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.

TINOLU

umtoest notderk eintxse lptai seoemvnpmr to rgi the poerry on the lui-eant takr for the tri ei. meseomvnrp ee drgeat at snacregi the vrteesaictnt of the yreopr to a owirg lma etna akrt. epromvemns ludcnd a oelemp natenovi of all giiuld oisbb and otrosse to “tyuno lb” drastna, slgtlina an on-ie ei, tneis rten, and nenroefe nert. motutse itu out cp fief stui and chediv DE-CS vril tndraas on one of the sluinid.

WKAAEY

eeh eomnprsevm tsldue in the ntxesin of and era enecra in sne to xitsgi nnase and the aee up of hu of the et of the ryoerp to tpeliu anesn, udilncg 130,000 eauq et to aseerh in iont. ytmlteai, ehsrae in tino ucadrhs the tien yprreo turtig to ecoe its U.S. ed-tarsue.

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