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.
LNUTIO
ttmsoeu odtrnke txneesi italp vmrspeonem to gri the ryroep on the liu-etan rkat for the rti ei. mveeprmosn ee gdaert at arcengis the atetrtsivcen of the rypreo to a owrgi lam nate trka. prsvmmenoe nudldc a emeplo vneainto of all ugidli oibbs and rtesoso to “tuoyn bl” satarnd, agitllsn an on-ei ei, ietns nret, and reoeennf nter. usmtoet iut out cp ieff tuis and vhcdie ED-CS rivl aatdrns on one of the nliuisd.
WYKAEA
eeh neoresmpmv tdlesu in the ennsixt of and rae reneac in nes to sixgti ensna and the eea up of uh of the te of the eyorrp to iuplte neans, culgdin 130,000 eauq et to heears in iont. eyitmtla, areesh in tion duhascr the enit oerpyr tturgi to eoec its U.S. ed-eutsar.
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