Dentistry Practice and Sports Medicine Provider Sign Deals at 515 Madison Avenue
By Mark Hallum October 23, 2024 4:58 pm
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GFP Real Estate has two new tenants at 515 Madison Avenue, and one that’s sticking around a little longer.
Dental surgeon Robert W. Berg signed a 16-year lease for 3,956 square feet on the 39th floor of the building just south of Central Park and will relocate his current offices at 150 East 69th Street, according to the landlord.
GFP Real Estate did not disclose the asking rent in the building, but the average in Midtown was $83.90 per square foot in the fourth quarter of 2024, according to a report from CBRE.
Martin McGrath of GFP Real Estate alongside William Grover of Newmark (NMRK) handled the deal in-house for the landlord while Jesse Rubens of JLR Realty negotiated on behalf of the dentistry practice. Newmark did not immediately respond to a request for comment.
“We were in the market for quite some time and finally settled on 515 [Madison] because it was the best overall package of location, ownership, renovation, and value,” Rubens told Commercial Observer. ”It’s a superb property.”
Berg is doubling the size of his dental office after acquiring another practice, according to Rubens.
Aside from Berg, private equity firm MTN Capital Partners signed a two-year renewal for the 3,956 square feet it has leased on the 37th floor since 2012. MTN represented itself in-house in the deal. A spokesperson for MTN did not immediately respond to a request for comment.
In the smallest of the three deals, Manhattan Sports Therapy, also known as Madison Avenue Chiropractic, signed a five-year lease for 3,125 square feet on the fourth floor. It’s unclear whether this is a new clinic or if the practice will be relocating from its current location at 635 Madison Avenue.
Allen Gurevich of GFP Real Estate represented the tenant in the deal.
Mark Hallum can be reached at mhallum@commercialobserver.com.
