MONTREAL - Engineering and construction company SNC-Lavalin Group (SNC.TO) has sold its Montreal head office and an adjacent lot for about $170 million.

The deal with GWL Realty Advisors on behalf of institutional clients also allows SNC to lease the 21-floor building for 20 years.

The downtown building is undergoing renovations to modernize workspaces.

SNC-Lavalin announced last November that it was looking to cut costs by selling its global headquarters, bringing most of its Montreal employees into one location.

CEO Neil Bruce reaffirmed the company's commitment to maintain its global headquarters in Quebec's largest city.