Artificial intelligence-driven fund manager Hanover Park has signed a lease for 19,269 square feet, occupying the entire 10th floor at 387 Park Avenue South. This marks the company's fifth office move in two years, as stated by CEO Chris Hladczuk. The address most recently listed on the company's website was 115 East 23rd Street.
TF Cornerstone did not disclose the asking rent or the lease term. However, according to a CBRE report, the average asking rent for office space in Midtown South in the second quarter of 2026 was $85.73 per square foot.
Market Positioning and Leasing Momentum
Joe Lanzilotta, Director of Commercial Asset Management at TF Cornerstone, commented on the location's appeal: "Existing tenants are choosing to expand here, and new companies are selecting this location. The property continues to outperform the market as a destination for growing businesses."
Negotiations for the agreement, signed in July, were handled by Ethan Silverstein of Cushman & Wakefield on behalf of the landlord. The tenant's representative is currently unknown. Silverstein emphasised that "the combination of TF Cornerstone’s long-term investment, highly efficient, 20,000 square foot floor plates, and prime NoMad location continues to resonate with tenants."
He added that recent leasing activity demonstrates that companies are prioritising prime buildings. With an entire floor becoming available this autumn, the property remains well-positioned to meet ongoing demand. The building, totalling 230,000 square feet, is located at the corner of Park Avenue South and East 27th Street.
Other Prominent Deals
Other recent deals in the building include the expansion of marketing firm PMG Worldwide. The company expanded from the second to the third floor in May, bringing its total footprint in the property to 38,744 square feet, according to TF Cornerstone.
