C&W to Buy Massey Knakal For $100M: Source [Updated]
Cushman & Wakefield (CWK) is rumored to be close to purchasing investment sales and mortgage brokerage Massey Knakal Realty Services in its entirety for $100 million. A source with knowledge of the deal said the purchase should close on New Year’s Eve.
New York-based Massey Knakal had hired financial services firm Perella Weinberg Partners to sell either a 49 percent stake in it or the entire firm last month, according to previous reports.
A representative for Massey Knakal declined to comment on the sale. Via a spokesperson C&W said “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.”
In November, The Wall Street Journal reported that C&W, CBRE and DTZ were among the interested buyers. Massey Knakal’s principals Bob Knakal and Paul Massey were said to prefer to sell the non-controlling stake.
Massey Knakal has dominated the middle of the investment sales market, brokering a flurry of sales in recent years, particularly of properties offered for between $1 million and $100 million.
The Journal said in a November report about the planned sale that Massey Knakal’s annual income was “in the $15 million range.”
C&W is a privately held company and the majority ownership stake is held by the investment group of the Agnelli family of Italy.
Update: A previous version of this article listed a different projected close date for the deal.