##### 



(Local CurrencySingle Jurisdiction)
 
 MASTER AGREEMENT
  WACHOVIA BANK, NATIONAL ASSOCIATION
    
    and
    
    NNN Western Place, LLC, NNN
Western Place 1, LLC, NNN
Western Place 2, LLC, NNN
Western Place 3, LLC, NNN
Western Place 4, LLC, NNN
Western Place 5, LLC, NNN
Western Place 6, LLC, NNN
Western Place 7, LLC, and
GREIT-WESTERN PLACE, LP
(jointly and severally)
   1. Interpretation
 Definitions
 Inconsistency
 Single Agreement
 2. Obligations
 General Conditions




---



##### 



Change of Account
 Netting
     Default Interest Other Amounts
 3. Representations
  Basic Representations
 Status
 Powers
 No Violation or Conflict




---



##### 



Consents
 Obligations Binding
 Absence of Certain Events
 Absence of Litigation
 Accuracy of Specified information
 4. Agreements
  Furnish Specified Information
 Maintain Authorisations
 Comply with Laws
 5. Events of Default and Termination Events
 Events of Default
 Failure to Pay or Deliver
 Breach of Agreement




---



##### 



Credit Support Default
    Misrepresentation
 Default under Specified Transaction
 Cross Default
 Bankruptcy




---



##### 



Merger Without Assumption
   Termination Events
 Illegality
   Credit Event Upon Merger




---



##### 



Additional Termination Event
 Event of Default and Illegality
 6. Early Termination
 Right to Terminate Following Event of Default
 Right to Terminate Following Termination Event
 Notice
 Two Affected Parties
 Right to Terminate
    Effect of Designation




---



##### 



Calculations
 Statement
 Payment Date
 Payments on Early Termination
 Events of Default
 First Method and Market Quotation
   First Method and Loss
 Second Method and Market Quotation
 Second Method and Loss




---



##### 



Termination Events
 One Affected Party
 Two Affected Parties
    Adjustment for Bankruptcy
 Pre -Estimate
 7 Transfer




---



##### 



8. Miscellaneous
 Entire Agreement
 Amendments
 Survival of Obligations
 Remedies Cumulative
 Counterparts and Confirmations
   No Waiver of Rights
 Headings
 9. Expenses
  10. Notices
 Effectiveness




---



##### 



Change of Addresses .
 11. Governing Law and Jurisdiction
 Governing Law .
 Jurisdiction .
    Waiver of Immunities .
 12. Definitions
  Additional Termination Event
 Affected Party




---



##### 



 Affected Transactions 
  Affiliate 
  Applicable Rate 
      consent 
  Credit Event Upon Merger 
  Credit Support Document 
  Credit Support Provider 
  Default Rate 
  Defaulting Party 
  Early Termination Date 
  Event of Default 
  Illegality 
  law   lawful  unlawful 
  Local Business Day 
  Loss 




---



##### 



 Market Quotation 
  Non-default Rate 
  Non-defaulting Party 
  Potential Event of Default 
  Reference Market-makers 
  Scheduled Payment Date 
  Set-off 




---



##### 



 Settlement Amount 
    Specified Entity 
  Specified Indebtedness 
  Specified Transaction 
  Terminated Transactions 
  Termination Event 
  Termination Rate 
  Unpaid Amounts 




---



##### 



WACHOVIA BANK, NATIONAL ASSOCIATION
(Name of Party)
    
    
    
    SEE EXHIBIT ABy:
    
    /s/ John Miechkowski
    
    
    
    By:Name:
    
    John Miechkowski
    
    
    
    
    
    Name:Title:
    
    Director
    
    
    
    
    
    Title:




---



##### 



RIDER A
 NNN WESTERN PLACE, LLC, a Delaware limited
liability companyBy:
    NNN Western Place Manager, LLC, a
Delaware limited liability company, its ManagerBy:
    Grubb & Ellis Realty Investors, LLC, a
Virginia limited liability company, its 
ManagerBy:
    /s/ Jeffrey T. HansonName:
    Jeffrey T. HansonTitle:
    Chief Investment OfficeNNN WESTERN PLACE 1, LLC, a Delaware limited
liability companyBy:
    Grubb & Ellis Realty Investors, LLC, a Virginia 
limited liability company, its Vice PresidentBy:
    /s/ Jeffrey T. HansonName:
    Jeffrey T. HansonTitle:
    Chief Investment OfficerNNN WESTERN PLACE 2, LLC, a Delaware limited
liability companyBy:
    Grubb & Ellis Realty Investors, LLC, a Virginia
limited liability company, its Vice PresidentBy:
    /s/ Jeffrey T. HansonName:
    Jeffrey T. HansonTitle:
    Chief Investment OfficerNNN WESTERN PLACE 3, LLC, a Delaware limited
liability companyBy:
    Grubb & Ellis Realty Investors, LLC, a Virginia
limited liability company, its Vice PresidentBy:
    /s/ Jeffrey T. HansonName:
    Jeffrey T. HansonTitle:
    Chief Investment Officer




---



##### 



NNN WESTERN PLACE 4, LLC, a Delaware limited
liability companyBy:
    Grubb & Ellis Realty Investors, LLC, a Virginia
limited liability company, its Vice PresidentBy:
    /s/ Jeffrey T. HansonName:
    Jeffrey T. HansonTitle:
    Chief Investment OfficerNNN WESTERN PLACE 5, LLC, a Delaware limited
liability companyBy:
    Grubb & Ellis Realty Investors, LLC, a Virginia
limited liability company, its Vice PresidentBy:
    /s/ Jeffrey T. HansonName:
    Jeffrey T. HansonTitle:
    Chief Investment OfficerNNN WESTERN PLACE 6, LLC, a Delaware limited
liability companyBy:
    Grubb & Ellis Realty Investors, LLC, a Virginia
limited liability company, its Vice PresidentBy:
    /s/ Jeffrey T. HansonName:
    Jeffrey T. HansonTitle:
    Chief Investment OfficerNNN WESTERN PLACE 7, LLC, a Delaware limited
liability companyBy:
    Grubb & Ellis Realty Investors, LLC, a Virginia
limited liability company, its Vice PresidentBy:
    /s/ Jeffrey T. HansonName:
    Jeffrey T. HansonTitle:
    Chief Investment Officer




---



##### 



GREIT  WESTERN PLACE, LP, a Texas limited
partnershipBy:
    GREIT  Western Place GP, LLC, a
Delaware limited liability company,
its General PartnerBy:
    G REIT Liquidating Trust dated
January 22, 2008, a Maryland Trust,
its Sole Member and ManagerBy:
    Gary H. Hunt, W. Brand Inlow,
Edward A. Johnson, D. Fleet
Wallace, and Gary T. Wescombe, as
Trustees of the G REIT Liquidating
Trust dated January 22, 2008By:
    /s/ Courtney A. BrowerName:
    Courtney A. BrowerTitle:
    Authorized Representative




---



##### 



SCHEDULE
 MASTER AGREEMENT   WACHOVIA BANK, NATIONAL ASSOCIATION   NNN WESTERN PLACE, LLC, NNN WESTERN PLACE 1, LLC, NNN WESTERN PLACE 2, LLC, NNN
WESTERN PLACE 3, LLC, NNN WESTERN PLACE 4, LLC, NNN WESTERN PLACE 5, LLC, NNN WESTERN
PLACE 6, LLC, NNN WESTERN PLACE 7, LLC, and GREIT-WESTERN PLACE, LP
 Termination Provisions
 (a)
    
    Specified Entitymeans each partys Affiliates for purposes of Section 5(a)(v).(b)
    
    Specified Transactionhas its meaning as defined in Section 12.(c)
    
    Cross Defaultapplies to both parties. With respect to Party B, Cross Default is amended
by inserting at the end of Section 5(a)(vi): or (3) any default, event of default or other
similar condition or event (however described) under any existing or future agreement or
instrument relating to any loan or extension of credit from Party A (or any of its Affiliates)
to Party B (whether or not anyone else is a party thereto).Specified Indebtednessmeans any obligation (whether present, future, contingent or
otherwise, as principal or surety or otherwise) in respect of borrowed money or relating to
the payment or delivery of funds, securities or other property (including, without
limitation, collateral), other than indebtedness in respect of any bank deposits received in
the ordinary course of business by any foreign branch of a party the repayment of which is
prevented, hindered or delayed by any governmental or regulatory action or law unrelated to
the financial condition or solvency of such party or that foreign branch.Threshold Amountmeans, with respect to Party A, an amount (including its equivalent in
another currency) equal to the higher of $10,000,000 or 2% of its stockholders equity as
reflected on its most recent financial statements or call reports, and with respect to Party
B, any amount of Specified Indebtedness.(d)
    
    Credit Event Upon Mergerapplies to both parties.(e)
    
    Automatic Early Terminationdoes not apply to either party.(f)
    
    Payments on Early Termination.Except as otherwise provided herein, Market Quotation and
the Second Method apply, provided that with respect to the following types of Transactions,
a Market Quotation shall not be determined or included under clause (a) of the definition of
Settlement Amount, and instead a Loss shall be determined and included under clause (b) of
the definition of Settlement Amount with respect to the following types of Transactions: any
Transactions which are commodity swaps, commodity options, commodity forwards or any other
commodity derivative transactions.In the case of any Terminated Transaction that is, or is subject to, any unexercised option,
the words economic equivalent of any payment or delivery appearing in the definition of
Market Quotation shall be construed to take into account the economic equivalent of the
option.(g)
    
    Additional Termination Eventdoes not apply to either party.
 Tax Provisions
 (a)
    
    Tax Representations.
   1




---



##### 



(b)
    
    Tax Forms.
  (A)
    
    Tax Forms to be Delivered by Party A:
  (B)
    
    Tax forms to be Delivered by Party B:
      (c)
    
    Withholding Tax Liability.A breach of a representation under paragraph (a) above, or a
failure to deliver a required tax form in accordance with paragraph (b) above, by a party
hereunder (the defaulting payee) may result in a tax liability on the part of the other
party (the payor), as required by the United States Internal Revenue Code and regulations
thereunder, for withholding or backup withholding on any payment by the payor to the
defaulting payee under this Agreement (or under any Credit Support Document), including a
liability to remit to the U.S. Treasury Department the required amount of withholding and to
pay interest and penalties to the U.S. Treasury Department for amounts not withheld.Accordingly, if any such breach or failure by the defaulting payee results in any such tax
liability, then (i) any amount so withheld and remitted to the U.S. Treasury Department
shall discharge the payors obligation under this Agreement (or under any Credit Support
Document) to pay to the defaulting payee the portion of any payment so withheld and remitted
(with the payor having no obligation to gross up any of its payments for such withheld
amounts), and (ii) if any tax liability resulting from the defaulting payees breach or
failure is assessed directly against the payor in respect of any amounts not withheld, the
defaulting payee shall indemnify the payor on demand for the amount of such tax liability
(including interest and penalties). However, any such breach or failure by the defaulting
payee shall not be an Event of Default or a Potential Event of Default under this
Agreement unless the defaulting payee fails to so indemnify the payor.
 Documents
 2




---



##### 



Delivery of Documents.
   Miscellaneous
 (a)
    
    Addresses for Notices.For purposes of Section 10(a) of this Agreement, all notices to a
party shall, with respect to any particular Transaction, be sent to its address, telex number
or facsimile number specified in the relevant Confirmation (or as specified below if not
specified in the relevant Confirmation), provided that any notice under Section 5 or 6 of this
Agreement, and any notice under this Agreement not related to a particular Transaction, shall
be sent to a party at its address specified below.To Party A:WACHOVIA BANK, NATIONAL ASSOCIATION
301 South College Street, DC-8
Charlotte, NC 28202-0600Attention: Derivatives Documentation GroupFax: (704) 383-0575
Phone: (704) 383-8778To Party B:NNN WESTERN PLACE, LLC et alAttention:Fax: 
Phone:
 (b)
    
    Calculation Agentmeans Party A.(c)
    
    Credit Support Documentmeans, with respect to Party B, each document (whether now existing
or hereafter executed) which by its terms secures, guarantees or otherwise supports Party Bs
obligations under this Agreement from time to time, whether or not this Agreement, any
Transaction, or any type of Transaction entered into hereunder is specifically referenced or
described in any such document.
 Credit Support Default
 3




---



##### 



(d)
    
    Credit Support Providermeans, with respect to Party B, each party to a Credit Support
Document that provides or is obligated to provide security, a guaranty or other credit support
for Party Bs obligations under this Agreement.
 (e)
    
    Governing Law.To the extent not otherwise preempted by U.S. Federal law, this Agreement
will be governed by and construed in accordance with the law of the State of New York (without
giving effect to any provision of New York law that would cause another jurisdictions laws to
be applied).
 (f)
    
    Waiver of Jury Trial.To the extent permitted by applicable law, each party irrevocably
waives any and all right to trial by jury in any legal proceeding in connection with this
Agreement, any Credit Support Document to which it is a party, or any Transaction.
 (g)
    
    Netting of Payments.Section 2(c)(ii) will apply in respect of all Transactions from the
date of this Agreement, provided that Section 2(c)(ii) will not apply with respect to any
Transactions or group of Transactions for which the parties mutually agree shall be netted
operationally.(h)
    
    Affiliatehas its meaning as defined in Section 12.
 Other Provisions
 (a)
    
    2006 ISDA Definitions. This Agreement and each Transaction are subject to the 2006 ISDA
Definitions published by the International Swaps and Derivatives Association, Inc. (the 2006
ISDA Definitions) and will be governed by the provisions of the 2006 ISDA Definitions. The
provisions of the 2006 ISDA Definitions are incorporated by reference in, and shall form part
of, this Agreement and each Confirmation. Any reference to a Swap Transaction in the 2006
ISDA Definitions is deemed to be a reference to a Transaction for purposes of this Agreement
or any Confirmation, and any reference to a Transaction in this Agreement or any
Confirmation is deemed to be a reference to a Swap Transaction for purposes of the 2006 ISDA
Definitions. The provisions of this Agreement (exclusive of the 2006 ISDA Definitions) shall
prevail in the event of any conflict between such provisions and the 2006 ISDA Definitions.
 (b)
    
    Scope of Agreement. Any Specified Transaction now existing or hereafter entered into between
the parties (whether or not evidenced by a Confirmation) shall constitute a Transaction
under this Agreement and shall be subject to, governed by, and construed in accordance with
the terms of this Agreement, unless the confirming document(s) for that Specified Transaction
provide(s) otherwise. For any such Specified Transaction not evidenced by a Confirmation,
Section 2(a)(i) of this Agreement is amended to read as follows: (i) Each party will make
each payment or delivery to be made by it under each Transaction, as specified in each
Confirmation (or otherwise in accordance with the terms of that Transaction if not evidenced
by a Confirmation), subject to the other provisions of this Agreement. In the event the
parties enter into any such Specified Transaction that is a foreign exchange transaction or
provides for one or more payments or deliveries to be made in a currency other than U.S.
Dollars, (i) this Agreement shall be deemed to incorporate by reference the multicurrency
provisions of the 1992 ISDA Master Agreement (Multicurrency-Cross Border) form, including
Section 8 thereof, and shall be read and construed in accordance with such provisions, mutatis
mutandis, with such modifications deemed made to Sections 6(e) and 12 hereof to incorporate
the Termination Currency Equivalent provisions of Sections 6(e) and 14 of such form and with
U.S. Dollars being deemed the Termination Currency for such purpose, and (ii) this Agreement
and any such Specified Transaction shall be deemed to incorporate by reference the 1998 FX and
Currency Option Definitions published by ISDA, EMTA Inc. and The Foreign Exchange Committee,
except as otherwise specifically provided herein or in the relevant Confirmation.
 (c)
    
    Additional Representations.In addition to the representations under Section 3, the
following representations will apply:
 Relationship Between Parties.
 4




---



##### 



(1)
    
    Non-Reliance.It is acting for its own account, and it has made its own
independent decisions to enter into the Relevant Agreement and as to whether the
Relevant Agreement is appropriate or proper for it based solely upon its own judgment
and upon advice from such advisers as it has deemed necessary. It is not relying on
any communication (written or oral) of the other party or any of its affiliates (or its
respective representatives) as investment advice or as a recommendation to enter into
the Relevant Agreement, it being understood that information and explanations related
to the terms and conditions of any Relevant Agreement will not be considered investment
advice or a recommendation to enter into the Relevant Agreement. No communication
(written or oral) received from the other party or any of its affiliates (or its
respective representatives) will be deemed to be an assurance or guarantee as to the
expected results of the Relevant Agreement.(2)
    
    Assessment and Understanding.It is capable of assessing the merits of and
understanding (on its own behalf or through independent professional advice), and
understands and accepts, the terms, conditions and risks of the Relevant Agreement
based solely upon its own evaluation of the Relevant Agreement (including the present
and future results, consequences, risks, and benefits thereof, whether financial,
accounting, tax, legal, or otherwise) or that of its own advisers. It is also capable
of assuming, and assumes, the risks of the Relevant Agreement. It also understands that
the terms under which any Transaction may be terminated early are set forth in this
Agreement (or in the relevant Confirmation), and any early termination of a Transaction
other than pursuant to such terms is subject to mutual agreement of the parties
confirmed in writing, the terms of which may require one party to pay an early
termination fee to the other party based upon market conditions prevailing at the time
of early termination.(3)
    
    Status of Parties.The other party is not acting as a fiduciary for or an
adviser to it in respect of the Relevant Agreement, and any agency, brokerage, advisory
or fiduciary services that the other party (or any of its affiliates) may otherwise
provide to the party (or to any of its affiliates) excludes the Relevant Agreement.
  Eligibility.
 ERISA.
 Authorized Persons.
  5




---



##### 



(d)
    
    Set-off.Any amount (Early Termination Amount) payable to one party (Payee) by the
other party (Payer) under Section 6(e), in circumstances where there is a Defaulting Party
or one Affected Party in the case where a Termination Event under Section 5(b)(ii) has
occurred, will, at the option of the party (X) other than the Defaulting Party or the
Affected Party (and without prior notice to the Defaulting Party or the Affected Party), be
reduced by means of set off against any amount(s) (Other Agreement Amount) payable (whether
at such time or in the future or upon the occurrence of a contingency) by the Payee to the
Payer or to any Affiliate of the Payer (irrespective of the currency, place of payment or
booking office of the obligation) under any other agreement(s) between the Payee and the Payer
(or between the Payee and any Affiliate of the Payer) or instrument(s) or undertaking(s)
issued or executed by the Payee to, or in the favor of, the Payer or any Affiliate of the
Payer (and the Other Agreement Amount will be discharged promptly and in all respects to the
extent it is so set-off). X will give notice to the other party of any set-off effected under
this paragraph.For this purpose, either the Early Termination Amount or the Other Agreement Amount (or the
relevant portion of such amounts) may be converted by X into the currency in which the other
is denominated at the rate of exchange at which such party would be able, acting in a
reasonable manner and in good faith, to purchase the relevant amount of such currency. The
term rate of exchange includes, without limitation, any premiums and costs of exchange
payable in connection with the purchase of or conversion into the relevant currency.Nothing in this paragraph shall be effective to create a charge or other security interest.
This paragraph shall be without prejudice and in addition to any right of set-off,
combination of accounts, lien or other right to which any party is at any time otherwise
entitled (whether by operation of law, contract or otherwise).
 (e)
    
    Change of Account.Any account designated by a party pursuant to Section 2(b) shall be in
the same legal and tax jurisdiction as the original account.
 (f)
    
    Recording of Conversations.Each party (i) consents to the recording of telephone
conversations between the trading, marketing and other relevant personnel of the parties or
any of their Affiliates in connection with this Agreement or any Transaction or potential
Transaction, (ii) agrees to obtain any necessary consent of, and give any necessary notice of
such recording to, its relevant personnel and those of its Affiliates and (iii) agrees, to the
extent permitted by applicable law, that such recordings may be submitted in evidence in any
Proceedings.
 (g)
    
    Confirmation Procedures.Upon receipt thereof, Party B shall examine the terms of each
Confirmation sent by Party A, and unless Party B objects to the terms within three New York
business days after receipt of that Confirmation, those terms shall be deemed accepted and
correct absent manifest error, in which case that Confirmation will be sufficient to form a
binding supplement to this Agreement notwithstanding Section 8(e)(ii) of this Agreement.
 Covenants of Financial Agreements.
   6




---



##### 



Financial Agreement
 (i)
    
    Transfer.Notwithstanding anything contained in Section 7 of this Agreement, if the rights
of Party A (or any of its Affiliates) in any loan or extension of credit under any Financial
Agreement are sold, assigned or otherwise transferred to any purchaser, assignee or transferee
to which Party A (or its relevant Affiliate) may lawfully make such sale, assignment or
transfer, then Party A may transfer without recourse its rights and obligations in or under
this Agreement (and any Credit Support Document) to any such purchaser, assignee or
transferee, provided that Party B is provided with written notice of such transfer and a
written acknowledgement of the purchaser, assignee or transferee stating that it has acquired
such rights and obligations of Party A and is bound by the terms of this Agreement (and any
Credit Support Document) as Party As successor hereunder (and thereunder).
 (j)
    
    Independent Obligations.(i) Although Party B may be entering into one or more Transactions
under this Agreement to hedge against the interest expense of, or other risk associated with,
an existing or future loan or other financing, this Agreement and each Transaction shall be an
independent obligation of Party B separate and apart from any such loan or other financing,
and therefore: (A) each partys obligations under this Agreement or any Transaction shall not
be contingent on whether any loan or other financing closes, is outstanding or is repaid, in
whole or in part, at any time; (B) subject to paragraph (ii) below, any repayment,
acceleration, satisfaction, discharge or release of, and any amendment, modification or waiver
with respect to, any loan or other financing, whether in whole or in part, at any time, shall
not in any way affect this Agreement, any Transaction or either partys obligations under this
Agreement or any Transaction; (C) payments that become due under this Agreement or any
Transaction shall be due whether or not (1) the Notional Amount of any Transaction at any time
is different from the principal amount of any loan or other financing, (2) the Termination
Date of any Transaction occurs before or after the maturity date of any loan or other
financing, or (3) any other terms of any loan or other financing are different from the terms
of this Agreement or any Transaction; (D) nothing in this Agreement or in any Confirmation is
intended to be, nor shall anything herein or therein be construed as, a prepayment penalty,
charge or premium for purposes of any loan or other financing, nor shall any terms of any loan
or other financing be deemed a waiver of or otherwise impair any amount due or that may become
due under this Agreement or under any Transaction; (E) if Party B at any time receives from
Party A (or any of its affiliates) any payoff statement or other written statement regarding
any loan or other financing, nothing in such statement shall be deemed to apply to this
Agreement or any Transaction except as otherwise expressly provided in that statement and then
only to the extent so provided; (F) the terms under which any Transaction may be terminated
early are set forth in this Agreement (including any Confirmation of such Transaction), and
any early termination of a Transaction other than pursuant to the provisions of this Agreement
(including any such Confirmation) is subject to mutual agreement of the parties confirmed in
writing, the terms of which may require one party to pay an early termination fee to the other
party based upon market conditions prevailing at the time of early termination; and (G) if at
any time any existing or future collateral or other credit support secures or otherwise
supports both this Agreement (or any Transaction hereunder) and any loan or other financing
(whether this Agreement or any Transaction hereunder is specifically identified in the
collateral or credit support documents, or instead is referred to therein generically), then
Party A (or its agent) shall be entitled to continue to hold such collateral or other credit
support, and such collateral or other credit support shall continue to secure or otherwise
support Party Bs obligations under this Agreement (or any Transaction hereunder), until such
time as all such obligations of Party B are completely satisfied notwithstanding any
repayment, acceleration, satisfaction, discharge or release of any such loan or other
financing.
  7




---



##### 



(k)
    
    Joint Party. If more than one entity or natural person is executing this Agreement as Party
B, then (i) the obligations of Party B under this Agreement and under each Transaction shall
be the joint and several obligations of each such entity or natural person, (ii) any Event of
Default or Potential Event of Default occurring with respect to any such entity or natural
person shall be an Event of Default or Potential Event of Default, respectively, with respect
to Party B, (iii) the death, release or discharge, in whole or in part, of any such entity or
natural person, or the occurrence of any bankruptcy, liquidation, dissolution or any other
event described in Section 5(a)(vii) with respect to any such entity or natural person, shall
not discharge or affect the liabilities of any other such entity or natural person; (iv)
unless the context otherwise requires, each reference in this Agreement or in any Confirmation
to party shall, as applied to Party B, be construed as a joint and several reference to each
such entity or natural person; and (v) any person or entity receiving notices given to Party B
at the address shown above shall be deemed to receive such notices on behalf of each such
entity or person.
 IN WITNESS WHEREOF
 WACHOVIA BANK, NATIONAL ASSOCIATIONBy:
    /s/ John MiechkowskiName:
    John MiechkowskiTitle:
    DirectorNNN WESTERN PLACE, LLC, a Delaware limited
liability companyBy:
    NNN Western Place Manager, LLC, a
Delaware limited liability company, its
ManagerBy:
    Grubb & Ellis Realty Investors, LLC, a
Virginia limited liability company, its ManagerBy:
    /s/ Jeffrey T. HansonName:
    Jeffrey T. HansonTitle:
    Chief Investment OfficeNNN WESTERN PLACE 1, LLC, a Delaware limited
liability companyBy:
    Grubb & Ellis Realty Investors, LLC, a Virginia
limited liability company, its Vice PresidentBy:
    /s/ Jeffrey T. HansonName:
    Jeffrey T. HansonTitle:
    Chief Investment OfficerNNN WESTERN PLACE 2, LLC, a Delaware limited
liability companyBy:
    Grubb & Ellis Realty Investors, LLC, a Virginia
limited liability company, its Vice PresidentBy:
    /s/ Jeffrey T. HansonName:
    Jeffrey T. HansonTitle:
    Chief Investment Officer 8




---



##### 



NNN WESTERN PLACE 3, LLC, a Delaware limited
liability companyBy:
    Grubb & Ellis Realty Investors, LLC, a Virginia
limited liability company, its Vice PresidentBy:
    /s/ Jeffrey T. HansonName:
    Jeffrey T. HansonTitle:
    Chief Investment OfficerNNN WESTERN PLACE 4, LLC, a Delaware limited
liability companyBy:
    Grubb & Ellis Realty Investors, LLC, a Virginia
limited liability company, its Vice PresidentBy:
    /s/ Jeffrey T. HansonName:
    Jeffrey T. HansonTitle:
    Chief Investment OfficerNNN WESTERN PLACE 5, LLC, a Delaware limited
liability companyBy:
    Grubb & Ellis Realty Investors, LLC, a Virginia
limited liability company, its Vice PresidentBy:
    /s/ Jeffrey T. HansonName:
    Jeffrey T. HansonTitle:
    Chief Investment OfficerNNN WESTERN PLACE 6, LLC, a Delaware limited
liability companyBy:
    Grubb & Ellis Realty Investors, LLC, a Virginia
limited liability company, its Vice PresidentBy:
    /s/ Jeffrey T. HansonName:
    Jeffrey T. HansonTitle:
    Chief Investment OfficerNNN WESTERN PLACE 7, LLC, a Delaware limited
liability companyBy:
    Grubb & Ellis Realty Investors, LLC, a Virginia
limited liability company, its Vice PresidentBy:
    /s/ Jeffrey T. HansonName:
    Jeffrey T. HansonTitle:
    Chief Investment Officer 9




---



##### 



GREIT  WESTERN PLACE, LP, a Texas limited
partnershipBy:
    GREIT  Western Place GP, LLC, a Delaware
limited liability company, its General PartnerBy:
    G REIT Liquidating Trust dated
January 22, 2008, a Maryland Trust,
its Sole Member and ManagerBy:
    Gary H. Hunt, W. Brand Inlow,
Edward A. Johnson, D. Fleet
Wallace, and Gary T. Wescombe, as
Trustees of the G REIT Liquidating
Trust dated January 22, 2008By:
    /s/ Courtney A. BrowerName:
    Courtney A. BrowerTitle:
    Authorized Representative 10




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##### 



NOVATION CONFIRMATION
 Date:
    
    February 29, 2008To:
    
    NNN WESTERN PLACE, LLC, NNN WESTERN PLACE 1, LLC, NNN
WESTERN PLACE 2, LLC, NNN WESTERN PLACE 3, LLC, NNN WESTERN
PLACE 4, LLC, NNN WESTERN PLACE 5, LLC, NNN WESTERN PLACE
6, LLC, NNN WESTERN PLACE 7, LLC, and GREIT-WESTERN PLACE,
LP (jointly and severally Counterparty)Email:
    
    cosbrink@1031nnn.comAttention:
    
    Charles J. OsbrinkTo:
    
    Triple Net Properties, LLCFax:
    
    cosbrink@1031nnn.comAttention:
    
    Charles J. OsbrinkFrom:
    
    Wachovia Bank, N.A. (Wachovia)Ref. No:
    

    2382045
     Novation Date:
    
    February 26, 2008Novated Amount:
    
    USD 24,250,000.00Transferor:
    
    Triple Net Properties, LLCTransferee:
    
    NNN WESTERN PLACE, LLC,
NNN WESTERN PLACE 1, LLC,
NNN WESTERN PLACE 2, LLC,
NNN WESTERN PLACE 3, LLC,
NNN WESTERN PLACE 4, LLC,
NNN WESTERN PLACE 5, LLC,
NNN WESTERN PLACE 6, LLC,
NNN WESTERN PLACE 7, LLC,
and GREIT-WESTERN PLACE,
LP (jointly and severally)Remaining Party:
    
    Wachovia Bank, N.A.New Agreement (between Transferee
and Remaining Party):
    
    ISDA Master Agreement
dated as of January 08,
2008 subject to the laws
of the State of New York
 11




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##### 



Trade Date of Old Transaction:
    
    January 08, 2008Effective Date of Old Transaction:
    
    February 08, 2008Termination Date of Old Transaction:
    
    February 08, 2009Wachovia Reference Number of Old Transaction:

    
    2350629
  Full First Calculation Period:
    
    Applicable, commencing on February 26, 2008
 5. Other Provisions:
    
    None6. Miscellaneous Provisions:
    
    None7. Notice Details:
    
    As specified in the New Confirmation
attached hereto as Exhibit A.
  Wachovia Bank, N.A.
    
    NNN WESTERN PLACE, LLC, a Delaware limited liability companyBy:
    
    /s/ Tracey BissellName:
Title:
    
    Tracey Bissell
Vice President
    
    By:  NNN Western Place Manager, LLC, a
        Delaware limited liability company, its
        Manager
 By:  Grubb & Ellis Realty Investors, LLC, a
        Virginia limited liability company, its ManagerBy:
    /s/ Jeffrey T. HansonName:
    Jeffrey T. HansonTitle:
    Chief Investment OfficeNNN WESTERN PLACE 1, LLC, a Delaware limited
liability company
By:  Grubb & Ellis Realty Investors, LLC, a Virginia
        limited liability company, its Vice PresidentBy:
    /s/ Jeffrey T. HansonName:
    Jeffrey T. HansonTitle:
    Chief Investment Officer 12




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##### 



NNN WESTERN PLACE 2, LLC, a Delaware limited
liability company
By:  Grubb & Ellis Realty Investors, LLC, a Virginia
        limited liability company, its Vice PresidentBy:
    /s/ Jeffrey T. HansonName:
    Jeffrey T. HansonTitle:
    Chief Investment OfficerNNN WESTERN PLACE 3, LLC, a Delaware limited
liability company
By:  Grubb & Ellis Realty Investors, LLC, a Virginia
        limited liability company, its Vice PresidentBy:
    /s/ Jeffrey T. HansonName:
    Jeffrey T. HansonTitle:
    Chief Investment OfficerNNN WESTERN PLACE 4, LLC, a Delaware limited
liability company
By:  Grubb & Ellis Realty Investors, LLC, a Virginia
        limited liability company, its Vice PresidentBy:
    /s/ Jeffrey T. HansonName:
    Jeffrey T. HansonTitle:
    Chief Investment OfficerNNN WESTERN PLACE 5, LLC, a Delaware limited
liability company
By:  Grubb & Ellis Realty Investors, LLC, a Virginia
        limited liability company, its Vice PresidentBy:
    /s/ Jeffrey T. HansonName:
    Jeffrey T. HansonTitle:
    Chief Investment OfficerNNN WESTERN PLACE 6, LLC, a Delaware limited
liability company
By:  Grubb & Ellis Realty Investors, LLC, a Virginia
        limited liability company, its Vice PresidentBy:
    /s/ Jeffrey T. HansonName:
    Jeffrey T. HansonTitle:
    Chief Investment Officer 13




---



##### 



NNN WESTERN PLACE 7, LLC, a Delaware limited
liability company
By:  Grubb & Ellis Realty Investors, LLC, a Virginia
        limited liability company, its Vice PresidentBy:
    /s/ Jeffrey T. HansonName:
    Jeffrey T. HansonTitle:
    Chief Investment OfficerGREIT  WESTERN PLACE, LP, a Texas limited
partnership
By:  GREIT  Western Place GP, LLC,
        a Delaware limited liability company,
        its General Partner
By:  G REIT Liquidating Trust dated
        January 22, 2008, a Maryland Trust,
        its Sole Member and Manager
By:  Gary H. Hunt, W. Brand Inlow,
        Edward A. Johnson, D. Fleet
        Wallace, and Gary T. Wescombe, as Trustees of the G         REIT Liquidating Trust dated January 22, 2008By:
    /s/ Courtney A. BrowerName:
    Courtney A. BrowerTitle:
    Authorized Representative  Triple Net Properties, LLCBy:
    /s/ Jeffrey T. HansonName:
    Jeffrey T. HansonTitle:
    Chief Investment Officer EXHIBIT A
  Transaction Type:
    
    Interest Rate SwapCurrency for Payments:
    
    U.S. DollarsNotional Amount:
    
    USD 24,250,000.00Term:Trade Date:
    
    February 26, 2008Effective Date:
    
    February 26, 2008Termination Date:
    
    February 28, 2009 , subject to adjustment in accordance with the Modified Following Business Day Convention.Fixed Amounts:
 14




---



##### 



Fixed Rate Payer:
    
    CounterpartyPayment Dates:
    
    Monthly on the 1st of each month commencing April 01, 2008, through and including the Termination DateBusiness Day Convention:
    
    Modified FollowingBusiness Day:
    
    New YorkFixed Rate:
    
    4.56%Fixed Rate Day Count Fraction:
    
    Actual/360Floating Amounts:Floating Rate Payer:
    
    WachoviaPayment Dates:
    
    Monthly on the 1st of each month commencing April 01, 2008, through and including the Termination DateBusiness Day Convention:
    
    Modified FollowingBusiness Day:
    
    New YorkFloating Rate for initial Calculation Period:
    
    3.12%Floating Rate Option:
    
    USD-LIBOR-BBADesignated Maturity:
    
    1 MonthSpread:
    
    NoneFloating Rate Day Count Fraction:
    
    Actual/360Floating Rate determined:
    
    Two London Banking Days prior to each Reset Date.Reset Dates:
    
    The first day of each Calculation Period.Compounding:
    
    InapplicableRounding convention:
    
    5 decimal places per the ISDA Definitions.
  Calculation Agent:
    
    WachoviaPayment Instructions:
    
    Wachovia Bank, N.A.CIB Group, ABA 053000219Ref: Derivative Desk (Trade No: 2382045)Account #: 04659360006116Wachovia Contacts:
    
    Settlement and/or Rate Resets:1-800-249-38651-704-383-8429Documentation:Tel:  (704) 715-7051Fax:  (704) 383-9139Collateral:Tel:  (704) 383-9529Please quote transaction reference number.Payments to Counterparty:
    
    Per your standing payment instructions or debit authorization if provided to
Wachovia, as relevant. If not provided, please contact us in order for payment to be made.Phone: 1-800-249-3865 Fax: 1-704-383-8429
 15