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CONSHOHOCKEN, PA-New Horizons Worldwide Inc. has sublet 7,967 sf at One W. Elm St. from Mercy Health Systems. The Anaheim, CA-based global IT training firm is establishing this as its Northeastern US operations center, beginning with a staff of 12 and growing to 40 or more by 2010.

The company has moved into 1,500 sf of temporary space on the second floor, while the remainder is being built out to its specifications, according to MaryFrances McGarrity of King of Prussia-based Jackson Cross Partners. She and Lou Battagliese of Jackson Cross represented New Horizons in the lease transaction. Plymouth Meeting-based Gola Corporate Real Estate represented Mercy Health.

Mercy previously occupied the entire 97,737-sf building, “and they have been very cooperative in accommodating New Horizon’s immediate needs and requirements for future expansion,” McGarrity tells GlobeSt.com. The tenant is expected to occupy the full 7,967 sf by February. New Horizon’s term is for more than five years. The aggregate value of the transaction is undisclosed.

Radnor-based Brandywine Realty Trust acquired this building and the larger 101 W. Elm St. property in September 2005 for $52 million. They are class A facilities, built in 1999. Conshohocken is the second highest-price suburban Philadelphia office submarket, exceeded only by Bala Cynwyd. A third-quarter report from Studley puts the average asking office rent rate here at between $30.50 per sf and $32.14 per sf, while a Cushman & Wakefield report pegs the class A direct asking rate at $31.23 per sf.

“New Horizons was founded by people from the Philadelphia area,” McGarrity says. “It is in the process of selling the computer training centers it owns and refocusing on franchising that segment of the business.” There are currently more than 280 owned and franchised New Horizons Computer Learning Centers in 56 countries.

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