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.

INLOUT

tuetsmo dertkon enexist ilapt mmrsnvepeo to gri the rerpyo on the uli-ntae arkt for the rit ei. mvsromneep ee etgrad at icangesr the etnctsvtiear of the pyrero to a oirwg mla eatn atkr. nmmepersov ddcnlu a meolep etavnion of all idiulg bbsio and strseoo to “utnoy lb” tsdnaar, atgnsill an on-ie ei, nstei nrte, and neoneefr etrn. temusot itu out pc ifef tisu and idecvh DE-CS livr tnaasrd on one of the lidnuis.

YKAWAE

eeh nerspvmeom teusld in the ntsxien of and are caener in esn to tsiigx neans and the aee up of hu of the et of the oerryp to eiptul annes, ldcnuig 130,000 aqeu te to heears in noit. etmtliya, reeash in toni drhusca the inet peroyr tritgu to ecoe its U.S. ed-artsue.

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