NEW YORK, Jan. 22, 2016 — King & Spalding advised leading real estate investment manager Clarion Partners in connection with its partnership with Legg Mason, a global asset management firm with $671.5 billion in assets.
Under the terms of the agreement, Legg Mason will acquire an 83% ownership stake in Clarion Partners for $585 million. Clarion management will retain an approximately 17% ongoing ownership interest in the business and will operate as the primary independent real estate investment affiliate for Legg Mason. The firm’s previous majority partner, Lightyear Capital, will sell its entire ownership stake in the transaction.
Clarion Partners invests exclusively in real estate strategies across the Americas. Based in New York, the company has broad market reach in the Americas, with more than 280 employees in major markets throughout the U.S. and Brazil and assets under management approximating $40 billion.
The King & Spalding, led by partners Tony Rothermel and John Wilson in New York and Kristina Thomas in Atlanta, includes counsel Kathleen Minniti, senior associate Douglas Elsbeck, associate David Hudson, associate Clara Kim, partner Kathryn Furman, partner Spencer Johnson, senior associate Gibbs Fryer, associate Charlie Arnold, associate Clay Karwisch and associate Randall Robinson. The tax team includes partner Jim Lokey and senior associate Robert Beard. The benefits team includes partner Kenneth Raskin, senior associate Laura Westfall and counsel Scott Mario. Additional attorneys include partner Richard Marooney, partner Penn Huston and associate Martha Daniels.
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Celebrating more than 130 years of service, King & Spalding is an international law firm that represents a broad array of clients, including half of the Fortune Global 100, with 900 lawyers in 18 offices in the United States, Europe, the Middle East and Asia. The firm has handled matters in over 160 countries on six continents and is consistently recognized for the results it obtains, uncompromising commitment to quality, and dedication to understanding the business and culture of its clients. More information is available at www.kslaw.com.