TF Cornerstone inks Hanover Park lease and PMG Worldwide expansion at 387 Park Ave. South

Manhattan, NY New York City real estate development firm TF Cornerstone (TFC) has completed 100,000 s/f of leasing activity over the past year at 387 Park Ave. South, highlighted by a new lease with Hanover Park and the expansion and extension of PMG Worldwide totaling more than 58,000 s/f.

Hanover Park signed a lease for the building’s entire 10^th floor, totaling 19,269 s/f. PMG Worldwide renewed its lease on the entire second floor while expanding into the entire third floor, bringing its total footprint to 38,744 s/f. The transaction also includes renovations on the second floor and a full rebuild of the third floor.

“As our New York team continues to grow, expanding within 387 Park Ave. South was a natural next step,” said George Popstefanov, founder and CEO at PMG Worldwide. The building has been an excellent home for our team, and this expansion is a testament to our confidence in our future here. The redesigned third floor will give our team the space and flexibility to support greater collaboration and position us for continued growth.”

“Our ambition is to become a default AI-native category winner based in NYC. We’ve moved offices four times in under 2 years,” said Chris Hladczuk, CEO at Hanover Park. “The 20,000 s/f at 387 Park Ave. South stood out for its quality, location and ability to support our team as we continue to scale.”

“387 Park Ave. South has consistently distinguished itself in a highly competitive leasing environment,” said Ethan Silverstein, executive vice chairman at Cushman & Wakefield. “The combination of TFC’s long-term investment, highly efficient 20,000 s/f floor plates and premier NoMad location continues to resonate with tenants. 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.”

The recent transactions build on sustained leasing momentum at the 230,000 s/f NoMad office building, including K Health’s long-term renewal and the expansion of another TAMI user completed in late-2025. The building has just one floor left before becoming fully leased. 

“We’re pleased to welcome Hanover Park to 387 Park Ave. South and to expand our relationship with PMG Worldwide,” said Joe Lanzilotta, director, commercial asset management at TF Cornerstone. “These transactions continue the strong leasing momentum we’ve seen at the property. Existing tenants are choosing to expand here and new companies are choosing to locate here. The property continues to outperform the market as a destination for growing businesses.”

TF Cornerstone led a $20 million repositioning of the property in 2017. Designed by Moed de Armas & Shannon Architects, the renovation included upgraded lobbies, elevators, mechanical systems and façade improvements, as well as the addition of a private rooftop amenity featuring a 1,700 s/f glass-enclosed conference facility and roof deck.