GFP Lands Three New Tenants, Two Renewals at 515 Madison Avenue
By Mark Hallum October 15, 2025 12:36 pm
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GFP Real Estate secured almost 19,000 square feet of new and renewed leases at 515 Madison Avenue in September.
The largest of the five tenants includes a joint lease for Encore Physical Therapy and Chiropractic and Li Qian Acupuncture, with an 11-year deal for 6,480 square feet on the third floor, according to the landlord.
Asking rent in the Plaza District building, now 99 percent leased, was $65 per square foot as recently as August, Commercial Observer previously reported.
“515 Madison continues to attract a diverse group of businesses — from financial services to health care to hospitality,” Jeffrey Gural, chairman of GFP Real Estate, said in a statement. “The range of tenants choosing this building speaks to its flexibility, prime location and historical significance. We’re proud to see it nearly full.”
Martin McGrath of GFP Real Estate and William Grover of Newmark handled negotiations on behalf of the landlord, while Steve Hass of Norman Bobrow & Company represented the tenant.
Newmark and Norman Bobrow & Company did not immediately respond to requests for comment.
The second-largest lease found Woodhill Real Estate signing a six-year deal for 3,952 square feet on the 25th floor of the building, with McGrath representing the landlord and Grover negotiating on behalf of the tenant.
Real estate investment firm Highwater Capital Group signed a three-year renewal for 3,655 square feet of its current office on the 13th floor, where it has been since 2019. McGrath and Kephra Stone of GFP Real Estate handled the deal in-house for the landlord.
Investment and asset management firm Citrinitas Capital Management signed a two-year lease for 2,793 square feet on the 14th floor, with McGrath and Grover acting as brokers.
Lastly, human resources consulting firm RSHR Management extended its 1,969 square-foot-lease for three years on the 12th floor, where it has been since 2014. McGrath represented both landlord and tenant in the deal.
Other tenants in the 42-story office tower, also known as the Dumont Building, include Jay Suites and Jay Conferences, which leased 60,000 square feet in January, as well as Paris-based fashion house Zadig & Voltaire, which signed a 12,000-square-foot lease in April 2023.
Mark Hallum can be reached at mhallum@commercialobserver.com.
