Two months after leaving Cushman & Wakefield, investment sales broker Paul Massey has made his next move.
Massey has launched B6 Real Estate Advisors, a new brokerage outfit he is co-founding with fellow Massey Knakal alumni Michael Wlody and Neil Heilberg.
The investment sales and capital advisory firm will focus on the middle market, specializing in sales ranging from $1M to $200M, according to the firm's launch announcement. B6 Real Estate Advisors — short for Building by Building, Block by Block — is starting its operations in New York City and New Jersey.
“Both the investment sales and capital advisory markets are extremely fragmented. I’m confident that we will position ourselves as a leading firm in both spaces,” Massey said in a statement. "Our culture will be one that is collegial, collaborative, connected and tech-savvy.”
Massey left C&W in April, having worked there since the firm bought Massey Knakal Realty Services, which he co-founded with Bob Knakal in 1988, for $100M in 2014.
Knakal was terminated from C&W Monday, a week before his contract was due to expire. James Nelson, who also joined C&W as part of the Massey Knakal acquisition, went to Avison Young in January to set up its investment sales team.
Heilberg, the former chief operating officer at Massey Knakal, will fill the same role at B6. Wlody will be the chief financial officer, also his role at Massey Knakal. More hires are expected to be announced in the coming weeks.
The launch comes at a time when it is increasingly difficult for smaller firms to compete, and the investment sales market is being squeezed. Earlier this month, Eastern Consolidated, which also focused on investment sales, announced it is closing, putting more than 100 people out of a job. Conventional wisdom would suggest at least a few Eastern brokers will find a new home at B6.
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