The average asking rental rate for office properties along the Upper Main Line is $23.59 per sf, according to a second-quarter 2004 office report from the Philadelphia office of CB Richard Ellis. However, on condition of anonymity, brokers familiar with office properties in this submarket tell GlobeSt.com the rental rate is probably about $22.50 per sf.

Initially, Novavax will relocate its corporate and administrative staffs here, and, over time, expand to add research, development and some manufacturing. It has taken an option on an adjoining 17,000 sf in the center. The company specializes in the research, development and commercialization of proprietary products focused on drug delivery alternatives and vaccine development.

Jim Mazzarelli, Liberty's SVP and city manager, represented the owner in the transaction. Vienna, VA-based USI Real Estate Advisors represented Novavax, which conducted a six-month, multi-state search for its new corporate headquarters before selecting Great Valley.

Great Valley opened 25 years ago and is "home to dozens of corporate headquarters facilities," according to Mazzarelli. Another biopharmaceutical, Gentara, established its corporate headquarters in the center this May.