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Avison Young arranges lease renewal at NYC REIT’s 123 William Street

Avison Young arranges lease renewal at NYC REIT’s 123 William Street August 1, 2022

Recent capital improvements underscore tenant satisfaction with the building, ownership, and location

Avison Young announced today that its New York office has arranged the ten-year lease renewal of the General Services Administration for its 48,211-square-foot (sf) lease on the entire third and partial-fourth floors in the building.

The Avison Young New York team was led by Todd Korren, Principal, who represented the landlord as the exclusive leasing agent for 123 William Street. The General Services Administration (GSA) was represented by William Korchak and Yolanda Morgan-Wells of JLL.

“Through a rigorous competition and lease negotiation process, 123 William Street was ultimately selected as the best-in-class location for the GSA.  This is a terrific and hard-fought win for the building and illustrates ownership’s creativity and flexibility to structure terms that meet its tenants’ needs and occupancy goals,” said Korren.  “This renewal validates the ownership’s decision to invest in the building and create a five-star property, which was recently recognized as the Building Owners and Managers Association of New York (BOMA) Building of the year in 2021.”

123 William Street is a fully renovated, 27-story office building centrally located between the South Street Seaport and World Trade Center in the heart of Lower Manhattan, offering premium access to the area’s vibrant live-work-play offerings and mass transit. The 545,000-sf building is home to a diverse range of tenants in the Technology, Advertising, Media, Information (TAMI), financial, legal, and non-profit industries, and is WELL Health-Safety rated.

“By partnering with Todd and his team at Avison Young, we were able to leverage their experience and navigate the renewal process seamlessly,” said Michael Weil, CEO of NYC REIT. “Their understanding of the building and its benefits, especially after the recent renovation, helped us secure a 10-year lease renewal with the GSA.”

Avison Young creates realeconomic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.

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