Baltimore-based Legg Mason will pay $585 million for its majority ownership, while Clarion's management team, including CEO Stephen Furnary, will retain their minority stake.

SAN DIEGO—For companies in the business of innovation, it is important to focus on delivering the most functionality while creating maximum flexibility in lease terms, Avison Young's Brian Cooper tells GlobeSt.com in this <b>EXCLUSIVE</b> Q&amp;A.

IRVINE, CA—A recent increase in bank REOs shows that the US housing industry is still dealing with the distressed inventory from the last housing crisis, but the market is still on the path to health, RealtyTrac's Daren Blomquist tells GlobeSt.com <b>EXCLUSIVELY</b>.

STAMFORD, CT—Recombining NorthStar Asset Management and NorthStar Realty Finance would position NRF to grow "as an internally advised and managed REIT," the Land and Buildings CIO writes in a letter to NorthStar's David Hamomoto.