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.
OTLINU
mtotues tnodkre txnsiee iatpl enveosrpmm to igr the reroyp on the uil-ntea atkr for the tri ie. empnrovsme ee egradt at rseinagc the rittsactenev of the ryoper to a iwrgo alm tnae artk. emsrnvmeop clddnu a epmeol itoaenvn of all uiidgl sboib and eosrots to “tynuo bl” rsdanta, tlilngsa an on-ie ie, inets rent, and eenorfne tnre. emosttu tui out cp iffe iust and eivdhc ED-CS virl ndrstaa on one of the iiunlds.
AKWAEY
hee mpesmrnveo sutled in the nintexs of and aer rcenea in nse to tgsiix snane and the eea up of uh of the et of the rpreoy to eiutlp neasn, unlgcdi 130,000 aueq et to sehaer in tion. ymeailtt, ashree in onit darhsuc the etin rrpeyo girtut to ceeo its U.S. ed-teuasr.
OTLINU
mtotues tnodkre txnsiee iatpl enveosrpmm to igr the reroyp on the uil-ntea atkr for the tri ie. empnrovsme ee egradt at rseinagc the rittsactenev of the ryoper to a iwrgo alm tnae artk. emsrnvmeop clddnu a epmeol itoaenvn of all uiidgl sboib and eosrots to “tynuo bl” rsdanta, tlilngsa an on-ie ie, inets rent, and eenorfne tnre. emosttu tui out cp iffe iust and eivdhc ED-CS virl ndrstaa on one of the iiunlds.
AKWAEY
hee mpesmrnveo sutled in the nintexs of and aer rcenea in nse to tgsiix snane and the eea up of uh of the et of the rpreoy to eiutlp neasn, unlgcdi 130,000 aueq et to sehaer in tion. ymeailtt, ashree in onit darhsuc the etin rrpeyo girtut to ceeo its U.S. ed-teuasr.
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