Case Study 1

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  • 2011

    ACQUISITION YEAR

  • 1

    YEARS HELD

  • 246K

    TOTAL SQUARE FOOTAGE

  • 1

    NUMBER OF BUILDINGS

  • 100%

    OCCUPANCY AT SALE

SOLUTION

Westmount undertook extensive capital improvements to bring the property into the multi-tenant market for the first time. Improvements were targeted at increasing the attractiveness of the property to a growing small tenant market. Improvements included a complete renovation of all building lobbies and restrooms to “country club” standards, installing an on-site deli, fitness center, and conference center. Westmount built out spec office suites and achieved LEED-CS Silver standards on one of the buildings.

TAKEAWAY

These improvements resulted in the extension of and large increase in rents to existing tenants and the lease up of much of the rest of the property to multiple tenants, including 130,000 square feet to Research in Motion. Ultimately, Research in Motion purchased the entire property outright to become its U.S. head-quarters.

OTNIUL

ttmeosu oktrnde exienst ilpta mpeesvmron to gir the rypeor on the ilu-eatn aktr for the rit ei. omsmpnveer ee dreagt at ngesacir the ttcanvteeirs of the oprrye to a igorw lma aetn rkat. mrnsovmpee cdduln a eplmoe neivnato of all dliigu sbboi and oeotrss to “yonut bl” nadtsar, ntlagisl an on-ei ei, niset rnet, and efnnreeo tern. etsutmo iut out cp feif tisu and ehcdvi DE-CS lvir stranad on one of the sdiulni.

WYAKAE

ehe emevonrsmp tdsleu in the ietnsxn of and rea nearce in sne to sxiigt ennas and the eae up of uh of the et of the repryo to pluiet asenn, nigducl 130,000 quae et to hesera in noti. ytamlite, ehsrae in into dhurasc the neit yrpreo gtruti to ocee its U.S. de-seatur.

OTNIUL

ttmeosu oktrnde exienst ilpta mpeesvmron to gir the rypeor on the ilu-eatn aktr for the rit ei. omsmpnveer ee dreagt at ngesacir the ttcanvteeirs of the oprrye to a igorw lma aetn rkat. mrnsovmpee cdduln a eplmoe neivnato of all dliigu sbboi and oeotrss to “yonut bl” nadtsar, ntlagisl an on-ei ei, niset rnet, and efnnreeo tern. etsutmo iut out cp feif tisu and ehcdvi DE-CS lvir stranad on one of the sdiulni.

WYAKAE

ehe emevonrsmp tdsleu in the ietnsxn of and rea nearce in sne to sxiigt ennas and the eae up of uh of the et of the repryo to pluiet asenn, nigducl 130,000 quae et to hesera in noti. ytamlite, ehsrae in into dhurasc the neit yrpreo gtruti to ocee its U.S. de-seatur.

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