SL Green Realty’s top investment executive is leaving the REIT, the latest departure from the investments group that continues to be in sell-off mode.
David Schonbraun is stepping down as SL Green’s chief investment officer, sources told The Real Deal. It’s not clear what Schonbraun, who has been with the company since 2002, plans to do next.
Schonbraun is the latest top executive to leave the investments group. His former co-CIO, Isaac Zion, left the company last year. Drew Isaacson, a former senior vice president in the investment group, departed earlier this year to work at Eastdil Secured.
SL Green managing directors Brett Herschenfeld and Robert Schiffer and senior vice president Harrison Sitomer will run the investments team, according to a person familiar with the company’s plans.
A representative for SL Green declined to comment.
The departures come as SL Green continues to sell off assets to fund its stock buyback program and development projects, with little indication of when the company plans to get back into buying. Many investors that sat on the sidelines as office prices climbed in recent years have been disappointed by the lack of discounted properties coming to market since the start of the pandemic.
The company has been focusing on its development pipeline. The firm’s One Vanderbilt skyscraper opened last year and SL Green is planning a big cash-out refinance of the property. The company’s next big project is a 1.4 million-square-foot office redevelopment at One Madison Avenue.