Toronto-headquartered Altus Group Limited (TSX: AIF), a provider of commercial real estate intelligence, has signed a definitive agreement to sell its Development Advisory business to an affiliate of Newmark Group Inc. (NASDAQ: NMRK), a commercial real estate advisor and service provider.
The transaction is expected to close on Sept. 1. Altus’ Development Advisory business consists of approximately 335 employees across the US, Canada, Australia and Thailand. The employees joining Newmark through the acquisition will report to Peter Trollope, Newmark’s global head of occupier solutions.
In connection with the transaction, Newmark has expanded its multi-year ARGUS Intelligence agreement with Altus Group to include ARGUS Assist, Altus’ AI-powered conversational interface.
The financial terms of the deal were not disclosed.
“The sale of our Development Advisory business to Newmark marks the successful completion of our planned divestitures for the year and results in Altus being a much more focused company,” said Mike Gordon, chairman and CEO of Altus. “Having already entrusted our Canadian Appraisal business to Newmark in March of 2026, we are confident the Development Advisory team and capabilities will continue to thrive under their ownership. For Altus, it sharpens our focus on our market leading valuation solutions, which we’re enhancing with AI, analytics, data and market experts to ensure our clients always have the best information to make better real estate decisions.”
“We look forward to welcoming Altus’ Development Advisory team to Newmark’s Management Services business,” said Roger Anscher, Newmark’s chief administrative officer. “Their deep market expertise, client relationships, and development advisory capabilities are a strong complement to our platform. We are also excited to start leveraging ARGUS Assist, which will help our professionals generate insights more efficiently and deliver even greater value to clients. Complex analytical work that previously took days can now be surfaced in moments.”
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