<PAGE>


                                                                    EXHIBIT 10.2
                                ESCROW AGREEMENT



Wells Fargo Bank Iowa, National Association
666 Walnut N8200-034
Corporate Trust Services, PFG
Des Moines, IA  50309

         Re:      Behringer Harvard Short-Term Opportunity Fund I LP

Ladies and Gentlemen:


BEHRINGER HARVARD SHORT-TERM OPPORTUNITY FUND I LP, a Texas limited partnership
(the "Partnership"), will issue in a public offering (the "Offering") units of
its limited partnership interests (the "Units") pursuant to a Registration
Statement on Form S-11 filed by the Partnership with the Securities and Exchange
Commission. Behringer Securities LP, a Texas limited partnership (the "Dealer
Manager"), will act as dealer manager for the offering of the Units. The
Partnership is entering into this agreement to set forth the terms on which
Wells Fargo Bank Iowa, National Association (the "Escrow Agent"), will hold and
disburse the proceeds from subscriptions for the purchase of the Units in the
Offering until such time as: (i) in the case of subscriptions received from all
nonaffiliates of the Partnership, the Partnership has received subscriptions for
Units resulting in total minimum capital raised of $1,500,000 (the "Required
Capital"); (ii) in the case of subscriptions received from residents of
Pennsylvania ("Pennsylvania Subscribers") and Nebraska ("Nebraska
"Subscribers"), the Partnership has received subscriptions for Units from
nonaffiliates of the Partnership resulting in total minimum capital raised of
$5,500,000 (the "Pennsylvania/Nebraska Required Capital"); and (iii) in the case
of subscriptions received from residents of New York ("New York Subscribers"),
the Partnership has received subscriptions for Units resulting in total minimum
capital raised of $2,500,000 (the "New York Required Capital").


The Partnership hereby appoints Wells Fargo Bank Iowa, National Association, as
Escrow Agent for purposes of holding the proceeds from the subscriptions for the
Units, on the terms and conditions hereinafter set forth:


1. Persons subscribing to purchase the Units (the "Subscribers") will be
instructed by the Dealer Manager or any soliciting dealers to remit the purchase
price in the form of checks, drafts, wires, Automated Clearing House (ACH) or
money orders (hereinafter "instruments of payment") payable to the order of
"Wells Fargo Bank Iowa, N.A., Escrow Agent for Behringer Harvard Short-Term
Opportunity Fund I LP." Any checks, drafts or money orders received made payable
to a party other than the Escrow Agent shall be returned to the soliciting
dealer who submitted the check, draft or money order. Within one (1) business
day after receipt of instruments of payment from the Offering, the Dealer
Manager will send to the Escrow Agent: (a) each Subscriber's name, address,
executed IRS Form W-9, number of Units purchased, and purchase price remitted,
and (b) the instruments of payment from such Subscribers (the "Subscription
Materials"), for deposit by the Escrow Agent into an interest-bearing deposit
account entitled "ESCROW ACCOUNT FOR THE BENEFIT OF SUBSCRIBERS FOR UNITS OF
BEHRINGER HARVARD SHORT-TERM OPPORTUNITY FUND I LP" (the "Escrow Account"),
which deposit shall occur within one (1) business day after the Escrow Agent's
receipt of all the Subscription Materials, until such Escrow Account has closed
pursuant to paragraph 3(a) hereof. Instruments of payment received from
Pennsylvania Subscribers and Nebraska Subscribers (as identified as such by the
Partnership) shall be accounted for separately in a subaccount entitled "ESCROW
ACCOUNT FOR THE BENEFIT OF PENNSYLVANIA AND NEBRASKA SUBSCRIBERS" (the
"Pennsylvania/Nebraska Escrow Account"), until such Pennsylvania/Nebraska Escrow
Account has closed pursuant to paragraph 3(a) hereof. Instruments of payment
received from New York Subscribers (as identified as such by the Partnership)
shall be accounted for separately in a subaccount entitled "ESCROW



<PAGE>


ACCOUNT FOR THE BENEFIT OF NEW YORK SUBSCRIBERS" (the "New York Escrow
Account"), until such New York Escrow Account has closed pursuant to paragraph
3(a) hereof. The Director of Banking and Finance of the State of Nebraska shall
have the right to inspect and make copies of the records of the Escrow Agent
relating to the Pennsylvania/Nebraska Escrow Account at any reasonable time
wherever the records are located. Each of the Escrow Account, the
Pennsylvania/Nebraska Escrow Account, and New York Escrow Account will be
established and maintained in such a way as to permit the interest income
calculations described in paragraph 7.

2. The Escrow Agent agrees to promptly process for collection the instruments of
payment upon deposit into the applicable Escrow Account, Pennsylvania/Nebraska
Escrow Account, or New York Escrow Account. Deposits shall be held in the Escrow
Account, the Pennsylvania/Nebraska Escrow Account, and the New York Escrow
Account until such funds are disbursed in accordance with paragraph 3 hereof.
Prior to disbursement of the funds deposited in the Escrow Account, such funds
shall not be subject to claims by creditors of the Company, the Dealer Manager
or any of their affiliates. If any of the instruments of payment are returned to
the Escrow Agent for nonpayment prior to receipt of the Required Capital or, in
connection with subscriptions from Pennsylvania Subscribers, the
Pennsylvania/Nebraska Required Capital or, in connection with subscriptions from
New York Subscribers, the New York Required Capital, the Escrow Agent shall
promptly notify the Dealer Manager and the Partnership in writing via mail,
email or facsimile of such nonpayment, and is authorized to debit the Escrow
Account, the Pennsylvania/Nebraska Escrow Account, or the New York Escrow
Account, as applicable, in the amount of such returned payment as well as any
interest earned on the amount of such payment.


3. (a) Subject to the provisions of subparagraphs 3(b)-3(f) below:


                  (i) once collected funds in the Escrow Account are an amount
                  equal to or greater than the Required Capital, the Escrow
                  Agent shall promptly notify the Partnership and, upon
                  receiving written instruction from the Partnership, (A)
                  disburse to the Partnership, by check, ACH or wire transfer,
                  the funds in the Escrow Account representing the gross
                  purchase price for the Units, and (B) disburse to the
                  Subscribers or the Partnership, as applicable, any interest
                  thereon pursuant to the provisions of subparagraph 3(f). For
                  purposes of this Agreement, the term "collected funds" shall
                  mean all funds received by the Escrow Agent that have cleared
                  normal banking channels and are in the form of cash or a cash
                  equivalent. After such time the Escrow Account shall remain
                  open and the Partnership shall continue to cause subscriptions
                  for the Units that are not to be deposited in the
                  Pennsylvania/Nebraska Escrow Account or the New York Escrow
                  Account to be deposited therein until the Partnership informs
                  the Escrow Agent in writing to close the Escrow Account, and
                  thereafter any subscription documents and instruments of
                  payment received by the Escrow Agent from Subscribers other
                  than Pennsylvania Subscribers and Nebraska Subscribers shall
                  be forwarded directly to the Partnership.

                  (ii) regardless of any closing of the Escrow Account, the
                  Partnership and the Dealer Manager shall continue to forward
                  instruments of payment and Subscription Materials received
                  from Pennsylvania Subscribers for deposit into the
                  Pennsylvania/Nebraska Escrow Account to the Escrow Agent until
                  such time as the Partnership notifies the Escrow Agent in
                  writing that total subscription proceeds (including the amount
                  then in the Pennsylvania/Nebraska Escrow Account) equal or
                  exceed the Pennsylvania/Nebraska




                                      -2-
<PAGE>

                  Required Capital. Upon receipt of a written notice from the
                  Partnership that total subscription proceeds (not including
                  the amount then in the Pennsylvania/Nebraska Escrow Account)
                  equaling or exceeding the Pennsylvania/Nebraska Required
                  Capital have been received in collected funds, the Escrow
                  Agent shall promptly notify the Partnership and provide to the
                  Director of Banking and Finance of the State of Nebraska an
                  affidavit which states that all of the conditions of this
                  Agreement relating to the Pennsylvania/Nebraska Escrow Account
                  have been met (the "Escrow Agent Affidavit"). Upon receipt of
                  such notice, the Partnership shall provide the Director of
                  Banking and Finance of the State of Nebraska an affidavit
                  which states that there have been no material omissions or
                  changes in the financial condition of the Partnership or other
                  changes of circumstance, that would render the
                  Pennsylvania/Nebraska Required Capital inadequate to finance
                  the Partnership's proposed plan of operations or business, or
                  render the representations in the Partnership's registration
                  statement, as amended through such time, fraudulent, false or
                  misleading (the "Partnership Affidavit"). Five days after the
                  Escrow Agent Affidavit and the Partnership Affidavit have been
                  provided to the Director of Banking and Finance of the State
                  of Nebraska, the Escrow Agent shall (A) disburse to the
                  Partnership, by check, ACH or wire transfer, the funds then in
                  the Pennsylvania/Nebraska Escrow Account representing the
                  gross purchase price for the Units, and (B) disburse to the
                  Pennsylvania Subscribers, the Nebraska Subscribers or the
                  Partnership, as applicable, any interest thereon pursuant to
                  the provisions of subparagraph 3(f). Following such
                  disbursements, the Escrow Agent shall close the
                  Pennsylvania/Nebraska Escrow Account, and thereafter any
                  Subscription Materials and instruments of payment received by
                  the Escrow Agent from Pennsylvania Subscribers and Nebraska
                  Subscribers shall be deposited directly to the Escrow Account
                  (or to the Partnership, if it has closed the Escrow Account,
                  as instructed in writing by the Partnership).


                  (iii) regardless of any closing of the Escrow Account, the
                  Partnership and the Dealer Manager shall continue to forward
                  instruments of payment and Subscription Materials received
                  from New York Subscribers for deposit into the New York Escrow
                  Account to the Escrow Agent until such time as the Partnership
                  notifies the Escrow Agent in writing that total subscription
                  proceeds (not including the amount then in the New York Escrow
                  Account) equal or exceed the New York Required Capital. Upon
                  receipt of a written notice from the Partnership that total
                  subscription proceeds (not including the amount then in the
                  New York Escrow Account) equaling or exceeding the New York
                  Required Capital have been received in collected funds, the
                  Escrow Agent shall (A) disburse to the Partnership, by check,
                  ACH or wire transfer, the funds then in the New York Escrow
                  Account representing the gross purchase price for the Units,
                  and (B) disburse to the New York Subscribers or the
                  Partnership, as applicable, any interest thereon pursuant to
                  the provisions of subparagraph 3(f). Following such
                  disbursements, the Escrow Agent shall close the New York
                  Escrow Account, and thereafter any Subscription Materials and
                  instruments of payment received by the Escrow Agent from New
                  York Subscribers shall be deposited directly to the Escrow
                  Account (or to the Partnership, if it has closed the Escrow
                  Account, as instructed in writing by the Partnership).


         (b) At the close of business on __________ ___, 2004 (the "Expiration
         Date"), the Escrow Agent shall promptly notify the Partnership if it is
         not in receipt of evidence of Subscription Materials accepted on or
         before the Expiration Date, and instruments of payment dated not later
         than that the Expiration Date, for the purchase of Units providing for
         total purchase proceeds that equal or exceed the Required Capital (from
         all sources but exclusive of any funds received from subscriptions for
         Units from entities which the Partnership has notified the Escrow Agent
         are




                                      -3-
<PAGE>


         affiliated with the Partnership). In the event the Escrow Agent is not
         in possession of an executed IRS Form W-9 from any Subscriber, the
         Partnership shall provide the Escrow Agent an executed IRS Form W-9
         from such Subscriber within ten (10) calendar days after such notice.
         On the tenth (10th) day following the receipt of such notice, the
         Escrow Agent shall promptly return directly to each Subscriber the
         collected funds deposited in the Escrow Account, the
         Pennsylvania/Nebraska Escrow Account, and the New York Escrow Account
         on behalf of such Subscriber (unless earlier disbursed in accordance
         with paragraph 3(c)), or shall return the instruments of payment
         delivered, but not yet processed for collection prior to such time,
         together with interest in the amounts calculated pursuant to paragraph
         7 for each Subscriber at the address provided by the Dealer Manager or
         the Partnership. In the event an executed IRS Form W-9 is not received
         for each Subscriber within ten (10) calendar days, the Escrow Agent
         shall thereupon remit an amount to the Subscribers in accordance with
         the provisions hereof, withholding thirty percent (30%) of any interest
         income on subscription proceeds (determined in accordance with
         paragraph 7) attributable to those Subscribers for whom the Escrow
         Agent does not possess an executed IRS Form W-9. However, the Escrow
         Agent shall not be required to remit any payments until funds
         represented by such payments have been collected.

         (c) Notwithstanding subparagraphs 3(a) and 3(b) above, if the Escrow
         Agent is not in receipt of evidence of subscriptions accepted on or
         before the close of business on such date that is 120 days after
         commencement of the Offering (the Partnership will notify the Escrow
         Agent of the commencement date of the Offering) (the "Initial Escrow
         Period"), and instruments of payment dated not later than that date,
         for the purchase of Units providing for total purchase proceeds from
         all nonaffiliated sources that equal or exceed the
         Pennsylvania/Nebraska Required Capital, the Escrow Agent shall promptly
         notify the Partnership. Thereafter, the Partnership shall send to each
         Pennsylvania Subscriber and each Nebraska Subscriber by certified mail
         within ten (10) calendar days after the end of the Initial Escrow
         period a notification in the form of Exhibit A. If, pursuant to such
         notification, a Pennsylvania Subscriber or a Nebraska Subscriber
         requests the return of his or her subscription funds within ten (10)
         calendar days after receipt of the notification (the "Request Period")
         and the Escrow Agent is not in possession of an executed IRS form W-9,
         the Partnership shall provide the Escrow Agent with an executed IRS
         Form W-9 from each such Pennsylvania Subscriber or Nebraska Subscriber,
         as the case may be, within ten (10) calendar days after receiving
         notice from such Pennsylvania Subscriber or Nebraska Subscriber. The
         Escrow Agent shall promptly refund directly to each Pennsylvania
         Subscriber or Nebraska Subscriber, as the case may be, the collected
         funds deposited in the Pennsylvania/Nebraska Escrow Account on behalf
         of such Pennsylvania Subscriber or Nebraska Subscriber, or shall return
         the instruments of payment delivered, but not yet processed for
         collection prior to such time, to the address provided by the Dealer
         Manager or the Partnership, together with interest income in the
         amounts calculated pursuant to paragraph 7. If an executed IRS Form W-9
         is not received for such Pennsylvania Subscriber or Nebraska Subscriber
         within ten (10) calendar days, the Escrow Agent shall thereupon remit
         an amount to such Pennsylvania Subscriber or Nebraska Subscriber, as
         the case may be, in accordance with the provisions hereof, withholding
         thirty percent (30%) of any interest income earned on subscription
         proceeds (determined in accordance with paragraph 7) attributable to
         such Pennsylvania Subscriber or Nebraska Subscriber for whom the Escrow
         Agent does not possess an executed IRS Form W-9. However, the Escrow
         Agent shall not be required to remit such payments until funds
         represented by such payments have been collected by the Escrow Agent.

         (d) The subscription funds of Pennsylvania Subscribers and Nebraska
         Subscribers who do not request the return of their subscription funds
         within the Request Period shall remain in the Pennsylvania/Nebraska
         Escrow Account for successive 120-day escrow periods (a "Successive
         Escrow Period"), each commencing automatically upon the termination of
         the prior Successive




                                      -4-
<PAGE>


         Escrow Period, and the Partnership and Escrow Agent shall follow the
         notification and payment procedure set forth in subparagraph 3(c) above
         with respect to the Initial Escrow Period for each Successive Escrow
         Period until the occurrence of the earliest of (i) the Expiration Date,
         (ii) the receipt and acceptance by the Partnership of subscriptions for
         the purchase of Units with total purchase proceeds that equal or exceed
         the Pennsylvania/Nebraska Required Capital and the disbursement of the
         Pennsylvania/Nebraska Escrow Account on the terms specified herein, or
         (iii) all funds held in the Pennsylvania/Nebraska Escrow Account having
         been returned to the Pennsylvania Subscribers and Nebraska Subscribers
         in accordance with the provisions hereof.


         (e) If the Partnership rejects any subscription for which the Escrow
         Agent has collected funds, the Escrow Agent shall, upon the written
         request of the Partnership, promptly issue a refund to the rejected
         Subscriber. If the Partnership rejects any subscription for which the
         Escrow Agent has not yet collected funds but has submitted the
         Subscriber's check for collection, the Escrow Agent shall promptly
         return the funds in the amount of the Subscriber's check to the
         rejected Subscriber after such funds have been collected. If the Escrow
         Agent has not yet submitted a rejected Subscriber's check for
         collection, the Escrow Agent shall promptly remit the Subscriber's
         check directly to the Subscriber.

         (f) At any time after funds are disbursed upon the Partnership's
         acceptance of subscriptions pursuant to subparagraph 3(a) above on the
         tenth (10th) day following the date of such acceptance, the Escrow
         Agent shall promptly provide directly to each Subscriber the amount of
         the interest payable to the Subscribers; provided that the Escrow Agent
         is in possession of such Subscriber's executed IRS Form W-9. In the
         event the Escrow Agent is not in possession of an executed IRS Form W-9
         from any Subscriber, the Partnership shall provide the Escrow Agent
         with an executed IRS Form W-9 from such Subscriber within ten (10)
         calendar days after acceptance of such subscription. In the event an
         executed IRS Form W-9 is not received for each Subscriber within such
         period, the Escrow Agent shall remit an amount to the Subscribers in
         accordance with the provisions hereof, withholding thirty percent (30%)
         of any interest income on subscription proceeds (determined in
         accordance with paragraph 7) attributable to those Subscribers for whom
         the Escrow Agent does not possess an executed IRS Form W-9. However,
         the Escrow Agent shall not be required to remit any payments until
         funds represented by such payments have been collected by the Escrow
         Agent. The forgoing notwithstanding, interest, if any, earned on
         accepted subscription proceeds will be payable to a Subscriber only if
         the Subscriber's funds have been held in escrow by the Escrow Agent for
         at least 35 days; interest, if any, earned on accepted subscription
         proceeds of Subscribers' funds held less than 35 days will be payable
         to the Partnership.


         In the event that instruments of payment are returned for nonpayment,
the Escrow Agent is authorized to debit the Escrow Account, the
Pennsylvania/Nebraska Escrow Account, or the New York Escrow Account, as
applicable, in accordance with paragraph 2 hereof.

4. The Escrow Agent shall report to the Partnership weekly on the account
balances in the Escrow Account, the Pennsylvania/Nebraska Escrow Account, and
the New York Escrow Account and the activity in each account since the last
report.

5. Prior to the disbursement of funds deposited in the Escrow Account, the
Pennsylvania/Nebraska Escrow Account, or the New York Escrow Account in
accordance with the provisions of paragraph 3 hereof, the Escrow Agent shall
invest all of the funds deposited as well as earnings and interest derived
therefrom in the Escrow Account, the Pennsylvania/Nebraska Escrow Account, and
the New York Escrow Account, as applicable, in the "Short-Term Investments"
specified below, unless the costs to the Partnership for the making of such
investment are reasonably expected to exceed the anticipated interest




                                      -5-
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earnings from such investment in which case the funds and interest thereon shall
remain in the respective escrow account until the balance in the respective
escrow account reaches the minimum amount necessary for the anticipated interest
earnings from such investment to exceed the costs to the Partnership for the
making of such investment, as determined by the Partnership based upon
applicable interest rates.

         "Short-Term Investments" include obligations of, or obligations
guaranteed by, the United States government or bank money-market accounts or
certificates of deposit of national or state banks that have deposits insured by
the Federal Deposit Insurance Corporation (including certificates of deposit of
any bank acting as a depository or custodian for any such funds) which mature on
or before the Expiration Date, unless such instrument cannot be readily sold or
otherwise disposed of for cash by the Expiration Date without any dissipation of
the offering proceeds invested. Without limiting the generality of the
foregoing, Exhibit B hereto sets forth specific Short-Term Investments which
shall be deemed permissible investments hereunder.


The following securities are not permissible investments:

         (a)      money market mutual funds;
         (b)      corporate equity or debt securities;
         (c)      repurchase agreements;
         (d)      bankers' acceptances;
         (e)      commercial paper; and
         (f)      municipal securities.



It is hereby expressly agreed and stipulated by the parties hereto that the
Escrow Agent shall not be required to exercise any discretion hereunder and
shall have no investment or management responsibility and, accordingly, shall
have no duty to, or liability for its failure to, provide investment
recommendations or investment advice to the parties hereto. It is the intention
of the parties hereto that the Escrow Agent shall never be required to use,
advance or risk its own funds or otherwise incur financial liability in the
performance of any of its duties or the exercise of any of its rights and powers
hereunder.


6. The Escrow Agent is entitled to rely upon written instructions received from
the Partnership, unless the Escrow Agent has actual knowledge that such
instructions are not valid or genuine; provided that, if in the Escrow Agent's
opinion, any instructions from the Partnership are unclear, the Escrow Agent may
request clarification from the Partnership prior to taking any action, and if
such instructions continue to be unclear, the Escrow Agent may rely upon written
instructions from the Partnership's legal counsel in distributing or continuing
to hold any funds. However, the Escrow Agent shall not be required to disburse
any funds attributable to instruments of payment that have not been processed
for collection, until such funds are collected and then shall disburse such
funds in compliance with the disbursement instructions from the Partnership.


7. If the Offering terminates prior to receipt of the Required Capital or one or
more Pennsylvania Subscribers or Nebraska Subscribers elects to have his or her
subscription returned in accordance with paragraph 3, interest income earned on
subscription proceeds deposited in the Escrow Account (the "Escrow Income"), the
Pennsylvania/Nebraska Escrow Account (the "Pennsylvania/Nebraska Escrow
Income"), and the New York Escrow Account (the "New York Escrow Income") shall
be remitted to Subscribers, or to the Partnership if the applicable Subscriber's
funds have been held in escrow by the Escrow Agent for less than 35 days, in
accordance with paragraph 3 and without any deductions for escrow expenses. For
each Subscriber who has invested funds that have been held in escrow by the
Escrow Agent for at least 35 days, such Subscriber's pro rata portion of Escrow
Income, Pennsylvania/Nebraska Escrow Income, or New York Escrow Income, as
applicable, shall be determined as follows: the total amount of Escrow Income
(or Pennsylvania/Nebraska Escrow Income or New York




                                      -6-
<PAGE>


Escrow Income, as appropriate) minus interest earned on accepted subscription
proceeds held by the Escrow Agent for less than 35 days shall be multiplied by a
fraction, (i) the numerator of which is determined by multiplying the number of
Units purchased by said Subscriber times the number of days said Subscriber's
proceeds are held in the Escrow Account, the Pennsylvania/Nebraska Escrow
Account, or the New York Escrow Account, as applicable, prior to the date of
disbursement, and (ii) the denominator of which is the total of the numerators
for all Subscribers in such account who have invested funds that have been held
in escrow by the Escrow Agent for at least 35 days. The Partnership shall
reimburse the Escrow Agent for all escrow expenses. The Escrow Agent shall remit
all such Escrow Income, Pennsylvania/Nebraska Escrow Income, and New York Escrow
Income in accordance with paragraph 3. If the Partnership chooses to leave the
Escrow Account open after receiving the Required Capital, then it shall make
regular acceptances of subscriptions therein, but no less frequently than
monthly, and the Escrow Income from the last such acceptance shall be calculated
and remitted to the Subscribers or the Partnership, as applicable, pursuant to
the provisions of paragraph 3(f).


8. The Escrow Agent shall receive compensation from the Partnership as set forth
in Exhibit C attached hereto.

9. In performing any of its duties hereunder, the Escrow Agent shall not incur
any liability to anyone for any damages, losses, or expenses, except for willful
misconduct, breach of trust, or gross negligence. Accordingly, the Escrow Agent
shall not incur any such liability with respect to any action taken or omitted
(a) in good faith upon advice of the Escrow Agent's counsel given with respect
to any questions relating to the Escrow Agent duties and responsibilities under
this Agreement, or (b) in reliance upon any instrument, including any written
instrument or instruction provided for in this Agreement, not only as to its due
execution and validity and effectiveness of its provisions but also as to the
truth and accuracy of information contained therein, which the Escrow Agent
shall in good faith believe to be genuine, to have been signed or presented by a
proper person or persons and to conform to the provisions of this Agreement.

10. The Partnership hereby agrees to indemnify and hold the Escrow Agent
harmless against any and all losses, claims, damages, liabilities, and expenses,
including reasonable attorneys' fees and disbursements, that may be imposed on
or incurred by the Escrow Agent in connection with acceptance of appointment as
the Escrow Agent hereunder, or the performance of the duties hereunder,
including any litigation arising from this Agreement or involving the subject
matter hereof, except where such losses, claims, damages, liabilities, and
expenses result from willful misconduct, breach of trust, or gross negligence.

11. In the event of a dispute between the parties hereto sufficient in the
Escrow Agent's discretion to justify doing so, the Escrow Agent shall be
entitled to tender into the registry or custody of any court of competent
jurisdiction all money or property in its hands under this Agreement, together
with such legal pleadings as deemed appropriate, and thereupon be discharged
from all further duties and liabilities under this Agreement. In the event of
any uncertainty as to the duties hereunder, the Escrow Agent may refuse to act
under the provisions of this Agreement pending order of a court of competent
jurisdiction and shall have no liability to the Partnership or to any other
person as a result of such action. Any such legal action may be brought in such
court as the Escrow Agent shall determine to have jurisdiction thereof. The
filing of any such legal proceedings shall not deprive the Escrow Agent of its
compensation earned prior to such filing.

12. All communications and notices required or permitted by this Agreement shall
be in writing and shall be deemed to have been given when delivered personally
or by messenger or by overnight delivery service or when received via telecopy
or other electronic transmission, in all cases addressed to the person



                                      -7-
<PAGE>

for whom it is intended at such person's address set forth below or to such
other address as a party shall have designated by notice in writing to the other
party in the manner provided by this paragraph:

         (a)      if to the Partnership:

                  Behringer Harvard Short-Term Opportunity Fund I LP
                  1323 North Stemmons Freeway, Suite 212
                  Dallas, Texas 75207
                  Fax:  (214) 655-1610
                  Attention:  Robert M. Behringer, General Partner

         (b)      if to the Dealer Manager:

                  Behringer Securities LP
                  1323 North Stemmons Freeway, Suite 202
                  Dallas, Texas 75207
                  Fax:  (214) 655-6801
                  Attention:  Chief Operating Officer of Harvard Property Trust,
                              LLC, General Partner

         (c)      if to the Escrow Agent:

                  Wells Fargo Bank Iowa, National Association
                  666 Walnut
                  N8200-034
                  Corporate Trust Services, PFG
                  Des Moines, IA 50309
                  Fax: (515) 245-3337
                  Attention:  M.J. Dolan

Each party hereto may, from time to time, change the address to which notices to
it are to be delivered or mailed hereunder by notice in accordance herewith to
the other parties.

13. This Agreement shall be governed by the laws of the State of Texas as to
both interpretation and performance without regard to the conflict of laws rules
thereof.

14. The provisions of this Agreement shall be binding upon the legal
representatives, successors, and assigns of the parties hereto.

15. The Partnership and the Dealer Manager hereby acknowledge that Wells Fargo
Bank Iowa, National Association is serving as Escrow Agent only for the limited
purposes herein set forth, and hereby agree that they will not represent or
imply that, by serving as Escrow Agent hereunder or otherwise, have investigated
the desirability or advisability of investment in the Partnership or have
approved, endorsed, or passed upon the merits of the Units or the Partnership,
nor shall they use the name of the Escrow Agent in any manner whatsoever in
connection with the offer or sale of the Units other than by acknowledgment that
is has agreed to serve as Escrow Agent for the limited purposes herein set
forth.

16. This Agreement and any amendment hereto may be executed by the parties
hereto in one or more counterparts, each of which shall be deemed to be an
original.


17. Except as otherwise required for subscription funds received from
Pennsylvania Subscribers, Nebraska Subscribers and New York Subscribers as
provided herein, in the event that the Escrow Agent




                                      -8-
<PAGE>

receive instruments of payment after the Required Capital has been received and
the proceeds of the Escrow Account have been distributed to the Partnership, the
Escrow Agent is hereby authorized to deposit such instruments of payment within
one (1) business day to any deposit account as directed by the Partnership. The
application of said funds into a deposit account or to forward such funds
directly to the Partnership, in either case directed by the Partnership, shall
be a full acquittance to the Escrow Agent, who shall not be responsible for the
application of said funds thereafter.

18. The Escrow Agent shall be bound only by the terms of this Escrow Agreement
and shall not be bound by or incur any liability with respect to any other
agreements or understanding between any other parties, whether or not the Escrow
Agent has knowledge of any such agreements or understandings.

19. Indemnification provisions set forth herein shall survive the termination of
this Agreement.

20. In the event that any part of this Agreement is declared by any court or
other judicial or administrative body to be null, void, or unenforceable, said
provision shall survive to the extent it is not so declared, and all of the
other provisions of this Agreement shall remain in full force and effect.


21. Unless otherwise provided in this Agreement, final termination of this
Escrow Agreement shall occur on the date that all funds held in the Escrow
Account, the Pennsylvania/Nebraska Escrow Account and the New York Escrow
Account are distributed either (a) to the Partnership or to Subscribers and the
Partnership has informed the Escrow Agent in writing to close the Escrow
Account, the Pennsylvania/Nebraska Escrow Account and the New York Escrow
Account pursuant to paragraph 3 hereof or (b) to a successor escrow agent upon
written instructions from the Partnership.

22. The Escrow Agent has no responsibility for accepting, rejecting, or
approving subscriptions. The Escrow Agent shall complete an OFAC search, in
compliance with its policy and procedures, of each subscription check prior to
depositing the check in the Escrow Account, the Pennsylvania/Nebraska Escrow
Account or the New York Escrow Account and shall inform the Partnership if a
subscription check fails the OFAC search. The Dealer Manager shall provide a
copy of each subscription check in order that the Escrow Agent may perform such
OFAC search.


23. This Agreement shall not be modified, revoked, released, or terminated
unless reduced to writing and signed by all parties hereto, subject to the
following paragraph.

If, at any time, any attempt is made to modify this Agreement in a manner that
would increase the duties and responsibilities of the Escrow Agent or to modify
this Agreement in any manner which the Escrow Agent shall deem undesirable, or
at any other time, the Escrow Agent may resign by providing written notice to
the Partnership and until (a) the acceptance by a successor escrow agent as
shall be appointed by the Partnership; or (b) thirty (30) days after such
written notice has been given, whichever occurs sooner, the Escrow Agent's only
remaining obligation shall be to perform its duties hereunder in accordance with
the terms of the Agreement.

24. The Escrow Agent may resign at any time from its obligations under this
Escrow Agreement by providing written notice to the Partnership. Such
resignation shall be effective on the date specified in such notice which shall
be not less than thirty (30) days after such written notice has been given. The
Escrow Agent shall have no responsibility for the appointment of a successor
escrow agent.

25. The Escrow Agent may be removed for cause by the Partnership by written
notice to the Escrow Agent effective on the date specified in such written
notice. The removal of the Escrow Agent shall not deprive the Escrow Agent of
its compensation earned prior to such removal.




                                      -9-
<PAGE>

                            [Signature page follows]



                                      -10-
<PAGE>


Agreed to as of the ____ day of January, 2003.




                                   BEHRINGER HARVARD SHORT-TERM OPPORTUNITY
                                   FUND I LP



                                   By:
                                        ----------------------------------------
                                        Robert M. Behringer, General Partner


                                   BEHRINGER SECURITIES LP

                                   By:  Harvard Property Trust, LLC
                                        Its General Partner


                                   By:
                                        ----------------------------------------
                                        Gerald J. Reihsen, III
                                        Chief Operating Officer

The terms and conditions contained above are hereby accepted and agreed to by:

WELLS FARGO BANK IOWA, NATIONAL ASSOCIATION, AS ESCROW AGENT


By:
     -------------------------------
Name:
       -----------------------------
Title:
        ----------------------------




                                      -11-
<PAGE>




                                    EXHIBIT A


      [Form of Notice to Pennsylvania Subscribers and Nebraska Subscribers]

You have tendered a subscription to purchase units of limited partnership
interest of Behringer Harvard Short-Term Opportunity Fund I LP (the
"Partnership"). Your subscription is currently being held in escrow. The
guidelines of the Pennsylvania Securities Commission do not permit the
Partnership to accept subscriptions from Pennsylvania residents until an
aggregate of $5,500,000 of gross offering proceeds have been received by the
Partnership. The Pennsylvania guidelines provide that until this minimum amount
of offering proceeds is received by the Partnership, every 120 days during the
offering period Pennsylvania Subscribers may request that their subscription be
returned. The Nebraska Securities Commission has imposed similar requirements on
the Partnership with respect to subscriptions from Nebraska residents.

If you wish to continue your subscription in escrow until the
Pennsylvania/Nebraska minimum subscription amount is received, nothing further
is required.


If you wish to terminate your subscription for the Partnership's units of
limited partnership interest and have your subscription returned please so
indicate below, sign, date, and return to the Escrow Agent, Wells Fargo Bank
Iowa, National Association, at the address below.


I hereby terminate my prior subscription to purchase units of limited
partnership interest of Behringer Harvard Short-Term Opportunity Fund I LP and
request the return of my subscription funds. I certify to Behringer Harvard
Short-Term Opportunity Fund I LP that I am a resident of either Pennsylvania or
Nebraska.






                                        Signature:
                                                    ----------------------------

                                        Name:
                                                    ----------------------------
                                                           (please print)

                                        Date:
                                                    ----------------------------

Please send the subscription refund to:


---------------------------------------

---------------------------------------

---------------------------------------

<PAGE>


                                    EXHIBIT B


                         PERMISSIBLE ESCROW INVESTMENTS





(i)      obligations issued or guaranteed by the United States or by any person
         controlled or supervised by or acting as an instrumentality of the
         United States pursuant to authority granted by Congress, or an
         investment fund consisting of such obligations;

(ii)     obligations issued or guaranteed by any state or political subdivision
         thereof rated either: AA or higher or MIG 1 or higher, by Moody's
         Investors Service, Inc.; or AA or higher or an equivalent, by Standard
         & Poor's Corporation, both of New York, New York, or their successors;

(iii)    commercial or finance paper which is rated either: Prime-1 or higher,
         or an equivalent by Moody's Investors Service, Inc.; or A-1 or higher
         or any equivalent by Standard & Poor's Corporation, both of New York,
         New York, or their successors; or

(iv)     certificates of deposit or time deposits of banks or trust companies,
         organized under the laws of the United States or any state.





<PAGE>


                                    EXHIBIT C

                            ESCROW AGENT COMPENSATION