Cushman & Wakefield has agreed to buy the New York property broker Massey Knakal Realty Services.

Ed Forst Cushman&Wakefield

C&W said Massey Knakal had come to dominate the market for “mid-sized office, retail and apartment building sales” in New York and New Jersey.

Massey Knakal was founded by Paul Massey Jr. and Robert Knakal in 1988 and has closed more than 5,000 transactions since then, with a market value of more than $200bn. Today it has more than 200 employees.

Massey said the deal, which was agreed for an undisclosed sum, would “enhance the breadth of real estate services we can now offer our clients”.

C&W chief executive Ed Forst added: “This was a very big decision for Paul and Bob and it means a great deal to us that they have chosen to join our firm. Together, they have built a truly dominant force in capital markets in the New York metro area. With the client only belief that we share, we believe this transformational pairing will have positive implications for our firm here in New York and around the world.”

C&W was advised by Goldman Sachs and Massey Knakal was advised by Perella Weinberg Partners. The deal is expected to close by the end of the financial year.