Quantum Pacific Snaps Up BGO’s 101 Greenwich Street for ‘More Than $100M’
Nathan Berman’s Metro Loft is said to be a partner in the deal as a residential conversion is eyed
By Cathy Cunningham February 10, 2025 3:34 pm
reprints
Idan Ofer’s Quantum Pacific is adding another Manhattan building to its portfolio, making an “ofer” that its owner couldn’t refuse.
Hot on the heels of its acquisition of 767 Third Avenue in November, the London-based investor scooped up BentallGreenOak’s 26-story 101 Greenwich Street for a price “in excess of $100 million,” sources told Commercial Observer.
Quantum is said to be exploring a conversion of at least part of the office building to residential use with Nathan Berman’s Metro Loft Management as a partner, sources said.
PincusCo. first reported news of the sale, which was negotiated by Newmark‘s Adam Spies, Adam Doneger and Michael Collins, sources said.
BGO acquired the historic Beaux Arts building in March 2016 for $225 million with partners Cove Property Group and real estate equity fund Multi-Employer Property Trust, then undertook a $70 million gut renovation of the asset a year later. The recent sale represents a steep loss for the previous owners.
Quantum Pacific couldn’t be reached for comment, but sources familiar with the firm’s strategy said it wants to take part in the growth of New York City and is making long-term investments accordingly. Quantum intends to build a significant multi-segment portfolio of assets, sources said.
When it comes to 101 Greenwich, also known as 2 Rector Street, an office-to-residential conversion wouldn’t be out of character for Quantum. Residential conversion is the strategy Quantum is pursuing at 767 Third Avenue, together with Metro Loft.
The conversion at 767 Third Avenue is now underway, with the partnership locking down $55 million in financing in January from Israel-based Bank Hapoalim, CO reported at the time.
Quantum’s purchase of 767 Third Avenue marked its first investment in U.S. commercial real estate, and 101 Greenwich is its second. Ofer, a shipping, mining and sports billionaire, also owns stakes in Spanish soccer team Atlético Madrid and Portuguese team Famalicão. With “Aúpa Atleti” being the rallying cry for the former, surely New York is saying “Aúpa, Quantum!’ as another office building receives a second lease of life, and maybe an investment hat trick is also around the corner.
BGO declined to comment. Quantum, Metro Loft and Newmark didn’t immediately respond to requests for comment.
Cathy Cunningham can be reached at ccunningham@commercialobserver.com.
