AI-native fund administrator Hanover Park has signed a lease for approximately 19,269 square feet at TF Cornerstone’s 387 Park Avenue South in Manhattan. The transaction, covering the building’s full 10th floor, comes alongside PMG Worldwide’s expansion and lease renewal, pushing the property’s leasing activity above 100,000 square feet over the past year.
Key takeaways
The latest transactions reinforce 387 Park Avenue South’s appeal to growing financial, technology, media and professional-services companies.
- Hanover Park leased the entire 10th floor, totaling about 19,269 square feet.
- PMG Worldwide renewed its second-floor lease and added the entire third floor.
- PMG’s combined footprint now totals approximately 38,744 square feet.
- The building has recorded more than 100,000 square feet of leasing activity in the past year.
Hanover Park establishes a full-floor presence
Hanover Park’s agreement gives the company a dedicated full-floor location at the Midtown South property. The fund administrator describes itself as AI-native, positioning the deal among recent transactions involving technology-focused and financial-services users seeking space to support continued growth.
The approximately 19,269-square-foot lease represents a significant new occupancy for the building and adds another expanding business to its tenant roster.
PMG Worldwide expands across two floors
PMG Worldwide has extended its existing commitment at 387 Park Avenue South while adding more space. The company renewed its lease for the entire second floor and expanded into the full third floor.
With the additional floor, PMG’s total presence at the property will reach approximately 38,744 square feet. The expansion signals a decision to consolidate and grow its operations within the building rather than relocate.
Leasing activity surpasses 100,000 square feet
The Hanover Park and PMG transactions follow other recent leasing developments at the property, including a long-term renewal by K Health and the expansion of another tenant in the technology, advertising, media and information, or TAMI, sector completed in late 2025.
Together, these deals have contributed to more than 100,000 square feet of leasing activity at 387 Park Avenue South during the past year. The pace suggests continued demand from companies seeking centrally located offices that can accommodate expansion.
Property owner points to market resilience
TF Cornerstone said the new lease and PMG’s expansion reflect the building’s performance as a destination for growing businesses. Joe Lanzilotta, the company’s director of commercial asset management, described the transactions as evidence of the property’s ability to outperform broader market conditions.
The deals also strengthen TF Cornerstone’s tenant relationships, bringing Hanover Park into the building while expanding its existing partnership with PMG Worldwide.