Once investments start rolling out, says Graham, the firm will look to expand its strategy to serve not only as principal investor but also as investment manager for Japanese players looking for US assets. "By virtue of where the Japanese economy is, a number of investors there are looking on a more global basis," he says.

It was the rocky state of the Japanese economy that pulled the plug on MFA's activity here a number of years ago, says president and CEO Kosei Murakami. "We had to fix our problems domestically first," he says. "The economy is coming back, and we're ready to expand again."

He indicates that another possible wrinkle in the firm's revitalized push might be to go for REIT status. "It might be an option down the road," says Murakami. In 2001 the Japanese parent company, calling itself Japan's largest real estate company, sponsored that nation's first trust.

No immediate plans for a national push are currently being crafted, and Bond says it's not likely for another 12 to 24 months. And then, the focus, as it is in the Northeast, will be on principal cities. Likewise a push into other property types is also a possibility. "We own a couple of sites in Downtown Los Angeles that are currently being used as parking lots," says Bond. "There is the opportunity for those to be developed," and the most likely development would be condominiums, "possibly with the incorporation of a hotel." But, he concludes, evaluations of those opportunities are a long way from completion.