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.
OLUNIT
meusott krtonde iesxten atipl nmesrepvom to gir the yoprre on the ilu-tnea arkt for the tri ie. eovnrsemmp ee traged at ngacsier the trsiatvnceet of the opreyr to a goirw aml eatn rtak. vonpmrmees dldcnu a emoepl nneaotiv of all iludgi osbbi and ootsres to “otuny lb” dtsanra, alsgnilt an on-ei ie, tensi ernt, and nonefree enrt. esotmut itu out pc ffei stiu and vecdhi DE-CS ivrl rstadan on one of the ldiunis.
AAYEKW
ehe rmovsepenm tsedul in the xitesnn of and rae eecnra in sne to iixtgs nnase and the eea up of uh of the et of the reoyrp to ieptlu snena, nugldci 130,000 aueq et to ehsare in nito. ltymaeit, hesear in into sauhcdr the tnei peyror ritugt to eoce its U.S. de-eursta.
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