Newmark is expanding its commercial real estate services platform through an agreement to acquire Altus Group’s Development Advisory business and its approximately 335 employees.

The operation spans Canada, the United States, Australia and Thailand. More than 200 of its quantity surveyors and project managers are based in Canada, according to Altus. The business advises developers, lenders, investors and public agencies on construction feasibility, budgeting, cost and loan monitoring and large-scale real estate and infrastructure projects.

It will join Newmark’s Management Services operation and provide the foundation for a global cost-management practice, the companies said. The transaction is expected to close Sept. 1. Financial terms were not disclosed.

The Development Advisory business generated approximately $71.6 million in revenue in 2025, according to Altus’ annual filing.

The incoming employees will report to Peter Trollope, Newmark’s global head of occupier solutions.

Trollope said development advice is becoming increasingly important as owners contend with more complicated decisions involving capital investment, project delivery and real estate performance. He said the acquisition will diversify Newmark’s project-management business by client and property type.

The agreement follows Newmark’s March acquisition of Altus’ Canadian appraisals business, which added more than 140 professionals across eight offices. Together, the transactions significantly expand Newmark’s ability to advise institutional investors, developers, lenders and public-sector clients in Canada.

Toronto-based Altus was formed in 2005 through the combination of three Canadian real estate consultancies.

For Altus, the sale completes its planned 2026 divestitures and advances its transformation into a focused commercial real estate software, data and analytics company.

“The sale of our Development Advisory business to Newmark marks the successful completion of our planned divestitures for the year,” Altus chair and CEO Mike Gordon said.

Altus sold its global property-tax business to Ryan for $700 million in January 2025. It subsequently divested its Quebec municipal-assessment practice and Canadian appraisals operation. Altus plans to pursue a secondary U.S. stock-market listing in 2027 while maintaining its Toronto Stock Exchange listing.

Newmark also expanded its multi-year Altus software agreement to include ARGUS Assist. The artificial intelligence-powered interface draws on property models, workflows and data to produce asset and portfolio insights for Newmark professionals.