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.

TLINOU

tmotesu oktredn xeients piatl nsmpeomerv to rig the rryoep no the lui-tena tark for the rti ie. msropeenmv ee edatgr at igsnarec the teaesrntivtc of the rreypo to a irogw lma tnae tark. merpmoesvn clndud a eoplme antvoeni of all luigid ibsob and reosots to “tonyu lb” nsdatar, gastilnl an on-ei ie, nstie ernt, and erenfeno enrt. etuotms itu out pc iffe uits and cedhiv DE-CS ilrv tarasdn on one of the idlsinu.

AYWKEA

eeh rmnesepvom ludest in the stxienn of and rae ereanc in nse to tsxigi ansen and the eea up of hu of the et of the eorypr to litpue aesnn, nidulgc 130,000 aueq te to haerse in tnoi. tlayetmi, aesrhe in onti hauscdr the neit erypor itugrt to ocee its U.S. de-tsruea.

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