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.

INTULO

tuotsme dotrken tixsnee itlpa mvpnemorse to irg the rpeyro on the uli-aent aktr for the irt ei. remomvpesn ee gedart at negrcisa the erttnivestca of the errpoy to a iwrgo aml tnea krat. onpvmmerse dulcdn a lepome otieavnn of all lgidiu siobb and srtseoo to “ouynt bl” naradts, sgalltni an on-ei ei, eistn netr, and eenenfro tern. teomust uti out cp eiff itus and ihdecv ED-CS irvl nraadts on one of the ildusni.

WAKYEA

eeh nvrmmpeeso dtlues in the nintxes of and era caneer in ens to xtgsii nnsae and the eea up of uh of the te of the eyropr to euiplt naesn, dlguicn 130,000 aueq et to rheesa in iton. ittaelmy, reheas in toin ucshrad the inet reyopr turtgi to ceeo its U.S. de-urtsae.

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