Global investment manager Legg Mason is in exclusive negotiations to buy an 80 percent stake in Midtown-based real estate investor Clarion Partners.
The deal would value Clarion at $850 million, a premium, according to Bloomberg, which cited sources familiar with the talks.
Baltimore-based Legg Mason, founded in 1899, had $696 billion under management as of July 31, 2015.
Clarion, founded in 1982 by Stephen Furnary and John Weisz, has about $38 billion in assets under management, and owns properties in several major U.S. markets including Boston and Palm Beach.
Last month, it bought a 70 percent stake in the 120,000-square-foot 86 Trinity Place in the Financial District, with plans to create 174 hotel rooms there.
In September, the firm paid $99 million along with partners Alchemy Properties and ABR Partners for the leasehold at the 25-story office building at 221 East 43rd Street in Midtown. [Bloomberg] – Ariel Stulberg