SL Green Co-CIO Isaac Zion to Leave New York Landlord in July

(Bloomberg) -- SL Green Realty Corp. Co-Chief Investment Officer Isaac Zion is leaving the New York landlord to pursue other opportunities.

“For more than a decade, Isaac has done an exemplary job co-leading the investments team,” Andrew Mathias, president of SL Green said in an emailed statement Monday. “We thank him for all of his accomplishments here and his tireless efforts at adding value across the entirety of our platform.”

Zion, who will stay through July 31 and has been co-CIO alongside David Schonbraun, joined the company in January 2007 as a managing director and co-head of its investments group. He led property acquisitions, joint ventures and dispositions during his tenure, according to his biography on the REIT’s website.

His exit is unrelated to layoffs at the company, which cut less than 10% of its corporate workforce in May, said a person with knowledge of the matter who requested anonymity.

An SL Green spokesperson said the staff cuts last month came as the company sold off assets and “we reduced our corporate headcount in order to maintain appropriate overhead levels reflective of the company’s current portfolio.”

The REIT, which is building a new tower near Grand Central Terminal, has seen its stock plummet amid the Covid-19 pandemic during which it lowered its earnings guidance as it faced a slowdown in new leases and rent cuts. The stock has slumped 44% this year, outpacing the Bloomberg U.S. REIT index’s 14% decline.

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