Wells' chief investment officer David Steinwedell says Wells has pursued 10 to 12 New York City properties over the past 18 months, but to no avail due to the competitive marketplace. "They're still open wounds," he notes. "We can be fast and we can be patient. We can be patient to find the right property and then be quick about making the deal. We don't have to get in New York this year."

Steinwedell says the REIT would be interested in Lower Manhattan opportunities. "The prospect of the (reopened) PATH station and improved mass transit could make Downtown thrive."

The REIT is no stranger to the tri-state area. Wells just announced that it has acquired a 300,000-sf, class A office building in suburban Bridgewater, NJ. Terms of the deal were not disclosed.