SPLITTER AGREEMENT


       SPLITTER AGREEMENT (as the same may be amended or otherwise modified from
time to time, this  "Agreement"),  made as of August 9, 1999 between FLEET BANK,
NATIONAL  ASSOCIATION,  as Agent ("Agent"),  having its principal office at 1133
Avenue of the  Americas,  40th Floor,  New York,  New York 10036,  and CORPORATE
REALTY INCOME FUND I, L.P., a Delaware limited partnership ("Borrower"),  having
an office at 475 Fifth Avenue, 21st Floor, New York, New York 10017.

                              W I T N E S S E T H:
                               - - - - - - - - - -

       A. Agent,  as agent,  is the holder of that  certain  note  described  on
EXHIBIT A annexed  hereto and made a part  hereof (as the same may be amended or
otherwise modified from time to time, the "Note").  Borrower is the maker of the
Note.

       B. The maximum principal amount of the Note was $49,000,000.

       C. The parties hereto desire to split, divide and sever the Note into (x)
that  certain  $22,594,880  Demand Note (as the same may be amended or otherwise
modified  from time to time,  the  "Demand  Note") made as of the date hereof by
Borrower in favor of Agent, as agent, in the principal amount of $22,594,880 and
(y) the remaining $26,405,120 principal indebtedness under the Note, which shall
continue to be evidenced by the Note.

       D. The  mortgages  (the "NY  Mortgages")  described  on EXHIBIT B annexed
hereto heretofore  secured the Note. After giving effect to this Agreement,  the
NY Mortgages shall secure only the Demand Note and no other portion of the Note.


       E. The transactions  described in the preceding recitals shall not result
in the  cancellation,  extinguishment,  payment or satisfaction of the Note, the
Demand Note or the NY  Mortgages.  No new or additional  indebtedness  under the
Demand Note is to be secured nor is any readvance made thereunder.

     NOW, THEREFORE, in consideration of the sum of Ten ($10.00) Dollars paid by
each  party to the  other,  the  receipt  and  sufficiency  of which are  hereby
acknowledged,  the parties hereto agree:

       1. The indebtedness  evidenced by the Note is hereby split as provided in
the  recitals  hereto.  From and after the date hereof,  the NY Mortgages  shall
secure only the Demand Note and no other portion of the Note.

       2. Nothing herein shall:

       (a)    be  deemed  to  cancel,   extinguish  or  constitute   payment  or
              satisfaction of the Note;

<PAGE>


       (b)    constitute a new or additional indebtedness;

       (c)    constitute a readvance to Borrower; or

       (d)    evidence  any  indebtedness   other  than  the  same  indebtedness
              heretofore evidenced by the Note.

       IN  WITNESS  WHEREOF,  the  parties  hereto  have  caused  this  Splitter
Agreement to be executed as of the date first above written.

                                 FLEET BANK, NATIONAL ASSOCIATION, as Agent



                                 By:/s/ James E. Mirman
                                    -------------------------------------------
                                    James E. Mirman
                                    Vice President


                                 CORPORATE REALTY INCOME FUND I, L.P.,
                                 a Delaware limited partnership



                                 By: /s/ Robert F. Gosset, Jr.
                                    --------------------------------------------
                                 Robert F. Gossett, Jr., general partner



                                 By: 1345 Realty Corporation,
                                 general partner



                                           By: /s/ Robert F. Gosset, Jr.
                                              ----------------------------------
                                           Robert F. Gossett, Jr., President


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<PAGE>




STATE OF NEW YORK                   )
                                    :  ss.:
COUNTY OF                           )

       On the __ day of _________  in the year 1999 before me, the  undersigned,
personally  appeared James E. Mirman,  personally known to me or proved to me on
the basis of satisfactory evidence to be the individual whose name is subscribed
to the within instrument and acknowledged to me that he executed the same in his
capacity,  and that by his signature on the instrument,  the individual,  or the
person upon behalf of which the individual acted, executed the instrument.



------------------------------------
Signature and Office of individual
taking acknowledgement









STATE OF NEW YORK                   )
                                    :  ss.:
COUNTY OF                           )

       On the __ day of _________  in the year 1999 before me, the  undersigned,
personally appeared Robert F. Gossett,  Jr., personally known to me or proved to
me on the basis of  satisfactory  evidence  to be the  individual  whose name is
subscribed to the within  instrument and acknowledged to me that he executed the
same  in his  capacity,  and  that  by his  signature  on  the  instrument,  the
individual,  or the person upon behalf of which the individual  acted,  executed
the instrument.



------------------------------------
Signature and Office of individual
taking acknowledgement



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<PAGE>


                                    EXHIBIT A


       SECURED  PROMISSORY NOTE dated September 26, 1996 in the principal amount
of $24,000,000  made by Corporate Realty Income Fund I, L.P., a Delaware limited
partnership  ("Borrower"),  to and in favor of Fleet Bank, National  Association
("Agent");

       AS MODIFIED by that certain  FIRST  AMENDMENT OF LOAN  AGREEMENT AND NOTE
dated as of December 6, 1996 between  Borrower and Agent  whereby the  principal
amount of Borrower's indebtedness was increased to $44,000,000;

       AS FURTHER MODIFIED by that certain INTERCREDITOR AGREEMENT
dated as of February 28, 1997 among Lender,  First American Bank Texas,  SSB and
The Travelers Insurance Company and agreed to by Borrower; and

       AS FURTHER MODIFIED by that certain THIRD AMENDMENT OF LOAN AGREEMENT AND
SECOND AMENDMENT OF NOTE dated September 25, 1998,  whereby the principal amount
of Borrower's indebtedness was increased to $49,000,000.


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<PAGE>


                                    EXHIBIT B
                                 (NY Mortgages)


                                  The Mortgages

       1. Mortgage,  Assignment of Leases and Rents and Security  Agreement from
Corporate Realty Income Fund I, L.P. to Fleet Bank, National Association, in the
original principal amount of $20,207,000.00, dated December 6, 1996 and recorded
on  December  12,  1996 in the  Office of the City  Register,  New York  County,
December  12,  1996 in Reel 2402,  Page 593;  which  mortgage  was  assigned  by
Assignment of Mortgage Without Covenant from Fleet Bank, National Association to
Fleet Bank,  National  Association,  as Agent (under that certain Loan Agreement
dated  September 26, 1996 by and between Fleet Bank,  National  Association  and
Corporate  Realty  Income  Fund I, L.P.,  as  amended)  dated March 26, 1997 and
recorded on June 9, 1997 in Reel 2463, Page 1778.

       2. Second Mortgage, Assignment of Leases and Rents and Security Agreement
from Corporate Realty Income Fund I, L.P. to Fleet Bank,  National  Association,
as Agent, in the original  principal  amount of $2,387,880 dated as of September
25, 1998 and recorded on November  10, 1998 in the office of the City  Register,
New York County at Reel 2748, Page 1075.



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