NEW YORK—SL Green Realty's co-chief investment officer Isaac Zion is departing the REIT to pursue opportunities elsewhere, the company has announced.
His last day will be July 31, 2020.
"For more than a decade, Isaac has done an exemplary job co-leading the Investments team," president Andrew Mathias says in prepared comments.
The day-to-day operations of the Investments team will continue to be led by CIO David Schonbraun, along with managing directors Brett Herschenfeld and Robert Schiffer.
Separately, the REIT has recently announced several key transactions it has closed or placed under contract since April, totaling $919.3 million.
These include the sale of the retail condominium at 609 5th Avenue for $168 million and the 49.5% joint venture interest sale in One Madison Avenue to the National Pension Service of Korea and Hines Interest.
It has also generated $485.1 million from the debt and preferred equity portfolio through the sale of five DPE positions totaling $259.1 million.
The REIT has also announced, in the preceding months, plans to amass at least $1 billion of cash by June 30, 2020 as a strategic reserve. It achieved this goal about a month early, it recently said. As such, the REIT has restarted its share repurchase program, repurchasing $44.1 million of common stock in the second quarter.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
