Former CEO SL Green is making moves.
Isaac Zion, who worked as a CIO for confidence in real estate investing, has joined Acram Group, a New York-based real estate company formerly known as JMC Holdings. He will join two Acram executives – JMC founder and managing partner J. Matthew Cassin and partner David Taylor – as the company’s CEO.
Zion left SL green in july, the REIT prepared for the impact of the pandemic and reduced some of the company’s employees. His departure was allegedly unrelated to his dismissal.
His connection with the team at Acram dates back to 2005, when all three worked for Tishmen Speyer. The friendship continued after that, Zion said and was one of the first investors JMC when it was launched in 2011.
“I’ve always enjoyed working with Matt and David as they build their business,” Zion said. “It’s good that we think things differently, so we complement each other really, really well.”
The JMC’s current portfolio of 2.5 million square feet – including office, multi-generational and industrial real estate – covers a wide geographical area with stakes in the three-state region; Dallas, Texas; Charlotte and Raleigh, North Carolina; and Pittsburgh, Pennsylvania.
As part of the new partnership, the company aims to expand into more markets, such as Colorado and Florida, and partnerships with investors such as family offices and institutional fund managers, Cassin said.
“We have a nice geographic mix, we have a nice mix of asset types and we want to continue to grow both of these aspects of our business,” he said.
In February, the company plans to begin new office and retail construction in Pittsburgh, Cassin said.
The pandemic has caused unprecedented disruption to the real estate market and the wider economy, but the combination of more than 60 years of experience in leading real estate managers has enabled Acram to cope with the decline.
“We will always think a lot about choosing our specific places to invest in,” he said. “It’s about choosing places and betting appropriately.”