Fund Administrator Hanover Park Inks 19K-SF Deal at 387 Park Avenue South

An artificial intelligence-driven fund administrator is moving its headquarters to TF Cornerstone’s 387 Park Avenue South, Commercial Observer has learned.

Hanover Park signed a 19,269-square-foot lease on the entire 10th floor of the NoMad property, marking its fifth office move in two years, according to CEO Chris Hladczuk. The firm’s most recent office address is listed on its website as 115 East 23rd Street.

TF Cornerstone did not immediately provide the asking rent or the length of the lease, but the average asking rent for office space in Midtown South was $85.73 per square foot in the second quarter of 2026, according to a report from CBRE.

“Existing tenants are choosing to expand here and new companies are choosing to locate here,” Joe Lanzilotta, director of commercial asset management at TF Cornerstone, said in a statement. “The property continues to outperform the market as a destination for growing businesses.”

It is unclear who represented the tenant in the transaction, but Cushman & Wakefield’s Ethan Silverstein handled negotiations on behalf of the landlord in the deal signed in July. It’s unclear who represented the tenant.

“The combination of TF Cornerstone’s long-term investment, highly efficient 20,000-square-foot floor plates and premier NoMad location continues to resonate with tenants,” Silverstein said in a statement. “The recent leasing activity demonstrates that companies are prioritizing best-in-class buildings, and with one full floor becoming available this fall, the property remains well positioned to meet continued demand.”

Other recent deals in the 230,000-square-foot building at the corner of Park Avenue South and East 27th Street include a lease for marketing firm PMG Worldwide, which expanded from the second to third floor in May and brought its total footprint there to 38,744 square feet, according to TF Cornerstone.

Mark Hallum can be reached at mhallum@commercialobserver.com.