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NY Real Estate Commercial
Cushman & Wakefield to Acquire Massey Knakal
From the Wall Street Journal of Sun, 14 Dec 2014 22:30:09 EST

Real-estate services firm Cushman & Wakefield Inc., has agreed to pay about $100 million to acquire Massey Knakal Realty Services, a boutique brokerage that dominates the New York market for midsize office, retail and apartment building sales, according to people familiar with the deal.

Cushman said Sunday it beat out 10 other bidders. The deal is expected to close by year’s end.

The acquisition will help Cushman build “a more formidable capital markets presence in the New York Tri-State region,” Cushman said.

Massey Knakal has more than 200 employees and an annual gross revenue of about $80 million. The firm was founded in 1988 by Paul J. Massey Jr. and Robert A. Knakal.

“They have built a truly dominant force in capital markets in the New York metro area,” said Cushman Chief Executive Ed Forst.

Massey Knakal has staked out a significant share of the middle of New York’s commercial real-estate sales market—properties ranging between $500,000 and $50 million.

Massey Knakal had been marketing the firm, preferring to sell a noncontrolling stake, but many bidders were interested in buying the entire firm as Cushman did.

Details about the exact roles Messrs. Massey and Knakal would assume when the deal is complete weren’t available Sunday.

In a statement, Mr. Massey said Cushman’s global reach “will enhance the breadth of real estate services we can now offer our clients.”

Cushman has made some high-profile moves this year under the leadership of Mr. Forst, who took the helm in January. One such move was the hiring of former New York City Police Commissioner Raymond Kelly to run a new risk-management division.

Cushman was advised in the sales process by Goldman, Sachs & Co. Massey Knakal was advised by Perella Weinberg Partners LP.

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