NEW YORK CITY—Cushman & Wakefield confirmed late Monday that it purchased Massey Knakal Realty Services. Neither firm has divulged the price of the transaction but, as previously reported, the cost is believed to have been $100 million.
“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,” says Ed Forst, president & 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.”
Adds Paul Massey Jr., CEO and founding partner of Massey Knakal, “This is a very exciting time for us, joining our firm with the Cushman & Wakefield brand that has such deep roots in New York and a global platform that will enhance the breadth of real estate services we can now offer our clients. “Bob and I spent time with our partners deciding what would be the best opportunity for the firm, with our client's best interests in mind, and without question, Cushman & Wakefield stood out from the rest.”
The firm, he continues, “has a great reputation, led by Ed Forst, who has brought a high level of energy to the firm, and Ron Lo Russo in New York and we're really looking forward to the opportunity to grow the firm together.”
Cushman & Wakefield's success in winning the bid—allegedly over 10 other firms—was said to be attributed to the firm's collaborative culture, impeccable brand and highly ethical and talented professionals.
“From the outside looking in, this is a great fit and opportunity for both firms to continue to grow and provide their clients with an added level of expertise on a global platform,” says Ric Clark, CEO of Brookfield Property Partners and a member of Massey Knakal's board of advisors. “Paul and Bob are strong leaders joining a strong brand in Cushman & Wakefield, which resonates in the industry all over the world. I expect to see great things from this collaboration in the years ahead.”
Notes Lo Russo, president, NY tri-state region at Cushman, “The timing couldn't be more perfect, following a strong year for our firm locally, led by some of the most talented professionals in the industry. This is an exciting time for both of our firms and we're poised to bring C&W to greater heights in 2015.”
The acquisition has been approved by the parties' respective governing bodies and is expected to close prior to year-end 2014, subject to customary closing conditions.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
