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HORSHAM, PA-In what is widely regarded as the biggest office lease deal in the Delaware Valley this year, Spring House, PA-based Advanta inks a seven-year lease for the 110,000-sf building at 700 Dresher Rd. here. The property is one of more than 40 buildings on the 600-acre Pennsylvania Business Campus that are owned by Malvern, PA-based Liberty Property Trust.

According to data from three different first-quarter reports, the average asking rental rate is between $20.91 per sf and $21.83 per sf. All the research reports note that concessions are widespread and confirm the Trammell Crow Co. report, which notes, “it’s a good time to be a tenant,” in this area.

Advanta, which is an issuer of MasterCard credit cards to small businesses, is locating a back-office operation and call center along with marketing and administrative support functions in the building. It is moving in in phases that began with the occupancy of 36,000 sf in April and will continue into first-quarter 2004. Liberty renovated the 31-year-old former industrial building for VerticalNet, a provider of supply management software, in 2001.

Liberty’s stake in the campus totals approximately 2.5 million sf, which represents more than 80% of the overall space. Among the tenants in the complex are Fleet Bank, GMAC Mortgage Corp., Motorola, Prudential Insurance and Merck.

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