Sunday, March 28, 2010

WorldGate makes a move within Trevose, PA

"Tiny WorldGate Communications Inc., maker of video phones, will move its operations but remain in Trevose.

According to a filing with the Securities and Exchange Commission, WorldGate will lease 18,713 square feet in the Horizon Corporate Center. Its current 17,000-square-foot offices are about a mile away at 3190 Tremont Ave.

The new space will cost more, despite an initial five-month abatement in rent. The basic rent will be $24 per square foot, up from $7.06 per square foot for its current location, according to regulatory filings.

So while WorldGate spent about $250,000 on total rent expense in 2008, the new lease calls for the company to spend $449,112 on its initial annual base rent.

WorldGate, which was rescued by a North Carolina telecommunications reseller a year ago, said it expected to make the move in August."

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