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Legg Mason Sells Real Estate Divisions

Baltimore-based asset manager Legg Mason will sell the commercial mortgage banking and mortgage servicing operations of its wholly owned subsidiary, Legg Mason Real Estate Services, to NorthMarq Capital Inc. NorthMarq is a subsidiary of Marquette Financial Cos.

Terms of the deal weren’t disclosed, but the firm expects a pre-tax gain of roughly $11 million. The transaction does not involve the real estate investment advisory business of LEMRES or any other part of Legg Mason, however.

Walter D’Alessio, chairman and CEO of LEMRES, is expected to be named vice chairman of NorthMarq Capital, according to Legg Mason.

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