The new office tenants are Pasadena, CA-based Full Spectrum Lending, a subsidiary of Countrywide Credit Industries Inc., which will move into 5,187 sf in January, and Newark InOne, an affiliate of the InOne family of businesses with the Premier Farnell Group, which will move into 3,755 sf in February.
Philadelphia-based Binswanger/CBB is the exclusive leasing agent for the property. Terms of the leases are undisclosed. The asking rental rate for class A office space in Northbrook Corporate Center and other properties adjacent to Horizon is $24.50 per sf.
Horizon Center is located on the 101-acre site of the former Eastern State School and Hospital at the intersection of Rte. 1 and Exit 28 of the Pennsylvania Turnpike. Last November, it contained 27 vacant, condemned and dilapidated structures, built by the state more than 30 years ago. They have since been demolished.
The tract, under development by King of Prussia, PA-based O'Neill Properties Group, is projected to contain 822,000 sf of office space and 234,000 sf of retail space over the next 10 years. Total development cost is estimated at $100 million.
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