Robert Knakal
NEW YORK CITY—Robert Knakal on Friday signed an agreement with Jones Lang LaSalle to become the brokerage's chairman of New York investment sales. Peter Riguardi, chairman and president of JLL's New York tri-state region, tells GlobeSt.com that Knakal's first day is today, Monday, September 10. He's working with Mo Beler, managing director within JLL capital markets, New York investment sales.
“We are excited by the partnership of Knakal and Beler and the great team they have around them,” says Riguardi. In addition he states that they will be working closely with the finance business group led by Aaron Appel, servicing clients together.
“We are looking to change the paradigm in the investment sales business,” Riguardi explains. “We have often heard 'it's this firm's turn or that firm's turn for a sales project.' With our huge tenant rep brokerage business and our market leading agency business, we are very close to the landlords who sell and purchase buildings. We want them to start thinking now not who's next for a sales assignment, but who can get them the best price for a sales assignment.”
He adds, “Particularly when the market starts to correct, that will be a key differentiator and we expect to get market share to grow during those times, as our teams will be working together – sales, finance, tenant rep brokerage and agency leasing.”
Riguardi says the firm anticipates that a lot of Knakal's former colleagues and other people in the industry will be interested in joining him at JLL. He notes the firm expects that Knakal will help show young brokers, in both sales and leasing, how to be successful in the NY commercial real estate industry.
Knakal has sold more than 1,864 properties with an aggregate value of $18 billion.
In November 1988, Knakal founded Massey Knakal Realtor Service with Paul Massey and worked there through December 2014 when the brokerage was acquired by Cushman & Wakefield for $100 million. At the time of the acquisition, Massey Knakal had the most transactions of any investment sales firms for more than a decade according to Cushman & Wakefield. The firm had focused on middle market transactions and had over 200 employees.
From January 2015 to the end of June 2018, Knakal had worked at Cushman & Wakefield, as the chairman of New York Investment sales. Riguardi says at JLL Knakal will continue to focus on the middle market sales business.
In a Sept. 17, 2013 interview with The New York Times, Knakal said that most of Massey Knakal's work was in the $2 million to $50 million range, stating 90% of transactions in New York City were under $50 million and 87% were under $20 million.
The Commercial Observer has highlighted Knakal's recent deals of RFR Realty's $55.5 million sale of 67 Vestry Street to Iliad Realty Group, and Extell Development's $76 million sale of two sites on W. 24th Street to Sam Chang of McSam Hotel Group. In The New York Times article, Knakal had noted one of his career milestones was working on the sale of Harry Macklowe's portfolio of multifamily properties for $187 million.
Knakal twice received the Real Estate Board of New York's Robert T. Lawrence Award for the Most Ingenious Deal of the Year. In 1999, he was named to Crain's 40 Under 40 list. In 2010, Knakal won REBNY's Louis Smadbeck Broker Recognition Award for lifetime achievement in commercial brokerage. He also serves as the president of the Prescott Fund for Children and Youth, a position he has held for more than 20 years.
Knakal received his bachelor's degree in economics from the Wharton School of Business at the University of Pennsylvania.
Cushman & Wakefield has experienced several executive departures earlier this year. In April, Paul Massey had left his position of president, New York investment sales. In July, he started the brokerage B6, opening a new office near Bryant Park. In February, James Nelson began as principal and head of New York metro area investment sales at Avison Young and at or around March 1 executive vice chairman Peter Hennessy had been terminated.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
