Document:

EX-10.2

PROMISSORY NOTE

$159,500,000.00 October 25, 2007

Loan No. 706107618

FOR VALUE RECEIVED, HINES REIT ONE WILSHIRE LP, a Delaware limited partnership (“Borrower”)
promises to pay to the order of THE PRUDENTIAL INSURANCE COMPANY OF AMERICA, a New Jersey
corporation (“Lender,” which shall also mean successors and assigns who become holders of this
Note), at 2200 Ross Avenue, Suite 4900E, Dallas, Texas 75201, the principal sum of ONE HUNDRED
FIFTY-NINE MILLION FIVE HUNDRED THOUSAND AND NO/100 U.S. DOLLARS ($159,500,000.00), with interest
on the unpaid balance (“Balance”) at the rate of five and ninety-eight hundredths percent (5.98%)
per annum (“Note Rate”) from and including the date of the first disbursement of Loan proceeds
under this Note (“Funding Date”) until Maturity (defined below). Capitalized terms used without
definition shall have the meanings ascribed to them in the Instrument (defined below).

1. Regular Payments. Principal and interest shall be payable as follows:

(a) Interest from and including the Funding Date to November 1, 2007 (the “Stub Interest
Period”) shall be due and payable on the Funding Date. Interest for the Stub Interest Period shall
be calculated by multiplying (i) the Note Rate divided by 360 and (ii) the number of days any
Balance is outstanding to, but not including the date of payment.

(b) Interest only shall be paid in arrears in sixty (60) monthly installments, commencing on
December 1, 2007 and continuing on the first (1st) day of each succeeding month to and
including November 1, 2012. Each payment due date under Paragraph 1(b) of this Note is referred to
as a “Due Date”.

(c) The entire Obligations shall be due and payable on November 1, 2012 (“Maturity Date”).
“Maturity” shall mean the Maturity Date or earlier date that the Obligations may be due and payable
by acceleration by Lender as provided in the Documents.

(d) Interest on the Balance for any full month shall be calculated on an actual/360 basis.
For any partial month (other than the Stub Interest Period, which shall be governed by the last
sentence of Section 1(a) above, interest shall be due in an amount equal to (i) the Balance
multiplied by (ii) Note Rate divided by (iii) 360 multiplied by (iv) the number of days during such
partial month that any Balance is outstanding through (but excluding) the date of payment.

2. Late Payment and Default Interest.

(a) Late Charge. If any scheduled payment due under this Note is not fully paid by
its Due Date (other than the principal payment due on the originally scheduled Maturity Date), a
charge of $560 per day (the “Daily Charge”) shall be assessed for each day that elapses from and
after the Due Date until such payment is made in full (including the date payment is made);
provided, however, that if any such payment, together with all accrued Daily Charges, is not fully
paid by the fourteenth (14th) day following the applicable Due Date, a late charge equal
to the lesser of (i) four percent (4%) of such payment or (ii) the maximum amount allowed by law
(the “Late Charge”) shall be assessed and be

1

immediately due and payable. The Late Charge shall be payable in lieu of Daily Charges that
shall have accrued. The Late Charge may be assessed only once on each overdue payment. These
charges shall be paid to defray the expenses incurred by Lender in handling and processing such
delinquent payment(s) and to compensate Lender for the loss of the use of such funds. The Daily
Charge and Late Charge shall be secured by the Documents. The imposition of the Daily Charge, Late
Charge, and/or requirement that interest be paid at the Default Rate (defined below) shall not be
construed in any way to (i) excuse Borrower from its obligation to make each payment under this
Note promptly when due or (ii) preclude Lender from exercising any rights or remedies available
under the Documents upon an Event of Default.

(b) Acceleration. Upon any Event of Default, Lender may declare the Balance, unpaid
accrued interest, the Prepayment Premium (defined below) and all other Obligations immediately due
and payable in full.

(c) Default Rate. Upon an Event of Default or at Maturity, whether by acceleration
(due to a voluntary or involuntary default) or otherwise, the entire Obligations (excluding accrued
but unpaid interest if prohibited by law) shall bear interest at the Default Rate. The “Default
Rate” shall be the lesser of (i) the maximum rate allowed by law or (ii) five percent (5%) plus the
greater of (A) the Note Rate or (B) the prime rate (for corporate loans at large United States
money center commercial banks) published in The Wall Street Journal on the first Business
Day (defined below) of the month in which the Event of Default or Maturity occurs and on
the first Business Day of every month thereafter. The term “Business Day” shall mean each Monday
through Friday except for days in which commercial banks are not authorized to open or are required
by law to close in New York, New York.

3. Application of Payments. Before an Event of Default, all payments received under this
Note shall be applied in the following order: (a) to unpaid Daily Charges, Late Charges
and costs of collection; (b) to any Prepayment Premium due; (c) to accrued and unpaid interest on
the Balance; and (d) then to the Balance. After an Event of Default, all payments shall
be applied in any order determined by Lender in its sole discretion.

4. Prepayment. This Note may be prepaid, in whole or in part, upon at least thirty (30)
days’ prior written notice to Lender and upon (i) payment of all accrued interest through and
including such date of prepayment (each such date, a “Prepayment Date”) (and all other Obligations
due under the Documents as of the Prepayment Date) and (ii) payment of a prepayment premium
(“Prepayment Premium”) equal to the greater of (a) the product of (I) one percent (1%) of the
principal amount being prepaid, multiplied by (II) the quotient of (A) the number of full
months remaining until the Maturity Date from the Prepayment Date, divided by (B) the
number of full months comprising the term of this Note), and (b) an amount equal to the Present
Value of the Loan (defined below) less the amount of principal and accrued interest (if any) being
prepaid, calculated as of the Prepayment Date. The Prepayment Premium shall be due and
payable, except as provided in the Instrument or as limited by law, upon any prepayment of this
Note, whether voluntary or involuntary, and Lender shall not be obligated to accept any prepayment
of this Note unless it is accompanied by the Prepayment Premium, all accrued interest and all
other Obligations due under the Documents as of the Prepayment Date. Partial prepayments of
principal hereunder shall not entitle Borrower to have the installments of principal and interest
payable under this Note reduced by reamortizing the remaining unpaid principal balance due under
this Note or by applying such prepayment to the next maturing installment of principal and
interest under this Note. Lender shall notify Borrower of the amount (to be determined as of the
Prepayment Date) and the calculation used to determine the Prepayment Premium. Borrower agrees
that (a) Lender shall not be obligated, as a condition to receiving the Prepayment Premium, to
actually reinvest the amount prepaid in any Treasury obligation and (b) the Prepayment Premium is
directly related to the damages that Lender will suffer as a result of the prepayment. The
“Present Value of the Loan” shall be determined by discounting all scheduled payments of principal
and interest remaining to the Maturity Date attributable to the amount being prepaid at the
Discount Rate (defined below). If prepayment occurs on a date other than a Due Date, the actual
number of days remaining from the date of prepayment to the next Due Date will be used to discount
within this period. The “Discount Rate” is the rate which, when compounded monthly, is equivalent
to the Treasury Rate (defined below), when compounded semi-annually. The “Treasury Rate” is the
semi-annual yield on the Treasury Constant Maturity Series with maturity equal to the remaining
weighted average life of the Loan, for the week prior to the Prepayment Date, as reported
in Federal Reserve Statistical Release H.15 — Selected Interest Rates, conclusively determined by
Lender (absent a clear mathematical calculation error) on the Prepayment Date. The rate will be
determined by linear interpolation between the yields reported in Release H.15, if necessary. If
Release H.15 is no longer published, Lender shall select a comparable publication to determine the
Treasury Rate. Notwithstanding the foregoing, no Prepayment Premium shall be due if this Note is
prepaid during the last thirty (30) days prior to the Maturity Date, or if the Note is prepaid
pursuant to Section 3.03(d), Section 3.07 or Section 3.08 of the Instrument.

With respect to the foregoing provisions, Borrower hereby expressly agrees as follows:

(a) The Note Rate provided herein has been determined based on the sum of (i) the Treasury
Rate in effect at the time the Note Rate was determined under the Loan application submitted to
Lender, plus (ii) an interest rate spread over such Treasury Rate, which together represent
Lender’s agreed-upon return for making the proceeds of the Loan hereunder available to Borrower
over the term of such Loan.

(b) The determination of the Note Rate, and in particular the aforesaid interest rate spread,
were based on the expectation and agreement of Borrower and Lender that the principal sums advanced
hereunder would not be prepaid during the term of this Note, or if any such prepayment occurs, the
Prepayment Premium (calculated in the manner set forth above) would apply (except as expressly
permitted by this Note or the other Documents).

(c) The Lender’s business involves making financial commitments to others based in part on the
returns it expects to receive from this Note and other similar loans made by Lender, and Lender’s
financial performance as a business depends not only on the returns from each loan or investment it
makes but also upon the aggregate amounts of the loans and investments it is able to make over any
given period of time.

(d) In the event of a prepayment hereunder, Lender will be required to redeploy the funds
received into other loans or investments, which (i) may not provide a return to Lender comparable
to the return Lender anticipates based on the Note Rate and (ii) may reduce the total amount of
loans or investments Lender is able to make during the term of the Loan, which in turn may impair
the profitability of Lender’s business. Therefore, in order to compensate Lender for the potential
impact and risks to its business of prepayments under this Note, Lender has limited the Borrower’s
right to prepay this Note and has offered the method of calculation of the Prepayment Premium set
forth above.

(e) Borrower acknowledges that (i) Lender could have determined that it would not permit any
prepayments under the Note during its term, and therefore, in electing to permit prepayments
hereunder, Lender is entitled to determine and negotiate the terms on which it will accept
prepayments of its loans, and (ii) Borrower could have elected to negotiate more permissive
prepayment provisions and/or a more favorable manner of calculating the Prepayment Premium, but in
such event the applicable interest rate spread, and therefore the Note Rate, would have been higher
to compensate Lender for the potential loss of income on account of the risk that Borrower might
elect to prepay this Note at an earlier time and/or for a lesser Prepayment Premium than set forth
herein.

Therefore, in consideration of Lender’s agreement to the Note Rate set forth herein, and in
recognition of Lender’s reliance on the prepayment provisions of this Note (including the method of
calculating the Prepayment Premium), Borrower agrees that the manner of calculation of the
Prepayment Premium set forth in this Note represents bargained-for compensation to Lender for
granting to Borrower the privilege of prepaying this Note on the terms set forth herein and for the
potential loss of future income to Lender arising from having to redeploy the amounts prepaid under
this Note into other loans or investments. As such, the Prepayment Premium constitutes reasonable
compensation to Lender for making the Loan on the terms reflected in this Note and does not
represent any form of damages (liquidated or otherwise), nor does it represent a penalty.

5. No Usury. Under no circumstances shall the aggregate amount paid or to be paid as
interest under this Note exceed the highest lawful rate permitted under applicable usury law
(“Maximum Rate”). If under any circumstances the aggregate amounts paid on this Note shall
include interest payments which would exceed the Maximum Rate, Borrower stipulates that payment
and collection of interest in excess of the Maximum Rate (“Excess Amount”) shall be deemed the
result of a mistake by both Borrower and Lender, and Lender shall promptly credit the Excess
Amount against the Balance (without Prepayment Premium or other premium) or refund to
Borrower any portion of the Excess Amount which cannot be so credited.

6. Security and Documents Incorporated. This Note is the Note referred to and secured by
the Deed of Trust and Security Agreement of even date herewith between Borrower and Lender (the
“Instrument”) and is secured by the Property. Borrower shall observe and perform all of the terms
and conditions in the Documents. The Documents are incorporated into this Note as if fully set
forth in this Note.

7. Treatment of Payments. All payments under this Note shall be made, without offset or
deduction, (a) in lawful money of the United States of America at the office of Lender or at such
other place (and in the manner) Lender may specify by written notice provided to Borrower in
accordance with Section 9.02 of the Instrument, (b) in immediately available federal funds, and
(c) if received by Lender prior to 2:00 p.m. Eastern Time at such place, shall be credited on that
day, or, if received by Lender on or after 2:00 p.m. Eastern Time at such place, shall, at
Lender’s option, be credited on the next Business Day. Initially (unless waived by Lender), and
until Lender shall direct Borrower otherwise, Borrower shall make all payments due under this Note
in the manner set forth in Section 3.13 of the Instrument. If any Due Date falls on a day which
is not a Business Day, then the Due Date shall be deemed to have fallen on the next succeeding
Business Day.

8. Limited Recourse Liability. Except to the extent set forth in Paragraph 8 and
Paragraph 9 of this Note, Borrower shall not have any personal liability for the Obligations.
Notwithstanding the preceding sentence, Lender may bring a foreclosure action or other appropriate
action to enforce the Documents or realize upon and protect the Property (including, without
limitation, naming Borrower and any other necessary parties in the actions) and IN
ADDITION BORROWER SHALL HAVE PERSONAL LIABILITY FOR:

(a) any amounts accrued and/or payable under any indemnities, guaranties, master leases or
similar instruments furnished in connection with the Loan (including, without limitation, the
provisions of Sections 8.03, 8.04, 8.05, 8.06 and 8.07 of the Instrument and the Environmental
Indemnity);

(b) the amount of any assessments and taxes (accrued and/or payable) with respect to the
Property;

(c) the amount of any security deposits, rents prepaid more than one (1) month in advance, or
prepaid expenses of tenants (i) not turned over to Lender upon foreclosure, sale (pursuant to power
of sale), or conveyance in lieu thereof, or (ii) not turned over to a receiver or trustee for the
Property after appointment;

(d) the amount of any insurance proceeds or condemnation awards neither turned over to Lender
nor used in compliance with Sections 3.07 and 3.08 of the Instrument;

(e) damages suffered or incurred by Lender as a result of Borrower entering into a new Lease
or an amendment or termination of an existing Lease (other than with respect to a Lease with a
Major Tenant which is addressed in Paragraph 9(d) below) in breach of the leasing restrictions set
forth in Section 8 of the Assignment;

(f) damages suffered or incurred by Lender by reason of any waste of the Property;

(g) the amount of any rents or other income from the Property received by Borrower after a
default under the Documents and not otherwise applied to the Obligations or to the current (not
deferred) operating expenses of the Property; PROVIDED, HOWEVER, THAT THE BORROWER SHALL HAVE
PERSONAL LIABILITY for amounts paid as expenses to a person or entity related to or affiliated with
Borrower except for (A) reasonable salaries for on-site employees, (B) a reasonable allocation of
the salaries of off-site employees for accounting and management, and (C) out-of-pocket expenses of
Borrower’s management company relating to the Property, but in no event shall such expenses include
any profit or be greater than prevailing market rates for any such services;

(h) the face amount of any letter of credit required under the Documents or otherwise in
connection with the Loan that Borrower fails to maintain;

(i) the amount of any security deposit (a “Security Deposit”) cashed or applied by Borrower or
any termination fee, cancellation fee or any other fee (collectively, a “Termination Fee”) received
by Borrower (x) in connection with a lease termination, cancellation or expiration within one
hundred twenty (120) days prior to or after an Event of Default under the Documents, (y) which is
greater than one (1) month’s base rent for the Lease to which the Security Deposit and/or
Termination Fee applies, and (z) which is not paid to Lender (or an escrow agent selected by
Lender) to be disbursed for the payment of Lender approved (1) tenant improvements and/or (2)
market leasing commissions;

(j) following a default under the Documents, all attorneys’ fees, including allocated costs of
Lender’s staff attorneys, and other expenses incurred by Lender in enforcing the Documents if
Borrower contests, delays, or otherwise hinders or opposes (including, without limitation, the
filing of a bankruptcy) any of Lender’s enforcement actions; provided, however, that if in such
action Borrower successfully proves that no default occurred under the Documents, Borrower shall
not be required to reimburse Lender for such attorneys’ fees, allocated costs and other expenses;
and

(k) damages suffered or incurred by Lender as a result of Borrower’s breach or violation of
the Sections 2.10, 3.21 and 9.09 of the Instrument.

9. Full Recourse Liability. Notwithstanding the provisions of Paragraph 8 of this Note,
BORROWER SHALL HAVE PERSONAL LIABILITY for the Obligations if:

(a) there shall be any breach or violation of Article V of the Instrument; or

(b) there shall be any fraud or material misrepresentation by Borrower in connection with the
Property, the Documents or any other aspect of the Loan; or

(c) the Property or any part thereof shall become an asset in (i) a voluntary bankruptcy or
insolvency proceeding or (ii) an involuntary bankruptcy or insolvency proceeding which is not
dismissed within ninety (90) days of filing; provided, however, that this Paragraph 9(c) shall not
apply if (A) an involuntary bankruptcy is filed by Lender or (B) an involuntary filing was
initiated by a third-party creditor independent of any collusive action, participation or collusive
communication by (1) Borrower, or (2) any partner, shareholder or member of Borrower or Borrower’s
general partner or managing member;

(d) Borrower executes a Lease with a Major Tenant or an amendment or termination of any Lease
with a Major Tenant in breach of the leasing restrictions set forth in Section 8 of the Assignment;
or

(e) the Property is located in California, the Property is determined to be “environmentally
impaired” pursuant to the provisions of Section 726.5 of the California Code of Civil Procedure.

Notwithstanding the foregoing, only Borrower and its general partner shall have any liability with
respect to Section 8 and this Section 9, and no other constituents, members, shareholders, or
partners of Borrower shall have any liability thereunder.

10. Joint and Several Liability. This Note shall be the joint and several obligation of
all makers, endorsers, guarantors and sureties, and shall be binding upon them and their
respective successors and assigns and shall inure to the benefit of Lender and its successors and
assigns.

11. Unconditional Payment. Borrower is and shall be obligated to pay principal, interest
and any and all other amounts which became payable hereunder or under the other Documents
absolutely and unconditionally and without abatement, postponement, diminution or deduction and
without any reduction for counterclaim or setoff. In the event that at any time any payment
received by Lender hereunder shall be deemed by a court of competent jurisdiction to have been a
voidable preference or fraudulent conveyance under any bankruptcy, insolvency or other debtor
relief law, then the obligation to make such payment shall survive any cancellation or
satisfaction of this Note or return thereof to Borrower and shall not be discharged or satisfied
with any prior payment thereof or cancellation of this Note, but shall remain a valid and binding
obligation enforceable in accordance with the terms and provisions hereof, and such payment shall
be immediately due and payable upon demand.

12. Certain Waivers. Borrower and all others who may become liable for the payment of all
or any part of the Obligations do hereby severally waive presentment and demand for payment,
notice of dishonor, protest and notice of protest, notice of non-payment and notice of intent to
accelerate the maturity hereof (and of such acceleration), other than for any demands or notices
expressly required to be provided pursuant to the Instrument or the other Documents. No release
of any security for the Obligations or extension of time for payment of this Note or any
installment hereof, and no alteration, amendment or waiver of any provision of this Note, the
Instrument or the other Documents shall release, modify, amend, waive, extend, change, discharge,
terminate or affect the liability of Borrower, and any other who may become liable for the payment
of all or any part of the Obligations, under this Note, the Instrument and the other Documents.

13. Intentionally Omitted.

14. Intentionally Omitted.

15. JURISDICTION. WITH RESPECT TO ANY SUIT, ACTION OR PROCEEDINGS ARISING OUT OF OR
RELATING TO THE LOAN, THE DOCUMENTS, THE PROPERTY OR THE RELATIONSHIP OF LENDER AND BORROWER
HEREUNDER (“PROCEEDINGS”) EACH PARTY IRREVOCABLY (A) SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE
COURTS OF THE STATE OF CALIFORNIA AND THE UNITED STATES DISTRICT COURTS LOCATED IN THE STATE OF
CALIFORNIA, (B) AGREES THAT THE EXCLUSIVE VENUE FOR JUDICIAL REFERENCE PROCEEDINGS PURSUANT TO
SECTION 16(b) BELOW SHALL BE THE CITY AND COUNTY OF LOS ANGELES, AND (C) WAIVES ANY OBJECTION
WHICH IT MAY HAVE AT ANY TIME TO THE LAYING OF VENUE OF ANY PROCEEDINGS BROUGHT IN ANY SUCH COURT,
WAIVES ANY CLAIM THAT SUCH PROCEEDINGS HAVE BEEN BROUGHT IN AN INCONVENIENT FORUM AND FURTHER
WAIVES THE RIGHT TO OBJECT, WITH RESPECT TO SUCH PROCEEDINGS, THAT SUCH COURT DOES NOT HAVE
JURISDICTION OVER SUCH PARTY. THE PROVISIONS OF THIS SECTION SHALL SURVIVE THE CLOSING, FULL
REPAYMENT OR ANY EARLIER TERMINATION, OF THE LOAN OR ANY LOAN DOCUMENT.

16. Resolution of Disputes.

(a) WAIVER OF JURY TRIAL. TO THE FULLEST EXTENT PERMITTED BY LAW, EACH OF THE PARTIES
HEREBY AGREES TO, AND DOES, WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF
ACTION BASED UPON OR ARISING OUT OF THE LOAN, ANY DOCUMENT OR ANY OTHER DOCUMENT OR INSTRUMENT
BETWEEN THE PARTIES RELATING TO THE LOAN, THE DOCUMENTS, THE PROPERTY OR ANY DEALINGS BETWEEN THE
PARTIES RELATING TO THE SUBJECT MATTER OF ANY OF THE DOCUMENTS. THE SCOPE OF THIS WAIVER IS
INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES (EACH A “DISPUTE”, AND COLLECTIVELY, ANY OR
ALL, THE “DISPUTES”) OF ANY KIND WHATSOEVER THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE
SUBJECT MATTER OF THE LOAN, ANY DOCUMENT OR ANY OTHER DOCUMENT OR INSTRUMENT BETWEEN THE PARTIES
RELATING TO THE LOAN, THE DOCUMENTS, THE PROPERTY OR ANY DEALINGS BETWEEN THE PARTIES RELATING TO
THE SUBJECT MATTER OF ANY OF THE DOCUMENTS, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT
CLAIMS, ANTITRUST CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON-LAW OR STATUTORY CLAIMS.
EACH PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTERING INTO THIS NOTE
AND ALL OTHER AGREEMENTS AND INSTRUMENTS PROVIDED FOR HEREIN, AND THAT EACH WILL CONTINUE TO BE
BOUND BY AND RELY ON THIS WAIVER IN THEIR RELATED FUTURE DEALINGS. EACH PARTY HERETO FURTHER
WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH LEGAL COUNSEL OF ITS OWN CHOOSING, OR
HAS HAD AN OPPORTUNITY TO DO SO, AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS
HAVING HAD THE OPPORTUNITY TO CONSULT WITH LEGAL COUNSEL. THIS WAIVER IS IRREVOCABLE, MEANING THAT
IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT
AMENDMENTS, RENEWALS, SUPPLEMENTS, OR MODIFICATIONS TO THIS NOTE OR ANY OTHER DOCUMENT OR DOCUMENT
ENTERED INTO BETWEEN THE PARTIES IN CONNECTION WITH THIS NOTE OR ANY DOCUMENT. IN THE EVENT OF
LITIGATION, THIS NOTE MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT WITHOUT A JURY.

LENDER’S INITIAL:      BORROWER’S INITIAL:      

(b) Consent to Judicial Reference. If and to the extent that Section 16(a)
immediately above is determined by a court of competent jurisdiction to be unenforceable or is
otherwise not applied by any such court, each of the parties to this Note hereby consents and
agrees that (a) any and all Disputes shall be heard by a referee in accordance with the general
reference provisions of California Code of Civil Procedure Section 638, sitting without a jury in
the City and County of Los Angeles, California, (b) such referee shall hear and determine all of
the issues in any Dispute (whether of fact or of law), including issues pertaining to a
“provisional remedy” as defined in California Code of Civil Procedure Section 1281.8, including
without limitation, entering restraining orders, entering temporary restraining orders, issuing
temporary and permanent injunctions and appointing receivers, and shall report a statement of
decision, provided that, if during the course of any Dispute any party desires to seek such a
“provisional remedy” but a referee has not been appointed, or is otherwise unavailable to hear the
request for such provisional remedy, then such party may apply to the Los Angeles Superior Court
for such provisional relief, and (c) pursuant to California Code of Civil Procedure Section 644,
judgment may be entered upon the decision of such referee in the same manner as if the Dispute had
been tried directly by a court. The parties shall use their respective commercially reasonable and
good faith efforts to agree upon and select such referee, provided that such referee must be a
retired California state or federal judge, and further provided that if the parties cannot
agree upon a referee, the referee shall be appointed by the Presiding Judge of the Los Angeles
Superior Court. Each party hereto acknowledges that this consent and agreement is a material
inducement to enter into this Note, the Documents and all other agreements and instruments provided
for herein or therein, and that each will continue to be bound by and to rely on this consent and
agreement in their related future dealings. The parties shall share the cost of the referee and
reference proceedings equally; provided that, the referee may award attorneys’ fees
and reimbursement of the referee and reference proceeding fees and costs to the prevailing party,
whereupon all referee and reference proceeding fees and charges will be payable by the
non-prevailing party (as so determined by the referee). Each party hereto further warrants and
represents that it has reviewed this consent and agreement with legal counsel of its own choosing,
or has had an opportunity to do so, and that it knowingly and voluntarily gives this consent and
enters into this Note having had the opportunity to consult with legal counsel. This consent and
agreement is irrevocable, meaning that it may not be modified either orally or in writing, and this
consent and agreement shall apply to any subsequent amendments, renewals, supplements, or
modifications to this Note or any other agreement or document entered into between the parties in
connection with this Note. In the event of litigation, this Note may be filed as evidence of
either or both parties’ consent and agreement to have any and all Disputes heard and determined by
a referee under California Code of Civil Procedure Section 638. Notwithstanding anything to the
contrary contained herein, the parties acknowledge and agree that this provision shall have no
application to any non-judicial foreclosure of all or any portion of the Property whether pursuant
to the provisions of the Documents or applicable law.

Lender’s Initial:      Borrower’s Initial:      

(c) Not Applicable to Non-Judicial Foreclosures/Realization on Collateral.
Notwithstanding anything to the contrary contained in Section 16, the parties hereto understand,
acknowledge and agree that (i) the provisions of Section 16(b) shall have no application to any
non-judicial foreclosure and/or private (i.e.,non-judicial) sale under the California Commercial
Code as to all or any portion of the Property whether pursuant to the provisions of the Documents
or applicable law; provided, however, in the event Borrower contests the same, then the provisions
of Section 16(b) shall apply to any Dispute arising therefrom (but not the non-judicial foreclosure
proceeding, which may remain pending), and (ii) the provisions of Section 16(b) shall not be deemed
to be a waiver by, or a limitation upon, the rights of Lender to proceed with a non-judicial
foreclosure or private sale under said Commercial Code as a permitted remedy hereunder or under
applicable law.

17. California Local Law Provisions.

(a) In the event that at any time or for any reason a court of competent jurisdiction
determines that Lender is not entitled to payment of the Default Rate or that the Default Rate does
not apply to all or any part of the Obligations, then such Obligations shall continue to bear
interest at the greater of the Note Rate or the maximum rate of interest allowed by law until all
such amounts are repaid to Lender in full.

(b) Borrower hereby expressly waives any right it may have under California Civil Code Section
2954.10 to prepay this Note, in whole or in part, without prepayment charge, upon acceleration of
the Maturity Date of this Note (provided that the foregoing waiver is not intended to apply to
those instances where no prepayment charge shall be due as described in the last sentence of
Section 4 hereof), and agrees that if for any reason, a prepayment of any or all of this Note is
made, whether voluntarily, involuntarily or upon or following any acceleration of the Maturity Date
of this Note by Lender, then Borrower shall pay the Prepayment Premium calculated pursuant to
Paragraph 4. By initialing this provision in the space provided below, Borrower hereby declares
that Lender’s agreement to make the Loan at the Note Rate and for the term set forth in this Note
constitutes adequate consideration, given individual weight by Borrower, for this waiver and
agreement.

INITIALS OF BORROWER:      

(c) Borrower hereby agrees that this Note constitutes a written consent to waiver of trial by
jury pursuant to the provisions of California Code of Civil Procedure Section 631 and Borrower does
hereby constitute and appoint Lender its true and lawful attorney-in-fact, which appointment is
coupled with an interest, and Borrower does hereby authorize and empower Lender, in the name, place
and stead of Borrower, to file this Note with the clerk or judge of any court of competent
jurisdiction as statutory written consent to waiver of trial by jury.

(d) This Note shall be governed by and construed in accordance with the laws of the State in
which the real property granted under the Instrument is located.

(e) Notwithstanding any other term or provision contained herein, and in addition to the
provisions of Paragraph 9 of this Note, Borrower shall have personal liability for the
Obligations if the Property shall have been rendered “environmentally impaired” as such term is
defined in Section 726.5 of the California Code of Civil Procedure.

[remainder of page intentionally left blank]

2

[signature page to promissory note]

IN WITNESS WHEREOF, this Note has been executed by Borrower as of the date first set forth
above.

BORROWER:

HINES REIT ONE WILSHIRE LP, a Delaware limited
partnership

By: Hines REIT One Wilshire GP LLC, a Delaware
limited liability company, its sole general partner

By:

Name:

Its:

3EX-10.3

PRUDENTIAL LOAN NO. 706107618

ENVIRONMENTAL INDEMNITY AGREEMENT

THIS ENVIRONMENTAL INDEMNITY AGREEMENT (this “Agreement”) is made as of the      day
of October, 2007, by and between HINES REIT ONE WILSHIRE LP, a Delaware limited partnership
(“Borrower”), having an office c/o Hines Interests Limited Partnership, 2800 Post Oak
Boulevard, Houston, Texas 77056, and THE PRUDENTIAL INSURANCE COMPANY OF AMERICA, a New Jersey
corporation (“Lender”), having an office at 2200 Ross Avenue, Suite 4900-E, Dallas, Texas
75201.

R E C I T A L S:

A. Borrower is the sole owner of the premises described in Exhibit A attached hereto
and incorporated herein (collectively, the “Property”);

B. Lender has made a loan to Borrower in the aggregate principal sum of One Hundred Fifty-Nine
Million Five Hundred Thousand and No/100 Dollars ($159,500,000.00) (the “Loan”), which Loan
is evidenced by that certain Promissory Note of even date herewith in the original principal amount
of $159,500,000.00 made by Borrower in favor of Lender (the “Note”), which Note is secured
by, among other things, that certain Deed of Trust and Security Agreement dated as of the date of
this Agreement (the “Instrument”). Capitalized terms used herein without definition shall
have the meanings ascribed to such terms in the Instrument;

C. Lender is willing to make the Loan to Borrower only if Borrower enters into this Agreement;
and

D. Borrower enters into this Agreement to induce Lender to make the Loan.

A G R E E M E N T:

IN CONSIDERATION of the principal sum of the Note and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, Borrower agrees as follows:

1. Instrument Incorporated. The terms and conditions of the Instrument are
incorporated into this Agreement as if fully set forth in this Agreement.

2. Indemnification. Borrower covenants and agrees, at its sole cost and expense, to
protect, defend, indemnify, release and hold any or all of the Indemnified Parties harmless from
and against any and all Losses imposed on, incurred by or asserted against the Indemnified Parties,
directly or indirectly, arising out of or in connection with any one or more of the following:
(a) the presence of any Hazardous Materials affecting the Property (“affecting the Property” in
this Agreement shall have the same meaning as in the Instrument); (b) any past, present, future or
threatened Release of Hazardous Materials affecting the Property; (c) any activity by any Borrower,
person affiliated with any Borrower (“Affiliate”), Tenant or other user of the Property in
connection with any O&M Plan or any actual, proposed or threatened use, treatment, storage,
holding, existence, disposition or other Release, generation, production, manufacturing,
processing, refining, control, management, abatement, handling, transfer or transportation to or
from the Property, or removal of any Hazardous Materials at any time affecting the Property;
(d) any activity by any Borrower, Affiliate, Tenant or other user of the Property in connection
with any actual or proposed Remediation of any Hazardous Materials at any time affecting the
Property, whether or not such Remediation is voluntary or pursuant to court or administrative
order, including (“including” in this Agreement shall have the same meaning as in the Instrument)
any removal, remedial or corrective action, penalties or fines; (e) any past, present, future or
threatened non-compliance or violations of any Environmental Laws (or permits issued pursuant to
any Environmental Law) in connection with the Property or operations thereon, including any failure
by any Borrower, Affiliate, Tenant or other user of the Property to comply with any order of any
governmental authority related thereto; (f) the actual or threatened imposition, recording or
filing of any Environmental Lien encumbering the Property; (g) any administrative processes or
proceedings or judicial proceedings in any way connected with any matter addressed in this
Agreement; (h) any past, present, future or threatened injury to, destruction of, or loss of
natural resources in any way connected with the Property, including costs to investigate and assess
such injury, destruction or loss; (i) any acts of any Borrower, Affiliate, Tenant or other user of
the Property in arranging for disposal or treatment of Hazardous Materials affecting the Property
at any facility or incineration vessel containing such or similar Hazardous Materials affecting the
Property, including arrangements with any transporter; (j) any acts of any Borrower, Affiliate,
Tenant or other user of the Property in accepting any Hazardous Materials for transport to disposal
or treatment facilities, incineration vessels or sites from which there is a Release, or a
threatened Release of any Hazardous Material which causes the incurrence of costs for Remediation
of any Hazardous Materials affecting the Property; (k) any personal injury, wrongful death,
property or other damage from Hazardous Materials or violations of Environmental Laws arising under
any statutory, common law or tort law theory, including damages assessed for trespass or for
private or public nuisance or for operation of an abnormally dangerous activity on the Property or
adjacent to the Property; and (l) any misrepresentation, inaccurate representation or warranty,
material breach or failure to perform under the provisions of this Agreement or of Section 3.12 of
the Instrument. Notwithstanding the foregoing, Borrower shall not be obligated to indemnify the
Indemnified Parties if Borrower can conclusively prove that (1) the contamination of the Property
was caused solely by actions, conditions, or events that occurred after the date Lender (or any
purchaser at a foreclosure sale) actually acquired title to the Property and (2) the contamination
of the Property was not caused by, contributed to, enhanced, or exacerbated by the direct or
indirect actions or inactions of Borrower, any partner(s) of Borrower, any partner(s) of any
partner(s) of Borrower, any members of Borrower or any officers, members, shareholders, employees,
or agents of Borrower. In addition, notwithstanding anything herein or in any of the Documents to
the contrary, Borrower shall not be obligated to indemnify any Third Party Purchaser that acquires
title to the Property through a foreclosure sale for any Losses described above if, prior to such
foreclosure sale, Borrower shall deliver to Lender an environmental site assessment report(s)
issued to Lender and such Third Party Purchaser, prepared in accordance with the Guidelines and
reflecting no environmental risks associated with the Property that were not reflected in the
original Environmental Reports with respect to the Property delivered to Lender in connection with
the closing of the Loan, and which Lender reasonably expects could cause one or more of the Losses
described above. For purposes hereof, a “Third Party Purchaser” shall mean any Person that
is not the Lender, any prior owner or holder of the Note, any existing or prior servicer of the
Loan, any Trustee, the officers, directors, shareholders, partners, members, employees and trustees
of any of the foregoing, or the heirs, legal representatives, affiliates and corporate successors
of each of the foregoing, and “Guidelines” shall mean the so-called “Prudential Guidelines
and Report Requirements,” including guidelines for survey, asbestos report, environmental report,
engineering and physical inspection requirements, ERISA Certifications and Indemnities, and the
like, then most currently incorporated in Lender’s standard form of first mortgage loan
application.

3. Duty to Defend, Attorneys and Other Fees and Expenses. Upon request, Borrower
shall defend the Indemnified Parties (in Borrower’s or the Indemnified Parties’ name) against any
claim asserted against the Indemnified Parties using attorneys and other professionals selected by
Borrower and approved by Lender. Notwithstanding the foregoing, the Indemnified Parties may, in
their sole discretion, engage their own attorneys and professionals to defend or assist them at the
expense of the Indemnified Parties; provided, however, if, in the reasonable judgment of the
Indemnified Parties, (i) the defense or assistance is not proceeding or being conducted in a
satisfactory manner or (ii) there is a conflict of interest between Borrower and any of the
Indemnified Parties, such defense or assistance shall be at Borrower’s expense and the Indemnified
Parties may elect that their attorneys shall control the resolution of such claims or proceedings.
Without limiting the foregoing, upon demand, Borrower shall pay or, in the sole discretion of the
Indemnified Parties, reimburse and/or indemnify the Indemnified Parties for all Costs imposed on,
incurred by, or asserted against the Indemnified Parties by reason of any items set forth in this
Agreement and/or the enforcement or preservation of the Indemnified Parties’ rights under this
Agreement. Any amount payable to the Indemnified Parties under this Section shall (a) be deemed a
demand obligation, (b) be part of the Obligations, (c) bear interest at the applicable interest
rates specified in the Note, which shall be the Default Rate unless prohibited by Laws, until paid
if not paid on demand, (d) be secured by the Instrument, and (e) be allowed and included as part of
the Obligations in any foreclosure, decree for sale, power of sale, or other judgment or decree
enforcing Lender’s rights under the Documents. As used herein, the term “on demand” shall have the
same meaning as in the Instrument.

4. Recourse Obligations and Survivability. The obligations of Borrower under this
Agreement shall be a full recourse obligation of Borrower. The obligations of Borrower under this
Agreement shall survive (a) repayment of the Obligations, (b) any termination, satisfaction,
assignment or foreclosure of the Instrument, (c) the acceptance by Lender (or any nominee) of a
deed in lieu of foreclosure, (d) a plan of reorganization filed under the Bankruptcy Code, or
(e) the exercise by the Lender of any rights hereunder or in the other Documents. Borrower’s
obligations under this Agreement shall not be affected by the absence or unavailability of
insurance covering the same or by the failure or refusal by any insurance carrier to perform any
obligation under any applicable insurance policy.

5. Unimpaired Liability. The liability of Borrower under this Agreement shall in no
way be limited or impaired by, and Borrower consents to and agrees to be bound by, any amendment or
modification of the provisions of the Documents (other than this Agreement) by Borrower or any
successor-in-interest to Borrower. In addition, the liability of Borrower shall in no way be
limited or impaired by (a) any extension(s) of time for performance required under the Documents,
(b) the accuracy or inaccuracy of the representations and warranties made by any Borrower under the
Documents, (c) the release of Borrower or person from performance or observance of any of the
agreements, covenants, terms or conditions contained in any of the Documents (other than this
Agreement) by operation of law, Lender’s voluntary act, or otherwise, (d) the release or
substitution in whole or in part of any security for the Note, or (e) Lender’s failure to record or
file (or improper filing or recording of) any of the Documents or Lender’s failure to otherwise
perfect, protect, secure or insure any security interest or lien given as security for the Note;
and, in all such cases, whether with or without notice to Borrower and with or without
consideration.

6. Enforcement. Lender may enforce the obligations of Borrower under this Agreement
without first resorting to or exhausting any security or collateral or without first having
recourse to the Documents or any of the Property, through foreclosure proceedings or otherwise;
provided, however, that nothing herein shall inhibit or prevent Lender from suing on the Note or
exercising any other rights or remedies in the Documents. This Agreement is not collateral or
security for the debt of Borrower pursuant to the Loan, unless Lender expressly elects in writing
to make this Agreement additional collateral or security for the debt of Borrower pursuant to the
Loan. It is not necessary for an Event of Default to have occurred under the Documents for Lender
to exercise its rights under this Agreement.

7. Waivers and Delays. To the fullest extent Borrower may do so under Laws, Borrower
agrees as follows:

(a) No failure, refusal, waiver, or delay by Lender to exercise any rights under this
Agreement or the Documents upon any default or Event of Default shall impair Lender’s rights or be
construed as a waiver of, or acquiescence to, such or any subsequent default or Event of Default.
No recovery of any judgment by Lender and no levy of an execution upon the Property or any other
property of Borrower shall affect the lien and security interest created by the Instrument, and
such liens, rights, powers, and remedies shall be impaired only to the extent of such judgment or
levy. Lender may resort to any security given by the Instrument or any other security now given or
hereafter existing to secure the Obligations, in whole or in part, in such portions and in such
order as Lender may deem advisable, and no such action shall be construed as a waiver of any of the
liens, rights, or benefits granted hereunder. Acceptance of any payment after any Event of Default
shall not be deemed a waiver or a cure of such Event of Default and such acceptance shall be deemed
an acceptance on account only. If Lender has started enforcement of any right by foreclosure,
sale, entry, or otherwise, and such proceeding shall be discontinued, abandoned, or determined
adversely for any reason, then Borrower and Lender shall be restored to their former positions and
rights under the Documents with respect to the Property, subject to the lien and security interest
of the Instrument.

(b) Borrower waives and relinquishes all rights and remedies under Laws for the benefit of
Borrower or guarantors except any rights of subrogation which any Borrower may have; provided,
however, that the indemnity in this Agreement is not (i) contingent upon the existence of any such
rights of subrogation or (ii) subject to any claims or defenses which may be asserted in connection
with the enforcement of such subrogation rights including any claim that such rights were abrogated
by any acts of Lender. No delay by Lender in exercising any right, power or privilege under this
Agreement shall operate as a waiver of any such privilege, power or right.

8. Subrogation. Borrower shall take all reasonable actions, including institution of
legal action against third-parties, necessary or appropriate to obtain reimbursement, payment or
compensation from persons responsible for the presence of any Hazardous Materials affecting the
Property or otherwise obligated by Laws to bear the cost. Lender shall be subrogated to all of
Borrower’s present and future rights in such claims.

9. Notice of Legal Actions. Borrower shall, within seven (7) days of receipt, give
written notice to Lender of (a) any notice, advice or other communication from any governmental
entity or any source with respect to Hazardous Materials affecting the Property and (b) any legal
action brought against such party or related to the Property, with respect to which any Borrower
may have liability under this Agreement.

10. Notices. All notices or other written communications under this Agreement shall
be given in accordance with and governed by Section 9.02 of the Instrument.

11. Applicable Law. Borrower agrees that the provisions of Section 9.04 of the
Instrument shall apply to this Agreement.

12. No Third-party Beneficiary. The terms of this Agreement are for the sole and
exclusive protection and use of the Indemnified Parties. No other party shall be a third-party
beneficiary under this Agreement, and no provision of this Agreement shall operate or inure to the
use and benefit of any such third party. It is agreed that those persons included in the
definition of Indemnified Parties are not excluded third-party beneficiaries.

13. Intentionally Omitted.

14. JURISDICTION. WITH RESPECT TO ANY SUIT, ACTION OR PROCEEDINGS ARISING OUT OF OR
RELATING TO THE LOAN, THE DOCUMENTS, THE PROPERTY OR THE RELATIONSHIP OF LENDER AND BORROWER
HEREUNDER (“PROCEEDINGS”) EACH PARTY IRREVOCABLY (A) SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE
COURTS OF THE STATE OF CALIFORNIA AND THE UNITED STATES DISTRICT COURTS LOCATED IN THE STATE OF
CALIFORNIA, (B) AGREES THAT THE EXCLUSIVE VENUE FOR JUDICIAL REFERENCE PROCEEDINGS PURSUANT TO
SECTION 15(b) BELOW SHALL BE THE CITY AND COUNTY OF LOS ANGELES, AND (C) WAIVES ANY OBJECTION
WHICH IT MAY HAVE AT ANY TIME TO THE LAYING OF VENUE OF ANY PROCEEDINGS BROUGHT IN ANY SUCH COURT,
WAIVES ANY CLAIM THAT SUCH PROCEEDINGS HAVE BEEN BROUGHT IN AN INCONVENIENT FORUM AND FURTHER
WAIVES THE RIGHT TO OBJECT, WITH RESPECT TO SUCH PROCEEDINGS, THAT SUCH COURT DOES NOT HAVE
JURISDICTION OVER SUCH PARTY. THE PROVISIONS OF THIS SECTION SHALL SURVIVE THE CLOSING, FULL
REPAYMENT OR ANY EARLIER TERMINATION, OF THE LOAN OR ANY LOAN DOCUMENT.

15. Resolution of Disputes.

(a) WAIVER OF JURY TRIAL. TO THE FULLEST EXTENT PERMITTED BY LAW, EACH OF THE PARTIES
HEREBY AGREES TO, AND DOES, WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF
ACTION BASED UPON OR ARISING OUT OF THE LOAN, ANY DOCUMENT OR ANY OTHER DOCUMENT OR INSTRUMENT
BETWEEN THE PARTIES RELATING TO THE LOAN, THE DOCUMENTS, THE PROPERTY OR ANY DEALINGS BETWEEN THE
PARTIES RELATING TO THE SUBJECT MATTER OF ANY OF THE DOCUMENTS. THE SCOPE OF THIS WAIVER IS
INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES (EACH A “DISPUTE”, AND COLLECTIVELY, ANY OR
ALL, THE “DISPUTES”) OF ANY KIND WHATSOEVER THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE
SUBJECT MATTER OF THE LOAN, ANY DOCUMENT OR ANY OTHER DOCUMENT OR INSTRUMENT BETWEEN THE PARTIES
RELATING TO THE LOAN, THE DOCUMENTS, THE PROPERTY OR ANY DEALINGS BETWEEN THE PARTIES RELATING TO
THE SUBJECT MATTER OF ANY OF THE DOCUMENTS, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT
CLAIMS, ANTITRUST CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON-LAW OR STATUTORY CLAIMS.
EACH PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTERING INTO THIS
AGREEMENT AND ALL OTHER AGREEMENTS AND INSTRUMENTS PROVIDED FOR HEREIN, AND THAT EACH WILL CONTINUE
TO BE BOUND BY AND RELY ON THIS WAIVER IN THEIR RELATED FUTURE DEALINGS. EACH PARTY HERETO FURTHER
WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH LEGAL COUNSEL OF ITS OWN CHOOSING, OR
HAS HAD AN OPPORTUNITY TO DO SO, AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS
HAVING HAD THE OPPORTUNITY TO CONSULT WITH LEGAL COUNSEL. THIS WAIVER IS IRREVOCABLE, MEANING THAT
IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT
AMENDMENTS, RENEWALS, SUPPLEMENTS, OR MODIFICATIONS TO THIS AGREEMENT OR ANY OTHER DOCUMENT OR
DOCUMENT ENTERED INTO BETWEEN THE PARTIES IN CONNECTION WITH THIS AGREEMENT OR ANY DOCUMENT. IN
THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT
WITHOUT A JURY.

LENDER’S INITIAL:      BORROWER’S INITIAL:      

(b) Consent to Judicial Reference. If and to the extent that Section 15(a)
immediately above is determined by a court of competent jurisdiction to be unenforceable or is
otherwise not applied by any such court, each of the parties to this Agreement hereby consents and
agrees that (a) any and all Disputes shall be heard by a referee in accordance with the general
reference provisions of California Code of Civil Procedure Section 638, sitting without a jury in
the City and County of Los Angeles, California, (b) such referee shall hear and determine all of
the issues in any Dispute (whether of fact or of law), including issues pertaining to a
“provisional remedy” as defined in California Code of Civil Procedure Section 1281.8, including
without limitation, entering restraining orders, entering temporary restraining orders, issuing
temporary and permanent injunctions and appointing receivers, and shall report a statement of
decision, provided that, if during the course of any Dispute any party desires to seek such a
“provisional remedy” but a referee has not been appointed, or is otherwise unavailable to hear the
request for such provisional remedy, then such party may apply to the Los Angeles Superior Court
for such provisional relief, and (c) pursuant to California Code of Civil Procedure Section 644,
judgment may be entered upon the decision of such referee in the same manner as if the Dispute had
been tried directly by a court. The parties shall use their respective commercially reasonable and
good faith efforts to agree upon and select such referee, provided that such referee must be a
retired California state or federal judge, and further provided that if the parties cannot
agree upon a referee, the referee shall be appointed by the Presiding Judge of the Los Angeles
Superior Court. Each party hereto acknowledges that this consent and agreement is a material
inducement to enter into this Agreement, the Documents and all other agreements and instruments
provided for herein or therein, and that each will continue to be bound by and to rely on this
consent and agreement in their related future dealings. The parties shall share the cost of the
referee and reference proceedings equally; provided that, the referee may award
attorneys’ fees and reimbursement of the referee and reference proceeding fees and costs to the
prevailing party, whereupon all referee and reference proceeding fees and charges will be payable
by the non-prevailing party (as so determined by the referee). Each party hereto further warrants
and represents that it has reviewed this consent and agreement with legal counsel of its own
choosing, or has had an opportunity to do so, and that it knowingly and voluntarily gives this
consent and enters into this Agreement having had the opportunity to consult with legal counsel.
This consent and agreement is irrevocable, meaning that it may not be modified either orally or in
writing, and this consent and agreement shall apply to any subsequent amendments, renewals,
supplements, or modifications to this Agreement or any other agreement or document entered into
between the parties in connection with this Agreement. In the event of litigation, this Agreement
may be filed as evidence of either or both parties’ consent and agreement to have any and all
Disputes heard and determined by a referee under California Code of Civil Procedure Section 638.
Notwithstanding anything to the contrary contained herein, the parties acknowledge and agree that
this provision shall have no application to any non-judicial foreclosure of all or any portion of
the Property whether pursuant to the provisions of the Documents or applicable law.

Lender’s Initial:      Borrower’s Initial:      

(c) Not Applicable to Non-Judicial Foreclosures/Realization on Collateral.
Notwithstanding anything to the contrary contained in Section 15, the parties hereto understand,
acknowledge and agree that (i) the provisions of Section 15(b) shall have no application to any
non-judicial foreclosure and/or private (i.e.,non-judicial) sale under the California Commercial
Code as to all or any portion of the Property whether pursuant to the provisions of the Documents
or applicable law; provided, however, in the event Borrower contests the same, then the provisions
of Section 15(b) shall apply to any Dispute arising therefrom (but not the non-judicial foreclosure
proceeding, which may remain pending), and (ii) the provisions of Section 15(b) shall not be deemed
to be a waiver by, or a limitation upon, the rights of Lender to proceed with a non-judicial
foreclosure or private sale under said Commercial Code as a permitted remedy hereunder or under
applicable law.

16. California Local Law Provisions.

(a) Borrower hereby agrees that this Agreement constitutes a written consent to waiver of
trial by jury pursuant to the provisions of California Code of Civil Procedure Section 631 and
Borrower does hereby constitute and appoint Lender its true and lawful attorney-in-fact, which
appointment is coupled with an interest, and Borrower does hereby authorize and empower Lender, in
the name, place and stead of Borrower, to file this Agreement with the clerk or judge of any court
of competent jurisdiction as statutory written consent to waiver of trial by jury.

(b) Without limiting any of the remedies provided in the Documents, Borrower acknowledges and
agrees that the provisions of this Agreement are environmental provisions, as that term is defined
in Section 736(f)(2) of the California Code of Civil Procedure, made by the Borrower relating to
the real property security, and that Borrower’s failure to comply with the terms of this Agreement
is a breach of contract such that Lender shall have the remedies provided under Section 736 of the
California Code of Civil Procedure (“Section 736”) for the recovery of damages and for the
enforcement thereof. Pursuant to Section 736, Lender’s action for recovery of damages or
enforcement of this Agreement shall not constitute an action within the meaning of Section 726(a)
of the California Code of Civil Procedure or constitute a money judgment for a deficiency or a
deficiency or a deficiency judgment within the meaning of Sections 580a, 580b, or 726(b) of the
California Code of Civil Procedure. Borrower agrees that Lender will have the same right, power
and authority to enter and inspect the Property as is granted to the secured lender under
Section 2929.5 of the California Civil Code, and that Lender will have the right to appoint a
receiver to enforce this right to enter and inspect the Property to the extent such authority is
provided under California law, including, without limitation, the authority given to the secured
lender under Section 564(c) of the California Code of Civil Procedure.

1

[remainder of page intentionally left blank]

[signature page to environmental indemnity]

IN WITNESS WHEREOF, Borrower has duly executed this Agreement as of the date first above
written.

BORROWER:

HINES REIT ONE WILSHIRE LP, a Delaware limited
partnership

By: Hines REIT One Wilshire GP LLC, a Delaware
limited liability company, its sole general partner

By: Name: Its:

2

EXHIBIT A

Legal Description

PARCEL 1:

ALL THAT PARCEL OF LAND LOCATED IN THE CITY OF LOS ANGELES, COUNTY OF LOS ANGELES, STATE OF
CALIFORNIA, COMPRISING (1) LOT “A” OF TRACT NO. 1523, AS PER MAP RECORDED IN BOOK 20 PAGE 13 OF
MAPS, (2) LOT “A” OF TRACT NO. 10427, AS PER MAP RECORDED IN BOOK 158 PAGE 39 OF MAPS, AND (3)
PORTIONS OF THE SUBDIVISION OF LOTS 4, 5, 9 AND 10 OF BLOCK 20 OF ORD’S SURVEY, AS PER MAP RECORDED
IN BOOK 3 PAGE 43 OF MISCELLANEOUS RECORDS, ALL IN THE OFFICE OF THE COUNTY RECORDER OF SAID
COUNTY, AND BEING MORE PARTICULARLY BOUNDED AND DESCRIBED AS FOLLOWS:

BEGINNING AT THE INTERSECTION OF THE SOUTHEAST LINE OF GRAND AVENUE, 80 FEET WIDE, WITH THE
SOUTHWEST LINE OF TRACT NO. 667, AS PER MAP RECORDED IN BOOK 17 PAGES 30 AND 31 OF MAPS, IN THE
OFFICE OF THE COUNTY RECORDER OF SAID COUNTY, SAID POINT OF BEGINNING BEING SOUTH 37 DEGREES 16’
25” WEST ALONG SAID SOUTHEAST LINE OF GRAND AVENUE, 125.56 FEET FROM THE SOUTHWEST LINE OF SIXTH
STREET, 70 FEET WIDE; THENCE SOUTH 52 DEGREES 10’ 05” EAST ALONG SAID SOUTHWEST LINE OF TRACT NO.
667, 112.00 FEET TO THE MOST SOUTHERLY CORNER OF SAID TRACT NO. 667; THENCE NORTH 37 DEGREES 33’
55” EAST ALONG THE SOUTHEAST LINE OF SAID TRACT NO. 667, 0.33 FEET TO A POINT IN THE SOUTHWEST LINE
OF LOT “C” OF SAID SUBDIVISION OF LOTS 4, 5, 9 AND 10 IN BLOCK 20 OF ORD’S SURVEY; THENCE SOUTH 52
DEGREES 06’ 05” EAST ALONG THE NORTHWEST LINES OF LOTS “C” AND “D” OF SAID SUBDIVISION OF BLOCK 20
OF ORD’S SURVEY, 56.04 FEET TO THE BISECTING CENTER LINE OF SAID BLOCK 20 OR ORD’S SURVEY, ALSO
KNOWN AS THE DIVISION LINE BETWEEN PARCEL 1 AND 2 ON THE MAP ATTACHED TO THE QUITCLAIM DEED,
RECORDED IN BOOK 6753 PAGE 384, OFFICIAL RECORDS; THENCE SOUTH 37 DEGREES 35’ 05” WEST ALONG SAID
BISECTING CENTER LINE, 55.88 FEET TO THE SOUTHEASTERLY PROLONGATION OF THE SOUTHWEST LINE OF LOT
“H” OF SAID SUBDIVISION OF BLOCK 20 OF ORD’S SURVEY; THENCE SOUTH 52 DEGREES 05’ 00” EAST ALONG THE
SOUTHEASTERLY PROLONGATION OF THE SOUTHWEST LINE OF LOT “H” OF SAID SUBDIVISION OF BLOCK 20 OF
ORD’S SURVEY, 1.01 FEET TO THE MOST EASTERLY CORNER OF LOT “A” OF SAID TRACT NO. 10427; THENCE
ALONG THE SOUTHEASTERLY LINE OF LOT “A” OF SAID TRACT NO. 10427 AND ALONG THE SOUTHEASTERLY LINE OF
LOT “A” OF SAID TRACT NO. 1523, AS FOLLOWS:

SOUTH 35 DEGREES 26’ 00” WEST 2.32 FEET, SOUTH 36 DEGREES 17’ 55” WEST 54.94 FEET AND SOUTH 37
DEGREES 54’ 00” WEST 145.63 FEET TO THE MOST SOUTHERLY CORNER OF LOT “A” OF SAID TRACT NO. 1523;
THENCE NORTH 51 DEGREES 55’ 00” WEST ALONG THE SOUTHWEST BOUNDARY OF SAID LOT “A” OF TRACT NO.
1523, 168.18 FEET TO THE MOST WESTERLY CORNER OF SAID LOT “A”; THENCE NORTH 37 DEGREES 16’ 25” EAST
ALONG THE NORTHWEST BOUNDARIES OF LOT “A” OF TRACT NO. 1523, LOT “A” OF TRACT NO. 10427, AND SAID
SUBDIVISION OF LOTS 4, 5, 9 AND 10 OF BLOCK 20 OF SAID ORD’S SURVEY, SAID NORTHWEST BOUNDARIES ALSO
BEING THE SOUTHEAST LINE OF GRAND AVENUE; 257.73 FEET TO THE POINT OR PLACE OF BEGINNING.

ASSESSOR’S PARCEL NO. 5144-004-014

PARCEL 2:

THE SOUTHERLY 96 FEET OF LOT 7 OF BLOCK 20 OF ORD’S SURVEY, IN THE CITY OF LOS ANGELES, COUNTY OF
LOS ANGELES, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 53 PAGE 66 ET SEQ., OF MISCELLANEOUS
RECORDS, SAID LOT BEING ALSO KNOWN AS LOT A OF TRACT NO. 811, RECORDED IN BOOK 16 PAGE 81 OF MAPS.

ASSESSOR’S PARCEL NO. 5144-004-029

PARCEL 3:

THAT PORTION OF GRAND AVENUE, 80 FEET WIDE, IN THE CITY OF LOS ANGELES, COUNTY OF LOS ANGELES,
STATE OF CALIFORNIA, AS SHOWN ON MAP OF TRACT NO. 1523, RECORDED IN BOOK 20, PAGE 13 OF MAPS,
RECORDS OF SAID COUNTY, WITHIN A 3 FOOT WIDE STRIP OF LAND, THE CENTERLINE OF SAID STRIP LYING
PARALLEL WITH AND 55 FEET NORTHEASTERLY, MEASURED AT RIGHT ANGLES, FROM THE CENTERLINE OF WILSHIRE
BOULEVARD, 80 FEET WIDE, PER FIELD BOOK 14609-17 ON FILE IN THE OFFICE OF THE CITY ENGINEER.

SAID STRIP SHALL BE EXTENDED OR SHORTENED TO TERMINATE SOUTHEASTERLY IN THE SOUTHEASTERLY
RIGHT-OF-WAY LINE AND NORTHWESTERLY IN THE NORTHWESTERLY RIGHT-OF-WAY LINE OF SAID GRAND AVENUE.

PARCELS 1, 2, AND 3 ABOVE BEING THE SAME PROPERTY AS DESCRIBED ERRONEOUSLY IN THE DEED TO HINES
REIT ONE WILSHIRE LP, A DELAWARE LIMITED PARTNERSHIP RECORDED AUGUST 3, 2007 AS INSTRUMENT NO.
20071838119.

3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00131-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00131-of-00352.parquet"}]]