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.
TULION
tsuteom derotnk eietnsx aplit vsrnmeeomp to gir the poryer on the iul-tnae artk for the tri ie. pesmovmenr ee argtde at ncsgeiar the itrstneectva of the repory to a oigrw lma aetn ktar. snmvorpeem dcnudl a pmeole nianvteo of all ugidli sobib and stoosre to “tnouy lb” asdnrat, ngtasill an on-ei ei, stine ertn, and eroenfen rent. emosttu uti out cp eiff siut and deihvc DE-CS vril aasrdtn on one of the dilnsui.
WAYEAK
eeh svmrnemope tldesu in the entxnis of and rea recaen in esn to xigsit snnae and the aee up of uh of the et of the poryre to ietupl ansne, gunicld 130,000 eaqu et to eearsh in oint. yelmiatt, hsaree in otni ahduscr the tein reproy rguitt to oece its U.S. ed-eusart.
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