Exhibit 10.11

              OWNERSHIP INTEREST PLEDGE AND SECURITY AGREEMENT (S)

      OWNERSHIP INTEREST PLEDGE AND SECURITY AGREEMENT (this "Pledge
Agreement"), dated as of January 30, 2002, by and between THE NEWKIRK MASTER
LIMITED PARTNERSHIP, a Delaware limited partnership (the "Borrower"), and FLEET
NATIONAL BANK, a national banking association having an address at 100 Federal
Street, Boston, Massachusetts 02110, as agent (Fleet National Bank, in such
capacity as agent, hereinafter referred to as "Agent") for a syndicate of
Lenders (singly and collectively, the "Lenders") as specifically provided in the
Loan Agreement (as defined below).

                               W I T N E S S E T H

      WHEREAS, pursuant to that certain Loan Agreement dated as of January 30,
2002 (as amended, supplemented or otherwise modified from time to time, the
"Loan Agreement") entered into by and among the Borrower, the Agent and the
Lenders, the Agent and the Lenders have agreed to make a loan ("Loan") to the
Borrower in the aggregate principal amount of $225,000,000.00, upon the terms
and subject to the conditions set forth therein.

      WHEREAS, the Borrower owns (i) 100.0% of the membership interests in
Newkirk GP, LLC, a Delaware limited liability company ("Newkirk GP"), (ii)
100.0% of the membership interests in Newkirk Finco LLC, a Delaware limited
liability company ("Newkirk Finco"), and (iii) 50.01% of the membership
interests in Newkirk Capital LLC, a Delaware limited liability company ("Newkirk
Capital") ("Newkirk GP", "Newkirk Finco" and "Newkirk Capital" are hereinafter
collectively referred to as the "Newkirk Entities").

      WHEREAS, as a condition to extending the Loan to the Borrower, the Agent
and the Lenders have required the Borrower to execute and deliver this Pledge
Agreement and certain other Security Documents to secure the Borrower's
obligations under the Loan Agreement.

      NOW, THEREFORE, in consideration of the premises and to induce the Lenders
to make the Loan under the Loan Agreement, Borrower hereby agrees with Agent and
the Lenders as follows:

      1. Defined Terms. Unless otherwise defined herein, terms which are defined
in the Loan Agreement and used herein are so used as so defined, and the
following terms shall have the following meanings:

            "Agent": as defined in the first paragraph of this Pledge Agreement.

            "Borrower": as defined in the first paragraph of this Pledge
      Agreement.

            "Cash Management Agreement": shall mean that certain Cash Management
      Agreement, dated as of January 30, 2002, among the Borrower, various
      subsidiaries of the Borrower, the Agent and the Lenders, as amended,
      supplemented or otherwise modified from time to time.

            "Collateral": means the Pledged Interests and all Proceeds thereof.

            "Consents": shall mean those certain Consents from the Newkirk
      Entities referenced in Section 4 of this Pledge Agreement.

            "Lenders": as defined in the first paragraph hereto.

            "Loan": as defined in the recitals of this Pledge Agreement.


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            "Loan Agreement": as defined in the recitals of this Pledge
      Agreement.

            "Newkirk Entities": as defined in the recitals of this Pledge
      Agreement.

            "Obligations": means all indebtedness, obligations and liabilities
      of the Borrower to the Agent and/or any of the Lenders, whether now
      existing or hereafter arising, direct or indirect, absolute or contingent,
      under any one or more of: (i) this Pledge Agreement; (ii) the Loan
      Agreement, Note or any other Loan Document; and (iii) each of the same as
      hereafter modified, amended, extended or replaced, including, without
      limitation, the Obligations (as defined in the Loan Agreement).

            "Pledge Agreement": means this Ownership Interest Pledge and
      Security Agreement, as amended, supplemented or otherwise modified from
      time to time.

            "Pledged Interests": means all right, title and interest of the
      Borrower, whether now owned or hereafter acquired, in and to the Newkirk
      Entities, as listed on Schedule 1 hereto, together with all interests,
      certificates, options or rights of any nature whatsoever which may be
      issued or granted to the Borrower by the Newkirk Entities in respect of
      the foregoing.

            "Proceeds": means (i) the Borrower's right, title and interest in
      and to all Distributions, monies, fees, payments, compensations and
      proceeds now or hereafter payable in respect of the Pledged Interests,
      whether payable as profits, Distributions, asset Distributions, repayment
      of loans or capital or otherwise and including all "proceeds" as such term
      is defined in Section 9-306(1) of the UCC; (ii) all books, records,
      electronically stored data and information relating to the Pledged
      Interests and all rights of access to such books, records and information;
      (iii) all contract rights, general intangibles, claims, powers,
      privileges, benefits and remedies of the Borrower relating to the
      foregoing; (iv) all additions to the Pledged Interests, all substitutions
      therefor and all replacements thereof; and (v) all cash or non-cash
      proceeds of any of the foregoing.

            "Trigger Event": as defined in Section 2(b) of this Pledge
      Agreement.

            "UCC": means the Uniform Commercial Code from time to time in effect
      in The Commonwealth of Massachusetts; provided, that if by mandatory
      provisions of law, the perfection or the effect of perfection or
      non-perfection of the security interest granted hereunder in the
      Collateral is governed by the Uniform Commercial Code of a jurisdiction
      other than Massachusetts, "UCC" means the Uniform Commercial Code as in
      effect in such other jurisdiction for purposes of provisions hereof
      relating to such perfection or effect of perfection on non-perfection.

      2. Pledge; Grant of Security Interest.

            (a) Subject to the terms and provisions of Section 2(b) below, as
      security for the full and punctual payment and performance of the
      Obligations when due and payable (whether upon stated maturity, by
      acceleration or otherwise), the Borrower hereby transfers, assigns,
      grants, bargains, sells, conveys, hypothecates, pledges, sets over,
      endorses over and delivers to Agent all the Pledged Interests, and the
      Borrower hereby grants, pledges, hypothecates, transfers and assigns to
      Agent a continuing lien on and security interest in all of the Collateral.

            (b) The security interest granted in Section 2(a) shall not become
      effective until the earlier to occur of the following events, each as
      reasonably determined by the Agent: (i) the repayment in full of the
      Integrated Obligations (as defined in the Loan Agreement); (ii)


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      the release of the lien held by the Integrated Group (as defined in the
      Loan Agreement) of any of the Collateral, subject to the provisions of
      Section 2(d) below; or (iii) the acceleration of the Obligations as a
      result of an Event of Default under the Loan Agreement or any other Loan
      Document, and the election by the Agent to vest and perfect the security
      interest granted under Section 2(a), as evidenced by written notice to the
      Borrower (each, a "Trigger Event"). Immediately upon the occurrence of a
      Trigger Event, and without the need for further action by the Borrower or
      the Agent and/or the Lenders, the security interest granted under Section
      2(a) and all of the terms and provisions of this Pledge Agreement
      automatically shall become enforceable against the Borrower in accordance
      with the terms of this Pledge Agreement.

            (c) Notwithstanding Section 2(b) above, the following terms,
      covenants and conditions contained in this Pledge Agreement shall be in
      full force and effect as of the date hereof: 5(a) - (e), 6(e), 6(g), 7(a),
      7(b), 7(c)(ii) and (iii), 8(c), 14, 16, 17, 18, 19, 20, 21, 22 , 23 and
      24.

            (d) If the Integrated Group releases a portion of the Collateral,
      thereby causing a Trigger Event under Section 2(b)(ii) above, the security
      interest granted under Section 2(a) and all of the terms and provisions of
      this Pledge Agreement applicable thereto automatically shall become
      enforceable against the Borrower in accordance with the terms of this
      Pledge Agreement as to that portion of the Collateral released.

      3. Delivery of Certificates, Instruments, Etc. The Borrower shall deliver
to Agent:

            (a) all original certificates, instruments and other documents, if
      any, evidencing or representing the Pledged Interests as soon as
      practicable after the occurrence of a Trigger Event; and

            (b) the original certificates, instruments or other documents, if
      any, evidencing or representing all other Collateral (except for
      collateral which this Pledge Agreement specifically permits the Borrower
      to retain) within five (5) days after the Borrower's receipt thereof.

      4. Powers and Transfer Instruments. Upon the occurrence of the Trigger
Event, the Borrower shall deliver a duly executed Consent from each Newkirk
Entity.

      5. Representations and Warranties. The Borrower represents and warrants
that:

            (a) Except for any consents as may be required in connection with
      any disposition of any portion of the Collateral by laws affecting the
      offering and sale of securities generally or as otherwise contemplated by
      the Loan Agreement, no consent of any other person or entity (including,
      without limitation, any owner or creditor of the Borrower), and no
      license, permit, approval or authorization of, exemption by, notice or
      report to, or registration, filing (other than the filing of financing
      statements under the UCC in order to perfect a security interest in that
      portion of the Collateral in which a security interest is perfected by
      filing) or declaration with any governmental instrumentality is required
      in connection with (i) the execution, delivery, performance, validity or
      enforceability of this Pledge Agreement, (ii) the perfection or
      maintenance of the security interest created hereby (including the first
      priority nature of such security interest) or (iii) the exercise by the
      Lender of any rights provided for in this Pledge Agreement;

            (b) The Pledged Interests in the Newkirk Entities listed on Schedule
      1 constitute all of the ownership interests owned by the Borrower in each
      of the Newkirk Entities;


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            (c) All the Pledged Interests have been duly and validly issued and
      are fully paid. No certificate or other instrument has been issued at any
      time to evidence the Pledged Interests that has not been delivered to the
      Agent pursuant to Section 3 of this Pledge Agreement. None of the limited
      partnership interests or the membership interests comprising the
      Collateral are dealt in or traded on securities exchanges or in securities
      markets, and none by its terms expressly provides that it is a security
      governed by Article 8 of the UCC or that it is an investment company
      security, and none is held in a securities account (as defined in Section
      8-501 of the UCC);

            (d) The Borrower is the sole holder of record and sole beneficial
      owner of, and has good and valid title to, the Pledged Interests in the
      Newkirk Entities listed on Schedule 1, free of any and all liens or
      options in favor of, or claims of, any other Person, except the liens in
      existence on the date hereof and described on Schedule 1 hereto
      ("Permitted Liens") and the lien created in favor of the Agent by this
      Pledge Agreement;

            (e) Upon the filing of the Form UCC-1 Statements referred to in
      Section 13, the lien granted pursuant to this Pledge Agreement will
      constitute a valid, perfected lien on such Pledged Interests and related
      Collateral, subject only to Permitted Liens, with respect to that portion
      of the Collateral in which a security interest is perfected by the filing
      of a financing statement, enforceable as such against all creditors of
      Borrower and any Persons purporting to purchase any Pledged Interests and
      related Collateral from Borrower; and

            (f) There are no restrictions on the transfer of the Collateral to
      the Agent hereunder, or with respect to any subsequent transfer thereof or
      realization thereupon by the Agent and/or the Lenders (or, if there are
      any such restrictions, such transfer restrictions have been duly waived by
      all required parties), and, as set forth in the Consents, the Borrower has
      obtained all consents needed in connection with any such transfer or
      subsequent transfer, subject to matters resulting from the operation of
      law.

      6. Covenants. The Borrower covenants and agrees with Agent and the Lenders
that from and after the date of this Pledge Agreement until this Pledge
Agreement shall be terminated:

            (a) If the Borrower shall, as a result of its ownership of the
      Pledged Interests, become entitled to receive or shall receive (i) any
      limited liability company certificate (including, without limitation, any
      certificate representing a dividend or a Distribution in connection with
      any reclassification, increase or reduction of capital or any certificate
      issued in connection with any reorganization), option or rights, (ii) any
      stock, (iii) any limited partnership interests (including, without
      limitation, any certificate representing a dividend or a Distribution in
      connection with any reclassification, increase or reduction of capital or
      any certificate issued in connection with any reorganization), option or
      rights, or (iv) any property other than cash, whether in addition to, in
      substitution of, as a conversion of, or in exchange for any of the Pledged
      Interests, or otherwise in respect thereof, the Borrower shall accept the
      same as Agent's agent, hold the same in trust for Agent and deliver the
      same forthwith to Agent in the exact form received, duly endorsed by the
      Borrower to Agent, if required, together with an undated assignment or
      power covering such certificate, duly executed in blank and with, if Agent
      so requests, signature guaranteed, to be held by Agent hereunder as
      additional security for the Obligations.

            (b) Without the prior written consent of Agent, the Borrower will
      not, directly or indirectly (i) vote to enable, or take any other action
      to permit, the issuer(s) of the Pledged Interests to issue any interests
      or shares, as applicable, or to issue any other securities convertible
      into or granting the right to purchase or exchange for any interests of
      the issuer(s) of the Pledged Interests, or (ii) if prohibited by the Loan
      Agreement, sell, assign, transfer,


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      exchange or otherwise dispose of, or grant any option with respect to, the
      Collateral, or (iii) create, incur or permit to exist any lien or option
      in favor of, or any claim of any person or entity with respect to, any of
      the Collateral, or any interest therein, except for the lien provided for
      by this Pledge Agreement and liens permitted under the Loan Agreement. The
      Borrower will defend the right, title and interest of Agent in and to the
      Collateral against the claims and demands of all Persons whomsoever.

            (c) At any time and from time to time, upon the written request of
      Agent, and at the sole expense of the Borrower, the Borrower will promptly
      and duly execute and deliver such further instruments and documents and
      take such further actions as Agent may reasonably request for the purposes
      of obtaining or preserving the full benefits of this Pledge Agreement and
      of the rights and powers herein granted.

            (d) If any amount payable under or in connection with any of the
      Collateral shall be or become evidenced by any promissory note, other
      instrument or chattel paper, such note, instrument or chattel paper shall
      be promptly delivered to Agent, duly endorsed in a manner satisfactory to
      Agent, to be held as Collateral pursuant to this Pledge Agreement.

            (e) The Borrower agrees to pay, and to indemnify and save Agent
      harmless from, any and all liabilities with respect to, or resulting from
      any delay in paying, any and all stamp, excise, sales or other taxes
      (other than income taxes on the income of Agent or any of the Lenders)
      which may be payable or determined to be payable with respect to any of
      the Collateral or in connection with any of the transactions contemplated
      by this Pledge Agreement.

            (f) The Borrower shall, upon request from the Agent, from time to
      time, cause the issuer of any securities comprising any of the Collateral
      which may be, but have not been, certificated, to issue certificates with
      respect thereto in the name of the Borrower or, if so requested by the
      Agent, in the name of the Agent as secured party.

            (g) Unless otherwise required pursuant to the Integrated
      Obligations, the Borrower shall not exercise any right with respect to the
      Collateral which would dilute or adversely affect Agent's rights in the
      Collateral.

      7. Cash Dividends; Distributions; Voting Rights.

            (a) Unless an Event of Default shall have occurred and be
      continuing, the Borrower shall be permitted to exercise all voting rights
      with respect to the Pledged Interests; provided, however, that, unless
      otherwise required pursuant to the Integrated Obligations, the Borrower
      shall not, without the prior written consent of Agent in each instance,
      which consent shall not be unreasonably withheld, vote the Collateral in
      favor of, or consent to, any resolution or action which does or might:

                  (i)   impose any restrictions upon the sale, transfer or
                        disposition of the Collateral other than restrictions,
                        if any, the application of which is waived to the full
                        satisfaction of the Agent as to the Collateral; or

                  (ii)  result in the issuance of any additional interest in the
                        Newkirk Entities, or of any class of security, which
                        issuance might adversely affect the value of the
                        Collateral; or


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                  (iii) vest additional powers, privileges, preferences or
                        priorities to any other class of interest in the Newkirk
                        Entities to the detriment of the value of, or rights
                        accruing to, the Collateral; or

                  (iv)  except as permitted in the Loan Agreement, permit the
                        Newkirk Entities to sell, transfer, assign, pledge,
                        mortgage or otherwise encumber any property owned by any
                        of them, or to incur any new indebtedness in respect of
                        such property, unless Agent has given its prior written
                        consent.

            (b) Subject to the terms and provisions hereof relating to the
      rights and remedies of the Agent after the occurrence and during the
      continuance of an Event of Default, in accordance with the terms and
      conditions of the Loan Agreement (including, without limitation, Sections
      7.14, 7.15 and 7.16 thereof), the Consents, the Payment Direction Letters
      and the Cash Management Agreement (including, without limitation, Section
      2.2 thereof), the Borrower agrees that, unless and until the Borrower is
      otherwise required pursuant to the Integrated Obligations, any and all
      cash dividends or Distributions or any other payments received by the
      Borrower in respect of the Collateral shall be directly deposited in a
      designated Depository Account in the name of the Borrower.

            (c) The Borrower agrees that, unless and until the Borrower is
      otherwise required pursuant to the Integrated Obligations, to the extent
      that the Borrower receives directly any cash dividends or Distributions or
      any other payments which are required to be deposited in a designated
      Depository Account as provided for in the Loan Agreement, the Consents
      and/or the Cash Management Agreement, then (i) such amounts shall be
      deemed to be Collateral and shall be held in trust for the benefit of
      Agent, (ii) such amounts shall not be commingled with any other funds or
      property of the Borrower, and (iii) the Borrower shall deposit such
      amounts in the applicable Depository Account within three Business Days of
      receipt.

      8. Rights of Agent.

            (a) If an Event of Default shall have occurred and be continuing,
      Agent shall have the right to receive any and all cash dividends or
      Distributions or other payments paid in respect of the Collateral and make
      application thereof to the Obligations, in such order as Agent, in its
      sole discretion, may elect. In connection therewith, if an Event of
      Default shall have occurred and be continuing, the Agent shall have the
      right to direct the issuer(s) of the Pledged Interests to pay all such
      cash dividends or Distributions or other payments directly to the Agent or
      as otherwise directed by the Agent.

            (b) If an Event of Default shall have occurred and be continuing,
      then all such Pledged Interests at Agent's option shall be registered in
      the name of Agent or its nominee, and Agent or its nominee may thereafter
      exercise (x) all voting and other rights pertaining to such Pledged
      Interests and (y) any and all rights of conversion, exchange, subscription
      and any other rights, privileges or options pertaining to such Pledged
      Interests as if Agent were the absolute owner thereof (including, without
      limitation, the right to exchange at its discretion any and all of the
      Pledged Interests upon the merger, consolidation, reorganization,
      recapitalization or other fundamental change in the organizational
      structure of the Borrower, or upon the exercise by the Borrower or Agent
      of any right, privilege or option pertaining to such Pledged Interests,
      and in connection therewith, the right to deposit and deliver any and all
      of the Pledged Interests with any committee, depositary, transfer agent,
      registrar or other designated agency upon such terms and conditions as it
      may determine), all without liability except to account for property
      actually received by it, but Agent shall have no duty to


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      exercise any such right, privilege or option and shall not be responsible
      for any failure to do so or delay in so doing.

            (c) The rights of Agent hereunder shall not be conditioned or
      contingent upon the pursuit by Agent of any right or remedy against the
      Borrower or against any other person or entity which may be or become
      liable in respect of all or any part of the Obligations or against any
      other Collateral security therefor, guarantee thereof or right of offset
      with respect thereto. Agent shall not be liable for any failure to demand,
      collect or realize upon all or any part of the Collateral or for any delay
      in doing so, nor shall it be under any obligation to sell or otherwise
      dispose of any Collateral upon the request of the Borrower or any other
      person or entity or to take any other action whatsoever with regard to the
      Collateral or any part thereof.

      9. Actions By Agent. The Borrower hereby designates Agent as the
attorney-in-fact of the Borrower to: (a) after the occurrence and during the
continuance of an Event of Default, endorse in favor of Agent any of the
Collateral; (b) after the occurrence and during the continuance of an Event of
Default, cause the transfer of any of the Collateral in such name as Agent may
from time to time determine; (c) cause the issuance of certificates for book
entry and/or uncertificated securities; (d) renew, extend or roll over any
Collateral; (e) make, demand and initiate actions to enforce any of the
Collateral or rights therein; and (f) take any other action to effectuate the
terms and provisions of this Pledge Agreement. Agent may take such action with
respect to the Collateral as Agent may reasonably determine to be necessary to
protect and preserve its interest in the Collateral. Except as otherwise
provided herein, all of the rights, remedies, powers, privileges and discretions
included in this Section 9 may be exercised by Agent whether or not the
Obligations are then due and whether or not an Event of Default has occurred.
The within designation and grant of power of attorney is coupled with an
interest, is irrevocable until the lien created by this Pledge Agreement is
terminated by a written instrument executed by a duly authorized officer of
Agent. The power of attorney shall not be affected by subsequent disability or
incapacity of the Borrower. Agent shall not be liable for any act or omission to
act pursuant to this Section 9, except for any act or omission to act which is
in actual bad faith.

      10. Remedies.

            (a) If an Event of Default shall have occurred and be continuing,
      Agent may exercise, in addition to all other rights and remedies granted
      in this Pledge Agreement and in any other instrument or agreement
      securing, evidencing or relating to the Obligations, all rights and
      remedies of a secured party under the UCC. Without limiting the generality
      of the foregoing, Agent, if an Event of Default shall have occurred and be
      continuing, without demand of performance or other demand, presentment,
      protest, advertisement or notice of any kind (except any notice required
      by law referred to below) to or upon the Borrower or any other person or
      entity (all and each of which demands, presentments, protests,
      advertisements or notices are hereby waived), may in such circumstances
      forthwith collect, receive, appropriate and realize upon the Collateral,
      or any part thereof, and/or may forthwith sell, assign, give option or
      options to purchase or otherwise dispose of and deliver the Collateral or
      any part thereof (or contract to do any of the foregoing), in one or more
      parcels at public or private sale or sales, in the over-the-counter
      market, at any exchange, broker's board or office of Agent or elsewhere
      upon such terms and conditions as it may deem advisable and at such prices
      as it may deem best, for cash or on credit or for future delivery without
      assumption of any credit risk. Agent shall have the right upon any such
      public sale or sales, and, to the extent permitted by law, upon any such
      private sale or sales, to purchase the whole or any part of the Collateral
      so sold, free of any right or equity of redemption in the Borrower, which
      right or equity is hereby waived or released. Agent shall apply any
      Proceeds from time to time held by it and the net proceeds of any such
      collection, recovery,


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      receipt, appropriation, realization or sale, after deducting all
      reasonable costs and expenses of every kind incurred therein or incidental
      to the care or safekeeping of any of the Collateral or in any way relating
      to the Collateral or the rights of Agent hereunder, including, without
      limitation, reasonable attorneys' fees and disbursements, to the payment
      in whole or in part of the Obligations, in such order as Agent may elect,
      and only after such application and after the payment by Agent of any
      other amount required by any provision of law, including, without
      limitation, Section 9-615(a) of the UCC, need Lender account for the
      surplus, if any, to the Borrower. To the extent permitted by applicable
      law, the Borrower waives all claims, damages and demands it may acquire
      against Agent arising out of the exercise by Agent of any of its rights
      hereunder, except for any claims, damages and demands it may have against
      Agent arising from the gross negligence or willful misconduct of Agent. If
      any notice of a proposed sale or other disposition of Collateral shall be
      required by law, such notice shall be deemed reasonable and proper if
      given at least 10 days before such sale or other disposition. The Borrower
      shall remain liable for any deficiency if the proceeds of any sale or
      other disposition of Collateral are insufficient to pay the Obligations
      and the fees and disbursements of any attorneys employed by Agent to
      collect such deficiency.

            (b) If any Event of Default occurs and is continuing, any deposits,
      balances or other sums credited by or due from Agent, any affiliate of
      Agent or FleetBoston Financial Corporation or any of the Lenders, or from
      any affiliate of any of the Lenders, to the Borrower may to the fullest
      extent not prohibited by applicable law at any time or from time to time,
      without regard to the existence, sufficiency or adequacy of any other
      collateral, and without notice or compliance with any other condition
      precedent now or hereafter imposed by statute, rule of law or otherwise,
      all of which are hereby waived to the fullest extent permitted by law, be
      set off, appropriated and applied by Agent against any or all of the
      Obligations irrespective of whether demand shall have been made and
      although such obligations may be unmatured, in such manner as Agent in its
      sole and absolute discretion may determine. Within three (3) Business Days
      of making any such set off, appropriation or application, Agent agrees to
      notify Borrower thereof, provided the failure to give such notice shall
      not affect the validity of such set off or appropriation or application.
      ANY AND ALL RIGHTS TO REQUIRE AGENT OR ANY OF THE LENDERS TO EXERCISE ITS
      RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL WHICH SECURES THE
      LOAN, PRIOR TO EXERCISING ITS RIGHT OF SETOFF WITH RESPECT TO SUCH
      DEPOSITS, CREDITS OR OTHER PROPERTY OF THE BORROWER, ARE HEREBY KNOWINGLY,
      VOLUNTARILY AND IRREVOCABLY WAIVED.

      11. Private Sales.

            (a) The Borrower recognizes that Agent may be unable to effect a
      public sale of any or all the Pledged Interests, by reason of certain
      prohibitions contained in the Securities Act of 1933, as amended, and
      applicable state securities laws or otherwise, and may be compelled to
      resort to one or more private sales thereof to a restricted group of
      purchasers which will be obliged to agree, among other things, to acquire
      such securities for their own account for investment and not with a view
      to the distribution or resale thereof. The Borrower acknowledges and
      agrees that any such private sale may result in prices and other terms
      less favorable to Agent than if such sale were a public sale. Agent shall
      be under no obligation to delay a sale of any of the Pledged Interests for
      the period of time necessary to permit the Borrower to register such
      securities for public sale under the Securities Act of 1933, as amended,
      or under applicable state securities laws, even if the Borrower would
      agree to do so.


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            (b) The Borrower further agrees to use its best efforts to do or
      cause to be done all such other acts as may be necessary to make any sale
      or sales of all or any portion of the Pledged Interests pursuant to this
      paragraph 11 valid and binding and in compliance with any and all other
      applicable requirements of law; provided, however, that the Borrower shall
      be under no obligation to register the Pledged Interests for public sale
      under the Securities Act of 1933, as amended, or under applicable state
      securities laws. The Borrower further agrees that a breach of any of the
      covenants contained in this paragraph 11 will cause irreparable injury to
      Agent, that Agent has no adequate remedy at law in respect of such breach
      and, as a consequence, that each and every covenant contained in this
      paragraph 11 shall be specifically enforceable against the Borrower, and
      the Borrower hereby waives and agrees not to assert any defenses against
      an action for specific performance of such covenants except for a defense
      that no default has occurred with respect to the Obligations.

      12. Limitation on Duties Regarding Collateral. Agent's sole duty with
respect to the custody, safekeeping and physical preservation of the Collateral
in its possession, under Section 9- 207 of the UCC or otherwise, shall be to
deal with it in the same manner as Agent deals with similar securities and
property for its own account. Neither Agent nor any of its directors, officers,
employees or agents shall be liable for failure to demand, collect or realize
upon any of the Collateral or for any delay in doing so or shall be under any
obligation to sell or otherwise dispose of any Collateral upon the request of
the Borrower or otherwise.

      13. Financing Statements; Other Documents. The Borrower shall deliver to
Agent, in escrow, UCC-1 financing statements with respect to the Collateral,
duly executed by the Borrower suitable for filing in such jurisdictions as Agent
shall reasonably request. Agent agrees not to file any such UCC-1 financing
statement unless and until the occurrence of a Trigger Event. The Borrower
agrees that, immediately upon the occurrence of a Trigger Event, the Agent shall
be authorized to file any or all of such UCC-1 financing statements as the Agent
deems reasonably necessary to perfect its security interest in the Collateral.
The Borrower agrees to deliver any other document or instrument which Agent may
reasonably request in connection with the administration and enforcement of this
Pledge Agreement or with respect to the Collateral for the purposes of obtaining
or preserving the full benefits of this Pledge Agreement and of the rights and
powers herein granted.

      14. Powers Coupled with an Interest. All authorizations and agencies and
powers herein contained with respect to the Collateral are irrevocable and
coupled with an interest.

      15. Security Interest Absolute. All rights of the Agent hereunder, the
grant of a security interest in the Collateral and all obligations of the
Borrower hereunder, shall be absolute and unconditional irrespective of (i) any
lack of validity or enforceability of the Loan Agreement, any agreement with
respect to any of the Obligations or any other agreement or instrument relating
to any of the foregoing, (ii) any change in time, manner or place of payment of,
or in any other term of, all or any of the Obligations, or any other amendment
or waiver of or any consent to any departure from the Note or any other
agreement or instrument, (iii) any exchange, release or non-perfection of any
other collateral, or any release or amendment or waiver of or consent to or
departure from any guarantee, for all or any of the Obligations, or (iv) any
other circumstance which might otherwise constitute a defense available to
(other than the defense of indefeasible payment), or a discharge of, the
Borrower in respect of the Obligations or in respect of this Pledge Agreement.

      16. Fees and Expenses. To the extent provided in the Loan Agreement, the
Borrower shall be obligated to, upon demand, pay to the Agent the amount of any
and all reasonable expenses, including the reasonable fees and expenses of its
counsel and of any experts or agents which the Agent or any Lender may incur in
connection with (i) the sale of, collection from, or other realization upon, any
of the Collateral, or (ii) during the continuance of an Event of Default, the
exercise or


                                       -9-
<PAGE>

enforcement of any of the rights of the Agent hereunder. Any such amounts
payable as provided hereunder or thereunder shall be additional obligations
secured hereby and by the other Security Documents.

      17. Termination. Upon the payment in full of the Obligations, in
immediately available funds, including, without limitation, all unreimbursed
costs and expenses of the Agent and of each Lender for which the Borrower is
responsible, the Agent shall release the Collateral granted to the Agent as
provided for herein. However, such release by the Agent shall not be deemed to
terminate or release the Borrower from any obligation or liability under this
Pledge Agreement which specifically by its terms survives the payment in full of
the Obligations.

      18. Severability. Any provision of this Pledge Agreement which is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

      19. Paragraph Headings. The paragraph headings used in this Pledge
Agreement are for convenience of reference only and are not to affect the
construction, or be taken into consideration in interpreting, this Pledge
Agreement.

      20. No Waiver; Cumulative Remedies. Agent shall not by any act delay,
indulgence, omission or otherwise be deemed to have waived any right or remedy
hereunder or to have acquiesced in any default or in any breach of any of the
terms and conditions hereof. No failure to exercise, nor any delay in
exercising, on the part of Agent, any right, power or privilege hereunder shall
operate as a waiver thereof. No single or partial exercise of any right, power
or privilege hereunder shall preclude any other or further exercise thereof or
the exercise of any other right, power or privilege. A waiver by Agent of any
right or remedy hereunder on any one occasion shall not be construed as a bar to
any right or remedy which Agent would otherwise have on any future occasion. The
rights and remedies herein provided are cumulative, may be exercised singly or
concurrently and are not exclusive of any rights or remedies provided by law.

      21. Waivers and Amendments; Successors and Assigns; Governing Law; Venue.
None of the terms or provisions of this Pledge Agreement may be waived, amended,
or otherwise modified except by a written instrument executed by the party
against which enforcement of such waiver, amendment, or modification is sought.
This Pledge Agreement shall be binding upon the Borrower, Agent and the Lenders,
and the successors and assigns of each, and shall inure to the benefit of Agent
and the Lenders and their successors and assigns and to the benefit of the
Borrower and the Borrower's successors and permitted assigns; provided that the
Borrower shall not have any right to (i) assign this Pledge Agreement or any
interest herein, or (ii) to assign any interest in the Collateral or any part
thereof, or otherwise pledge, encumber or grant any option with respect to the
Collateral or any part thereof, or any cash or property held by the Borrower as
Collateral under this Pledge Agreement if any such assignment, pledge,
encumbrance or grant would constitute a violation of the Loan Agreement. The
rights of Agent under this Pledge Agreement shall automatically be transferred
to any transferee to which Agent transfers the Note and Loan Agreement pursuant
to the terms thereof. The construction, interpretation, validity, enforceability
and effect of all provisions of this Pledge Agreement including, but not limited
to, the payment of the Obligations and the legality of the interest rate and
other charges shall be construed and enforced in accordance with the internal
laws of The Commonwealth of Massachusetts (without regard to conflicts of laws).
The Borrower agrees to submit to non-exclusive personal jurisdiction in Suffolk
County, in The Commonwealth of Massachusetts in any action or proceeding arising
out of this Pledge Agreement and, in furtherance of such agreement, the Borrower
hereby agrees and consents that, without limiting other methods of obtaining
jurisdiction, personal jurisdiction over the Borrower in any such


                                      -10-
<PAGE>

action or proceeding may be obtained within or without the jurisdiction of any
court located in The Commonwealth of Massachusetts and that any process or
notice of motion or other application to any such court in connection with any
such action or proceeding may be served upon the Borrower by registered or
certified mail to or by personal service at the last known address of the
Borrower, whether such address be within or without the jurisdiction of any such
court.

      22. Executive Offices. The Borrower shall not (i) change the location of
its chief executive offices or sole place of business from the location as of
the date hereof or remove its books and records from such location, or (ii)
change its name, identity or structure if, in either case, such change is
prohibited by the Loan Agreement.

      23. Notices. Notices by Agent to the Borrower, to be effective, shall be
in writing and shall be hand-delivered or sent by Federal Express, or other
reputable national overnight courier service, or by postage pre-paid registered
or certified mail, return receipt requested, addressed to the Borrower at its
address set forth below its signature hereto, with a copy in each instance to
Rosenman & Colin LLP at the address set forth in Section 14.1 of the Loan
Agreement, and shall be deemed to have been duly given or made (a) when
delivered if hand-delivered or sent by Federal Express, or other reputable
national overnight courier service, or (b) when delivered if sent by registered
or certified mail. Any communications by the Borrower to Agent may be given in
any manner set forth in the immediately preceding sentence, with a copy to
Riemer & Braunstein LLP, Attention: Steven J. Weinstein, Esq., to the addresses
set forth in Section 14.1 of the Loan Agreement.

      24. Entire Understanding. Agent acknowledges that this Pledge Agreement,
the Note and the other Loan Documents and Security Documents set forth the
entire agreement and understanding of Lender and the Borrower with respect to
the Loan and that no oral or other agreements, understanding, representation or
warranties exist with respect to the Loan, other than those set forth in this
Pledge Agreement, the Note, and the other Loan Documents.

      25. Counterpart Signatures. This Agreement may be executed in two or more
counterparts, each of which shall constitute an original, but all of which, when
taken together, shall constitute but one instrument.

                            [Signature page follows]


                                      -11-
<PAGE>

      IN WITNESS WHEREOF, the undersigned has caused this Pledge Agreement to be
duly executed and delivered as of the date first above written.

                                       THE NEWKIRK MASTER LIMITED PARTNERSHIP,
                                       A Delaware limited partnership

                                       By: MLP GP LLC, its General Partner

                                       By: Newkirk MLP Corp., its Manager

                                       By: /s/ Lara Sweeney
                                           -------------------------------------
                                           Lara Sweeney, Senior Vice President


                                       Addresses:

                                       1.   Chief Executive Office:
                                            c/o First Winthrop Corporation
                                            7 Bulfinch Place, Suite 500
                                            Boston, Massachusetts 02114

                                       2.   Principal Place of Business:
                                            c/o First Winthrop Corporation
                                            7 Bulfinch Place, Suite 500
                                            Boston, Massachusetts 02114


                                       FLEET NATIONAL BANK,
                                       A national banking association

                                       By: /s/ Scott C. Dow
                                           -------------------------------------
                                           Scott C. Dow
                                           duly authorized


                                      -12-
<PAGE>

                                                                      SCHEDULE 1
                                                                       To Pledge
                                                                       Agreement

                        DESCRIPTION OF PLEDGED INTERESTS

<TABLE>
<CAPTION>
         Issuers of Pledged                 Type of            Percentage
              Interests                     Interest               of                  Permitted Liens
                                                                 Issued
                                                                Interests
<S>                                        <C>                   <C>                  <C>
           Newkirk GP LLC                  Membership            100.0%               Integrated Group
          Newkirk Finco LLC                Membership            100.0%               Integrated Group
         Newkirk Capital LLC               Membership            50.01%               Integrated Group
</TABLE>


                                      -13-