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Carbon Offset Firm Inks Sublease at 10 East 40th Street

10 East 40th Street - Mercantile BuildingThe 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.

This is the second commercial lease we’ve noted recently here at gbNYC signed by a socially responsible company. It’s anecdotal evidence, of course, but interesting and, perhaps, instructive to note that these sorts of firms are actively looking to expand their operations in this economy.

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