One of New York City’s largest office landlords is bidding farewell to its co-chief investment officer as it faces a cash crunch brought on by the coronavirus.
SL Green Realty announced Isaac Zion would be leaving the company after July 31, according to a company email seen by Bloomberg. Andrew Mathias, the company’s president, thanked Zion “for all his accomplishments and his tireless efforts at adding value across the entirety of our platform.”
Zion joined the real estate investment trust in 2007 as co-head of its investments group, and most recently served as co-CIO alongside David Schonbraun.
Last month, the company cut some of its corporate staff, explaining its need to keep overhead costs to a level “reflective of the company’s current portfolio.”
In its first-quarter earnings call, SL Green announced a bid to raise $1 billion in cash. “In the current environment, cash is king, and we have taken our desire for liquidity one step further by looking to increase our cash balances,” CFO Matthew DiLiberto said at the time.
SL Green just sold two condo units in the former New York Daily News building for $26.7 million. The REIT’s deal to sell the building at 220 East 42nd Street to Jacob Chetrit for $815 million fell through in March. SL Green has since sued to keep Chetrit’s $35 million deposit.
The company is also looking to sell two large apartment buildings in Sutton Place and an office condominium in Midtown.
The REIT has seen its stock price decline 44 percent this year, substantially more than Bloomberg’s U.S. REIT index which has fallen 14 percent. [Bloomberg] — Orion Jones