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Newmark buys Altus development advisory unit as Altus pivots to tech
The deal adds Altus’ 335-person development advisory team to Newmark, while expanding Newmark’s contract to include Argus Assist, but financial terms were not disclosed.
Newmark has acquired the development advisory segment of Altus Group, as Altus restructures toward a pure-play technology company known for its Argus underwriting software, according to Bisnow. Altus also previously sold its development advisory business lines, and the new transaction brings Newmark the development advisory unit with 335 employees across Canada, the U.S., Australia and Thailand.
As part of the acquisition, Newmark is expanding its contract with Altus to include Argus Assist, Altus’ conversational artificial intelligence solution. Altus’s development advisory team will report to Peter Trollope, Newmark’s global head of occupier solutions, while Newmark did not disclose financial terms of the deal.
Altus sold the development advisory business as part of its broader tech pivot. Bisnow notes that Newmark did not immediately respond to a request for comment about whether the transaction could lead to any headcount changes.
The story also situates the deal within Newmark’s broader business mix and recent performance. Newmark said management services were its biggest business line, accounting for 40% of revenue in the first half of 2026, and that segment’s first two quarters totaled $695 million in revenue, up from $582 million a year earlier. Meanwhile, Newmark reported a 5.7% decline in net income to $27.1 million in the second quarter and said its stock is down roughly 9% for the year, a different path than peers including Colliers down 30%, CBRE down 6%, and JLL up more than 8%.