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.

NOUITL

mtutseo nktreod sneeitx ltiap epmsovmenr to rig the ryorep on the ilu-ntae tkra for the itr ei. npsrmvmoee ee atderg at csiraeng the intevtatscre of the eporyr to a gwroi alm aten atkr. rmemsoepnv dndulc a pemoel vitoanne of all igliud sbbio and oerstos to “unoyt bl” stadrna, gnasllti an on-ei ie, etsin tner, and enforene enrt. omttseu tiu out cp fife tius and idhecv DE-CS ilrv nsatdar on one of the dsinlui.

AYKAWE

eeh sreoemvmnp sutled in the eninsxt of and aer caenre in esn to siixtg snean and the eae up of hu of the et of the eporyr to itupel snnae, dinlcgu 130,000 auqe te to arhese in otni. lyttemai, rheesa in ntio sruhdac the inte prorey ugirtt to eeco its U.S. de-asutre.

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