Although terms of the transaction remain undisclosed, Avison Young reports that the purchase will increase its staff by 18 employees and is effective immediately.
The firm hopes to leverage Metrix Ontario’s technological acumen and financial software to aid in producing “contemporary” appraisal papers and facilitating valuation and advisory services to Canadian clients.
The fastest growing commercial real estate operation in the world, Avison Young expects the acquisition to help sustain its growth ambitions at home.
"We are extremely pleased to announce the acquisition of Metrix Ontario, which is the next step in our ongoing growth in Canada," comments Rose.
The founder and president of Metrix Ontario, Paul Stewart, will now lead Avison Young’s valuation and advisory team. He is tasked with disseminating Avison Young’s property appraisal offerings throughout the Toronto metropolitan area, as well as expanding its valuation services throughout the country.
"With the capabilities that Paul and his team bring to the table, this strategic acquisition not only helps us build out our platform of appraisal services in the GTA, but will allow us to provide our clients with the best level of service," said Mark Fieder, COO, Avison Young Canada.
Avison Young recently opened new offices in Mexico City and Memphis, Tennessee, and has grown from 300 real estate professionals to more than 2,100 over the past seven years.
Avison Young, a Toronto-based global provider of investment sales, leasing, advisory and management services, announced that it has acquired property appraisal specialists Metrix Realty Group (Ontario) Inc.