<PAGE>
                                                                    EXHIBIT 10.1

                    PROPERTY MANAGEMENT AND LEASING AGREEMENT


         This PROPERTY MANAGEMENT AND LEASING AGREEMENT (this "Management
Agreement") is made and entered into as of the ____ day of _________________,
2003, by and among BEHRINGER HARVARD SHORT-TERM OPPORTUNITY FUND I LP, a Texas
limited partnership (the "Partnership") and HPT MANAGEMENT SERVICES LP, a Texas
limited partnership (the "Manager").


         WHEREAS, the Partnership intends to raise money from the sale of its
limited partnership interests to be used, net of payment of certain offering
costs and expenses, for investment in the acquisition or construction of
income-producing real estate to be acquired and held by Owner (as hereinafter
defined); and

         WHEREAS, Owner intends to retain Manager to manage and coordinate the
leasing of the real estate properties acquired by Owner under the terms and
conditions set forth in this Management Agreement;

         NOW, THEREFORE, in consideration of the premises and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto, intending to be legally bound hereby, do
hereby agree, as follows:

                                    ARTICLE I

                                   DEFINITIONS

         Except as otherwise specified or as the context may otherwise require,
the following terms have the respective meanings set forth below for all
purposes of this Management Agreement, and the definitions of such terms are
equally applicable both to the singular and plural forms thereof:

1.1 "Affiliate" means, with respect to any Person, (i) any Person directly or
indirectly owning, controlling or holding, with the power to vote, 10% or more
of the outstanding voting securities of such other Person; (ii) any Person 10%
or more of whose outstanding voting securities are directly or indirectly owned,
controlled or held, with the power to vote, by such other Person; (iii) any
Person directly or indirectly controlling, controlled by or under common control
with such other Person; (iv) any executive officer, director, trustee or general
partner of such other Person; and (v) any legal entity for which such Person
acts as an executive officer, director, trustee or general partner.

1.2 "Gross Revenues" means all amounts actually collected as rents or other
charges for the use and occupancy of the Properties, but shall exclude interest
and other investment income of Owner and proceeds received by Owner for a sale,
exchange, condemnation, eminent domain taking, casualty or other disposition of
assets of Owner.

1.3 "Improvements" means buildings, structures, equipment from time to time
located on the Properties and all parking and common areas located on the
Properties.


1.4 "Intellectual Property Rights" means all rights, titles and interests,
whether foreign or domestic, in and to any and all trade secrets, confidential
information rights, patents, invention rights, copyrights, service marks,
trademarks, know-how, or similar intellectual property rights and all
applications and rights to apply for such rights, as well as any and all moral
rights, rights of privacy, publicity and similar



<PAGE>


rights and license rights of any type under the laws or regulations of any
governmental, regulatory, or judicial authority, foreign or domestic and all
renewals and extensions thereof.



1.5 "Lease" means, unless the context otherwise requires, any lease or sublease
made by Owner as landlord or by its predecessor.



1.6 "Owner" means the Partnership and any joint venture, limited liability
company or other Affiliate of the Partnership that owns, in whole or in part, on
behalf of the Partnership, any Properties.



1.7 "Person" means an individual, corporation, association, business trust,
estate, trust, partnership, limited liability company or other legal entity.



1.8 "Properties" means all real estate properties owned by Owner and all tracts
as yet unspecified but to be acquired by Owner containing income-producing
improvements or on which Owner will construct income-producing improvements.



1.9 "Proprietary Properties" means all modeling algorithms, tools, computer
programs, know-how, methodologies, processes, technologies, ideas, concepts,
skills, routines, subroutines, operating instructions and other materials and
aides used in performing the duties set forth in Article 2 that relate to
management advice, services and techniques regarding current and potential
Properties, and all modifications, enhancements and derivative works of the
foregoing.


                                   ARTICLE II

                APPOINTMENT OF MANAGER; SERVICES TO BE PERFORMED

2.1 Appointment of Manager. Owner hereby engages and retains Manager as the
manager and as tenant coordinating agent of the Properties and Manager hereby
accepts such appointment on the terms and conditions hereinafter set forth, it
being understood that this Management Agreement shall cause Manager to be, at
law, Owner's agent upon the terms contained herein.

2.2 General Duties. Manager shall devote its best efforts to performing its
duties hereunder to manage, operate, maintain and lease the Properties in a
diligent, careful and vigilant manner. The services of Manager are to be of
scope and quality not less than those generally performed by professional
property managers of other similar properties in the area. Manager shall make
available to Owner the full benefit of the judgment, experience and advice of
the members of Manager's organization and staff with respect to the policies to
be pursued by Owner relating to the operation and leasing of the Properties.

2.3 Specific Duties. Manager's duties include the following:

         (a) Lease Obligations. Manager shall perform all duties of the landlord
under all Leases insofar as such duties relate to operation, maintenance, and
day-to-day management. Manager shall also provide or cause to be provided, at
Owner's expense, all services normally provided to tenants of like premises,
including where applicable and without limitation, gas, electricity or other
utilities required to be furnished to tenants under Leases, normal repairs and
maintenance, and cleaning, and janitorial service. Manager shall arrange for and
supervise the performance of all installations and improvements in space leased
to any tenant which are either expressly required under the terms of the lease
of such space or which are customarily provided to tenants.

         (b) Maintenance. Manager shall cause the Properties to be maintained in
the same manner as similar properties in the area. Manager's duties and
supervision in this respect shall include, without


                                      -2-
<PAGE>

limitation, cleaning of the interior and the exterior of the Improvements and
the public common areas on the Properties and the making and supervision of
repair, alterations, and decoration of the Improvements, subject to and in
strict compliance with this Management Agreement and the Leases. Construction
activities undertaken by Manager, if any, will be limited to activities related
to the management, operation, maintenance, and leasing of the Property (e.g.,
repairs, renovations, and leasehold improvements).

         (c) Leasing Functions. Manager shall coordinate the leasing of the
Properties and shall negotiate and use its best efforts to secure executed
Leases from qualified tenants, and to execute same on behalf of Owner, if
requested, for available space in the Properties, such Leases to be in form and
on terms approved by Owner and Manager, and to bring about complete leasing of
the Properties. Manager shall be responsible for the hiring of all leasing
agents, as necessary for the leasing of the Properties, and to otherwise oversee
and manage the leasing process on behalf of Owner.

         (d) Notice of Violations. Manager shall forward to Owner promptly upon
receipt all notices of violation or other notices from any governmental
authority, and board of fire underwriters or any insurance company, and shall
make such recommendations regarding compliance with such notice as shall be
appropriate.

         (e) Personnel. Any personnel hired by Manager to maintain, operate and
lease the Property shall be the employees or independent contractors of Manager
and not of Owner. Manager shall use due care in the selection and supervision of
such employees or independent contractors. Manager shall be responsible for the
preparation of and shall timely file all payroll tax reports and timely make
payments of all withholding and other payroll taxes with respect to each
employee.

         (f) Utilities and Supplies. Manager shall enter into or renew contracts
for electricity, gas, steam, landscaping, fuel, oil, maintenance and other
services as are customarily furnished or rendered in connection with the
operation of similar rental property in the area.

         (g) Expenses. Manager shall analyze all bills received for services,
work and supplies in connection with maintaining and operating the Properties,
pay all such bills when due, and, if requested by Owner, pay, when due, utility
and water charges, sewer rent and assessments, and any other amount payable in
respect to the Properties. All bills shall be paid by Manager within the time
required to obtain discounts, if any. Owner may from time to time request that
Manager forward certain bills to Owner promptly after receipt, and Manager shall
comply with any such request. Manager shall pay all bills, assessments, real
property taxes, insurance premiums and any other amount payable in respect to
the Properties out of the Account (as hereinafter defined). All expenses shall
be billed at net cost (i.e., less all rebates, commissions, discounts and
allowances, however designed).

         (h) Monies Collected. Manager shall timely collect all rent and other
monies, in the form of a check or money order, from tenants and any sums
otherwise due Owner with respect to the Properties in the ordinary course of
business. Owner authorizes Manager to request, demand, collect and provide
receipt for all such rent and other monies and to institute legal proceedings in
the name of Owner for the collection thereof and for the dispossession of any
tenant in default under its Lease.

         (i) Banking Accommodations. Manager shall establish and maintain a
separate checking account (the "Account") for funds relating to the Properties.
All monies deposited from time to time in the Account shall be deemed to be
trust funds and shall be and remain the property of Owner and shall be withdrawn
and disbursed by Manager for the account of Owner only as expressly permitted by
this Management Agreement for the purposes of performing the obligations of
Manager hereunder. No monies collected by Manager on Owner's behalf shall be
commingled with funds of Manager. The


                                      -3-
<PAGE>

Account shall be maintained, and monies shall be deposited therein and withdrawn
therefrom, in accordance with the following:

                  (i) All sums received from rents and other income from the
                  Properties shall be promptly deposited by Manager in the
                  Account. Manager shall have the right to designate two or more
                  persons who shall be authorized to draw against the Account,
                  but only for purposes authorized by this Management Agreement.

                  (ii) All sums due to Manager hereunder, whether for
                  compensation, reimbursement for expenditures, or otherwise, as
                  herein provided, shall be a charge against the operating
                  revenues of the Properties and shall be paid and/or withdrawn
                  by Manager from the Account prior to the making of any other
                  disbursements therefrom.

                  (iii) By the 15th day after the end of each month, Manager
                  shall forward to Owner all monies contained in the Account
                  other than a reserve of $5,000 and any other amounts otherwise
                  provided in the budget, which shall remain in the Account.


         (j) Ownership Agreements. Manager has received copies of (and will be
provided with a copies of future) Agreements of Limited Partnership, Joint
Venture Partnership Agreements and Operating Agreements, each as may be amended
from time to time, of Owner, as applicable (the "Ownership Agreements") and is
familiar with the terms thereof. Manager shall use reasonable care to avoid any
act or omission that, in the performance of its duties hereunder, shall in any
way conflict with the terms of the Ownership Agreements.


         (k) Signs. Manager shall place and remove, or cause to be placed and
removed, such signs upon the Properties as Manager deems appropriate, subject,
however, to the terms and conditions of the Leases and to any applicable
ordinances and regulations.

2.4 Approval of Leases, Contracts, Etc. In fulfilling its duties to Owner,
Manager may and hereby is authorized to enter into any leases, contracts or
agreements on behalf of Owner in the ordinary course of the management,
operation, maintenance and leasing of the Property.

2.5 Accounting, Records and Reports.

         (a) Records. Manager shall maintain all office records and books of
account and shall record therein, and keep copies of, each invoice received from
services, work and supplies ordered in connection with the maintenance and
operation of the Properties. Such records shall be maintained on a double entry
basis. Owner and persons designated by Owner shall at all reasonable time have
access to and the right to audit and make independent examinations of such
records, books and accounts and all vouchers, files and all other material
pertaining to the Properties and this Management Agreement, all of which Manager
agrees to keep safe, available and separate from any records not pertaining to
the Properties, at a place recommended by Manager and approved by Owner.

         (b) Monthly Reports. On or before the 15th day after the end of each
month and during the term of this Management Agreement, Manager shall prepare
and submit to Owner the following reports and statements:

                  (i) rental collection record;

                  (ii) monthly operating statement;


                                      -4-
<PAGE>

                  (iii) copy of cash disbursements ledger entries for such
                  period, if requested;

                  (iv) copy of cash receipts ledger entries for such period, if
                  requested;

                  (v) the original copies of all contracts entered into by
                  Manager on behalf of Owner during such period, if requested;
                  and

                  (vi) copy of ledger entries for such period relating to
                  security deposits maintained by Manager, if requested.

         (c) Budgets and Leasing Plans. Not later than November 15 of each
calendar year, Manager shall prepare and submit to Owner for its approval an
operating budget and a marketing and leasing plan on each Property for the
calendar year immediately following such submission. In connection with any
acquisition of a Property by Owner, Manager shall prepare a budget and marketing
and leasing plan for the remainder of the calendar year. The budget and
marketing and leasing plan shall be in the form of the budget and plan approved
by Owner prior to the date thereof. As often as reasonably necessary during the
period covered by any such budget, Manager may submit to Owner for its approval
an updated budget or plan incorporating such changes as shall be necessary to
reflect cost over-runs and the like during such period. If Owner does not
disapprove any such budget within 30 days after receipt thereof by Owner, such
budget shall be deemed approved. If Owner shall disapprove any such budget or
plan, it shall so notify Manager within said 30-day period and explain the
reasons therefor. If Owner disapproves of any budget or plan, Manager shall
submit a revised budget or plan, as applicable, within 10 (ten) days of receipt
of the notice of disapproval, and Owner shall have 10 (ten) days to provide
notice to Manager if it disapproves of any such revised budget or plan. Manager
will not incur any costs other than those estimated in any budget except for:

                  (i) tenant improvements and real estate commissions required
                  under a Lease;


                  (ii) maintenance or repair costs under $5,000 per Property;


                  (iii) costs incurred in emergency situations in which action
                  is immediately necessary for the preservation or safety of the
                  Property, or for the safety of occupants or other persons (or
                  to avoid the suspension of any necessary service of the
                  Property);

                  (iv) expenditures for real estate taxes and assessment; and

                  (v) maintenance supplies calling for an aggregate purchase
                  price less than $25,000 per annum for all Properties.

Budgets prepared by Manager shall be for planning and informational purposes
only, and Manager shall have no liability to Owner for any failure to meet any
such budget. However, Manager will use its best efforts to operate within the
approved budget.

         (d) Legal Requirements. Manager shall execute and file when due all
forms, reports, and returns required by law relating to the employment of its
personnel. Manager shall be responsible for notifying Owner in the event it
receives notice that any Improvement on a Property or any equipment therein does
not comply with the requirements of any statute, ordinance, law or regulation of
any governmental body or of any public authority or official thereof having or
claiming to have jurisdiction thereover. Manager shall promptly forward to Owner
any complaints, warnings, notices or summonses received by it relating to such
matters. Owner represents that to the best of its knowledge each of its
Properties and any equipment thereon will upon acquisition by Owner comply with
all such requirements.


                                      -5-
<PAGE>

Owner authorizes Manager to disclose the ownership of the Property by Owner to
any such officials. Owner agrees to indemnify, protect, defend, save and hold
Manager and its stockholders, officers, directors, employees, managers,
successors and assigns (collectively, the "Indemnified Parties") harmless of and
from any and all Losses (as defined in Section 3.5(a) hereof) that may be
imposed on them or any or all of them by reason of the failure of Owner to
correct any present or future violation or alleged violation of any and all
present or future laws, ordinances, statutes, or regulations of any public
authority or official thereof, having or claiming to have jurisdiction
thereover, of which it has actual notice.

2.6 Guaranty of Deposits. Should Owner acquire real property from Behringer
Development Company LP, a Texas limited partnership ("Behringer Development"),
Manager hereby guarantees the full, prompt and unconditional refund of any
earnest money deposit paid by Owner to Behringer Development should Owner be
entitled to such refund as a result of (i) the failure of Behringer Development
to develop the property, (ii) the failure of all or a specified portion of the
pre-leased tenants to take possession under their leases for any reason, or
(iii) the inability of Owner to pay the full purchase price at closing.

                                   ARTICLE III

           AUTHORITY GRANTED TO MANAGER AND CERTAIN OWNER OBLIGATIONS

3.1 Authority As To Tenants, Etc. Owner agrees and does hereby give Manager the
following exclusive authority and powers (all of which shall be exercised either
in the name of Manager, as Manager for Owner, or in the name or Owner entered
into by Manager as Owner's authorized agent, and Owner shall assume all expenses
in connection with such matters):

         (a) to advertise each Property or any part thereof and to display signs
thereon, as permitted by law;

         (b) to lease the Properties to tenants;

         (c) to pay all expenses of leasing such Property, including but not
limited to, newspaper and other advertising, signage, banners, brochures,
referral commissions, leasing commissions, finder's fees and salaries, bonuses
and other compensation of leasing personnel responsible for the leasing of the
Property;


         (d) to cause references of prospective tenants to be investigated, it
being understood and agreed by the parties hereto that Manager does not
guarantee the creditworthiness or collectibility of accounts receivable from
tenants, users or lessees; and to negotiate new Leases and renewals and
cancellations of existing Leases that shall be subject to Manager obtaining
Owner's approval;


         (e) to collect from tenants all or any of the following: a late rent
administrative charge, a non-negotiable check charge, credit report fee, a
subleasing administrative charge and/or broker's commission; and Manager need
not account for such charges and/or commission to Owner;

         (f) to terminate tenancies and to sign and serve in the name of Owner
of each Property such notices as are deemed necessary by Manager;

                  (i) to institute and prosecute actions to evict tenants and to
         recover possession of the Property or portions thereof;


                                      -6-
<PAGE>


                  (ii) with Owner's authorization, to sue for and in the name of
         Owner of the Property and recover rent and other sums due; and to
         settle, compromise, and release such actions or suits, or reinstate
         such tenancies. All expenses of litigation including, but not limited
         to, attorneys' fees, filing fees, and court costs that Manager shall
         incur in connection with the collecting of rent and other sums, or to
         recover possession of any Property or any portion thereof, shall be
         deemed to be an operational expense of the Property. Manager and Owner
         shall concur on the selection of the attorneys to handle such
         litigation.


3.2 Operational Authority. Owner agrees and does hereby give Manager the
following exclusive authority and powers (all of which shall be exercised either
in the name of Manager, as Manager for Owner, or in the name or Owner entered
into by Manager as Owner's authorized agent, and Owner shall assume all expenses
in connection with such matters):

         (a) to hire, supervise, discharge, and pay all labor required for the
operation and maintenance of each Property including but not limited to on site
personnel, managers, assistant managers, leasing consultants, engineers,
janitors, maintenance supervisors and other employees required for the operation
and maintenance of the Property, including personnel spending a portion of their
working hours (to be charged on a pro rata basis) at the Property. All expenses
of such employment shall be deemed operational expenses of the Property.

         (b) to make or cause to be made all ordinary repairs and replacements
necessary to preserve each Property in its present condition and for the
operating efficiency thereof and all alterations required to comply with lease
requirements, and to decorate the Property;

         (c) to negotiate and enter into, as Manager of the Property, contracts
for all items on budgets that have been approved by Owner, any emergency
services or repairs for items not exceeding $5,000, appropriate service
agreements and labor agreements for normal operation of the Property, which have
terms not to exceed three years, and agreements for all budgeted maintenance,
minor alterations, and utility services, including, but not limited to,
electricity, gas, fuel, water, telephone, window washing, scavenger service,
landscaping, snow removal, pest exterminating, decorating and legal services in
connection with the Leases and service agreements relating to the Property, and
other services or such of them as Manager may consider appropriate; and

         (d) to purchase supplies and pay all bills.

Manager shall use its best efforts to obtain the foregoing services and
utilities for the Property under terms that are as cost-effective and otherwise
favorable to Manager as possible for the quality of services and utilities
required. Owner hereby appoints Manager as Owner's authorized Manager for the
purpose of executing, as Manager for said Owner, all such contracts. In
addition, Owner agrees to specifically assume in writing all obligations under
all such contracts so entered into by Manager, on behalf of Owner of the
Property, upon the termination of this Agreement, and Owner shall indemnify,
protect, save, defend and hold Manager and the other Indemnified Parties
harmless from and against any and all Losses resulting from, arising out of or
in any way related to such contracts and that relate to or concern matters
occurring after termination of this Agreement, but excluding matters arising out
of Manager's negligence or misconduct. Manager shall secure the approval of, and
execution of appropriate contracts by, Owner for any non-budgeted and
non-emergency/contingency capital items, alterations or other expenditures in
excess of $5,000 for any one item, securing for each item at least three written
bids, if practicable, or providing evidence satisfactory to Owner that the
contract amount is lower than industry standard pricing, from responsible
contractors. Manager shall have the right from time to time during the term
hereof, to contract with and make purchases from Affiliates of Manager, provided
that contract rates and prices are competitive with other available sources.
Manager may at any time and from time to time request and


                                      -7-
<PAGE>

receive the prior written authorization of Owner of the Property of any one or
more purchases or other expenditures, notwithstanding that Manager may otherwise
be authorized hereunder to make such purchases or expenditures.

3.3 Rent and Other Collections. Owner agrees and does hereby give Manager the
exclusive authority and powers (all of which shall be exercised either in the
name of Manager, as Manager for Owner, or in the name or Owner entered into by
Manager as Owner's authorized agent, and Owner shall assume all expenses in
connection with such matters) to collect rents and/or assessments and other
items, including but not limited to tenant payments for real estate taxes,
property liability and other insurance, damages and repairs, common area
maintenance, tax reduction fees and all other tenant reimbursements,
administrative charges, proceeds of rental interruption insurance, parking fees,
income from coin operated machines and other miscellaneous income, due or to
become due and give receipts therefor and to deposit all such Gross Revenue
collected hereunder in the Account. Manager may endorse any and all checks
received in connection with the operation of any Property and drawn to the order
of Owner, and Owner shall, upon request, furnish Manager's depository with an
appropriate authorization for Manager to make such endorsement. Manager shall
also have the exclusive authority to collect and handle tenants' security
deposits, including the right to apply such security deposits to unpaid rent,
and to comply, on behalf of Owner of the Property, with applicable state or
local laws concerning security deposits and interest thereon, if any. Manager
shall not be required to advance any monies for the care or management of any
Property. Owner agrees to advance all monies necessary therefor. If Manager
shall elect to advance any money in connection with a Property, Owner agrees to
reimburse Manager forthwith and hereby authorizes Manager to deduct such
advances from any monies due Owner. In connection with any insured losses or
damages relating to any Property, Manager shall have the exclusive authority to
handle all steps necessary regarding any such claim; provided that Manager will
not make any adjustments or settlements in excess of $10,000 without Owner's
prior written consent.

3.4 Payment of Expenses. Owner agrees and does hereby give Manager the exclusive
authority and power (all of which shall be exercised either in the name of
Manager, as Manager for Owner, or in the name or Owner entered into by Manager
as Owner's authorized agent, and Owner shall assume all expenses in connection
with such matters) to pay all expenses of the Property from the Gross Revenue
collected in accordance with Section 3.3 above, from the Account. It is
understood that the Gross Revenue will be used first to pay the compensation to
Manager as contained in Article 5 below, then operational expenses and then any
mortgage indebtedness, including real estate tax and insurance impounds, but
only as directed by Owner in writing and only if sufficient Gross Revenue is
available for such payments. Nothing in this Agreement shall be interpreted in
such a manner as to obligate Manager to pay from Gross Revenue, any expenses
incurred by Owner prior to the commencement of this Agreement, except to the
extent Owner advances additional funds to pay such expenses.

3.5 Certain Owner Indemnification Obligations.

         (a) On Termination. In the event this Agreement is terminated for any
reason prior to the expiration of its original term or any renewal term, Owner
shall indemnify, protect, defend, save and hold Manager and all of the other
Indemnified Parties harmless from and against any and all claims, causes of
action, demands, suits, proceedings, loss, judgments, damage, awards, liens,
fines, costs, attorney's fees and expenses, of every kind and nature whatsoever
(collectively, "Losses"), which may be imposed on or incurred by Manager by
reason of the negligence or misconduct of Owner.

         (b) Property Damage, Etc. Owner agrees to indemnify, defend, protect,
save and hold Manager and all of the other Indemnified Parties harmless from any
and all Losses in connection with or in any way related to the Property and from
liability for damage to the Property and injuries to or death of any person
whomsoever, and damage to property; provided, however, that such indemnification
shall not


                                      -8-
<PAGE>

extend to any such Losses arising out of the negligence or misconduct of Manager
or any of the other Indemnified Parties. Manager shall not be liable for any
error of judgment or for any mistake of fact or law, or for any thing which it
may do or refrain from doing, except in cases of negligence or misconduct.

3.6 Environmental Matters. Owner hereby warrants and represents to Manager that
to the best of Owner's knowledge, no Property, upon acquisition by Owner, nor
any part thereof, will be used to treat, deposit, store, dispose of or place any
hazardous substance that may subject Manager to liability or claims under the
Comprehensive Environmental Response, Compensation and Liability Act of 1980 (42
U.S.C.A. Section 9607) or any constitutional provision, statute, ordinance, law,
or regulation of any governmental body or of any order or ruling of any public
authority or official thereof, having or claiming to have jurisdiction
thereover. Furthermore, Owner agrees to indemnify, protect, defend, save and
hold Manager and all of the other Indemnified Parties from any and all Losses
involving, concerning or in any way related to any past, current or future
allegations regarding treatment, depositing, storage, disposal or placement by
any party other than Manager of hazardous substances on the Property.

3.7 Legal Status of Properties. Owner represents that to the best of its
knowledge each Property and any equipment thereon, when acquired by Owner, will
comply with all legal requirements and authorizes Manager to disclose the
identity of the Owner of the Property to any such officials and agrees to
indemnify, protect, defend, save and hold Manager and the other Indemnified
Parties harmless of and from any and all Losses that may be imposed on them or
any of them by reason of the failure of Owner to correct any present or future
violation or alleged violation of any and all present or future laws,
ordinances, statutes, or regulations of any public authority or official
thereof, having or claiming to have jurisdiction thereover, of which it has
actual notice. In the event it is alleged or charged that any Improvement or any
equipment on a Property or any act or failure to act by Owner with respect to
the Property or the sale, rental, or other disposition thereof fails to comply
with, or is in violation of, any of the requirements of any constitutional
provision, statute, ordinance, law, or regulation of any governmental body or
any order or ruling of any public authority or official thereof having or
claiming to have jurisdiction thereover, and Manager, in its sole and absolute
discretion, considers that the action or position of Owner, with respect thereto
may result in damage or liability to Manager, Manager shall have the right to
cancel this Agreement at any time by written notice to Owner of its election so
to do, which cancellation shall be effective upon the service of such notice.
Such cancellation shall not release the indemnities of Owner set forth in this
Agreement and shall not terminate any liability or obligation of Owner to
Manager for any payment, reimbursement, or other sum of money then due and
payable to Manager hereunder.

3.8 Extraordinary Payments. Owner agrees to give adequate advance written notice
to Manager if Owner desires that Manager make any extraordinary payment, out of
Gross Revenue, to the extent funds are available after the payment of Manager's
compensation as provided for herein and all operational expenses, of mortgage
indebtedness, general taxes, special assessments, or fire, boiler or any other
insurance premiums.

                                   ARTICLE IV

                                    EXPENSES

4.1 Owner's Expenses. Except as otherwise specifically provided, all costs and
expenses incurred hereunder by Manager in fulfilling its duties to Owner shall
be for the account of and on behalf of Owner. Such costs and expenses shall
include the wages and salaries and other employee-related expenses of all
on-site and off-site employees of Manager who are engaged in the operation,
management, maintenance and leasing or access control of the Properties,
including taxes, insurance and benefits relating to such employees, and legal,
travel and other out-of-pocket expenses that are directly related to the
management


                                      -9-
<PAGE>

of specific Properties. All costs and expenses for which Owner is responsible
under this Management Agreement shall be paid by Manager out of the Account. In
the event the Account does not contain sufficient funds to pay all said
expenses, Owner shall fund all sums necessary to meet such additional costs and
expenses.

4.2 Manager's Expenses. Manager shall, out of its own funds, pay all of its
general overhead and administrative expenses.

                                    ARTICLE V

                             MANAGER'S COMPENSATION

5.1 Management and Leasing Fees. Commencing on the date hereof, Owner shall pay
Manager property management in an amount equal to the lesser of (a) fees which
are competitive for similar services in the same geographic area or (b) (1) in
the case of industrial and commercial properties which are not leased on a
long-term (ten or more years) net lease basis, four and one-half percent (4.5%)
of Gross Revenues and (2) in the case of industrial and commercial properties
which are leased on a long-term (ten or more years) net lease basis, one percent
(1.0%) of Gross Revenues plus a one-time initial leasing fee of three percent
(3.0%) of Gross Revenues on each lease payable over the first five full years of
the original term of the lease. As used herein, the term "net lease" shall mean
a lease which requires the tenant to coordinate and pay directly all real estate
taxes, sales and use taxes, utilities, insurance and other operating expenses
relating to the leased property. In addition, except to the extent that
compensation for leasing services is specifically included in the foregoing
property management fees, Owner shall also pay Manager a separate fee for the
leases of new tenants and renewals of leases with existing tenants in an amount
not to exceed the fee customarily charged by others rendering similar services
in the same geographic area; provided, however, that in no event may the
aggregate of all property management fees and leasing fees paid to Manager
exceed six percent (6.0%) of Gross Revenues, and further provided that the
foregoing limitation is not intended to preclude the payment of a separate
competitive fee for the one-time initial rent-up or leasing-up of a newly
constructed property or the total rehabilitation of a property if such service
is not included in the purchase price of the property. The fees payable
hereunder shall be paid on a monthly basis from the rental income received from
the Properties over the term of this Management Agreement. Manager's
compensation under this Section 5.1 shall apply to all renewals, extensions or
expansions of Leases that Manager has originally negotiated. In the event
Manager assists with planning and coordinating the construction of any
tenant-paid finish-out or improvements, Manager shall be entitled to receive
from any such tenant an amount equal to not greater than five percent (5.0%) of
the cost of such tenant improvements.

5.2 Audit Adjustment. If any audit of the records, books or accounts relating to
the Properties discloses an overpayment or underpayment of management and
leasing fees, Owner or Manager shall promptly pay to the other party the amount
of such overpayment or underpayment, as the case may be. If such audit discloses
an overpayment of management and leasing fees for any fiscal year of more than
the correct fees for such fiscal year, Manager shall bear the cost of such
audit.

                                   ARTICLE VI

                          INSURANCE AND INDEMNIFICATION

6.1 Insurance to be Carried.

         (a) Manager shall obtain and keep in full force and effect insurance on
the Properties against such hazards as Owner and Manager shall deem appropriate,
but in any event insurance sufficient to


                                      -10-
<PAGE>

comply with the Leases and Ownership Agreements shall be maintained. All
liability policies shall provide sufficient insurance satisfactory to both Owner
and Manager and shall contain waivers of subrogation for the benefit of Manager.

         (b) Manager shall obtain and keep in full force and effect, in
accordance with the laws of the state in which each Property is located,
employer's liability insurance applicable to and covering all employees of
Manager at the Properties and all persons engaged in the performance of any work
required hereunder, and Manager shall furnish Owner certificates of insurers
naming Owner as a co-insured and evidencing that such insurance is in effect. If
any work under this Management Agreement is subcontracted as permitted herein,
Manager shall include in each subcontract a provision that the subcontractor
shall also furnish Owner with such a certificate.

6.2 Insurance Expenses. Premiums and other expenses of such insurance, as well
as any applicable payments in respect of deductibles shall be borne by Owner.


6.3 Cooperation with Insurers. Manager shall cooperate with and provide
reasonable access to the Properties to representatives of insurance companies
and insurance brokers or agents with respect to insurance that is in effect or
for which application has been made. Manager shall use its best efforts to
comply with all requirements of insurers.



6.4 Accidents and Claims. Manager shall promptly investigate and shall report in
detail to Owner all accidents, claims for damage relating to Ownership,
operation or maintenance of the Properties, and any damage or destruction to the
Properties and the estimated costs of repair thereof, and shall prepare for
approval by Owner all reports required by an insurance company in connection
with any such accident, claim, damage, or destruction. Such reports shall be
given to Owner promptly, and any report not so given within 10 (ten) days after
the occurrence of any such accident, claim, damage or destruction shall be noted
in the monthly operating statement delivered to Owner pursuant to Section
2.5(b). Manager is authorized to settle any claim against an insurance company
arising out of any policy and, in connection with such claim, to execute proofs
of loss and adjustments of loss and to collect and receipt for loss proceeds.


6.5 Indemnification. Manager shall hold Owner harmless from and indemnify and
defend Owner against any and all claims or liability for any injury or damage to
any person or property whatsoever for which Manager is responsible occurring in,
on, or about the Properties, including, without limitation, the Improvements
when such injury or damage shall be caused by the negligence of Manager, its
agents, servants, or employees, except to the extent that Owner recovers
insurance proceeds with respect to such matter. Owner will indemnify and hold
Manager harmless against all liability for injury to persons and damage to
property caused by Owner's negligence and which did not result from the
negligence or misconduct of Manager, except to the extent Manager recovers
insurance proceeds with respect to such matter.

                                   ARTICLE VII

                              TERM AND TERMINATION

7.1 Term. This Agreement shall commence on the date first above written and
shall continue until the third anniversary of such date and thereafter for
successive three year renewal periods, unless on or before 30 days prior to the
date last above mentioned or on or before 30 days prior to the expiration of any
such renewal period, Manager shall notify Owner in writing that it elects to
terminate this Agreement, in which case this Agreement shall be thereby
terminated on said last mentioned date. In addition, and notwithstanding the
foregoing, Owner may terminate this Agreement at any time upon delivery of
written


                                      -11-
<PAGE>

notice to Manager not less than thirty (30) days prior to the effective date of
termination, in the event of (and only in the event of) a showing by Owner of
willful misconduct, gross negligence, or deliberate malfeasance by Manager in
the performance of Manager's duties hereunder. In addition, either party may
terminate this Agreement immediately upon the occurrence of any of the
following:

         (a) A decree or order is rendered by a court having jurisdiction (i)
adjudging Manager as bankrupt or insolvent, or (ii) approving as properly filed
a petition seeking reorganization, readjustment, arrangement, composition or
similar relief for Manager under the federal bankruptcy laws or any similar
applicable law or practice, or (iii) appointing a receiver or liquidator or
trustee or assignee in bankruptcy or insolvency of Manager or a substantial part
of the property of Manager, or for the winding up or liquidation of its affairs,
or

         (b) Manager (i) institutes proceedings to be adjudicated a voluntary
bankrupt or an insolvent, (ii) consents to the filing of a bankruptcy proceeding
against it, (iii) files a petition or answer or consent seeking reorganization,
readjustment, arrangement, composition or relief under any similar applicable
law or practice, (iv) consents to the filing of any such petition, or to the
appointment of a receiver or liquidator or trustee or assignee in bankruptcy or
insolvency for it or for a substantial part of its property, (v) makes an
assignment for the benefit of creditors, (vi) is unable to or admits in writing
its inability to pay its debts generally as they become due unless such
inability shall be the fault of the other party, or (iv) takes corporate or
other action in furtherance of any of the aforesaid purposes.

7.2 Manager's Obligations Upon Termination. Upon the termination of this
Management Agreement, Manager shall have the following duties:

         (a) Manager shall deliver to Owner or its designee, all books and
records with respect to the Properties.

         (b) Manager shall transfer and assign to Owner, or its designee, all
service contracts and personal property relating to or used in the operation and
maintenance of the Properties, except personal property paid for and owned by
Manager. Manager shall also, for a period of sixty (60) days immediately
following the date of such termination, make itself available to consult with
and advise Owner, or its designee, regarding the operation, maintenance and
leasing of the Properties.

         (c) Manager shall render to Owner an accounting of all funds of Owner
in its possession and shall deliver to Owner a statement of management and
leasing fees claimed to be due Manager pursuant to Section 5.1 hereof and shall
cause funds of Owner held by Manager relating to the Properties to be paid to
Owner or its designee.

7.3 Owner's Obligations Upon Termination. Owner shall pay or reimburse Manager
for any sums of money due it under this Agreement for services and expenses
prior to termination of this Agreement. All provisions of this Agreement that
require Owner to have insured, or to protect, defend, save, hold and indemnify
or to reimburse Manager shall survive any expiration or termination of this
Agreement and, if Manager is or becomes involved in any claim, proceeding or
litigation by reason of having been Manager of Owner, such provisions shall
apply as if this Agreement were still in effect. The parties understand and
agree that Manager may withhold funds for sixty (60) days after the end of the
month in which this Agreement is terminated to pay bills previously incurred but
not yet invoiced and to close accounts. Should the funds withheld be
insufficient to meet the obligation of Manager to pay bills previously incurred,
Owner will, upon demand, advance sufficient funds to Manager to ensure
fulfillment of Manager's obligation to do so, within ten (10) days of receipt of
notice and an itemization of such unpaid bills.


                                      -12-
<PAGE>

                                  ARTICLE VIII

                                  MISCELLANEOUS

8.1 Notices. All notices, approvals, consents and other communications hereunder
shall be in writing, and, except when receipt is required to start the running
of a period of time, shall be deemed given when delivered in person or on the
fifth day after its mailing by either party by registered or certified United
States mail, postage prepaid and return receipt requested, to the other party,
at the addresses set forth after their respect name below or at such different
addresses as either party shall have theretofore advised the other party in
writing in accordance with this Section 8.1.

             Owner:      BEHRINGER HARVARD SHORT-TERM OPPORTUNITY FUND I LP
                         1323 North Stemmons Freeway, Suite 212
                         Dallas, Texas 75207
                         Attention: Robert M. Behringer, General Partner

             Manager:    HPT MANAGEMENT SERVICES LP
                         1323 North Stemmons Freeway, Suite 204
                         Dallas, Texas 75207
                         Attention: Chief Operating Officer

8.2 Governing Law; Venue. This Management Agreement shall be governed by and
construed in accordance with the laws of the State of Texas, and any action
brought to enforce the agreements made hereunder or any action which arises out
of the relationship created hereunder shall be brought exclusively in Dallas
County, Texas.

8.3 Assignment. Manager may delegate partially or in full its duties and rights
under this Management Agreement but only with the prior written consent of
Owner. Owner acknowledges and agrees that any or all of the duties of Manager as
contained herein may be delegated by Manager and performed by a person or entity
("Submanager") with whom Manager contracts for the purpose of performing such
duties. Owner specifically grants Manager the authority to enter into such a
contract with a Submanager; provided that Owner shall have no liability or
responsibility to any such Submanager for the payment of the Submanager's fee or
for reimbursement to the Submanager of its expenses or to indemnify the
Submanager in any manner for any matter; and provided further that Manager shall
require such Submanager to agree, in the written agreement setting forth the
duties and obligations of such Submanager, to indemnify Owner for all Losses
incurred by Owner as a result of the negligence or misconduct of the Submanager.
This Management Agreement shall be binding upon and shall inure to the benefit
of the parties hereto and their respective successors and assigns.

8.4 No Waiver. The failure of Owner to seek redress for violation or to insist
upon the strict performance of any covenant or condition of this Management
Agreement shall not constitute a waiver thereof for the future.

8.5 Amendments. This Management Agreement may be amended only by an instrument
in writing signed by the party against whom enforcement of the amendment is
sought.

8.6 Headings. The headings of the various subdivisions of this Management
Agreement are for reference only and shall not define or limit any of the terms
or provisions hereof.


                                      -13-
<PAGE>

8.7 Counterparts. This Management Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, and it shall not be
necessary in making proof of this Management Agreement to produce or account for
more than one such counterpart.

8.8 Entire Agreement. This Management Agreement contains the entire
understanding and all agreements between Owner and Manager respecting the
management of the Properties. There are no representations, agreements,
arrangements or understandings, oral or written, between Owner and Manager
relating to the management of the Properties that are not fully expressed
herein.

8.9 Disputes. If there shall be a dispute between Owner and Manager relating to
this Management Agreement resulting in litigation, the prevailing party in such
litigation shall be entitled to recover from the other party to such litigation
such amount as the court shall fix as reasonable attorneys' fees.

8.10 Activities of Manager. The obligations of Manager pursuant to the terms and
provisions of this Management Agreement shall not be construed to preclude
Manager from engaging in other activities or business ventures, whether or not
such other activities or ventures are in competition with Owner or the business
of Owner.

8.11 Independent Contractor. Manager and Owner shall not be construed as joint
venturers or partners of each other pursuant to this Management Agreement, and
neither shall have the power to bind or obligate the other except as set forth
herein. In all respects, the status of Manger to Owner under this Agreement is
that of an independent contractor.

8.12 No Third-Party Rights. Nothing expressed or referred to in this Management
Agreement will be construed to give any Person other than the parties to this
Management Agreement any legal or equitable right, remedy or claim under or with
respect to this Management Agreement or any provision of this Management
Agreement, except such rights as shall inure to a successor or permitted
assignee pursuant to Section 8.3.


8.13 Ownership of Proprietary Property. The Manager retains ownership of and
reserves all Intellectual Property Rights in the Proprietary Property. To the
extent that Owner has or obtains any claim to any right, title or interest in
the Proprietary Property, including without limitation in any suggestions,
enhancements or contributions that Owner may provide regarding the Proprietary
Property, Owner hereby assigns and transfers exclusively to the Manager all
right, title and interest, including without limitation all Intellectual
Property Rights, free and clear of any liens, encumbrances or licenses in favor
of Owner or any other party, in and to the Proprietary Property. In addition, at
the Manager's expense, Owner will perform any acts that may be deemed desirable
by the Manager to evidence more fully the transfer of ownership of right, title
and interest in the Proprietary Property to the Manager, including but not
limited to the execution of any instruments or documents now or hereafter
requested by the Manager to perfect, defend or confirm the assignment described
herein, in a form determined by the Manager.




         [THE REMAINDER OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK]



                                      -14-
<PAGE>

         IN WITNESS WHEREOF, the parties have executed this Property Management
and Leasing Agreement as of the date first above written.


                                  BEHRINGER HARVARD SHORT-TERM
                                      OPPORTUNITY FUND I LP


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


                                  By:  Behringer Harvard Advisors II LP,
                                           Its General Partner

                                       By:    Harvard Property Trust, LLC
                                              Its General Partner


                                             By:
                                                  ------------------------------
                                             Robert M. Behringer, President


                                  HPT MANAGEMENT SERVICES LP

                                  By:  IMS, LLC, Its General Partner


                                      By:
                                           -------------------------------------
                                           Gary S. Bresky
                                           Chief Operating Officer


                                      -15-