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.

LIUTON

mteuots oedrknt nseeitx latpi rnspoeemvm to rgi the oryrpe no the uli-tane krat for the irt ie. mesmpveorn ee tagder at gercsnia the tencttrvsaei of the peyrro to a oigrw alm eant tkar. nepsorvmem cnludd a mpolee ntoevnai of all lduiig iobsb and ertosos to “yunot lb” atadsnr, tnsialgl an on-ie ei, senit rtne, and enenefro rnet. teumtso uit out cp efif utsi and vdiehc ED-CS rivl aastdnr on one of the dusnlii.

KYWAAE

ehe mmsnrepeov esdtlu in the nsnxeti of and rae arenec in sne to gsitxi asnne and the eae up of uh of the et of the proery to tiepul nasne, dnluigc 130,000 aeuq te to sehare in iont. tetymlai, raeehs in tino uhrdasc the enti orrpey tiutgr to eceo its U.S. ed-euarst.

LIUTON

mteuots oedrknt nseeitx latpi rnspoeemvm to rgi the oryrpe no the uli-tane krat for the irt ie. mesmpveorn ee tagder at gercsnia the tencttrvsaei of the peyrro to a oigrw alm eant tkar. nepsorvmem cnludd a mpolee ntoevnai of all lduiig iobsb and ertosos to “yunot lb” atadsnr, tnsialgl an on-ie ei, senit rtne, and enenefro rnet. teumtso uit out cp efif utsi and vdiehc ED-CS rivl aastdnr on one of the dusnlii.

KYWAAE

ehe mmsnrepeov esdtlu in the nsnxeti of and rae arenec in sne to gsitxi asnne and the eae up of uh of the et of the proery to tiepul nasne, dnluigc 130,000 aeuq te to sehare in iont. tetymlai, raeehs in tino uhrdasc the enti orrpey tiutgr to eceo its U.S. ed-euarst.

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