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Page Content Leadership
The Clarion Partners leadership team is distinguished by stability and experience. When markets are uncertain, the expertise of someone who has seen more than one market cycle can be invaluable.
Executive Board
Investment Committee
Chairman and Chief Executive Officer
Chief Operating Officer
Head of Portfolio Management
Chief Investment Officer
Head of Acquisitions
Managing Director, Portfolio Manager
Managing Director
Global Head - Client Capital Management
Managing Director
Chief Financial Officer
Chief Investment Officer
Head of Acquisitions
Managing Director, Portfolio Manager
Chief Operating Officer
Head of Portfolio Management
Chairman and Chief Executive Officer
Managing Director
Marketing and Client Relations - West
Managing Director
Portfolio Manager
Managing Director
Global Head - Client Capital Management
Managing Director
Portfolio Manager
Senior Vice President
Head - Research & Investment Strategy
STEPHEN J. FURNARY
Chairman and Chief Executive Officer
Steve Furnary, Chairman & CEO, is one of Clarion Partners’ founders and an equity partner in the firm. He is the Chairman of Clarion Partners’ Board of Directors and Executive Board and a member of its Investment Committee. As a founding partner, Steve has been responsible for the firm’s strategic direction since its inception. He began working in the real estate industry in 1974. Steve is a Trustee and Governor of the Urban Land Institute, a former Chairman of the Pension Real Estate Association, and a former Chairman of the National Association of Real Estate Investment Managers. Education
Boston College, M.B.A. (1974)
Villanova University, B.S. (1972) DOUGLAS J. BOWEN
Managing Director, Portfolio Manager
Doug Bowen, equity partner and Managing Director, is the portfolio manager of the Clarion Development Ventures Funds, a series of closed-end opportunistic vehicles. He is a member of the firm’s Investment Committee. Previously, Doug was a portfolio manager for several of Clarion’s separate account clients. Before becoming a portfolio manager, he was responsible for acquiring and managing properties valued at approximately $5.0 billion. He joined Clarion Partners in 1986 and began working in the real estate industry in 1982. Education
Carnegie-Mellon University, M.S.I.A. (1982)
Lafayette College, B.S. (1977) C. STEPHEN CORDES
Chief Operating Officer, Head of Portfolio Management
Steve Cordes, equity partner and Managing Director, is Clarion Partners’ Chief Operating Officer and Head of Portfolio Management. He is a member of the firm’s Board of Directors, Executive Board and its Investment Committee. Steve is also the portfolio manager and Chairman of the General Partner of the Lion Gables Apartment Fund, a closed-end, value-added, sector fund created through the 2005 public-to-private transaction involving Gables Residential Trust. Steve joined Clarion Partners in 1997 and began working in the real estate industry in 1978. He is on the Executive Committee of the National Multi Housing Council, and is a member of the Urban Land Institute, the Association of Foreign Investors in Real Estate, and the Pension Real Estate Association. Education
Rutgers University, M.P.A. (1978)
New Jersey Institute of Technology, B.S. (1972) DAVID GILBERT
Chief Investment Officer, Head of Acquisitions
David Gilbert, equity partner and Managing Director, is Clarion Partners’ Chief Investment Officer and Head of Acquisitions. He is a member of the firm’s Executive Board and Operating Committee, and is Chairman of the firm’s Investment Committee. David is also responsible for Clarion Partners’ Research and Investment Strategy Group, ensuring that research is fully integrated into all phases of the investment process. David has extensive experience in real estate investment management including three years managing and restructuring CalPERS’ $8 billion real estate portfolio. He then became global head of real estate for JP Morgan Partners, the private equity arm of JP Morgan Chase, and later also assumed the role of Co-Chairman of the Peabody Fund, a $1 billion global real estate opportunity fund. David joined Clarion Partners in 2007 with responsibility for global opportunistic investing and was named Chief Investment Officer in 2010. He is a member and past board member of the Pension Real Estate Association and the Urban Land Institute. Education
Wharton School University of Pennsylvania, M.B.A. (1987)
University of Massachusetts, B.B.A. (1979)   STEPHEN B. HANSEN
Managing Director, Portfolio Manager
Stephen Hansen, equity partner and Managing Director, is the lead portfolio manager of Clarion Partners’ flagship fund. He has oversight of portfolio strategy, property investments, asset management and reporting. He is also a member of the firm’s Executive Board. Steve joined Clarion Partners in 1999 and began working in the real estate industry in 1985. He is a Counselor of Real Estate and a Fellow of The Royal Institute of Chartered Surveyors. Education
Golden Gate University, M.B.A. - Finance (1985)
University of Colorado, B.S. - Business (1984) WILLIAM K. KRAUCH
Managing Director, Marketing and Client Relations
Bill Krauch is an equity partner and Managing Director at Clarion Partners. He is a member of Clarion Partners’ Investment Committee. As part of the Marketing and Client Relations team, Bill works with a broad base of clients, prospects and consultants in both the Western United States and internationally. From 2003 – 2011, he was head of Global Marketing and Client Relations for ING Real Estate Investment Management, served as a member of the REIM Global Executive Board, and was the head of its Global Product Committee. Bill joined Clarion Partners in 1999 and began working in the real estate industry in 1969. Education
University of California, B.S. (1966) 
STEPHEN P. LATIMER
Managing Director, Portfolio Manager
Steve Latimer, equity partner and Managing Director, is the portfolio manager for three of the firm’s separate account clients. He is a member of the firm’s Investment Committee and the head of the Seattle office. During his tenure with the firm, he has served in a number of capacities, including acquisitions, asset management and portfolio management. He has been involved in the acquisition of over $3 billion of real estate throughout the U.S., spearheaded the purchase of an industrial operating company that was the foundation of Clarion Partners’ industrial sector portfolio, and, on behalf of an off-shore investor, acquired an equity position in, and served on the board of, a domestically-controlled private REIT focused on grocery-anchored shopping centers. Steve joined Clarion Partners in 1986 and began working in the real estate industry in 1984. He is a Certified Public Accountant. Education
Columbia University, M.B.A. (1985)
Providence College, B.S. (1979)  DAVID LYNN, Ph.D.
Managing Director, Head of Research & Investment Strategy
David Lynn, equity partner and Managing Director, is the head of Clarion Partners’ Research & Investment Strategy Group. He is a member of the firm’s Investment Committee and its Operating Committee. David advises on portfolio strategy and plays a role in the firm’s product development initiatives. He directs real estate and economic market forecasting for the firm based on proprietary modeling and econometric analysis. His group provides real-time market intelligence that supports all transaction activity, formulating recommendations on 50 major metropolitan areas, and 150 submarkets. David has published numerous real estate research articles and authored several books on real estate strategy. David joined Clarion Partners in 2007 and began working in the industry in 1984. He is a Counselor of Real Estate, a Certified Portfolio and Investment Manager, a Chartered Management Analyst and a Certified Planner. Education
London School of Economics, Ph.D. - Financial Economics (2002)
Sloan School of Business, M.I.T., M.B.A. (2001-2002)
London School of Economics, M.S. (1995)
Cornell University, M.A. (1987)
University of California, Berkeley, B.A. (1984)
 HUGH MACDONNELL
Managing Director, Global Head - Client Capital Management
Hugh Macdonnell, Managing Director, is the Global Head - Client Capital Management for Clarion Partners. He is a member of the firm's Investment Committee and Operating Committee. Hugh joined Clarion Partners in 2011 and began working in the industry in 1991. Education
The Wharton School, University of Pennsylvania, MBA – Finance (1998)
Queen’s University, Bachelor of Laws (1991)
McGill University, Bachelor of Commerce (1990) FRANK L. SULLIVAN, JR.
Managing Director, Portfolio Manager
Frank Sullivan, equity partner and Managing Director, is a founding partner of Clarion Partners and a portfolio manager for several of Clarion’s separate account clients. He is a member of the firm's Investment Committee. Frank joined Clarion Partners in 1984 and began working in the real estate industry in 1971. He is a member of the Pension Real Estate Association, the Urban Land Institute, and the International Council of Shopping Centers. Education
Wharton School, University of Pennsylvania, M.B.A. (1971)
Cornell University, B.S. - Hotel Management (1969)
PATRICK J. TULLY, JR.
Managing Director, Chief Financial Officer
Pat Tully, equity partner and Managing Director, is Clarion Partners’ Chief Financial Officer. Pat is responsible for all corporate and portfolio financial activities for the firm, as well as the firm's information technology activities. He is a member of the firm’s Executive Board and its Operating Committee. Pat joined Clarion Partners in 1998, and began working in the real estate industry in 1994. He is a Certified Public Accountant in the State of New Jersey (inactive). He is a Board Member of the National Council of Real Estate investment Fiduciaries and member of the National Association of Real Estate Investment Managers. Education
Rutgers University, B.S. (1987) TIM WANG, PH.D.
Senior Vice President, Head - Research & Investment Strategy
Tim Wang – Senior Vice President, is the Head of the Research & Investment Strategy group at Clarion Partners. Tim leads the group in supporting the development of firm-wide and business unit-specific investment strategy, and advising on portfolio strategy utilizing proprietary analytics and econometric forecasting. He joined the firm in 2006 and is a member of Clarion Partners’ Investment Committee. Tim has published numerous real estate research articles and co-authored five real estate strategy books, including Active Private Equity Real Estate Strategy (2009), Guide to U.S. Real Estate Investing (2009), Emerging Market Real Estate Investment: Investing in China, India, and Brazil (2010), Inside the Real Estate Fund Investor (2011), and Real Estate Mathematics (2011). He is a frequent guest speaker at real estate investment conferences. Education
New York University, M.B.A. - Finance (2005)
University of Georgia, Ph.D. – Quality Management (1997)
Shandong University, B.S. (1988)
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