Idan Ofer’s Quantum Pacific Buys 101 Greenwich Street

Israeli billionaire Idan Ofer is doubling down in New York City, making both his second acquisition and potentially eyeing his second conversion, too.

Ofer’s Quantum Pacific agreed to pay more than $100 million for 101 Greenwich Street in the Financial District, the Commercial Observer reported. BentallGreenOak is selling the 26-story office building, which is alternatively addressed at 2 Rector Street.

The contract agreement was first reported by PincusCo. A Newmark team including Adam Spies, Adam Doneger and Michael Collins negotiated the transaction.

Quantum doesn’t seem interested in simply being a steward for the office building, either. The firm is exploring partnering with Nathan Berman’s Metro Loft Management to convert at least part of the property into residences.

BGO came on the scene in 2016, acquiring the building with Cove Property Group and Multi-Employer Property Trust from Kushner Companies and CIM Group for $225 million. Shortly thereafter, ownership renovated the property at a $70 million cost.

Tenants at the 400,000-square-foot building include Independence Point Advisors, Moment Technology, and Pro Shop Holdings, according to CompStak.

Ofer is already familiar with office-to-residential conversions.

In November, he partnered with Berman on an $88 million purchase of 767 Third Avenue, in Ofer’s first investment in U.S. commercial real estate. The purchase closed with a $55 million loan from Bank Hapoalim, setting the course for a conversion.

Berman is one of the kings of conversions across Manhattan, working on projects such as the redevelopment of the former Pfizer headquarters at 235 East 42nd Street along with David Werner.

Ofer is the brother of Eyal Ofer, whose Global Holdings is well known in New York real estate. Idan, a shipping and mining mogul, owns stakes in the Spanish soccer team Atlético Madrid and the Portuguese team Famalicão.

— Holden Walter-Warner