnary[2] John Weisz Frank Sullivan[3][4] |
| Headquarters | 230 Park Avenue New York City U.S.[1] |
Number of locations | 10 offices |
Key people | David Gilbert (CEO) |
| AUM | US$83.5 billion (Q3 2022)[2] |
Number of employees | 297 (2022) |
| Parent | Franklin Templeton Investments |
| Website | www |
| Footnotes / references [5] | |
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]
Background
[edit | edit source]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 died.[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
[edit | edit source]Most of Clarion's real estate investments are based in North America.[2][7]
- 1201 Third Avenue[19]
- 1600 Seventh Avenue[20]
- American Stock Exchange Building[21]
- Burlington Center Mall[22]
- Constitution Center[23]
- Old Palm Golf Club[24]
- West Hollywood Gateway[25]
References
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External links
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