Mr. McCulley is a managing director, generalist portfolio manager, and member of the investment committee in the Newport Beach office.  In addition, he heads PIMCO's short-term bond desk, leads PIMCO’s cyclical economic forums and is author of the monthly research publication, Global Central Bank Focus.  Prior to joining PIMCO in 1999, he was chief economist for the Americas at UBS Warburg.  During 1996-98, he was named to six seats on the Institutional Investor All-America fixed-income research team.  He has 25 years of investment experience and holds an MBA from Columbia Business School.  He received his undergraduate degree from Grinnell College.

Kerry Vandell is Professor of Finance and Director of the newly-created Center for Real Estate at the Paul Merage School of Business, University of California-Irvine. Previous to his current position, he was the Tiefenthaler Distinguished Professor of Real Estate at the University of Wisconsin-Madison and former Chairman/Director of UW’s Real Estate Department and Center. Professor Vandell received his B.A. and M. Mech. E. degrees from Rice University, his M.C.P. from Harvard, and his Ph.D. from M.I.T., where he was the Charles Abrams Fellow at the Joint Center for Urban Studies. He has served as President of the American Real Estate and Urban Economics Association and Co-Editor of the Association’s journal Real Estate Economics, as well as in a number of other positions in academic and professional organizations, including the Urban Land Institute, the Counselors of Real Estate, the ICSC, and the Real Estate Roundtable. He has researched and consulted extensively in the areas of real estate investment, urban/real estate/environmental economics, mortgage finance, and valuation theory. He is responsible for development of some of the first models of default risk in the commercial mortgage market, and his recent research on real estate illiquidity (Real Estate Economics, 2007) provides institutional investors with important tools to ascertain proper allocation to real estate in mixed-asset portfolios. His work distinguishing real estate value from business enterprise value (BEV) in the appraisal of complex real property interests has had international influence on tax assessment practices.

Mr. Hagestad is one of three Managing Partners of the SARES • REGIS Group, a multi-faceted and diversified real estate development company focused on the West Coast. Currently, the company has more than 3 million square feet of commercial property and over 2,000 residential units under development. SARES • REGIS Group has a combined portfolio of property and fee-based management contracts valued in excess of $4.0 billion, including 15 million square feet of commercial properties and 14 thousand units of apartments. SARES • REGIS Group is headquartered in Irvine, California, with regional offices in Oxnard, San Mateo and Sacramento, California; Phoenix, Arizona and Denver, Colorado. Mr. Hagestad is responsible for overseeing all of the firm’s commercial operations which include the development, investment and management divisions. He sits on the Executive Management Committee which reviews all investment decisions and directs the strategic and long range planning for the firm. Mr. Hagestad is a Certified Public Accountant and holds a Bachelor’s degree in Business and a Master’s degree in Finance from the University of Southern California. He is a Member / Trustee of the Urban Land Institute and a member of the Lusk Center For Real Estate at USC, the UCI Center for Real Estate, the Fisher Center for Real Estate and Urban Economics at UC Berkeley and the Real Estate Roundtable. He is also on the Board of Trustees / Directors of the Orangewood Children’s Foundation, Sage Hill School, Cystinosis Research Foundation and California Republic Bank.

Robert S. Brunswick is the Founder, President and CEO of Buchanan Street Partners.  In his capacity he has directed the entrepreneurial growth of Buchanan Street Partners since its inception and continues to lead its current strategic direction.  In 2005, he was recognized with Ernst & Young’s Entrepreneur of the Year.  In his day-to-day activities, Mr. Brunswick is responsible for chairing the firm’s Investment and Executive Management Committees.  In 2007, Mr. Brunswick established Buchanan Children’s Charities, a 501(c)(3) organization founded to measurably improve the lives and educational opportunities for America’s children.  The company has established annual signature events, Challenge for Children and Encore for Education to support its charitable initiatives.  Mr. Brunswick holds a B.A. from the University of California at Berkeley and has completed Berkeley’s Haas Business School Executive Management Program.  He currently serves on the Advisory Board of the UC Irvine Paul Merage School of Business Center for Real Estate and Leadership Council of the USC Lusk Center for Real Estate.  His professional affiliations include membership in PREA, NAIOP, ULI, MBA, ICSC and YPO.

Ethan Penner is widely recognized for being a pioneer and innovator in the field of real estate and finance.  He recently joined CBRE Investors as an Executive Vice President and a member of its Executive Committee.  Previously, he spent five years at the helm of the Capital Company of America (originally known as Nomura Capital) where he pioneered the introduction and application of securitization technology to the business of real estate finance.  Before joining Nomura, Mr. Penner was with Morgan Stanley where he was one of the youngest principals in the firm's history and was largely responsible for developing the marketplace for subordinated securities.  Mr. Penner was voted "Financial Services Executive of the Year" by his peers each year he headed Capital Company of America/Nomura and in 1999 National Real Estate Investor recognized him as one of the 20th century's 100 icons of the United States real estate industry.  In 1997 and 1998, Global Finance named him one of the world's 600 most powerful people in finance.

Prior to joining Mesa West, Mr. Friedman was head of capital markets for Maguire Partners where he worked directly with the founder, Rob Maguire, to engineer the recapitalization of the company’s properties and eventual $800 million IPO of the company.  Mr. Friedman began his real estate finance career in New York at Nomura Securities in 1994 and later at Credit Suisse First Boston in 1996 where he was a director leading an origination team.  
Mr. Friedman began his career as a lawyer in Tokyo, Japan at a Japanese affiliate of Sidley & Austin and then as a Wall Street lawyer in New York at Simpson Thacher & Barlett. 
Mr. Friedman has a BA from UCLA, a JD from the University of Michigan Law School and MA in Applied Economics from the Rackham School of Graduate Studies at the University of Michigan.

Edward Coco, Sr. Managing Director, National Sales, of GE Real Estate Based in Atlanta, with offices in New York, Washington, D.C., Atlanta, and Florida, Ed has established the Eastern Region as one of the top lenders on the East Coast. His group provides products for the CMBS public market and the private institutional market. Lending products consist of floating rate traditional products, enhanced higher leverage floating rate products, and fixed rate CMBS programs. Ed joined GE Real Estate in 1996 as Regional Production Manager where he was responsible for generating over $1.8 Billion in CMBS and structured volume. Prior to joining GE Real Estate, Ed was Director of Acquisitions and Asset Manager for Equitable Real Estate. Ed holds an M.S. in Real Estate Finance and Investment from New York University and a B.S. from the University of Maryland.

LBA Realty is a real estate investment and management company with a portfolio of over $3 billion in assets that LBA invests on behalf of its institutional investment funds.  Mr. Belling is responsible for overseeing the strategic direction of the firm which includes LBA investments, debt and equity activities throughout the West Coast where LBA’s portfolio of office and industrial properties currently totals over 25 million square feet.  Mr. Belling also serves on LBA’s Investment Committee.  Prior to joining LBA, Mr. Belling was a Senior Vice President for the Southern California Division of The Koll Company, where he oversaw the development of more than four million square feet of development properties.  Mr. Belling holds a finance degree from San Diego State University and currently serves on the Advisory Boards of both the U.C. Berkeley Fisher Center for Real Estate & Urban Economics and The Center For Real Estate at UC Irvine’s Paul Merage School of Business.  In addition,
Mr. Belling is associated with the National Association of Industrial and Office Properties and the Real Estate Roundtable.  He resides in Newport Beach, California with his wife and their two daughters.

PCA   Mr. Emkin co-founded PCA with Nori Gerardo Lietz in 1998.  Mr. Emkin has over twenty years of general consulting experience, with an emphasis on public plan administration and investment policy, non-dollar investments and real estate investments.  Prior to forming PCA, Mr. Emkin was a Vice President at Wilshire Associates where he was responsible for public plan relationships and was the director of international and real estate research.  Prior to becoming a consultant, Mr. Emkin worked in the California Governor's office, and before that he was a registered lobbyist for ten years.  Mr. Emkin is a frequent speaker at various forums and educational seminars, such as the Institute for Fiduciary Education (IFE), Pensions in the Nineties (now known as Pensions 2000), Institutional Investor, and Pension and Investment Age conferences.

Daryl J. Carter has served as a trustee since June 30, 2003.  Mr. Carter is the Founder, Chairman and CEO of Avanath Capital Partners, LLC, an investment firm focused on urban-themed real estate and mortgage investments.  Mr. Carter directs the strategy, investments, and overall operations of the firm.  Previously, Mr. Carter was an Executive Managing Director of Centerline Capital Group ("Centerline") a subsidiary of Centerline Holding Company (NYSE), and head of the Commercial Real Estate Group.  Mr. Carter was responsible for overseeing the Commercial Real Estate Group’s national origination platform, investment strategy and new business development.  He was also the President of American Mortgage Acceptance Corporation, a publicly-held, commercial mortgage lender (AMEX) that was externally managed by Centerline.  Mr. Carter became part of Centerline when his company, Capri Capital Finance ("CCF"), was acquired by Centerline in 2005.  Mr. Carter co-founded and served as Co-Chairman of both CCF and Capri Capital Advisors in 1992.  He was instrumental in building Capri to a diversified real estate firm with $8 billion in real estate equity and debt investments under management.  Prior to Capri, Mr. Carter was Regional Vice President at Westinghouse Credit Corporation in Irvine and a Second Vice President at Continental Bank in Chicago.  Mr. Carter is a Trustee of the Urban Land Institute, Executive Committee Member of the National Multifamily Housing Association and Vice Chairman of the Commercial Board of Governors of the Mortgage Bankers Association.  Mr. Carter serves on the Dean’s Advisory Council of the M.I.T. Sloan School of Management.

Mike Kirby co-founded Green Street in 1985 and has headed up the firm's research efforts ever since.  Research accomplishments include the design of Green Street's valuation models as well as thought-leading work on capital-expenditure requirements and performance measurement for real estate companies.  Mike has also authored company-specific reports on dozens of REITs throughout virtually every property sector.  He currently is a member of the National Association of Real Estate Investment Trusts' (NAREIT) Institutional Advisory Panel to the Board of Governors, and, in recognition of contributions made to the REIT industry over his career, is a past recipient of NAREIT's Industry Achievement Award.  He is often quoted and interviewed in the financial press and is also a frequent speaker at REIT and real estate industry conferences (e.g. NAREIT, PREA, ICSC, etc).  Mike earned his MBA in finance from the University of Chicago and his BS in Finance from Arizona State University.

Charged with accelerating Bixby Land Company’s portfolio growth, Bill Halford was appointed to the helm after 11 successful years as president of The Irvine Company’s Office Properties Division from 1995 – 2006.  During his tenure at The Irvine Company, Mr. Halford was responsible for all aspects relating to the operation of a 30 million square foot commercial office and industrial portfolio located throughout California.  The portfolio experienced monumental growth through both acquisition and development.  He oversaw all of the leasing, asset management and operations of a 400-plus building portfolio, renown as one of the most prestigious portfolios in the world that included high-rise office, low-rise office, industrial, flex/R&D and self-storage properties in Orange County, Los Angeles, Silicon Valley and San Diego.  In addition to the operation of the office and industrial portfolio, Mr. Halford was also responsible for all of The Irvine Company's commercial land sales.  Over the last 11 years, Mr. Halford has directed approximately $2 billion in acquisitions and has lead ground-up project development totaling 8 million square feet.  He was also influential in driving the division's culture and the management of over 500 employees.  An active leader in the real estate community, Mr. Halford chairs the Real Estate Advisory Board at University of California, Irvine’s Paul Merage School of Business and is also an active member of the Urban Land Institute (ULI).  He is a graduate of the University of California, Santa Barbara and earned a bachelor’s degree in political science.  He completed advanced studies in real estate at both Harvard and MIT.

Stephen R. Silk specializes in representing institutional real estate owners in the disposition of their assets.  He is currently a Senior Managing Director of Eastdil Secured (“ES”) as a result of the merger of Secured Capital Corp (“SCC”) with Eastdil Realty in January 2006.  Mr. Silk joined Secured Capital Corp as a partner in April of 2000.  He is a member of many real estate organizations including the Urban Land Institute, USC Lusk Center for Real Estate and UC Berkeley/Fisher Center for Real Estate and Urban Economics.   Mr. Silk is a graduate of the University of Southern California with a B.S. degree in Business.  He is married with two children: John – age 15 and Natalie - age 13.

Kevin A. Shannon is widely considered to be one of the premier investment sales brokers in the Western United States.  As Vice Chairman of CB Richard Ellis with 26 years of experience, Kevin leads a team of ten professionals focused on the disposition and acquisition of investment properties on behalf of domestic and offshore investors.  Kevin was CBRE’s top producing salesman on the West Coast in 2006 and 2007 (2006 was Kevin’s first year at CBRE).  Since 1996, Mr. Shannon has sold and marketed more than $16 billion of office, industrial, self storage and retail properties including more than $6.5 billion of assets in 2007 alone.  Mr. Shannon was a Senior Vice President at Grubb & Ellis from 1999 to 2005.  He was Grubb & Ellis’ top producing broker nationally (all business lines) from 2003 to 2005 and the top investment broker nationally from 2000 to 2005.  Mr. Shannon began his real estate career at Colliers Seeley in 1982, where he rose to Managing Director/Partner and was the company’s top aggregate producer from 1990-1999.

Marc Renard is Managing Director of Cushman & Wakefield’s Capital Markets Group and is responsible for overseeing the firm’s investment brokerage activities throughout Southern California.  Since joining Cushman & Wakefield in 1983, Mr. Renard has provided transaction and advisory services to clients, including the sale of more than 300 properties with an aggregate value in excess of $10.0 billion. His team of twenty-five professionals covers a geographically diverse area, which encompasses all the major markets on the West Coast.  Mr. Renard has been recognized with various honors including Cushman & Wakefield’s Top Investment Broker in the Western Region and/or in California for the years 1992, 1994, 1995, 1996, 1998, 2002, 2003, 2004, 2006, and 2007.  He is a member of Cushman & Wakefield’s Global Advisory Board.  Institutional representations include MetLife, Tishman Speyer, Lehman Brothers, AIMCO, Archstone-Smith, Morgan Stanley, GE Real Estate, Fidelity Investments, BRE Properties, Equity Residential, Citicorp, Wells Fargo, Heitman, RREEF, TIAA-CREF, Cornerstone Real Estate Advisers, Prudential, and other major institutions. 
Mr. Renard is on the Board of Directors of the Arthritis Foundation of Southern California, the Executive Committee of San Francisco’s Museum of Performance and Design, the Board of Directors of the USC Lusk Center, and is a frequent guest lecturer at industry conferences.  He earned a B.A. degree from the University of Southern California.