Cushman to buy Massey Knakal for $100M: sources

Deal for full stake in brokerage expected to close today

From left: Bob Knakal, Paul Massey and Edward Forst
From left: Bob Knakal, Paul Massey and Edward Forst

Cushman & Wakefield is close to acquiring investment sales brokerage Massey Knakal Realty Services for $100 million. 

The deal for a full stake is expected to close today, the New York Observer reported, citing unnamed sources. Massey Knakal, led by Paul Massey and Bob Knakal, hired Perella Weinberg Partners to sell a 49 percent non-controlling stake in the firm last month, as previously reported.

But in an email that Massey sent to brokerage staff, he denied that any deal had been completed. “We’ll let you know when there is actual news,” he continued.

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In addition to Cushman, CBRE Group and DTZ were among the interested buyers. Knakal and Massey said they would prefer to sell a non-controlling stake. [NYO]Mark Maurer