SL Green’s Co-CIO Isaac Zion Departing Next Month
Zion, who has been with the company since 2007, leads SL Green (SLG)’s investment group with David Schonbraun and had his hand in more than $30 billion of investment activity in his career, according to SL Green’s website. He will leave his post to “pursue new professional interests,” SL Green said.
“For more than a decade, Isaac has done an exemplary job co-leading the Investments team,” Andrew Mathias, the president of SL Green, said in a statement. “We thank him for all of his accomplishments here and his tireless efforts at adding value across the entirety of our platform. Marc [Holliday] and I, and all of us at SL Green, wish him nothing but the best as he embarks on his next endeavors.”
Schonbraun will take over as the sole head of SL Green’s investment team and continue to manage its day-to-day operations with managing directors Brett Herschenfeld and Robert Schiffer, the landlord said.
The news of Zion’s exit was first reported by Bloomberg.
Zion first joined SL Green as a managing director and co-head of its investment group in 2007 where he oversaw acquisitions, dispositions and joint ventures for one of New York City’s largest landlords. He also heads SL Green’s suburban portfolio, according to its website. He previously worked for Tishman Speyer and Insignia ESG (which later became CBRE (CBRE).)
His departure comes as SL Green’s stock has dipped during the coronavirus pandemic and the landlord laid off less than 10 percent of its corporate staff in May, Bloomberg reported. Zion leaving is not related to SL Green’s layoffs.
Aside from impacts to its stock, the coronavirus tanked SL Green’s $815 million sale of the News Building at 220 East 42nd Street to Jacob Chetrit, the Wall Street Journal reported. In May, SL Green sued Chetrit to keep the $35 million security deposit, Crain’s New York Business reported.
SL Green is also facing lawsuits from tenants Victoria’s Secret and Bath and Body Works trying to get out of leases for Manhattan stores because of the pandemic, as Commercial Observer previously reported.
Despite the pandemic, SL Green was able to sell its retail condominium at 609 Fifth Avenue to an affiliate of the Rueben Brothers for $168 million in May, CO reported.