Bond: My experience is steeped in investment-management and relates to individual domestic and foreign accounts and participation in the creation of and raising money for commingled funds. What Mitsui wants to do is transition from being a principal investor to more of an investment manager. Also, just as we once started Richard Ellis here in the states, Mitsui is to some extent a similar situation in that it is re-igniting its investment activities.

GlobeSt.com: You've said that you're looking in the $50-million-to-$150-million range. How much of that will be debt?

Bond: The likelihood is that we will be in the 50%-to-60% range, although we most likely will purchase assets on a free-and-clear basis and subsequently put the debt in place. That's a judgment call we'll make typically post-acquisition. In terms of total dollars, the global target for Mitsui is to reach something like $30 billion of assets under management by 2008.

GlobeSt.com: How will the global push time out with your US activities?

Bond: At this point in time, we have one property in the city of London. We're trying to re-ignite our investment activity in Europe as well, although it's not as significant as here. Our expansion into Asia will continue. It will follow the US push by a relatively short timeframe. We're just now trying to get the wheels in motion there.

GlobeSt.com: The Japanese economy is making a comeback. What else is happening there to get Japanese investors to look toward US investments?

Bond: It's a combination of things. Clearly for major financial institutions, diversification is more of a factor by virtue of the way the world operates. The Japanese economy has clearly seen a real resurgence, the Nikkei average is up significantly from 12 or 24 months ago (although I say that cautiously, given what's been happening with tech stocks) and consumer confidence is at the highest level since 1991. In addition, the US economy has continued to be strong and real estate fundamentals have improved. Plus, to some extent, Japanese interest rates are close to zero. From an investor's point of view, given what has transpired with the REIT industry in Japan and the improved transparency of real estate, there's a new recognition of real estate as an asset class and there's a growing desire to become more directly involved. That means people are looking for a partner with credibility and standing, and we feel we can offer that comfort.

GlobeSt.com: What's your typical hold?

Bond: If we have to err one way or the other we're going to be longer-term rather than shorter-term. It's a function of the asset and what we may or may not have done to that asset. Maybe five to 10 years. More people have realized over time that real estate is a long-term play although you have to be alert to the opportunities of the market and trade at a time that suits you.

GlobeSt.com: What about the possibility of REIT status here in the US, like your Tokyo parent?

Bond: That would be quite a long way down the line, and it would depend on the nature of our success here in this market and what the real benefits would be.

GlobeSt.com: Fuller O'Connor of Friedman Billings Ramsey occupied this spot a few weeks ago, and he said REITs are out and C-Corps. are in. Do you agree?

Bond: His comments are accurate. To the extent that one adapts REIT status, they create a cheaper opportunity to access capital, but we've seen REITs going private, which questions the valuation of some REITs as well as the desire for the conditions and scrutiny they're subject to. From our point of view the structure of the vehicle will be a function of our own investment activities and the regard to what our investors are seeking. It's an unknown at this point.