Newmark Holdings, a vertically integrated owner, operator, property manager and developer of commercial real estate, announced that independent consulting firm ClearBridge Compensation Group signed a 3,956-square-foot lease on the 32nd floor of 515 Madison Avenue, while Dental Serenity of Manhattan took 3,152 square feet of medical office space. The renowned 42-story office Art Deco property - also known as the Dumont Building - is located at 53rd Street and Madison Avenue.

ClearBridge Compensation Group is an independent consulting firm providing advice to boards of directors and senior management on the design of effective executive compensation programs. Dental Serenity of Manhattan is a popular New York City dental practice that combines gentle care with conservative treatment.

The announcement was made by co-CEOs Eric Gural and Brian Steinwurtzel of Newmark Holdings. Martin McGrath represented Newmark Holdings in the transactions. Kyle Ciminelliof Newmark Knight Frank acted on behalf of ClearBridge.

“We are delighted that we can continue our tradition of supporting smaller businesses by dedicating a home for them in our Manhattan portfolio,” said Mr. Gural. “The commitment at 515 Madison Avenue by both companies is a testament to our hands-on ownership strategy, where our focus remains on building relationships with tenants to help them grow and stay within our portfolio.”

The 350,000 square-foot, Class-A office building was constructed in 1931 and has been owned by the Gural family since 1962. The property, which underwent a full lobby renovation in 2008, is well-known for its distinctive Art Deco design and famous broadcasting antenna that traces back to the building's role in the first television broadcasts of Allen B. DuMont.

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.