SL Green investment chief David Schonbraun steps down

Latest departure from the REIT’s investment group

New York /
May.May 13, 2021 01:15 PM
David Schonbraun (SL Green)

David Schonbraun (SL Green)

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.

 





    Related Articles

    arrow_forward_ios
    Richard Wagman, managing partner, Madison Capital (Care/of, Madison Capital, iStock)
    Madison Capital signs wellness company in Brooklyn office
    Madison Capital signs wellness company in Brooklyn office
    Vornado co-head of real estate Glen Weiss and Sharebite President Mohsin Memon (VNO, Facebook, iStock)
    Vornado sweetening Manhattan properties with food delivery partner
    Vornado sweetening Manhattan properties with food delivery partner
    Thomas Cangemi, chief executive officer, New York Community Bank (New York Community Bank, iStock)
    Looming interest hikes prompt multifamily lending spree
    Looming interest hikes prompt multifamily lending spree
    Retailers are falling behind on their rent (Stock, Photo illustration by Priyanka Modi)
    These retailers fell behind on rent last year
    These retailers fell behind on rent last year
    Jeff Aronson (iStock, Jeff Aronson, CC BY-SA 2.0, via Wikimedia Commons/Photo Illustration by Steven Dilakian for The Real Deal)
    Centerbridge closes $2B real estate fund
    Centerbridge closes $2B real estate fund
    Adir Levitas, founder and CEO, Faropoint (Faropoint, iStock, Illustration by Kevin Cifuentes for The Real Deal)
    An industrial “David” in a field of Goliaths
    An industrial “David” in a field of Goliaths
    Equity Group Investments chairman Sam Zell (Getty, iStock)
    Office market’s recovery will outpace retail amid “viability” questions, Zell says
    Office market’s recovery will outpace retail amid “viability” questions, Zell says
    (iStock)
    CRE sales hit record $809B in 2021
    CRE sales hit record $809B in 2021
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...