Cushman & Wakefield announced today the completion of its acquisition of Massey Knakal Realty Services, New York’s No. 1 Investment Sales firm (based on number of transactions) for a reported $100 million.
“Today marks an important milestone for both of our firms,” said Ed Forst, president & CEO of Cushman & Wakefield. “We are combining two exceptional organizations to provide our clients with the most innovative and creative solutions to drive meaningful results.
“We’re extremely excited to welcome the Massey Knakal team, and believe that this partnership will undoubtedly be the start of an exciting new chapter for us in New York and around the world. Together we’re poised to bring Cushman & Wakefield to new heights in the year ahead.”
Paul J. Massey Jr., President, New York Investment Sales commented, “We have great respect for Cushman & Wakefield, and the strong business that management and its employees operate, not only in New York but around the world.
“We are thrilled to be bringing our superior local expertise and market knowledge to one of the most respected global commercial real estate service brands. The combined company is now positioned to seize important new growth opportunities and provide a broader service offering for clients.”
Massey Knakal Realty Services was founded by Paul J. Massey Jr. and Robert A. Knakal in 1988. With over 200 employees serving more than 200,000 property owners in New York City’s five boroughs, Westchester County, Long Island and New Jersey, the firm is best known for dominating the market for midsized office, retail and multi-family building sales.
Since 1988, Massey Knakal has closed more than 6,000 transactions, with a market value in excess of $23 billion.
Cushman & Wakefield was advised in the acquisition process by Goldman, Sachs & Co. Massey Knakal was advised by Perella Weinberg Partners LP.