Newmark has agreed to buy Altus Group’s Development Advisory business, bringing roughly 335 employees into its global services platform, according to statements from the companies. The operation spans Canada, the United States, Australia and Thailand, with more than 200 quantity surveyors and project managers based in Canada.
Deal details and immediate effects
The acquisition, which is slated to close on Sept. 1, will fold Altus’s development advisory teams into Newmark’s Management Services arm and serve as the foundation of a global cost-management practice. Altus reported that the advisory unit generated approximately $71.6 million in revenue in 2025. The firms did not disclose the purchase price.
- Employees transferring: ~335 total; > 200 based in Canada.
- Geographic footprint: Canada, U.S., Australia, Thailand.
- 2025 revenue for the advisory business: $71.6 million.
Why it matters to the Canadian market
The move materially expands Newmark’s capabilities in Canada and globally, adding specialised staff who advise on construction feasibility, budgeting, cost and loan monitoring, and large-scale infrastructure projects. The incoming employees will report to Peter Trollope, Newmark’s global head of occupier solutions, who said the expertise is increasingly important as owners face more complex capital and delivery decisions.
For Altus, the sale completes the divestitures it had planned for 2026 and advances the company’s refocus on commercial real-estate software, data and analytics. The Toronto-based firm traces its origins to 2005, when three Canadian consultancies combined to form Altus.
“The sale of our Development Advisory business to Newmark marks the successful completion of our planned divestitures for the year,”
Altus chair and chief executive Mike Gordon made that comment as part of the company’s announcements. Earlier transactions cited by Altus include the January 2025 sale of its global property-tax business to Ryan for $700 million, and a March deal that transferred the company’s Canadian appraisals business — more than 140 professionals across eight offices — to Newmark.
Context and consequences
The deal further concentrates advisory services under large global firms while Altus pivots toward technology-led offerings. For clients — institutional investors, lenders, public-sector bodies and developers — the transaction could mean a broader platform of integrated services under Newmark, combining appraisal, project management and cost-management expertise.
For employees, the transition shifts reporting lines and corporate culture as teams move from a Canadian-headquartered consultancy into a U.S.-based property-services firm. For the Canadian market, the transfer of more than 200 highly specialised surveyors and project managers represents a notable reallocation of professional capacity within the real-estate services industry.
| Item | Figure |
|---|---|
| Employees in transaction | ~335 |
| Employees based in Canada | >200 |
| 2025 revenue (Development Advisory) | $71.6 million |
| Closing date | Sept. 1 |
Newmark’s earlier purchase of Altus’s Canadian appraisal unit in March and this latest agreement together significantly enlarge Newmark’s advisory footprint in Canada. Altus has said the divestitures are deliberate steps toward concentrating on software, data and analytics, rather than maintaining a broad set of professional services.
Neither company disclosed the financial terms for the development advisory sale. The sector will be watching how Newmark integrates the newly acquired teams and whether Altus’s narrower focus on technology and data drives different competitive dynamics in Canadian commercial real-estate services.
