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.
IUOLTN
oeumtst notrdek xeintse ialpt nepsmvemro to irg the rropey no the iul-tean ratk for the tri ie. esmorvmnpe ee rtdgea at geanirsc the sivtecnteart of the oyprre to a goirw mal aent takr. prsmoenevm duldnc a peeoml oanevtni of all idguil bsibo and sosoetr to “uonyt bl” sandart, nitslgal an on-ei ie, sneti etrn, and neeenofr rent. tetsmuo itu out pc feif isut and eihcdv DE-CS lvir ardnats on one of the unsiild.
KYEAWA
hee mnrpomvese uetdsl in the tseinxn of and are cnaere in nes to gxiist asnne and the aee up of uh of the te of the reropy to tpilue nnaes, uildcgn 130,000 eauq te to raeseh in tion. eltmtiay, ahseer in tion rdauhsc the ntei oyerrp utitrg to oece its U.S. ed-aetsur.
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