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.
OLITNU
otsmuet erndkto enixest lipat ersnpmmoev to gir the oprrye on the uli-anet tkar for the rit ei. envpresmom ee adgter at cenrsagi the vaicetrtsent of the orerpy to a irwog lam eatn atrk. nesomrepvm dndluc a oemelp vneinato of all duigli bibso and osetors to “uoytn lb” sdratan, ltnigsal an on-ie ei, nseti tner, and rneeeonf rent. tuemsot tui out cp fefi utis and ehvidc DE-CS livr aastdrn on one of the islduin.
AEKYAW
hee emsvnrmpoe lduste in the xitenns of and rea naecre in ens to sigxit anens and the eae up of hu of the et of the rpoyer to eltpiu snnae, gdinclu 130,000 aueq et to arhsee in iotn. emiyaltt, haeres in otni uhscard the tnie eprryo gittur to ceeo its U.S. ed-usatre.
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