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.
UTLNOI
setmtou kendrot enistex ptali orpeemnmvs to gir the oyrepr on the ilu-aetn krta for the itr ei. erpmnsomev ee deatgr at girsneac the tevecatirtsn of the pyrero to a irwog lam nate akrt. repvnsemmo dludnc a mpeloe vtnoeani of all dlugii isbbo and oeostsr to “oyntu lb” rsdntaa, ilnaslgt an on-ei ie, etnis tenr, and neeerofn rnet. tesmtou tiu out cp fief iust and veidhc ED-CS lriv atrsand on one of the iudisln.
WAYEAK
hee mompesrnve sudtle in the sneintx of and aer canree in sen to ixitgs nanes and the eea up of hu of the et of the porrye to ptleiu nnase, dlcuing 130,000 eaqu et to seaehr in itno. leymtait, resaeh in ntoi rhuadsc the ntei opyrer ttugri to eeoc its U.S. ed-tuaesr.
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