Stephen Furnary – CPE Executive of the Year

Furnary serves as chairman and chief executive officer of New York-based real estate investment management firm Clarion Partners, recently acquired by Legg Mason Mutual Fund Company from Baltimore as its primary real estate affiliate.

McGowan asserts that the Term Sheet and Business Plan included as references in that document memorialized extensive negotiations and discussions between him and Clarion’s senior management, including Furnary. According to him, these negotiations took place in good faith based on Furnary’s assurances.

Early Life and Education

Stephen Furnary was born in May 1950 and currently resides at 400 Ocean Rd Unit 175, Indian River Shores FL 32963. In addition, he has lived at 3 Warriston Ln Rye NY 10580 for more than 25 years.

Furnary founded CPE Partners in 2002 to manage more than $1 billion in real estate assets.

McGowan asserts in his lawsuit that he and Furnary began conversations and negotiations to form CPE in March 2012, during which time they discussed its formation, including its goals and management team. At the conclusion of these discussions was the Term Sheet; McGowan relied on Furnary’s assurances that it was binding. When Winkle terminated it due to Furnary’s promises, McGowan decided not to honor it due to Furnary’s assurances.

Professional Career

Stephen Furnary has established himself as an accomplished attorney and businessman. In 2002, he took one of the biggest risks in his life by leaving his lucrative corporate law job and starting Furnary & Associates on his own with only his 401k, modest personal savings, and five credit cards as resources.

Furnary and his team offer sophisticated legal representation for entrepreneurs, high-growth companies and the investors that fund them.

Furnary has been at the helm of Clarion Partners, the commercial real estate investment management firm formed after purchasing ING Group’s real estate investment business in 2011. Clarion manages investments both for funds and individual accounts with various strategies from core-plus to value-add/opportunistic approaches.

Achievement and Honors

CPE’s Executive of the Year program recognizes senior commercial real estate industry executives who have accomplished notable achievements during their professional careers. Winners are chosen through an anonymous ballot of CPE 100 members – an invited group of leading commercial real estate executives – which votes anonymously on each candidate. Furnary founded Clarion Partners in 1982, managing over $20 billion of real estate investment assets through office, industrial, and multifamily properties primarily. He employs more than 900 staff globally. McGowan approached Clarion Partners about becoming a capital raiser (Marooney affirmation Exhibit 44), but they declined his offer (Marooney affirmation Exhibit 47).

Personal Life

Furnary, who lives at 400 Ocean Rd Unit 175, Indian River Shores FL 32963 and is aged 73, has three children – two daughters among them. He is married to Catherine P Furnary.

Clarion Partners manages both fund and separate account investments that focus on core-plus, value add, and opportunistic real estate strategies, serving both ULI trustees as co-chairs of their 2012 real estate capital markets conference. His company manages investments across an array of real estate strategies including core to core-plus, value add, opportunistic.

Clarion Partners was acquired from ING Group after 12 years, and under his direction led a management buyout in 2011 followed by its sale to Legg Mason for global real estate investment platform status in 2016. As of December 31st 2017 Clarion has $24.2 billion under management with over 250 domestic and international investors both private and institutional.

Net Worth

Furnary is Chairman and Chief Executive Officer of Clarion Partners, an investment management firm with more than $24.2 billion under management across both fund and separate account formats for domestic and international investors. Headquartered in New York, they employ 260 workers who use various strategies in office, multifamily and retail investing: core, core-plus, value add and opportunistic. Clarion was named to Crain’s New York Business’s list of “25 Leaders Reshaping New York.” As well as being ULI trustee Furnary co-chaired their conference Real Estate Capital Markets: Real Estate Finance and Investment 2012.