Mayer Brown represented Clarion Partners, a leading real estate investment manager, in connection with its purchase of an ownership stake in Palm Beach Outlets, a 460,000-square-foot mall in West Palm Beach, Florida, from Palm Beach Mall Holdings, LLC, an ownership entity comprised of New England Development, Eastern Real Estate and Lubert-Adler. Clarion’s purchase, made on behalf of a commingled fund it manages, was by way of a joint venture with New England Development.