Penner is a 24-year industry veteran who first rose toprominence as the founder and CEO of the Capital Company ofAmerica/Nomura Capital, the largest real estate lender in the USduring the 1990's and a pioneer in the CMBS market. At Lubert-Adlerhe was responsible for sourcing and underwriting new investmentswith a primary focus on deals in the debt and the securitizedmarkets. Before he joined Lubert-Adler, he was the manager ofPenner Global Properties and a founding partner of Pacific StarCapital, both private real estate investment companies.

Penner, know for his insightful observations about real estateinvestment and the capital markets, was a keynote speaker atReal Estate Media'sRealShare Investment & Finance Summit last fall in New YorkCity. In his remarks there, he called for changes to prevent arecurrence of the current credit crisis, including a retooling ofthe way rating agencies work.

Vance Maddocks, chief executive officer of CB Richard EllisInvestors, points out that Penner is joining the firm during a"time of capital markets turbulence." Penner's experience andinnovative approach will help CBRE Investors to "develop futureprograms that maximize returns for our investors," Maddockssays.