The announcement came after S&P Global Ratings lowered Avison's credit on Friday and reported that the company had defaulted on the loan.
Weeks earlier, S&P had downgraded the credit rating of Cushman & Wakefield, another major services firm.
Higher interest rates have dislocated property values and stifled sales transactions, cutting off a major revenue stream for these firms.
Leasing activity across major property types, meanwhile, including office, remains diminished.
A push into US real estateAvison sought to rapidly grow in the US over the past decade, including in major commercial real estate markets such as New York City.
Persons:
Avison Young, Weeks, Cushman, –, Mark Rose, Avison, Rose, CDPQ, Arbour, MSCI, doesn't, that's
Organizations:
Cushman & Wakefield, Business, Leasing, Caisse, Federal Reserve
Locations:
Toronto, Avison, Lane, Stamford , Connecticut, New York City