SL Green's Co-Chief Investment Officer Is Stepping Down
One of SL Green's top executives will leave the real estate investment trust at the end of July.
Co-Chief Investment Officer Isaac Zion, who has been with SL Green since 2007, plans to make his exit at the end of next month to “pursue new professional interests,” the publicly traded company announced Monday in a press release.
“We thank him for all of his accomplishments here and his tireless efforts at adding value across the entirety of our platform,” SL Green President Andrew Mathias said in the company’s release. “All of us at SL Green wish him nothing but the best as he embarks on his next endeavors.”
Zion has had a hand in $30B in investment activity and 15M SF of leasing transactions since the start of his career, according to his company bio. He previously worked for Tishman Speyer.
Zion ran SL Green's investment team alongside David Schonbraun, who will serve as sole chief investment officer after Zion leaves.
Zion’s departure comes during a turbulent time for the REIT, one of the city’s largest property owners. He played a big part in the $815M sale of the former Daily News building at 220 East 42nd St. that fell through in March at the beginning of the city’s shutdown. The REIT is suing the once-prospective buyer, the Chetrit Group, seeking to recoup the $35M deposit.
The company’s stock price has taken a hit amid the coronavirus pandemic, falling 42.7% over the past six months. Like several other REITs, SL Green aimed to increase its cash flow amid the pandemic by selling off debt on major properties in April. Earlier this month, Bath and Body Works sued the company, seeking to abandon its 2,500 SF lease at SL Green’s 304 Park Ave. South.