Bob Knakal Terminated from Cushman & Wakefield
The former chairman, New York investment sales at Cushman & Wakefield, parted ways with the CRE services firm on Monday.
NEW YORK CITY—More turnover churns at the top level of Cushman & Wakefield. In a phone call, a C&W spokesperson tells GlobeSt.com, “I can confirm Cushman & Wakefield terminated its relationship with Bob Knakal, effective immediately.”
Multiple news accounts reported that on Monday the commercial real estate services company ended its relationship with its chairman, New York investment sales. Commercial Observer reported that his contract would have expired this Saturday and he had been talking to other investment brokerage firms about future employment. The Real Deal noted this had included JLL and Colliers International.
The New York Post had reported C&W “got wind of talks between Knakal and a slew of other brokerages, although Knakal told friends he might stay because of C&W’s coming IPO.”
On June 20, C&W filed the necessary paperwork for its IPO, hoping to raise $1 billion. The Real Deal had reported that Cushman had been operating at a net loss for the last three years, under the ownership of a private equity group led by TPG Capital. GlobeSt.com had reported that an IPO would be the only exit for C&W’s equity backers.
In April 2018, Paul Massey had left C&W, where he had been the president, New York investment sales. C&W acquired Massey Knakal Realty Services on New Year’s Eve in December 2014 for $100 million, and had hired the brokerage company’s co-founders. After Massey parted ways with C&W, he set up an office at 275 Madison Ave., where former Massey Knakal employees had left to join C&W.
Will Massey & Knakal ever bring the band back together or have a reunion tour in joint ventures/? That remains to be seen. At the time of Massey’s departure, Commercial Observer had reported Massey had a non-competition contract due to expire on June 30.
Knakal’s severed tied with C&W follows several other high-profile departures. C&W fired executive vice chairman Peter Hennessy in March. James Nelson resigned as vice chair at C&W to join Avison Young as principal and head of New York metro area investment sales in February.