Baltimore based Legg Mason, Inc. has acquired an 83 percent stake in real estate investment firm Clarion Partners for $585 million. The deal will add approximately $40 billion in real estate assets under management to the company’s books. New York-based Clarion Partners’ management team will retain the remaining 17 percent interest in the company, with the firm’s previous majority partner, Lightyear Capital, selling its entire ownership stake in the transaction. The transaction is subject to customary regulatory and other approvals and is expected to close in the second quarter of 2016.
