What’s the latest with the Cushman-Massey marriage?: VIDEO

LoRusso, Knakal and Massey discuss the coming together of the two commercial giants

TRD New York /
Mar.March 20, 2015 05:00 PM

Cushman & Wakefield’s acquisition of Massey Knakal Realty Services for a reported $100 million was the talk of the town at the end of last year. Now, nearly three months into the marriage, some of the consolidated firm’s leaders – Ron LoRusso, Bob Knakal and Paul Massey – discussed the changes at Cushman and the challenges of coming together.

Speaking at a Commercial Real Estate Women (CREW) New York event, Knakal said the territory system, made it very difficult for Massey Knakal to hire people from other firms, “because folks who were able to do anything, anywhere with anybody at any time, would have to suddenly get involved in a very disciplined system.” Still, the pros of the system far outweigh the cons, he indicated, and he gave credit to Cushman for understanding the benefits of the system and making it the standard for debt and investment sales transactions in the consolidated firm.

Knakal, Massey and LoRusso discuss the MK/CW deal at CREW. from Bob Knakal on Vimeo.

Retail and office leasing would not fall under the territory system, LoRusso said.

“There’s $60 billion of properties that trade every year in New York,” Massey said. “There’s $90 billion of loans that are placed. So we’re all just about the positive.”

Asked to describe some of the challenges of being part of Cushman, Massey quipped that for the first time in 30 years, he had a boss, gesturing to LoRusso.

“I pity the guy,” he joked.


Related Articles

arrow_forward_ios
Shawn Mobley (left), is being replaced by Andrew McDonald (right) as CEO of the Americas at Cushman

Shakeup at Cushman: Mobley out, McDonald promoted

Shakeup at Cushman: Mobley out, McDonald promoted
Rich Barton, Howard Lorber, Jay Hennick, Brett White

Real estate firms are raising billions in debt and equity. Here’s why

Real estate firms are raising billions in debt and equity. Here’s why
Clockwise from top left: Vornado's Steven Roth, Newmark Knight Frank's Barry Gosin, Redfin's Glenn Kelman, SL Green's Marc Holliday, Marriott's Arne Sorenson, Zillow's Richard Barton, Realogy's Ryan Schneider, and Cushman's Brett White

A real estate earnings call season for the ages

A real estate earnings call season for the ages
Cushman & Wakefield's Brett White (Credit: iStock)

Cushman’s income drops 70% in Q1

Cushman’s income drops 70% in Q1
He sold the Willis Tower and the GM Building. But can Doug Harmon sell the Mountain?

He sold the Willis Tower and the GM Building. But can Doug Harmon sell the Mountain?

He sold the Willis Tower and the GM Building. But can Doug Harmon sell the Mountain?
Pandemic pay cuts: Analysis shows real estate CEOs aren’t giving up much

Pandemic pay cuts: Analysis shows real estate CEOs aren’t giving up much

Pandemic pay cuts: Analysis shows real estate CEOs aren’t giving up much
Cushman & Wakefield CEO Brett White

Cushman’s Brett White taking 25% salary cut

Cushman’s Brett White taking 25% salary cut
Cushman & Wakefield Netherlands’ head Jeroen Lokerse

Cushman & Wakefield already has a social distancing office concept in development

Cushman & Wakefield already has a social distancing office concept in development
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...