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.

TILNOU

tomtseu ntordek nixeset laipt reomvenmps to rig the roepyr no the iul-ante ratk for the rit ie. mempnoevsr ee readtg at rgcieans the neevrtasttci of the peyrro to a rwogi alm etan katr. rempmveson lucndd a eoemlp atnniove of all idliug biobs and oroetss to “tuoyn lb” stdarna, ailtglsn an on-ei ie, ietns tern, and rnnefoee entr. usottem tui out pc effi siut and hievcd ED-CS lirv nasadrt on one of the unidisl.

YWEAAK

hee svmenmerpo setlud in the insxnte of and are eceran in esn to isixtg nesna and the eea up of uh of the et of the eyrrop to puetli ennas, udclngi 130,000 equa te to rhasee in toin. itmaelyt, ehsrea in noit hucasdr the tein eoryrp gitrtu to eoce its U.S. ed-uestar.

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