C&W Grabs Massey Knakal; Names CEO
- Dec 16, 2014
Keith Loria, Contributing Editor
In order to enhance the global real estate services firm with a more powerful capital markets presence in the New York Tri-State area, Cushman & Wakefield has agreed to buy Massey Knakal Realty Services, a New York boutique brokerage prominently known in the city for midsized office, retail and apartment building sales.
The global real estate services firm refused to disclose the price to Commercial Property Executive, but according to various news reports, it bought out Massey Knakal for $100 million.
What Cushman & Wakefield did admit to is beating out 10 other bidders for the deal, which the firm attributed to its collaborative culture, brand and its team of professionals.
“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, president & CEO of Cushman & Wakefield in a news release. “Together, they have built a truly dominant force in capital markets in the New-York-metro area.”
The deal is said to close before the end of the year.
Massey Knakal, founded in 1988 by Paul Massey and Bob Knakal, has more than 200 employees with four offices that cover the five boroughs. It has arranged more than 5,000 transactions with a market value of more than $21 billion, according to the release.
In other Cushman & Wakefield news Tuesday afternoon, the firm tapped industry veteran John Santora is its CEO for North America, its largest global operating region. He will continue to serve on Cushman & Wakefield’s senior governing body, the Board of Directors.
Santora, who’s been in the field for 37 years, will be responsible for strategic planning in the U.S., Canada and mexico, consisting of 146 owned and alliance offices and close to 8,000 employees. He will also provide continuity in the role with main multinational clients and continue integrating service lines int he region across leasing, capital markets, valuation & advisory and property management.