NEW YORK CITY—Cushman & Wakefield reportedly has beat out its many competitors and is about to acquire investment sales brokerage Massey Knakal Realty Services for $100 million.
The deal for a full stake is expected to close Friday, according to the New York Observer reported, citing unnamed sources. Massey Knakal hired Perella Weinberg Partners to sell a 49% non-controlling stake in the firm last month.
Massey Knankal CEO and founding partner Paul Knakal declined to comment to GlobeSt.com. A Cushman spokesman only would say, “Massey Knakal is one of the premiere real estate brokerage and advisory services firms but as a matter of policy we do not comment on market rumors or speculation regarding potential strategic transactions.”
However, an email from Massey to brokerage staff that was obtained by the Observer denied that any deal had been completed. “We'll let you know when there is actual news,” he said.
There reportedly were more than 10 industry firms vying to purchase some or all of Massey Knakal. CBRE Group and DTZ reportedly were among the interested buyers.
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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.
