After digging into the Windows side of the house, I was left scratching my head. All of the settings for both DHCP and DNS were as they should be. I set up a packet capture and sent a few DHCP requests from the VM's which revealed the issue. The default behavior for dhclient in CentOS now is to not pass the hostname in the request. Adding one simple parameter in the /etc/sysconfig/network-scripts/ifcfg-eth0 file solved everything. If you run into this issue, simply add the following to the file for the affected interface:
DHCP_HOSTNAME=`hostname -s`By including this line, you are telling dhclient to pass the hostname to the DHCP server in the request.