Riverside Commons
Download Case Study- 2006
Acquisition Year
- 3
Years
Held - 460k
Total Square Footage
- 6
Number of Buildings
OPPORTUNITY
Westmount acquired the 460,000 square foot, six building mid-rise (2-4 stories) garden office campus, known as Riverside Commons, situated on approximately 12.9 acres with an occupancy of 47% at acquisition. Westmount identified several value-add opportunities for improvement at the property including renovation of the common areas and building out spec suites for the small tenant market.
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.
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