The former co-founder of real estate investment firm Pacific Star Capital, Ethan Penner, has joined CBRE Investors as an executive managing director. He will start immediately and be based in Los Angeles.
Penner is a 24-year real estate veteran who first rose to prominence as the founder and chief executive officer of the Capital Company of America/Nomura Capital, the largest real estate lender in the US during the 1990’s and a pioneer in the commercial mortgage backed securities market. He formed Pacific Star with co-founders David Walker and Aria Mehrabi in June 2003, before working as a principal at Lubert-Adler with responsibility for sourcing and underwriting new investments.
At CBRE Investors, Penner will be a member of the executive committee and help the real estate investment firm take advantage of the current market conditions. “The current market environment has created opportunity,” Penner said in a statement. “I am excited about the possibilities.”
Vance Maddocks, chief executive officer of Richard Ellis, said Penner was a “brilliant innovator in real estate finance … particularly during this time of capital markets turbulence.” He added that Penner's experience and innovative approach would help CBRE Investors “develop future programs” aimed at maximizing returns.