Global real estate firm Cushman & Wakefield said today it has agreed to acquire Massey Knakal Realty Services, which it calls “New York’s No 1 investment sales firm”.

Global real estate firm Cushman & Wakefield said today it has agreed to acquire Massey Knakal Realty Services, which it calls “New York’s number-one investment sales firm”.

The acquisition gives Cushman & Wakefield a stronger capital markets presence in the New York Tri-State region, it said in a statement.

Cushman & Wakefield regularly issues forecasts and analysis on the global real estate market for regions such as Asia.

Massey Knakal Realty Services was founded by Paul Massey and Robert Knakal in 1988 and has over 200 employees serving more than 200,000 property owners in New York City’s five boroughs, Westchester County, Long Island and New Jersey. It focuses on midsized office, retail and apartment building sales. Since 1988, Massey Knakal has closed more than 5,000 transactions, with a market value in excess of $21 billion.

The acquisition has been approved by the parties’ respective governing bodies and is expected to close prior to year-end 2014, subject to customary closing conditions. Cushman & Wakefield was advised in the acquisition process by Goldman Sachs.  Massey Knakal was advised by Perella Weinberg Partners.