Cushman & Wakefield to Buy NYC Brokerage Massey KnakalDavid M. Levitt
Cushman & Wakefield Inc. agreed to buy Massey Knakal Realty Services, a brokerage that specializes in New York City commercial-property deals.
Terms of the purchase weren’t disclosed. Massey Knakal “is known for dominating the market for mid-sized office, retail and apartment building sales” in New York’s five boroughs, the city’s Westchester County and Long Island suburbs, and in New Jersey, Cushman said in a statement today.
Paul Massey Jr. and Robert Knakal’s brokerage, founded in 1988, has arranged more than 5,000 transactions with a market value of more than $21 billion, according to the statement. The firm also releases quarterly reports on New York’s commercial-property market. Agents specialize in specific neighborhoods, unusual in commercial real estate.
Connecting Massey Knakal with New York-based Cushman’s global platform “will enhance the breadth of real estate services we can now offer our clients,” Massey, the firm’s chief executive officer, said in the statement.
Massey Knakal brokered $687 million of commercial real estate sales in 2013, ranking it 15th in the U.S., according to a survey by Real Estate Alert, a weekly trade newsletter. The firm’s dollar volume rose 49 percent from the year before. Cushman ranked fifth with $9.5 billion of transactions, up 3.8 percent from 2012, according to the survey.
Cushman said it expects the acquisition to be completed before the end of the month. Massey Knakal was advised by Perella Weinberg Partners LP. Cushman was represented by Goldman Sachs Group Inc.
The Commercial Observer reported on Dec. 11 that Cushman is expected to pay about $100 million for Massey Knakal, citing an unnamed person with knowledge of the negotiations.