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.
UOINLT
ottmues tnrdeok itsexen tpial omneepsvrm to gir the yrpreo on the lui-enta atrk for the irt ie. sroemnvpme ee adgret at nacgesir the nvcttteireas of the eroryp to a wrgoi mal enat trka. rsmoeempvn dcldnu a peeolm intveona of all dligui iosbb and roteoss to “oynut bl” tardasn, nagsitll an on-ie ie, tsnei tren, and nnerefoe retn. usmtote itu out pc ffie uist and iehvdc DE-CS rvli tsraand on one of the sdiluni.
YKEAWA
hee mespvonrme tluesd in the xsiennt of and rea nreaec in sne to igitxs esnan and the aee up of hu of the et of the peyrro to eutlip nenas, clginud 130,000 aueq et to eahrse in tnoi. aiytmlte, aeshre in iton hdusacr the iten eryopr itgrut to eeoc its U.S. de-rusate.
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