We report on partially overlapping XMM-Newton (~260 ks) and Suzaku (~100 ks) observations of the iron K band in the nearby, bright Seyfert 1 galaxy Mrk 509. The source shows a resolved neutral Fe K line, most probably produced in the outer part of the accretion disc. Moreover, the source shows further emission blue-ward of the 6.4 keV line due to ionized material. This emission is well reproduced by a broad line produced in the accretion disc, while it cannot be easily described by scattering or emission from photo-ionized gas at rest. The summed spectrum of all XMM-Newton observations shows the presence of a narrow absorption line at 7.3 keV produced by highly ionized outflowing material. A spectral variability study of the XMM-Newton data shows an indication for an excess of variability at 6.6-6.7 keV. These variations may be produced in the red wing of the broad ionized line or by variation of a further absorption structure. The Suzaku data indicate that the neutral Fe Kalpha line intensity is consistent with being constant on long timescales (of a few years) and they also confirm as most likely the interpretation of the excess blueshifted emission in terms of a broad ionized Fe line. The average Suzaku spectrum differs from the XMM-Newton one for the disappearance of the 7.3 keV absorption line and around 6.7 keV, where the XMM-Newton data alone suggested variability.
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