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SL Green Realty Corp.’s head of investments is leaving the company this summer, just a year after his former co-head left.
Chief Investment Officer David Schonbraun, who has held that role since 2002, will depart before the end of this quarter, the company announced Thursday.
“The time is right for me to pursue new challenges in today’s evolving commercial real estate landscape,” Schonbraun said in a statement.
Schonbraun has helped lead $25B in debt and equity transactions during his time at SL Green, according to its website. He was a banker at Credit Suisse First Boston before taking up his post.
“David has been an integral member of SL Green for nearly two decades, helping to grow the company, overseeing the debt and preferred equity platform, and helping spearhead our industry-leading investment strategy,” SL Green Chairman and CEO Marc Holliday said. "His dedication has brought great value across the firm, and we thank him for his years of service.
Less than a year ago, Schonbraun’s then-co-Chief Investment Officer Isaac Zion stepped down from his post at the company “to pursue new professional interests." The team the duo used to helm will now be led by managing directors Brett Herschenfeld and Robert Schiffer, as well as Senior Vice President Harrison Sitomer, according to the release.
The departure comes after a rocky year for SL Green and other New York City-focused real estate companies. The company has experienced declines in occupancy and cash flow as its millions of square feet of Manhattan office and retail properties emptied out.
But SL Green also landed some big deals over the past year. It signed one of New York City’s biggest office leases of 2020, a 100K SF lease with Beam Suntory at 11 Madison. It sold several properties toward the end of 2020, including 410 10th Ave. for $952.5M, the biggest commercial sale in the post-pandemic era when the deal closed.
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