Northeast

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Costs will continue to rise this year, JLL predicts, although at a more moderate pace than over the past year.

The Project Management Group of the real estate advisory firm is overseeing the $317 million upgrade of the historic building at 476 Fifth Ave.

“We continue to see foreign capital buying core deals in Center City, Philadelphia,” says Ken Wellar, managing partner at Rittenhouse Realty Advisors.

Matt Nyren, Ubiquity president and CEO, says northeastern Pennsylvania was a perfect location for the New York-based company to locate its newest call center.

The facility, which is approximately 85% occupied, offers climate-controlled, non-climate, and parking units.

The sale price more than likely is north of $100 million since CrossHarbour acquired the property in 2016 for $101 million and since then undertook a multi-million-dollar capital improvement plan at the hotel that was completed in 2017.

The flexible office space provider has expanded its footprint at Savanna and KBS Capital Advisors' Lower Manhattan office building.