Cushman & Wakefield Inc. closed last week on its acquisition of Massey Knakal Realty Services, a leading firm in sales of commercial investment properties in New York City and the metro region.
Terms of the deal were not disclosed.
“Today marks an important milestone for both of our firms,” said Ed Forst, president and CEO of Cushman & Wakefield, in the Jan. 8 announcement. “We are combining two exceptional organizations to provide our clients with the most innovative and creative solutions to drive meaningful results.”
Founded in 1988 by Paul J. Massey Jr. and Robert A. Knakal, Massey Knakal has more than 200 employees serving more than 200,000 property owners in New York City, Westchester County, Long Island and New Jersey, according to Cushman & Wakefield. Known for its dominance of the area market for midsize office, retail and multifamily building sales, Massey Knakal has closed more than 6,000 deals with a market value in excess of $23 billion in its 26-year history.
Paul J. Massey Jr., who will serve as president of New York investment sales for Cushman & Wakefield, in the announcement said his company is “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.”
Cushman & Wakefield was advised in the acquisition deal by Goldman, Sachs & Co. Massey Knakal was advised by Perella Weinberg Partners LP.
