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June 16, 2024
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Pendulum Property Partners Forms Alliance with Banner Oak Capital Partners


Pendulum Property Partners (Pendulum) is celebrating its fifth year anniversary this July by establishing operations in Los Angeles and San Francisco and adding to its existing presence in Orange County and San Diego.

The firm has formed a strategic relationship with Banner Oak Capital Partners (BOCP), an advisor to Teachers Retirement System of Texas (TRS), bringing additional knowledge and capital required to build toward its organizational goals. The venture brings with it the flexibility to invest across geographies and the risk spectrum with or without third-party institutional joint-venture equity, offering more than $1.25 bil of buying power in its first phase.

“Our venture with Banner Oak Capital Partners gives Pendulum the flexibility to continue to build on joint-venture relationships in new investments and the strength to invest without outside capital when appropriate,” said Kevin Hayes, CEO of Pendulum. “Our mission, built on investing in office, retail and mixed-use products, benefits from this flexibility as we look to balance risk and return across a portfolio that will include ground-up development to core assets.”

Founded by Kevin Hayes and Brian Walker, Pendulum is headquartered in Irvine. From its inception, the duo envisioned building a larger enterprise with the ability to effectively invest across all major western U.S. markets, with the eventual goal of building a national platform.

Prior to this new venture, the firm acquired nearly 1.8 msf of office, retail and mixed-use properties located in Orange County and San Diego - totaling nearly $750 mil in total capitalization. The portfolio is split with more than 1.125 msf of pure-play office properties and more than 650k sf of office and retail mixed-use.

Pendulum hired Daniel Wagman in September 2020 to run the Los Angeles market. Wagman recently acquired “The Link,” a 125k sf office property located in the heart of the Burbank Media District. Prior to joining Pendulum, Wagman served as Vice President of US Office Investments for Brookfield Property Group, where he successfully closed on more than $4 bil of transactions.

To begin the firm’s sixth year of operation, a new San Francisco Bay Area office will open in July under the leadership of Jason Lowenthal. He joins the firm from Embarcadero Capital Partners where he was responsible for executing acquisition and disposition strategy, including financing and joint-venture agreements totaling $2.7 bil in gross asset value.

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