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

New York, NY Avison Young has arranged the ten-year lease renewal of the General Services Administration for its 48,211 s/f 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 St. 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 St. was ultimately selected as the best-in-class location for the GSA. This is a terrific and hardfought 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 St. is a fully renovated, 27-story office building offering access to the area’s live-work-play offerings and mass transit. The 545,000 s/f building is home to a 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.”