NorthStar Asset Management Group Inc. (NYSE: NSAM) is buying a majority stake in GTCR-backed the Townsend Group for $380 million.

Townsend, headquartered in Cleveland, Ohio, provides investment management and advisory services focused on real estate, with more than $180 billion under management or advisement. The business has been owned by Chicago private equity firm GTCR since 2011.

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