By Holly Dutton
One of the city’s biggest players in the midsize market is looking to sell a non-controlling stake of the company.
Massey Knakal Realty Services has hired Perella Weinberg Partners, a global advisory and asset management firm, to sell a 49 percent stake in the firm or the firm in its entirety, according to published reports.
The Wall Street Journal reported that some of the biggest commercial real estate firms in New York City are interested in acquiring the stake in the firm.
More than 10 companies have so-far responded to Massey Knakal’s decision to hire a broker — the WSJ listed CBRE, Cushman & Wakefield and DTZ among them. The entire firm may be sold for as much as $100 million.
Massey Knakal Realty Services has consistently been ranked the top firm in terms of building sales for midsize office, retail and apartment buildings for many years. The firm celebrated its 25th anniversary last year.
In July, the company consolidated its offices at 275 Madison Avenue into 40,738 s/f on the second and fourth floors. The floors will be connected through internal staircases, and the 15-year lease with landlord RFR provides for further expansion.
Massey Knakal CEO and co-founder Paul Massey told Real Estate Weekly that the firm is “exploring growth initiatives” but declined further comment.