Denham Wolf Real Estate Services Represented TDF in the Transaction

Newmark Holdings, a vertically integrated owner, operator, property manager and developer of commercial real estate, announced that Theatre Development Fund (TDF), a not-for-profit service organization for the performing arts, has renewed its 12,349-square-foot office lease on the eighth floor of 520 Eighth Avenue, a 25-story, 755,000-square-foot office building located in the heart of the Garment District. In addition to its iconic TKTS Discount Booths, TDF’s membership, outreach, access and award-winning educational programs have introduced hundreds of thousands of people to the theatre.

TDF was represented by Paul G. Wolf of the nonprofit-focused firm Denham Wolf Real Estate Services. Matthew Mandell, Newmark Holdings’ Senior Manager, acted on behalf of the ownership.

“We are delighted that such a significant nonprofit group has chosen to remain at 520 Eighth Avenue, which speaks volumes about our support for local nonprofits, as the building houses several others such as Alliance of Resident Theatres/New York and the Theatre Communications Group,” said Mr. Mandell.

TDF first moved into the building in 2008 in a strategic relocation that allowed for continued proximity to the Theatre District, home to the majority of its community of beneficiaries, despite the neighborhood’s rising rents.

"We are pleased to have extended our lease at 520 8th Avenue,” said Victoria Bailey, TDF’s Executive Director.“The building is known for its wide variety of not-for-profit tenants which speaks to Newmark's support of this vital sector of the New York City economy."

Created in 1968 to help strengthen Broadway and Off Broadway, in particular serious dramatic plays, TDF has provided subsidy support to more than 1,000 plays and musicals, including 37 productions that later became Pulitzer Prize winners, and has developed a wide-ranging variety of programs to serve audiences and theatres.

Originally constructed in 1926 as a garment district manufacturing building, 520 Eighth Avenue was completely transformed into a modern office building in the early 2000s. The building boasts 50,000-square-foot floor plates along with modern building systems, new elevators and a state-of-the-art security system. Located between 36th and 37th streets, 520 Eighth Avenue is situated on the edge of Manhattan's theater district, near Times Square, and just blocks from major transit hubs Penn Station and the Port Authority Bus Terminal.

About Newmark Holdings

Newmark Holdings, led by Jeffrey Gural, Eric Gural and Brian Steinwurtzel, is a vertically integrated owner, operator, property manager and developer of commercial real estate with its 63-year-history of hands-on asset management and portfolio of more than 10 million square feet of commercial properties throughout New York City.

About Denham Wolf

An essential resource for New York City’s nonprofit community, Denham Wolf Real Estate Services provides expertise in transactions, development, and project management. Through these integrated services, the firm empowers organizations to take a thoughtful, mission-first approach to real estate. Denham Wolf has partnered with hundreds of diverse nonprofit organizations since its founding in 1998, shaping millions of square feet across New York City. For more information, visit www.denhamwolf.com.