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.
UOLTIN
utstemo dkneort esnitex tlipa eoempsrvmn to irg the prroey on the uli-etna tark for the rit ie. oernmpvsme ee detrga at cnirasge the rtttniscveea of the eoyprr to a riwog mal eant rkta. nopvmeemsr udcldn a lempoe avtninoe of all ildgui bibos and retssoo to “noytu lb” tdaansr, agtlinls an on-ie ei, etisn entr, and oneernfe nter. sumotte uit out cp ffei iuts and eidchv DE-CS irlv tdnsara on one of the dsilniu.
AKWYAE
ehe oemvprnsme uldtse in the innxste of and are reenca in nse to xiigst eanns and the eea up of uh of the te of the eoryrp to ptiule annes, cidlngu 130,000 aque te to ehsera in toni. leytamit, arseeh in tion hcsdura the tien ropyre uittrg to oeec its U.S. de-retuas.
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