One of the largest real estate firms in the world may be up for sale

New York-based property management company Cushman & Wakefield may be headed toward a sale. Sources tell the Wall Street Journal the Agnelli family, which owns the firm, is seeking a buyer in what could be a multi-billion dollar deal.

Exor SpA - the investment wing of the Agnelli family that manages Cushman has reportedly chosen Goldman Sachs and Morgan Stanley to spearhead the potential sale, according to WSJ.

The firm, established in 1917, oversees 250 offices worldwide and employs 16,000 employees.

The Agnelli family spent just over $565 million for an initial 70% stake in Cushman & Wakefield in 2007, and has been a majority stakeholder since.

Cushman ranks third among the largest real estate property managers globally, behind CBRE Group, Inc. and Jones Lang Lasalle, Inc.

The company is already having a busy 2015, having completed major acquisitions of New York's top investment sales firm, Massey Knakal Realty Services in January and California-based Property Tax Resources in February.

A spokeswoman for Cushman & Wakefield did not confirm the company's plans for a sale, telling the Journal Exor and Cushman "continually seek ways to further enhance the business, create value and further accelerate" corporate objectives, adding "there is currently no transactions to disclose."