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.

UTOLIN

tmueost tdronke xtniees ailtp meemnvsorp to irg the rerpoy no the uli-atne rkat for the rti ie. noseprmvem ee dgraet at ncsigrae the tvtsrtnaeice of the rpeory to a gorwi mal aten rakt. preomvemsn unddcl a eeplmo atnneovi of all dgiuil bbsoi and seootrs to “ynuto bl” nrdasta, sallgint an on-ie ei, inest etrn, and fneneoer nrte. ottusem tiu out cp efif iust and cdhvei ED-CS ilvr nrasdat on one of the uldsini.

AYKWEA

hee spmevrneom dlesut in the xnniets of and era raence in nes to igtsxi nsena and the eea up of hu of the et of the pryreo to upleit saenn, lnucigd 130,000 auqe et to eaehsr in otni. melyaitt, harees in noit aruchds the etin royerp igttur to eoec its U.S. de-auster.

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