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Deals & Dealmakers

Avison Young arranges 62,600 square feet in new leases at NYC REIT’s 123 William Street Latest flurry of deals at 123 William Street represents tenants’ satisfaction with the building, ownership and location

Avison Young announced today that its New York office has arranged 62,600 square feet (sf) in new leases at NYC REIT’s 123 William Street in Downtown Manhattan. Executive search firm LHi Group expanded and extended its lease relocating from the 14th floor to 12,658 sf on the entire 26th floor, NYS Office of General Services renewed its 45,350-sf lease on the entire second and 20th floors and law practice ProCounsel renewed its 4,600-sf lease on a portion of the 15th floor of the building.

Avison Young New York-based Principal Todd Korren represented the landlord as the exclusive leasing agent for 123 William Street. LHi Group was represented by Gethin Davies at The Instant Group, NYS Office of General Services was represented by Stephen Siegel and Bruce Surry of CBRE and ProCounsel worked directly with Todd Korren in the negotiations.

“These three recently closed transactions illustrate ownership’s creativity and flexibility to structure terms that meet its tenants’ needs,” said Todd Korren.  “Further, they validate ownership’s decision to invest in 123 William to make it a best-in-class property, as indicative by its achievement as the 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. The 545,000-sf building is home to a diverse range of tenants in the TAMI, financial, legal and non-profit industries. As a result of ownership’s substantial investment in the building, 123 William Street was named Building of the Year in the Operating Office Building 500,000-1,000,000-sf category by the Building Owners and Managers Association of New York.

“In partnership with Avison Young, 123 William Street experienced continued leasing success in 2021 with seven transactions totaling approximately 110,000 sf,” said Michael Weil, CEO of NYC REIT. “Through a thoughtful repositioning of the building, we’ve seen continued interest from tenants and their employees that are seeking high-quality, well-located buildings in Downtown Manhattan, citing the access to numerous mass transit options and neighborhood amenities.”

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