In the bidding tournament to acquire Massey Knakal Realty Services, Cushman & Wakefield won out and has agreed to pay about $100 million to acquire New York's No. 1 Investment Sales firm (based on transaction volume) for more than a decade. The deal is expected to be completed by year's end; Cushman & Wakefield was advised in the acquisition process by Goldman, Sachs & Co. while Massey Knakal was advised by Perella Weinberg Partners.
Founded in 1988 by Paul Massey Jr. and Robert Knakal, Massey Knakal has closed more than 5,000 transactions in the New York area with a market value in excess of $21 billion. Earlier this year, the firm retained Perella Weinberg Partners to shop a minority stake or the entire firm to potential buyers, according to various media reports. In addition to Cushman, CBRE and DTZ were reported to be interested in the firm, according to a CoStar article.
"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," said Ric Clark, Chief Executive Officer 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."
For more news and information visit Blumberg Capital Partners.
No comments:
Post a Comment