Clarion Partners
{{Short description|Real estate investment firm based in New York City}}
{{Use mdy dates|date=December 2023}}
{{Infobox company
| name = Clarion Partners, LLC
| logo = Clarion Partners.png
| image =
| image_caption =
| image_size =
| trading_name =
| native_name =
| former_name = Jones Lang Wootton Realty Advisors
ING Clarion
| type = Subsidiary
| traded_as =
| industry = Private equity real estate
| founders = Stephen Furnary{{cite web |title=Key Data |url=https://hub.ipe.com/asset-manager/clarion-partners-real-estate-homepage/clarion-partners-real-estate-homepage-key-data/10055167.supplierarticle |website=Reference Hub |language=en |access-date=October 15, 2022 |archive-date=January 23, 2022 |archive-url=https://web.archive.org/web/20220123095720/https://hub.ipe.com/asset-manager/clarion-partners-real-estate-homepage/clarion-partners-real-estate-homepage-key-data/10055167.supplierarticle |url-status=live }}
John Weisz
Frank Sullivan{{cite web |title=Q&A with Stephen J. Furnary, Chairman and CEO, Clarion Partners |url=https://urbanland.uli.org/capital-markets/q-a-with-stephen-j-furnary-chairman-and-ceo-clarion-partners/ |website=Urban Land Magazine |date=May 23, 2012 |access-date=October 15, 2022 |archive-date=October 15, 2022 |archive-url=https://web.archive.org/web/20221015062448/https://urbanland.uli.org/capital-markets/q-a-with-stephen-j-furnary-chairman-and-ceo-clarion-partners/ |url-status=live }}{{cite web |title=Clarion Partners founder retires {{!}} News |url=https://irei.com/news/clarion-partners-founder-retires/ |website=Institutional Real Estate, Inc. |date=May 13, 2014 |access-date=October 15, 2022 |archive-date=October 15, 2022 |archive-url=https://web.archive.org/web/20221015062448/https://irei.com/news/clarion-partners-founder-retires/ |url-status=live }}
| location = 230 Park Avenue
New York City
U.S.
| num_locations = 10 offices
| key_people = David Gilbert (CEO)
| revenue =
| net_income =
| aum = US$83.5 billion (Q3 2022)
| equity =
| num_employees = 297 (2022)
| parent = Franklin Templeton Investments
| subsid =
| homepage = {{URL|www.clarionpartners.com}}
}}
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.{{cite web |last1=Amroim |first1=Venilia |title=Franklin Templeton to acquire Legg Mason, forming $1.5trn manager |url=https://www.ipe.com/news/franklin-templeton-to-acquire-legg-mason-forming-15trn-manager/10043820.article |website=IPE |language=en |access-date=October 15, 2022 |archive-date=January 27, 2023 |archive-url=https://web.archive.org/web/20230127182920/https://www.ipe.com/news/franklin-templeton-to-acquire-legg-mason-forming-15trn-manager/10043820.article |url-status=live }} In 2022, IREI ranked Clarion as the eighth largest real estate investment manager in North America based on assets under management.{{cite web |date=October 15, 2022 |title=Institutional Real Estate, Inc. – Global Investment Managers 2022 |url=https://propertyfundsresearch.com/wp-content/uploads/2022/08/2022_PFR-IREI-REPORT-USDOLLARS.pdf |archive-url=https://web.archive.org/web/20221015030543/https://propertyfundsresearch.com/wp-content/uploads/2022/08/2022_PFR-IREI-REPORT-USDOLLARS.pdf |archive-date=October 15, 2022}}
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 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 acquired Clarion and the firm's brand name changed to ING Clarion.{{Cite web |last=Marriott |first=Robin |date=January 16, 2013 |title=ING Clarion to rebrand |url=https://www.infrastructureinvestor.com/ing-clarion-to-rebrand/ |access-date=October 15, 2022 |website=Infrastructure Investor |language=en-US |archive-date=October 15, 2022 |archive-url=https://web.archive.org/web/20221015075543/https://www.infrastructureinvestor.com/ing-clarion-to-rebrand/ |url-status=live }}
In 2011, Lightyear Capital partnered with Clarion's management to acquire Clarion from ING for $100 million.{{Cite web |title=Lighyear To Acquire ING Clarion Partners |url=https://www.institutionalinvestor.com/article/b150xytb0wtptn/lighyear-to-acquire-ing-clarion-partners |access-date=October 15, 2022 |website=Institutional Investor |language=en-gb |archive-date=October 15, 2022 |archive-url=https://web.archive.org/web/20221015065533/https://www.institutionalinvestor.com/article/b150xytb0wtptn/lighyear-to-acquire-ing-clarion-partners |url-status=live }}{{Cite web |last=admin |date=February 16, 2011 |title=ING'S U.S. DIVISION SPINS OFF |url=https://rebusinessonline.com/ings-u-s-division-spins-off/ |access-date=October 15, 2022 |website=REBusinessOnline |language=en-US |archive-date=October 15, 2022 |archive-url=https://web.archive.org/web/20221015065532/https://rebusinessonline.com/ings-u-s-division-spins-off/ |url-status=live }}{{Cite news |date=March 1, 2011 |title=Marron's Lightyear out to raise $1.1 bln fund |language=en |work=Reuters |url=https://www.reuters.com/article/lightyear-fund-idUSN0110190320110301 |access-date=October 15, 2022 |archive-date=October 15, 2022 |archive-url=https://web.archive.org/web/20221015065532/https://www.reuters.com/article/lightyear-fund-idUSN0110190320110301 |url-status=live }}
In 2016, Lightyear Capital sold Clarion to Legg Mason for $585 million.{{Cite news |last=Chung |first=Sarah Krouse and Juliet |date=January 22, 2016 |title=Lightyear Capital Sells Clarion Partners to Legg Mason |language=en-US |work=Wall Street Journal |url=https://www.wsj.com/articles/DJFLBO0120160122ec1mcjimh |access-date=October 15, 2022 |issn=0099-9660 |archive-date=October 15, 2022 |archive-url=https://web.archive.org/web/20221015065530/https://www.wsj.com/articles/DJFLBO0120160122ec1mcjimh |url-status=live }}{{Cite web |last=Seltzer |first=Rick |date=January 22, 2016 |title=Legg Mason spends more than $1B on 3 deals with an eye toward diversification |url=https://www.bizjournals.com/baltimore/news/2016/01/22/legg-mason-drops-more-than-600-million-on-3-deals.html |access-date=October 15, 2022 |website=www.bizjournals.com}}
In 2021, Franklin Templeton Investments acquired Legg Mason for $4.5 billion.{{Cite web |title=Franklin Templeton acquires Baltimore-based Legg Mason in $4.5 billion deal |url=https://www.baltimoresun.com/business/bs-bz-legg-mason-acquired-franklin-templeton-20200731-tevv5xaevfezbcnqajnq6gi5ie-story.html |access-date=October 15, 2022 |website=Baltimore Sun |archive-date=October 15, 2022 |archive-url=https://web.archive.org/web/20221015070020/https://www.baltimoresun.com/business/bs-bz-legg-mason-acquired-franklin-templeton-20200731-tevv5xaevfezbcnqajnq6gi5ie-story.html |url-status=live }} As Clarion was a subsidiary under Legg Mason, it has now become a subsidiary under Franklin Templeton Investments.{{Cite web |date=September 8, 2021 |title=Clarion Partners, A Franklin Templeton Subsidiary, Announces Expanded ESG Efforts |url=https://www.businesswire.com/news/home/20210908005194/en/Clarion-Partners-A-Franklin-Templeton-Subsidiary-Announces-Expanded-ESG-Efforts |access-date=October 15, 2022 |website=www.businesswire.com |language=en |archive-date=October 15, 2022 |archive-url=https://web.archive.org/web/20221015070016/https://www.businesswire.com/news/home/20210908005194/en/Clarion-Partners-A-Franklin-Templeton-Subsidiary-Announces-Expanded-ESG-Efforts |url-status=live }}
On September 11, 2005, Co-founder Weisz passed away.{{Cite news |date=September 13, 2005 |title=Paid Notice: Deaths WEISZ, JOHN ALEXANDER |language=en-US |work=The New York Times |url=https://www.nytimes.com/2005/09/13/classified/paid-notice-deaths-weisz-john-alexander.html |access-date=October 15, 2022 |issn=0362-4331 |archive-date=October 15, 2022 |archive-url=https://web.archive.org/web/20221015063333/https://www.nytimes.com/2005/09/13/classified/paid-notice-deaths-weisz-john-alexander.html |url-status=live }} 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.{{Cite web |last1=April 17 |first1=Paul Bubny {{!}} |last2=PM |first2=2017 at 12:39 |title=Furnary Stepping Down as Clarion CEO |url=https://www.globest.com/sites/paulbubny/2017/04/17/furnary-stepping-down-as-clarion-ceo/ |access-date=October 15, 2022 |website=GlobeSt |language=en |archive-date=October 15, 2022 |archive-url=https://web.archive.org/web/20221015063320/https://www.globest.com/sites/paulbubny/2017/04/17/furnary-stepping-down-as-clarion-ceo/ |url-status=live }}{{Cite web |date=April 17, 2017 |title=Clarion Partners appoints new CEO as part of succession plan |url=https://www.pionline.com/article/20170417/ONLINE/170419884/clarion-partners-appoints-new-ceo-as-part-of-succession-plan |access-date=October 15, 2022 |website=Pensions & Investments |language=en |archive-date=October 15, 2022 |archive-url=https://web.archive.org/web/20221015063319/https://www.pionline.com/article/20170417/ONLINE/170419884/clarion-partners-appoints-new-ceo-as-part-of-succession-plan |url-status=live }}
Investments
Most of Clarion's real estate investments are based in North America.
- 1201 Third Avenue{{Cite web |last=Stiles |first=Marc |date=November 2, 2012 |title=1201 Third Avenue office tower in Seattle sells for $548.8 million |url=https://www.bizjournals.com/seattle/news/2012/11/02/1201-third-avenue-office-tower-in.html |access-date=October 15, 2022 |website=www.bizjournals.com |archive-date=January 17, 2013 |archive-url=https://web.archive.org/web/20130117073955/http://www.bizjournals.com/seattle/news/2012/11/02/1201-third-avenue-office-tower-in.html |url-status=live }}
- 1600 Seventh Avenue{{Cite web |date=April 4, 2012 |title=Clarion Picks up Seattle's 32-Story Qwest Plaza for $137M |url=https://www.commercialsearch.com/news/clarion-picks-up-seattles-32-story-qwest-plaza-for-137m/ |access-date=October 15, 2022 |website=Commercial Property Executive |language=en-US |archive-date=October 15, 2022 |archive-url=https://web.archive.org/web/20221015071427/https://www.commercialsearch.com/news/clarion-picks-up-seattles-32-story-qwest-plaza-for-137m/ |url-status=live }}
- American Stock Exchange Building{{Cite news |last=Morris |first=Keiko |date=January 21, 2018 |title=Now Is the Perfect Time to Go Big on Retail, One New York Developer Says |language=en-US |work=Wall Street Journal |url=https://www.wsj.com/articles/now-is-the-perfect-time-to-go-big-on-retail-one-new-york-developer-says-1516536001 |access-date=October 15, 2022 |issn=0099-9660 |archive-date=February 20, 2020 |archive-url=https://web.archive.org/web/20200220233703/https://www.wsj.com/articles/now-is-the-perfect-time-to-go-big-on-retail-one-new-york-developer-says-1516536001 |url-status=live }}
- Burlington Center Mall{{Cite web |last=Adelman |first=Jacob |title=Investment group set to buy Burlington Center Mall, with reported plans for industrial project |url=https://www.inquirer.com/news/new-jersey/burlington-center-mall-sale-warehouse-industrial-clarion-moonbeam-20190126.html |access-date=October 15, 2022 |website=inquirer |language=en |archive-date=October 15, 2022 |archive-url=https://web.archive.org/web/20221015071427/https://www.inquirer.com/news/new-jersey/burlington-center-mall-sale-warehouse-industrial-clarion-moonbeam-20190126.html |url-status=live }}
- Constitution Center{{Cite web |last=Sernovitz |first=Daniel |date=December 13, 2012 |title=MetLife acquires Constitution Center for $734 million |url=https://www.bizjournals.com/washington/breaking_ground/2012/12/metlife-to-acquire-constitution-center.html |access-date=October 15, 2022 |website=www.bizjournals.com |archive-date=May 18, 2021 |archive-url=https://web.archive.org/web/20210518054927/https://www.bizjournals.com/washington/breaking_ground/2012/12/metlife-to-acquire-constitution-center.html |url-status=live }}
- Old Palm Golf Club{{Cite web |title=Old Palm sold to investment group |url=https://www.golfcoursearchitecture.net/content/old-palm-sold-to-investment-group |access-date=October 15, 2022 |website=www.golfcoursearchitecture.net |archive-date=October 15, 2022 |archive-url=https://web.archive.org/web/20221015071424/https://www.golfcoursearchitecture.net/content/old-palm-sold-to-investment-group |url-status=live }}
- West Hollywood Gateway{{Cite web |last=Vincent |first=Roger |date=August 18, 2004 |title=New Mall in West Hollywood Is Sold |url=https://www.latimes.com/archives/la-xpm-2004-aug-18-fi-mall18-story.html |access-date=October 15, 2022 |website=Los Angeles Times |language=en-US |archive-date=October 15, 2022 |archive-url=https://web.archive.org/web/20221015071427/https://www.latimes.com/archives/la-xpm-2004-aug-18-fi-mall18-story.html |url-status=live }}
References
{{Reflist}}
External links
- {{Official website| https://www.clarionpartners.com}}
{{Franklin Templeton}}
{{Real estate}}
{{Private equity and venture capital}}
{{authority control}}
Category:1982 establishments in New York City
Category:Financial services companies established in 1982
Category:Companies based in New York City
Category:Investment companies of the United States