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.
OUNLTI
mottesu rodnekt eenixst ipalt ovsnemmper to gir the rypreo on the iul-aten ratk for the tri ie. neomprsmve ee rdtgea at ienasgcr the tseaitvncter of the opyerr to a riogw alm neat akrt. emermpvons dcndlu a lmpoee nioetanv of all dgluii oisbb and srostoe to “utony bl” adstarn, inltgsal an on-ie ei, nstie tern, and orenfeen rent. utsemot iut out pc ifef utsi and cdehvi DE-CS lvir nadasrt on one of the idnilus.
AYEKWA
hee spmoermven edslut in the enxsint of and are ecaner in nse to tsiigx annse and the eae up of hu of the te of the royper to iultep snena, nucldgi 130,000 quea et to eheras in toni. tmiyatle, sarhee in toni hrcdusa the neit yoerpr gutirt to coee its U.S. de-auster.
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