GlobeSt.com: First, let's talk about the economy. I realize no one has a crystal ball, but what is your best bet on a timeframe for recovery?

Henry: Even if the proposed Federal plan goes through and is successful, this will not be a quick and painless fix. My sense is that the economy will continue to be soft for the next 12 months.

GlobeSt.com: But you feel secure with your current investment plan?

Henry: We have always been selective about the markets in which we invest and the assets. Our portfolio consists of high-quality real estate and tenants with long-term leases that have little roll-over. Two years ago, when the economy was strong, we were touting the incoming producing features of our portfolio. Now that the economy is in turmoil, we have a portfolio that has been built to withstand an economic downturn. Another thing – the issue of the day is, of course, deleveraging – both in the financial system and at individual firms. But we are already there. Our leverage levels are approximately 20% to 30% LTV, which is very low for our peer group. We do not have to re-engineer our portfolio right now in terms of tenants or leverage levels.

GlobeSt.com: What other investments do you think you might make this year? Do you think you might invest globally as a lot of funds are doing now?

Henry: We have done $800 million thus far and we do have the capacity to do more. But we are being very selective. For instance, while we are staying in the top 20 to 30 markets in the US, we have made one small-sized investment in Moscow. This is a market we have studied very closely and a key member of our real estate team has close ties in the local construction and development industry. We have invested in a class A office that will be delivered toward the end of the year. International investing is something we will continue to examine, but it will be a small part of our portfolio. We still see a lot of good opportunities domestically.

GlobeSt.com: As you look for assets to buy, are you finding that sellers are coming down off of their earlier price expectations?

Henry: The first part of this year was certainly punctuated by a bid-ask spread and as a result relatively few deals got done. The summer was very quiet, but now that it is September, new offer memorandums are starting to come out. That is something we will definitely be watching – whether sellers finally appreciate that this is 2008 and not 2006.