General Services Administration Renews at 123 William Street

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Another government agency has finalized a sizable office lease at 123 William Street in the Financial District, landlord broker Avison Young announced. 

The federal General Services Administration has inked a 10-year, 48,211-square-foot lease for the entire third and part of the fourth floors of the 27-story building. Asking rent for the space was $48 a square foot, according to an Avison Young spokesperson.

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Avison Young’s Todd Korren represented the building owner, NYC REIT, in the transaction. William Korchak and Yolanda Morgan-Wells of JLL handled the negotiations on behalf of GSA. JLL spokespeople didn’t immediately return a request for comment.

“This renewal validates the ownership’s decision to invest in the building and create a five-star property,” Korren said in a statement.

The GSA, which handles federal real estate deals and supply procurement, shares the building with its state counterpart, the New York State Office of General Services. The state agency reupped a 45,350-square-foot office at 123 William earlier this year, as Commercial Observer reported.

Rebecca Baird-Remba can be reached at rbairdremba@commercialobserver.com