Toronto-based Avison Young has agreed to merge its operations with those of Montreal-based Devencore, creating a new regional commercial real estate business operating under the Avison Young brand. No financial terms were released for the deal, which is expected to close this month. Avison Young is backed by Caisse de dépôt et placement du Québec.
MONTREAL, March 15, 2021 /CNW/ – Avison Young has signed an agreement to combine its operations with Devencore’s operations in Montreal, creating one of the largest commercial real estate firms in the region. The combined business will operate under the Avison Young brand. The deal is expected to close at the end of March. The move brings together Devencore’s 70 real estate advisor and broker professionals with Avison Young’s 30 real estate professionals in Montreal, resulting in a 100-person team with diverse breadth and depth of experience to deliver innovation and insights to clients.
“To lead the market in Montreal and Quebec has always been a strategic priority for Avison Young, and accessing the second largest region in Canada, including a large concentration of Quebec-based head offices is key to serving our clients nationally and internationally,” said Mark Rose, Chair and CEO of Avison Young. “I have the greatest respect for the Devencore team, which benefits from their dedicated approach to learning and development for their brokers; it was clear early on that we share a commitment to developing top talent and investing in our people.”
The combined team represents consummate leadership and diverse experience across occupier and corporate services, lease administration, tenant representation, and professional services (including corporate real estate and workplace consulting, project management, occupier services, real estate and infrastructure consulting, and valuation and advisory services), delivering value to clients as they navigate increasingly complex real estate needs. The combined operations also expand Avison Young’s investor client services platform, including real estate management services, capital markets and agency leasing.
“This will be a seamless transition because we share key cultural values built on a fundamental belief in the power of people, a tireless commitment to serving clients, and proud Canadian roots reaching back nearly 50 years,” said Mark Fieder, Principal and President of Avison Young in Canada. “The complementary strengths of our teams will provide significant value to clients in the form of expanded professional and corporate services as well as access to technology, data and insights that are unparalleled in commercial real estate as we help clients achieve economic, social and environmental goals.”
Devencore’s expertise in corporate services, lease administration and tenant representation complement Avison Young’s leadership in occupier and professional services. Over the last year, Avison Young has invested in expanding its client experience and professional services and consulting teams as occupiers, owners and investors navigate accelerating and changing marketplace needs around the future of work and city resiliency.
“Montreal is an incredibly hot market; it’s a region with an abiding entrepreneurial spirit, growth and development, and our economic development agency, Montreal International, has been consistently recognized as one of the best in the world,” said Devencore CEO Jean Laurin, who will become the President and Managing Director of Avison Young in Quebec. “In forming one of the largest commercial real estate presence in Montreal, we will bring the next level of technology, data and insight to help clients achieve their business goals.”
The acquisition is supported by each of the firm’s respective Principals, Boards and Caisse de dépôt et placement du Québec (CDPQ), a key Avison Young investor. The companies plan to consolidate offices later this summer.
Founded in 1972, Devencore is one of the largest privately held corporate real estate brokerages and advisory firms in Canada, offering comprehensive services that are specifically designed to ensure that all real estate decisions are supported by effective real estate strategies and professional execution. Devencore’s strength lies in its ability to understand its clients’ objectives, react quickly to the client’s needs, yet providing creative and effective solutions that address any particular situation. Each and every member of Devencore systematically applies the principles upon which the company’s philosophy is based, namely to fully use every available resource to best serve clients and satisfy their needs.
About Avison Young
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.