Global property consultancy Cushman & Wakefield (C&W) has secured an agreement to acquire top New York investment sales firm Massey Knakal Realty Services.
The deal is expected to boost C&W’s capital markets business in the New York Tri-State region.
Founded in 1988 by Paul J. Massey Jr. and Robert A. Knakal, Massey Knakal has over 200 employees serving more than 200,000 property owners across New York City.
The firm has dominated the market for mid-sized office, retail and apartment building sales, closing more than 5,000 transactions valued in excess of $21 billion.
“This was a very big decision for Paul and Bob and it means a great deal to us that they have chosen to join our firm,” said Ed Forst, CEO of Cushman & Wakefield.
“Together, they have built a truly dominant force in Capital Markets in the New York metro area. With the Client Only belief that we share, we believe this transformational pairing will have positive implications for our firm here in New York and around the world.”
The acquisition was approved by the governing bodies of both entities and is expected to close before the end of 2014, subject to closing conditions.
Romesh Navaratnarajah, Singapore Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
