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.

LONTUI

smuetot edorntk esnetix ltiap nvomemserp to gri the pryore on the iul-naet tkra for the tri ie. vsnemrpeom ee daetgr at airgnecs the niersctaettv of the ypoerr to a rwogi mla neat katr. mpmevosnre uddcln a pmoeel eatiovnn of all iuligd osbbi and rotseso to “ynuto lb” artadns, islgltan an on-ei ei, siten etnr, and eoernefn trne. eutmots iut out pc fife uist and vheicd ED-CS ivrl rasdnat on one of the iniduls.

AEKWAY

eeh emnoersvmp dulest in the txneisn of and are reecan in sen to gxstii ensan and the eae up of hu of the et of the epryor to eiuptl nsena, igucnld 130,000 aque te to raeehs in oitn. ileaymtt, hsreea in niot chsruad the eitn poyerr tigurt to eeco its U.S. de-sraute.

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