Newmark Knight Frank

Carbon Offset Firm Inks Sublease at 10 East 40th Street

Tue

Aug

The CarbonNeutral Company, whose recent local client roster includes Bruce Ratner's star-crossed New Jersey Nets, recently moved its North American regional headquarters into a new office suite on the 31st floor of the Mercantile Building at 10 East 40th Street between Fifth and Madison. The UK-based firm assists clients in carbon management and reduction strategies, including the purchase of carbon offsets; it has worked on over 200 projects in 6 continents since its founding in the early 1990s.

CarbonNeutral's new 5000-square-foot space at the Mercantile Building is more than double the size of its old home at 527 Madison Avenue. Asking rents for the space were $40 per square foot; the Lansco Corporation represented CarbonNeutral and Newmark Knight Frank the sublessor. The art deco Mercantile Building was built in 1929 and designed by Ludlow & Peabody; at the time, it was the 4th tallest building in the world. The 48-story tower offers 350,000 square feet of office and mixed-use space and is also home to the Moroccan consulate.

515 Madison Avenue Earns East Midtown Partnership's 2009 Building of the Year Award

Tue

Jul

by Stephen Del Percio

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At its annual meeting back on June 18, the East Midtown Partnership presented 515 Madison Avenue with its 2009 Building of the Year award. As you'll recall, the tower recently underwent a $5 million renovation and continues to pursue a LEED-EBOM rating from USGBC. The 42-story neo-classical building is owed by Newmark Knight Frank chair Jeffrey Gural and was built in 1931 from an original design by J.E.R. Carpenter. Rosen Johnson Architects executed the renovation project, which included an expansion and upgrades to the building's lobby. The porte-cochere (carriage door) Madison Avenue entrance was redesigned to emphasize the building's signage by allowing natural light to penetrate its canopy. Gural is also pursuing LEED-CI certification for 515 Madison's 13th and 14th floors, where green design features include recycled-content carpets, lighting occupancy sensors, and dual-flush toilets. The East Midtown Partnership acknowledged 515 Madison's "extensive renovation designed to make it an environmentally-friendly 'green' building, and increased occupancy in the process;" we recently noted a trio of leases that were finalized at the building.

Tenants Taking Looks at Topped Out 11 Times Square

Thu

Dec

by Stephen Del Percio

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Steve Cuozzo reported earlier this week that although asking rents are holding (for the time being) at $100 per square foot, tenants continue to tour SJP Properties’ LEED Gold hopeful 11 Times Square at the corner of 42nd Street and 8th Avenue. According to Cuozzo, German bank WestLB considered space at the tower before deciding on LEED Gold-certified 7 World Trade Center at a decidedly cheaper rent (between $75 and $85 per square foot). Japanese bank Mizuho is currently looking for a block of 250,000 to 300,000 square feet with CB Richard Ellis, and Cuozzo reports that it has visited the building as well. The National Basketball Association and Newmark Knight Frank are also interested and, according to Cuozzo, went so far as to draw up architectural plans for space, where it would relocate from 645 Madison Avenue.

Monday LEEDoff: Bank Inks Sublease at – EB Tower in Midtown

Mon

May

by Stephen Del Percio

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In addition to its 250 West 55th Street project that will aim for LEED Gold, Boston Properties is currently pursuing LEED for Existing Buildings ("LEED-EB") certification for two of its Manhattan office buildings – Times Square Tower (1 Times Square) and 599 Lexington Avenue (between East 52nd and 53rd Streets). Designed by architect Edward Larrabee Barnes, Boston Properties built the 47-story 599 Lexington back in 1986. Last week, the real estate investment bank Savills Granite (formerly Granite Partners) subleased 18,000 square feet on 599 Lexington’s 36th floor, requiring additional office space after a recent merger with London-based property manager Savills. The newly combined firm takes the space from law firm Kirkpatrick & Lockhart Preston Gates Ellis, which was represented by Studley in the negotiations.