Newmark Knight Frank Devencore (NKF Devencore) has negotiated a large-scale relocation for Allianz Global Assistance to a new 115,000-square-foot campus in Cambridge, Ontario.

Construction started August 24, with more than 600 Allianz employees expected to begin occupancy in late 2018.

The travel insurance company could no longer accommodate its long-term growth requirements and needed a space that could be customized to create an employee friendly working environment, above average parking capacity and high visibility.

“The trend in the real estate industry is that larger firms are moving to a single floor plate, flex space campus option as opposed to a traditional building, said Mark Petznick, principal, senior vice-president and sales representative for NKF Devencore. “This is a cost effective, highly-efficient choice that allows firms to build out to meet workplace demands.”

“The team at NKF Devencore was successful in negotiating a great transaction for Allianz’s future location, with all requirements met within budget,” added Rob Renaud, senior vice-president and managing principal. “We are thrilled to see construction start on this forward-thinking vision.”

The site is owned by the Healthcare of Ontario Pension Plan.