Newmark acquired the development advisory segment of Altus Group, the firm best known for its popular underwriting software Argus.

Financial terms of the deal weren’t disclosed. The Altus team, spread across Canada, the U.S., Australia and Thailand, will report to Peter Trollope, the global head of occupier solutions at Newmark, according to the announcement from Altus. 

“We look forward to welcoming Altus’ Development Advisory team to Newmark’s Management Services business,” Roger Anscher, Newmark’s chief administrative officer, said in a statement. “Their deep market expertise, client relationships, and development advisory capabilities are a strong complement to our platform.”

No other details about the consolidation of the business were included in the press release, and Newmark didn’t respond early Tuesday to a request for comment about any potential reduction in headcount. 

Management services are already the biggest business line for Newmark, accounting for 40% of revenue in the first half of 2026. The segment pulled in $695M in revenue in the first two quarters, up from $582M for the prior year. 

Valuation and advisory services were the smallest portion of Newmark’s management business in the second quarter, accounting for 16.4% of the business line's revenue, according to corporate filings from the end of July. 

Newmark bulked up the valuation portion of its business by buying Altus’ Canadian appraisals business in March, which added 140 staff across eight offices to the brokerage. 

Newmark notched record revenue in the second quarter but reported a 5.7% decline in net income to $27.1M, while its competitors in the space continued a run of standout earnings. Its stock is down roughly 9% this year, a middling performance compared to its peers, with Colliers down 30%, CBRE down 6% and JLL up more than 8% on the year.

Altus Group, which has offices on four continents, disclosed a strategic review of alternatives last August that could have resulted in a sale of the company. Two months later, it ended the review and replaced then-CEO Jim Hannon with Mike Gordon, who had been the firm’s CEO until 2020. At the time, Gordon said the review attracted some “pretty good” offers from potential buyers.

The latest sale will be Altus’ last divestiture for the year and helps the firm to prioritize its software solutions, Gordon said. Altus shares were down nearly 2% in early trading Tuesday, and the stock has shed nearly 20% of its value this year. 

The sale “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,” Gordon said.