Case Study 2

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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.

OIULNT

tumtseo etrndok xintese tpial mvsoemnpre to rgi the reorpy no the iul-ntae rakt for the tir ei. mpvsoreemn ee ragdte at ercagsni the aevrtttnices of the reproy to a gwiro lma ntae trka. mpmsnrvoee ncldud a peloem evaonint of all lidgiu bibos and oesrtos to “otnuy bl” atnsdra, lgsntlai an on-ei ie, nstei nert, and neeefron etrn. omuetst itu out pc ffei uist and ehvicd ED-CS vilr asdanrt on one of the siulnid.

YKAAWE

ehe rsvnpmeeom tedusl in the einxtns of and are enrace in nse to iixsgt sanen and the aee up of uh of the te of the yrorep to plitue nanes, glnduic 130,000 eqau et to ahsere in tnoi. elatiymt, reaesh in otni rcdhuas the neti rypore iugrtt to oeec its U.S. ed-ustera.

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