Document:

EX-10.1

TRANSITION BENEFITS, NONSOLICITATION, WAIVER AND RELEASE AGREEMENT

For or and in consideration of Ten Dollars ($10.00), and other good and valuable consideration, the
receipt, adequacy, and sufficiency of which are hereby acknowledged, I hereby agree as follows: My
name is Timothy E. Sullivan. This Transition Benefits, Nonsolicitation, Waiver and Release
Agreement and the attached Agreement to Arbitrate (collectively, “Agreement”), between Timothy
Sullivan and SunTrust Banks, Inc. or one of its affiliates (collectively “SunTrust”), were given to
me on August 4, 2011 to document the following terms of my transition and separation from SunTrust.

	1.	 	Current Role. Effective March 31, 2012, I will step down from my current role as Chief
Information Officer, and will assume the consulting role described below in Paragraph 2. I
will continue to receive my current base salary through March 31, 2012. I will also continue
to be eligible for a 2011 Management Incentive Plan (“MIP”) award, based on my prorated wages
from April 1, 2011 to December 31, 2011 (the post-TARP period), with the actual award paid in
March 2012 and based on the Company’s financial performance and in accordance with the terms
and conditions of the MIP for the applicable plan year. I will not be eligible for a Long-Term
Incentive (“LTI”) Award in 2012.

	2.	 	Transition Role and Separation from SunTrust. Effective April 1, 2012, and continuing through
December 31, 2012, I will serve as a consultant to the Chief Executive Officer of SunTrust. In
the consultant role, I will be a part-time employee of SunTrust and my base annual salary will
be One Hundred Sixty Three Thousand Dollars ($163,000.00). In 2012, I will remain eligible for
a MIP incentive award with a target of 100% of my 2012 earned wages, with the actual award
paid in March 2013 and based on the Company’s financial performance and in accordance with the
terms and conditions of the MIP for the applicable plan year.

I will not maintain an office at SunTrust during this time, but I agree to work in the office
and attend meetings as requested. I understand that my duties will require at least eighteen
(18) hours per week of my time. I understand that I will cease to be employed by SunTrust
effective December 31, 2012.

I will remain eligible to participate in all employee welfare and pension benefit plans
applicable to part-time employees, in accordance with the terms of same. My duties in the
consultant position will be consistent with my prior role as Chief Information Officer and
generally will consist of providing transition assistance and strategic consulting as and when
requested to do so by the Chief Executive Officer and other SunTrust management.

	3.	 	Compensation at Conclusion of Transition Period. If I sign this Agreement, do not revoke it,
and abide by its terms, including carrying out my duties to the reasonable satisfaction of the
Company, I understand that I will receive the following upon my retirement on December 31,
2012:

(a) Upon my separation from SunTrust, I will vest in my Supplemental Executive Retirement Plan
(“SERP”) and ERISA Excess Plan, paid in accordance with the terms and conditions of the same.

(b) Upon my separation from SunTrust, I will be eligible to participate in the SunTrust Retiree
Health Plan in accordance with the terms and conditions of the same.

(c) I shall be deemed to have been continuously employed by SunTrust though December 31, 2012
for purposes of satisfying any vesting conditions under any outstanding awards of grants under
the SunTrust Banks, Inc. 2009 Stock Plan, the SunTrust Banks, Inc. 2004 Stock Plan, and the
SunTrust Banks, Inc. 2000 Stock Plan (collectively, the “Stock Plans).

(d) I understand and agree that from the date hereof I will not be eligible to receive any other
separation or severance benefits or compensation of any kind upon my separation from SunTrust,
including benefits under the SunTrust Severance Pay Plan.

(e) In addition to the remedies for breaches of Paragraphs 6, 7, and 8 of this Agreement
described below, I understand that if I violate the terms of this Agreement, I will be required
to repay to SunTrust any compensation under Paragraph 3 of this Agreement and to pay all
attorneys fees and costs incurred by SunTrust in enforcing it, except to the extent that such
repayment would violate the terms of the Age Discrimination in Employment Act and applicable
regulations and US Supreme Court rulings.

	4.	 	Other Benefits.

(a) Upon my separation from SunTrust, provided that I am currently enrolled in the Group
Universal Live (GUL) coverage and continue to submit payments directly to MetLife, I will
continue to be eligible to participate in the GUL coverage. I understand that MetLife will
automatically bill me for continuing coverage after my separation. If I do not receive a bill
within two months after my separation, I agree to contact MetLife directly at 1-866-578-6878.

(b) Upon my separation, I understand that I am responsible for contacting BENE (1-800-818-2363)
for information about my eligibility for benefits under the SunTrust Retirement Plan.

(c) Upon my separation, I will be eligible to elect to continue my current health care coverage
under the federal health care law known as “COBRA” or under any applicable state law concerning
continuation of health care coverage.

(d) I will continue to be eligible to participate in the SunTrust 401(k) Plan until my
separation from SunTrust on December 31, 2012. I understand that information regarding 401(k)
Plan distributions will be sent to me upon separation.

(e) The Change in Control Agreement currently in place between SunTrust and me will be cancelled
and will no longer be of any effect upon the eighth day after I sign this Agreement.

(f) I acknowledge that by extending my employment through December 31, 2012, SunTrust has
allowed me an increased opportunity to vest in the SERP and to allow outstanding awards granted
under the Stock Plans to vest, and that this opportunity represents adequate and sufficient
consideration for the covenants in this Agreement.

	5.	 	Release. I agree to forever release SunTrust, including its officers, directors, employees,
agents, affiliates and successors, from any and all claims, charges, actions, arbitrations,
demands, damages or expenses (collectively “Claims”)—past or present—I may have that arise or
arose out of my employment with SunTrust or the conclusion of my employment, whether I know of
any of these Claims now or learn of them at a later date. The foregoing is not intended as a
waiver of my right to file a charge with the Equal Employment Opportunity Commission (“EEOC”).
In addition to all other Claims, I am specifically releasing and agreeing not to bring any
action in a federal or state court or administrative agency (other than the EEOC), or any
arbitration with the National Association of Securities Dealers (“NASD”) or any other
regulatory or self-regulatory agency, any of which is related to any Claim against SunTrust
under any federal, state or local wage or discrimination law or any applicable federal, state
or local law governing wage or employment matters, including but not limited to the Age
Discrimination in Employment Act, or any arbitration requirement. If I have already filed any
Claim referred to in this paragraph, I agree to withdraw it and never refile it. I understand
that I am waiving and releasing all these Claims on a knowing and voluntary basis; however, I
am not waiving or releasing any rights or Claims that arise after I sign this Agreement or any
Claims related to my entitlement to receive any vested benefits I have earned under any
SunTrust employee benefit plan provided by SunTrust to me. I acknowledge that my compensation
under Paragraph 3 of this Agreement hereunder will be my exclusive individual remedy and will
constitute an accord and satisfaction of all individual damage claims that may be awarded as a
result of such investigation or proceeding. I further acknowledge that nothing in this release
will be deemed to minimize or eliminate my rights to claim indemnity from SunTrust for any
actions I was authorized to take or forego as an officer of SunTrust and for which I would be
entitled, as a former officer of SunTrust, to indemnity under the terms of the SunTrust bylaws
and the laws of the State of Georgia. I covenant not to hereafter sue or to authorize anyone
else to file a lawsuit on my behalf against SunTrust and not to become a member of any class
suing SunTrust with respect to any Claim released herein. I also covenant and agree not to
accept, recover, or receive any back pay, damages, or any other form of relief which may arise
out of or in connection with any administrative remedies pursued independently by any other
person or any federal, state, or local governmental agency or class represented with respect
to any Claim released herein.

	6.	 	Nondisclosure of Trade Secrets and Confidential Information.

(a) Trade Secrets Defined. As used in this Agreement, the term “Trade Secrets” shall
mean all secret, proprietary or confidential information regarding SunTrust or its activities
that fits within the definition of “trade secrets” under the Georgia Trade Secrets Act. Nothing
in this Agreement is intended, or shall be construed, to limit the protections of the Georgia
Trade Secrets Act or any other applicable law protecting trade secrets or other confidential
information. “Trade Secrets” shall not include information that has become generally available
to the public by the act of one who has the right to disclose such information without violating
any right or privilege of SunTrust. This definition shall not limit any definition of “trade
secrets” or any equivalent term under the Georgia Trade Secrets Act or any other state, local or
federal law.

(b) Confidential Information Defined. As used in this Agreement, the term “Confidential
Information” shall mean all information regarding SunTrust, SunTrust’s activities or business,
or SunTrust’s clients that is not generally known to persons not employed by SunTrust, is not
generally disclosed by SunTrust practice or authority to persons not employed by SunTrust, and
is the subject of reasonable efforts to keep it confidential. Confidential Information shall
include, but not be limited to current and future development and expansion or contraction plans
of SunTrust and each line of business; sale/acquisition plans and contacts; compensation
policies and practices; underwriting policies and practices; lending policies and practices,
confidential personnel matters; pricing practices and policies; information concerning the legal
affairs of SunTrust; and information concerning the financial affairs of SunTrust. “Confidential
Information” shall not include information that has become generally available to the public by
the act of one who has the right to disclose such information without violating any right or
privilege of SunTrust. This definition shall not limit any definition of “confidential
information” or any equivalent term under the Georgia Trade Secrets Act or any other state,
local or federal law.

(c) Nondisclosure of Confidential Information. In consideration of the promises made by
SunTrust hereunder, I hereby agree that, during my employment with SunTrust, including both
full-time and part-time, and for twenty four (24) months thereafter, I will not directly or
indirectly transmit or disclose any Trade Secrets or Confidential Information to any person,
concern or entity, or make use of any such Confidential Information, directly or indirectly, for
myself or for others, without the prior express written consent of the CEO of SunTrust Banks,
Inc. Trade Secrets protected by the Georgia Trade Secrets Act shall not lose this protection at
the end of the two-year period but shall remain protected from use or disclosure for so long as
they remain Trade Secrets. I warrant that I have not disclosed or used for my own benefit or the
benefit of anyone other than SunTrust any Confidential Information or Trade Secrets prior to the
execution of this Agreement.

(d) Enforceability of Covenants. I agree that my obligations under these nondisclosure
covenants are separate and distinct from other provisions of this Agreement, and a failure or
alleged failure of SunTrust to perform its obligations under any provision of this Agreement
shall not constitute a defense to the enforceability of these nondisclosure covenants. Nothing
in this provision or this Agreement shall limit any rights or remedies otherwise available to
SunTrust under federal, state or local law.

	7.	 	Nonrecruitment, Nonsolicitation, and Noncompetition Covenants.

(a) Nonrecruitment of Employees and Agents. In consideration of the promises made by
SunTrust hereunder, I agree that, during my employment with SunTrust, including during the
transition period described above in Paragraph 2, I will not directly or indirectly solicit or
recruit any employee of SunTrust for the purpose of inducing or encouraging that employee to
dis-continue his/her relationship with SunTrust.

(b) Definitions. As used in this Agreement, certain terms will be defined as follows:

	 	i.	 	Customer. “Customer” means any individual or entity to whom
SunTrust has provided products or services and with whom I had, alone or in
conjunction with others, Material Contact on behalf of SunTrust during the two (2)
year period prior to my separation from SunTrust;

	 	ii.	 	Potential Customer. “Potential Customer” means any individual
or entity to whom SunTrust has actively sought to provide products and/or services
within the one (1) year period immediately prior to my separation from SunTrust and
with whom I had, alone or in conjunction with others, Material Contact on
SunTrust’s behalf during the same time period;

	 	iii.	 	Material Contact. “Material Contact” means my (i) having
business dealings with the Customer or Potential Customer on SunTrust’s behalf, or
(ii) obtaining trade secrets or confidential business information about the
Customer or Potential Customer as a result of my association with SunTrust and
which I would not have obtained but for my association with SunTrust;

	 	iv.	 	Retail and Commercial Banking Products and Services. “Retail
and Commercial Banking Products and Services” shall mean depository, savings,
checking, money market, or loan products and services (excluding residential
mortgage loans) provided to individuals and business entities.

(c) Nonsolicitation. In light of SunTrust’s legitimate interest in protecting its
Confidential Information and Trade Secrets and preserving SunTrust’s goodwill with its
customers, I agree that, during my employment, including the transition period described above
in Paragraph 2, I will not, without the prior written consent of the Chief Executive Officer of
SunTrust, directly or indirectly, for myself or on behalf of any other person or entity, solicit
or attempt to solicit any Customer or Potential Customer for purposes of providing, marketing,
servicing or selling Retail or Commercial Banking Products and Services, provided that such
products and/or services are then being provided, marketed, serviced or sold by SunTrust.

(d) Noncompetition. In consideration of the promises made by SunTrust hereunder, I agree
that, during my employment with SunTrust, including the transition period described above in
Paragraph 2, I will not, within the Restricted Territory, provide Prohibited Services as an
employee, contractor, or agent to any person or entity engaged in the Business. For purposes of
this Agreement, the term Business shall mean banks or other firms providing Retail and
Commercial Banking Products and Services. For purposes of this Agreement, the term
Prohibited Services shall mean providing management oversight or strategic direction for
information technology, information security, or computer systems supporting a Business
providing Retail and Commercial Banking Products and Services. For purposes of this Agreement,
the term “Restricted Territory” shall mean all areas within a fifty (50) mile radius of any
SunTrust retail bank branch in existence on the date on which this Agreement is executed.

(e) Enforceability of Covenants. I understand and agree that my obligations under the
above covenants are separate and distinct under this Agreement, and the failure or alleged
failure of SunTrust to perform its obligations under any other provisions of this Agreement
shall not constitute a defense to the enforceability of this covenant. I also agree that any
breach of these covenants by me will result in irreparable damage and injury to SunTrust and
that SunTrust will be entitled to injunctive relief in any court of competent jurisdiction
without the necessity of posting any bond. I understand and agree that I will be obligated to
pay all costs and attorneys’ fees incurred by SunTrust in enforcing the restrictive covenants in
this Agreement.

(f) Duty of Loyalty. I understand and agree that the covenants set forth above in the
Paragraph 7 are intended to be in addition to, rather than in lieu of, any duty of loyalty owed
by me to SunTrust as an employee of the same.

	8.	 	Right to Materials and Return of Materials. All records, files, software, memoranda, reports,
customer lists, documents, and the like (together with all copies of such documents and
things) relating to the business of SunTrust, which I have in my possession as a result of my
employment shall remain the sole property of SunTrust. Laptop computers, software and related
data, information and things provided to me by SunTrust or obtained by me, directly or
indirectly, from SunTrust, also shall remain the sole property of SunTrust. Upon the
termination of my employment, I will immediately return all such materials and things to
SunTrust and will not retain any copies or remove or participate in removing any such
materials or things from the premises of SunTrust after termination or SunTrust’s request for
return.

	9.	 	Continuing Cooperation. I understand and agree that, in my role at SunTrust, I have been
responsible for and involved in numerous matters and projects of a significant and/or
confidential nature and that, in some instances, I possess knowledge regarding those and other
matters that is unique to me and of value to SunTrust, and that SunTrust may have need of my
continuing assistance on such matters in the future. I understand that SunTrust’s willingness
to provide me with the compensation under Paragraph 3 of this Agreement is expressly
conditioned upon the promises made and obligations assumed by me in this Paragraph 9. I
further understand and agree that my fulfillment of these promises and obligations hereafter
is a condition subsequent to SunTrust’s obligation to provide me with the compensation under
Paragraph 3 of this Agreement, set forth herein. I agree, beginning on December 31, 2012 and
continuing for a period of twenty-four (24) months thereafter, to provide assistance and to
make myself reasonably available to SunTrust and its employees, attorneys and/or accountants
regarding matters in which I have been involved in the course of my employment with SunTrust
and/or about which I have knowledge as a result of my employment with SunTrust. It is
understood and agreed that such assistance, to the extent possible, will be requested at such
times and in such a manner so as to not unreasonably interfere with my subsequent employment.
Such assistance may consist of, without limitation, telephone or in-person meetings with
SunTrust employees, attorneys and/or accountants, or the provision of truthful testimony by
way of deposition, hearing, trial or affidavit. SunTrust will be responsible for any
reasonable and necessary expenses incurred by me in connection with such services. I
understand that I will not be entitled to any additional consideration or compensation of any
kind from SunTrust in exchange for such services.

	10.	 	Miscellaneous.

(a) I agree that any claim arising from or relating to this Agreement or a breach of this
Agreement shall be settled by arbitration in accordance with the employment arbitration rules of
the American Arbitration Association and through the offices of the Association nearest my last
SunTrust office site at the time the arbitration is sought. I agree that the arbitrator shall
have the additional right to rule on motions to dismiss and/or motions for summary judgment,
applying the standards governing such motions under the Federal Rules of Civil Procedure. I
acknowledge that I have read and executed the Agreement to Arbitrate attached hereto and I agree
that the compensation under Paragraph 3 of this Agreement that I am receiving hereunder is
sufficient consideration to bind my signature to this Agreement, including the Agreement to
Arbitrate attached hereto. Any arbitration related to this Agreement shall be mandatory and
binding except that SunTrust will not enforce mandatory arbitration of ERISA health and
disability plan claims, workers compensation claims, unemployment compensation claims or any
other claims to the extent such enforcement is prohibited by applicable law or contract. The
arbitration shall take place in the jurisdiction of my last SunTrust office site. If the
arbitrators make an award, a judgment on the award may be entered in any court having
jurisdiction. In addition, either party may apply to the state court or federal court serving
the jurisdiction of my last SunTrust office site for any temporary injunction or other equitable
remedy in aid of arbitration pending final resolution of the dispute through arbitration. In the
event any party institutes legal, equitable or arbitration proceedings to enforce or collect
damages under this Agreement, I agree that the court or arbitrator(s) may award reasonable
attorneys’ fees and expenses to the prevailing party or divide the fees and expenses between the
parties in a manner that reflects the outcome of the arbitration.

(b) I agree that this Agreement contains all the terms that are applicable to my separation from
SunTrust and replaces all other agreements I may have with SunTrust related to these issues,
except for any benefit plan, incentive or executive compensation plan or arrangement or stock
option agreement in which I have a vested benefit as of my last day of employment. I acknowledge
that the terms of these benefit plans, incentive plans, and stock option agreements shall remain
in full force and effect following my separation from SunTrust and shall not be superceded or
replaced by this Agreement or any part thereof. I also agree that this Agreement cannot be
changed or enlarged except by a written amendment that is signed by SunTrust and me. If a
dispute arises between SunTrust and me related to this Agreement, I understand that, except as
otherwise provided herein, it will be resolved in accordance with the laws of the State of
Georgia and, with respect to arbitration, the Federal Arbitration Act. If any provision or
portion of a provision of this Agreement is waived by SunTrust or me or is determined to be
unlawful or unenforceable, the waiver or finding of unlawfulness or unenforceability will not
act as a waiver or finding of unlawfulness or unenforceability of any other provision or portion
of a provision of this Agreement.

(c) I grant SunTrust the right to set-off any amounts I owe or in the future may owe to SunTrust
under Section 16 of the Securities Exchange Act of 1934 “Section 16” and the rules and
regulations adopted under Section 16 from time to time, against the amounts SunTrust owes to me
under this Agreement.

(d) I understand that this Agreement is not an admission by either SunTrust or me that any
statute or law has been violated or that either SunTrust or I have acted improperly or violated
any duty or obligation.

(e) I agree that the contents, terms and existence of this Agreement must be kept confidential,
and that I will not reveal them to anyone, except my spouse, attorney or accountant or unless
required by law or regulatory or administrative agency, without the prior written consent of
SunTrust. I also agree not to make disparaging remarks related to my employment with SunTrust at
any time before or after my last date of employment with SunTrust, and further agree not to seek
or accept employment with SunTrust in the future unless employment occurs because a company
employs me at the time it merges with or is acquired by SunTrust.

(f) By signing this Agreement, I acknowledge that I have read and understand its terms, and that
I have been advised to consult with an attorney about the Agreement and its binding effect on my
rights. I also acknowledge that I am satisfied with the terms of this Agreement, that its terms
are binding on me, my agents, personal representatives, successors and assigns, and that I am
signing this Agreement on a knowing and voluntary basis. I understand and agree that SunTrust
has the right, without my prior consent, to assign this Agreement to any successor, assignee,
parent, affiliate, or subsidiary.

(g) I understand that I am entitled to consider the terms of the Agreement for twenty-one (21)
days after receiving it. I understand that I may sign it anytime within that twenty-one (21) day
period. If I do not sign and return the Agreement on or before the twenty-first
(21st) day after receiving it, I understand that I will not receive my any
compensation or benefits under Paragraph 3 of this Agreement. I understand that (i) I may revoke
this Agreement within seven (7) days after signing it, (ii) it cannot become effective and
enforceable until after the revocation period expires and (iii) I cannot receive compensation or
benefits under Paragraph 3 of this Agreement if I revoke it within the seven (7) day period.

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IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first written
above.

	 	 	 
	SUNTRUST	 	EMPLOYEE
	Signature:

	 	Signature:
	Printed Name:

	 	Printed Name:
	Title:

	 	Title:
	Date:

	 	Date:

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ATTACHMENT TO TRANSITION BENEFITS, NONSOLICITATION, WAIVER AND

RELEASE AGREEMENT

AGREEMENT TO ARBITRATE

BEFORE SIGNING THE TRANSITION BENEFITS, NONSOLICITATION, WAIVER AND RELEASE AGREEMENT AND THIS
AGREEMENT (COLLECTIVELY, “AGREEMENT”), I CERTIFY THAT I HAVE READ PARAGRAPH 10(a) OF THE TRANSITION
BENEFITS AGREEMENT, WAIVER AND RELEASE AND THAT I UNDERSTAND THE FOLLOWING:

	 	•	 	Under the terms and subject to the exclusions set forth in paragraph 10(a) of the
Transition Benefits, Nonsolicitation, Waiver and Release Agreement, I am agreeing to
arbitrate any dispute, claim or controversy that may arise between SunTrust and me related
to the Agreement and my employment with SunTrust. This means I am giving up the right to
sue SunTrust or another person in court, including the right to a trial by jury, except as
provided by the rules of the arbitration forum in which a claim is filed.

	 	•	 	Arbitration awards are generally final and binding; a party’s ability to have a court
reverse or modify an arbitration award is very limited.

	 	•	 	The ability of the parties to obtain documents, witness statements and other discovery
is generally more limited in arbitration than in court proceedings.

	 	•	 	The arbitrators do not have to explain the reason(s) for the award.

	 	•	 	The panel of arbitrators may include arbitrators who were or are affiliated with the
securities industry, or public arbitrators, as provided by the rules of the arbitration
forum in which a claim is filed.

	 	•	 	The rules of some arbitration forums may impose time limits for bringing a claim in
arbitration. In some cases, a claim that is ineligible for arbitration may be brought in
court.

	 	 	 
	     

SunTrust

	 	     

Employee
	     

Date

	 	     

Date

3RI Q2 2011 Exhibit 10.1

Exhibit 10.1

As of April 15, 2011
VIA E-MAIL AND FEDERAL EXPRESS

To the Persons listed on Schedule I hereto, Schedule II hereto
   and GKK Stars Junior Mezz 2 LLC
c/o Gramercy Capital Corp.
420 Lexington Avenue, 19th Floor
New York, New York 10170
Attention:    Robert R. Foley, Chief Operating Officer and 
Timothy J. O'Connor, President
Re:  Omnibus Extension of Loan Agreements  
Ladies and Gentlemen:
Reference is hereby made to (i) that certain Loan Agreement, dated as of April 1, 2008 (as amended by that certain Amendment to Loan Agreement, dated as of August 22, 2008, and as further amended by that certain Second Amendment to Loan Agreement (the “Second Amendment”), dated as of March 9, 2010, the “Mortgage Loan Agreement”), by and among the parties identified as “Mortgage Borrower” on Schedule I hereto (collectively, the “Mortgage Borrower”) and Goldman Sachs Commercial Mortgage Capital, L.P. (as predecessor-in-interest to Goldman Sachs, “Goldman”), Citicorp North America, Inc. (“Citi”), and SL Green Realty Corp. (“SL Green,” and collectively with Goldman and Citi, the “Mortgage Lender”), and (ii) that certain Amended and Restated Senior Mezzanine Loan Agreement, effective as of August 22, 2008, as amended by that certain Amended and Restated Loan Agreement (the “Senior Mezz Amendment”) dated as of March 9, 2010 (the “Senior Mezzanine Loan Agreement”), by and between KBS Debt Holdings LLC (“Senior Mezzanine Lender”), as successor-in-interest to Goldman and Citi, and the parties identified as “Senior Mezzanine Borrower” on Schedule II hereto (collectively, the “Senior Mezzanine Borrower”), a 56.25% participation in which was acquired by KBS GKK Participation Holdings I, LLC (“KBS Participation Holdings I”) and then sold to Goldman pursuant to that certain Master Repurchase Agreement, dated as of August 22, 2008, between KBS Participation Holdings I and Goldman and a 43.75% participation in which was acquired KBS GKK Participation Holdings II, LLC (“KBS Participation Holdings II”, and collectively with KBS Participation Holdings I, “KBS”) and then sold to Citi pursuant to that certain Master Repurchase Agreement, dated as of August 22, 2008, between KBS Participation Holdings II and Citi and (iii) that certain Junior Mezzanine Loan Agreement dated as of August 22, 2008, as amended by that certain Amendment to Junior Mezzanine Loan Agreement (the “Junior Mezz Amendment”), dated as of March 9, 2010 (the “Junior Mezzanine Loan Agreement”), , by and between Goldman, Citi and SL Green (collectively, the “Junior Mezzanine Lender” and collectively with Mortgage Lender and Senior Mezzanine Lender, the “Lender”) and GKK Stars Junior Mezz 2 LLC (the “Junior Mezzanine Borrower”, and collectively with the Mortgage Borrower and Senior Mezzanine Borrower, the “Borrower”).  Capitalized terms not defined herein shall have the meanings set forth in the Mortgage Loan Agreement.  References in this Extension Agreement to the “Loans,” the “Loan Agreements” or the “Loan Documents” shall 

be deemed to collectively refer to the Loan, the Mezzanine Loan and the Junior Mezzanine Loan; the Loan Documents, the Mezzanine Loan Documents and the Junior Mezzanine Loan Documents; and the Mortgage Loan Agreement, the Senior Mezzanine Loan Agreement and the Junior Mezzanine Loan Agreement, as applicable.
Pursuant to that certain Extension Agreement dated March 13, 2011 (the “Initial Extension Agreement”), the scheduled maturity date of the Loans (the “Maturity Date”) will occur on April 15, 2011.  Borrower has requested that Lenders enter into this agreement to extend the Maturity Date (“Extension Agreement”) until 11:59 PM on April 29, 2011 (eastern standard time).  The period from April 15, 2011 through 11:59 PM (eastern standard time) on April 29, 2011 shall hereafter be referred to as the “Extension Period”.  Lenders have agreed to the same, under terms and conditions set forth in this Extension Agreement.
		
	1.
	Lenders, Borrowers, Guarantor and Whole Loan Guarantor hereby agree that the Maturity Date with respect to each of the Loan, the Mezzanine Loan and the Junior Mezzanine Loan shall be 11:59 PM (eastern standard time) on April 29, 2011. 

		
	2.
	In the event that (i) any and all interest on the Principal Indebtedness for the Loan which was due and payable on the Payment Date in April, 2011 and (ii) any and all interest on the Principal Indebtedness for the Mezzanine Loan (to the extent the Mezzanine Loan Cash Management Account presently contains such funds, or to the extent such funds shall have been disbursed to the Mezzanine Loan Cash Management Account from the Mortgage Loan Cash Management Account following the payment of debt service on the Mortgage Loan), shall not have been paid in full on or before 3:00 p.m. (eastern standard time) on Monday, April 18, 2011 (the “Payment Deadline”), then notwithstanding anything to the contrary contained herein, the Extension Period shall be deemed to have terminated, and the Maturity Date with respect to each of the Loan, the Mezzanine Loan and the Junior Mezzanine Loan shall be deemed to have occurred.  All remaining amounts with respect to the Principal Indebtedness on the Mezzanine Loan which are not paid by the Payment Deadline shall be deferred until the Maturity Date.  

		
	3.
	Lenders, Borrowers, Guarantor and Whole Loan Guarantor hereby agree that any interest on the Principal Indebtedness for the Junior Mezzanine Loan which was due and payable on the Payment Date in April, 2011 shall be deferred until the Maturity Date.

		
	4.
	This Extension Agreement may be executed in any number of separate counterparts and by the different parties hereto on separate counterparts, each of which shall be deemed an original and all of which, taken together, shall be deemed to constitute one and the same instrument. In proving this Extension Agreement in any judicial proceedings, it shall not be necessary to produce or account for more than one such counterpart signed by the party against whom such enforcement is sought. Any signature delivered by a party by facsimile transmission or electronic mail shall be deemed an original signature hereto.

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	5.
	This Extension Agreement shall not be a binding obligation of any party hereto until such time as all of the signatories hereto have executed and delivered this Extension Agreement.  Notwithstanding the foregoing, the inclusion of any individual Lender party as a signatory hereto shall not be interpreted to mean that the consent of such individual Lender party is required pursuant to any existing agreement among the Lender parties.  

		
	6.
	Each of the parties hereto expressly reserves any and all rights and remedies available under the Loan Documents, at law and in equity.  No delay, waiver or failure to exercise by Lender in exercising any right, remedy, power or privilege hereunder or under the Loan Documents shall preclude any other or further exercise thereof, or the exercise of any other right, remedy power or privilege.  Except as modified hereby, the Loan Documents are and shall remain in full force and effect, Borrower and Guarantor ratify and reaffirm all of the terms and provisions of the Loan Documents. Except as expressly set forth herein, nothing contained herein shall be construed or interpreted as a modification or amendment of the Loan Documents in any way. 

		
	7.
	This Extension Agreement shall be governed by, and construed in accordance with the laws of the State of New York without regard to principles of conflicts of law.  The parties hereto hereby agree that any suit for the enforcement of this Extension Agreement may be brought in the courts of the State of New York sitting in New York County or any Federal Court sitting in New York County and consent to the exclusive jurisdiction of such Court.

		
	8.
	Except as modified herein, sections 2 through 13 and Section 15 of the Initial Extension Agreement are hereby incorporated herein by reference as if fully set forth herein.

[SIGNATURE PAGES FOLLOW]

3

IN WITNESS WHEREOF, for good and valuable consideration, the sufficiency of which is hereby acknowledged and agreed, the parties hereto have executed and delivered this Extension Agreement as of the date first hereinabove set forth.  This letter agreement shall be of no force and effect unless signed by each of the parties set forth below.
BORROWER:
The entities listed on Schedule A to this 
signature page

By:    /s/ Allan B. Rothschild
Name: Allan B. Rothschild    
Title: Authorized Signatory    
GUARANTOR:
GRAMERCY CAPITAL CORP., a 
Maryland corporation
By:     /s/ Allan B. Rothschild    
Name: Allan B. Rothschild    
Title: Authorized Signatory    
WHOLE LOAN GUARANTOR:
GKK STARS JUNIOR MEZZ I, LLC, a 
Delaware limited liability company
By:     /s/ Allan B. Rothschild    
Name: Allan B. Rothschild    
Title: Authorized Signatory    

[SIGNATURES CONTINUED ON FOLLOWING PAGE]

SHORT TERM EXTENSION – SIG PAGE

MORTGAGE LENDER:
GOLDMAN SACHS MORTGAGE 
COMPANY, a New York limited partnership
By:     Goldman Sachs Real Estate Funding 
 Corp., its general partner
By:     /s/ Mark J. Buono    
Name: Mark J. Buono    
Title: Authorized Signatory    
CITICORP NORTH AMERICA, INC., a 
New York corporation
By:     /s/ Authorized Signatory    
Name: Authorized Signatory    
Title: Authorized Signatory    
SL GREEN REALTY CORP., a Maryland 
corporation
By:     /s/ Andrew S. Levine    
Name: Andrew S. Levine    
Title: Executive Vice Pres.    
    

[SIGNATURES CONTINUED ON FOLLOWING PAGE]

SHORT TERM EXTENSION – SIG PAGE

SENIOR MEZZANINE LENDER:

KBS GKK PARTICIPATION HOLDINGS I, 
LLC, a Delaware limited liability company

By:    KBS DEBT HOLDINGS, LLC, 
a Delaware limited liability company, 
its sole member

By:    KBS LIMITED PARTNERSHIP,  
a Delaware limited partnership, 
its manager
        
By:    KBS REAL ESTATE 
INVESTMENT TRUST, INC., 
a Maryland corporation, 
its sole general partner
    
By:    /s/ David E. Snyder
David E. Snyder
Chief Financial Officer

KBS GKK PARTICIPATION HOLDINGS II, 
LLC, a Delaware limited liability company

By:    KBS DEBT HOLDINGS, LLC, 
a Delaware limited liability company, 
its sole member

By:    KBS LIMITED PARTNERSHIP, 
a Delaware limited partnership, 
its manager

By:    KBS REAL ESTATE 
INVESTMENT TRUST, INC., 
a Maryland corporation, 
its sole general partner

By:    /s/ David E. Snyder
David E. Snyder 
Chief Financial Officer

[SIGNATURES CONTINUED ON FOLLOWING PAGE]

SHORT TERM EXTENSION – SIG PAGE

SENIOR MEZZANINE LENDER:

KBS DEBT HOLDINGS, LLC, a Delaware 
limited liability company

By:    KBS LIMITED PARTNERSHIP, 
a Delaware limited partnership, 
its manager
        
By:    KBS REAL ESTATE 
INVESTMENT TRUST, INC., 
a Maryland corporation, 
its sole general partner
    
By:    /s/ David E. Snyder
David E. Snyder
Chief Financial Officer

[SIGNATURES CONTINUED ON FOLLOWING PAGE]

SHORT TERM EXTENSION – SIG PAGE

Consented, acknowledged and agreed:

GOLDMAN SACHS MORTGAGE 
COMPANY, a New York limited partnership
By:     Goldman Sachs Real Estate Funding
 Corp., its general partner
By:     /s/ Mark J. Buono    
Name: Mark J. Buono    
Title: Authorized Signatory    
CITICORP NORTH AMERICA, INC., a 
New York corporation
                            

By:     /s/ Authorized Signatory 
Name:    Authorized Signatory 
Title:    Authorized Signatory

[SIGNATURES CONTINUED ON FOLLOWING PAGE]

SHORT TERM EXTENSION – SIG PAGE

JUNIOR MEZZANINE LENDER:
GOLDMAN SACHS MORTGAGE 
COMPANY, a New York limited partnership
By:     Goldman Sachs Real Estate Funding
Corp., its general partner
By:     /s/ Mark J. Buono    
Name:    Mark J. Buono
Title:    Authorized Signatory
CITICORP NORTH AMERICA, INC., a 
New York corporation
By:     /s/ Authorized Signatory    
Name: Authorized Signatory    
Title: Authorized Signatory    
SL GREEN REALTY CORP., a Maryland 
corporation

By:     /s/ Andrew S. Levine
Name:    Andrew S. Levine
Title:    Executive Vice Pres.

SHORT TERM EXTENSION – SIG PAGE

Schedule I
MORTGAGE BORROWERS
		
	1.
	Dresher Court Realty, L.P.

		
	2.
	First States Investors 105, LLC (PA)

		
	3.
	First States Investors 107, LLC (AR)

		
	4.
	First States Investors 117, LLC (FL)

		
	5.
	First States Investors 118, LLC (FL)

		
	6.
	First States Investors 147, LLC (IA)

		
	7.
	First States Investors 154, LLC (NJ)

		
	8.
	First States Investors 157, LLC (NJ)

		
	9.
	First States Investors 2017, LLC

		
	10.
	First States Investors 2100, L.P. (NC)

		
	11.
	First States Investors 2102, L.P. (NC)

		
	12.
	First States Investors 2103, L.P. (NC)

		
	13.
	First States Investors 2104, L.P. (NC)

		
	14.
	First States Investors 2105, L.P. (NC)

		
	15.
	First States Investors 2106, L.P. (NC)

		
	16.
	First States Investors 2107, L.P. (NC)

		
	17.
	First States Investors 2108, L.P. (NC)

		
	18.
	First States Investors 2110, LLC (VA)

		
	19.
	First States Investors 2208, LLC (DE)

		
	20.
	First States Investors 230, L.P. (NC)

		
	21.
	First States Investors 2550A, LLC (DE)

		
	22.
	First States Investors 3004, Limited Partnership (FL)

		
	23.
	First States Investors 3014, LLC (GA)

		
	24.
	First States Investors 3022, L.P. (NC)

		
	25.
	First States Investors 3024, L.P. (NC)

		
	26.
	First States Investors 3028, L.P. (NC)

		
	27.
	First States Investors 3033, L.P. (NC)

		
	28.
	First States Investors 3034, LLC (SC)

		
	29.
	First States Investors 3035, LLC (SC)

		
	30.
	First States Investors 3043, LLC (SC)

		
	31.
	First States Investors 3048, LLC (VA)

		
	32.
	First States Investors 3061, LLC (NJ)

		
	33.
	First States Investors 3067, LLC (VA)

		
	34.
	First States Investors 3076, LLC (GA)

		
	35.
	First States Investors 3077, LLC (GA)

		
	36.
	First States Investors 3081, Limited Partnership

		
	37.
	First States Investors 3086, LLC (PA)

		
	38.
	First States Investors 3087, LLC (VA)

		
	39.
	First States Investors 3089, LLC (VA)

		
	40.
	First States Investors 3090, LLC (FL)

		
	41.
	First States Investors 3091, LLC (GA)

		
	42.
	First States Investors 3093, LLC (VA)

		
	43.
	First States Investors 3098, LLC (VA)

		
	44.
	First States Investors 3099, LLC (VA)

		
	45.
	First States Investors 3103, LLC (GA)

		
	46.
	First States Investors 3108, LLC (NJ)

		
	47.
	First States Investors 3114, LLC (TN)

		
	48.
	First States Investors 3151, LLC (FL)

		
	49.
	First States Investors 3179, Limited Partnership (DE)

		
	50.
	First States Investors 3187, Limited Partnership (DE)

		
	51.
	First States Investors 3195, L.P. (TX)

		
	52.
	First States Investors 3300, LLC

		
	53.
	First States Investors 3601, LLC (FL)

		
	54.
	First States Investors 3632, LLC (FL)

		
	55.
	First States Investors 3642, LLC (NJ)

		
	56.
	First States Investors 3647, L.P. (PA)

		
	57.
	First States Investors 40, LLC (MO)

		
	58.
	First States Investors 4000C, LLC (DE)

		
	59.
	First States Investors 4029, LLC (DE)

		
	60.
	First States Investors 4043, LLC (GA)

		
	61.
	First States Investors 4044, LLC (DE)

		
	62.
	First States Investors 4048, LLC (DE)

		
	63.
	First States Investors 4055, LLC (DE)

		
	64.
	First States Investors 4062, LLC (DE)

		
	65.
	First States Investors 4067, LLC (DE)

		
	66.
	First States Investors 4081, LLC (DE)

		
	67.
	First States Investors 4085, LLC (DE)

		
	68.
	First States Investors 4100B, L.P. (DE)

		
	69.
	First States Investors 4150, LLC (DE)

		
	70.
	First States Investors 4413, LLC (DE)

		
	71.
	First States Investors 4499, LLC (DE)

		
	72.
	First States Investors 4500, LLC (DE)

		
	73.
	First States Investors 5000B, LLC (DE)

		
	74.
	First States Investors 77, L.P. (FL)

		
	75.
	First States Investors 922, LLC (IL)

		
	76.
	First States Investors 923, L.P. (DE)

		
	77.
	First States Investors 926 L.P.

		
	78.
	First States Investors 927, LLC (DE)

		
	79.
	First States Investors Branch One, L.P. (DE)

		
	80.
	First States Investors GS Pool A, L.P. (DE)

		
	81.
	First States Investors GS Pool B, L.P. (DE)

		
	82.
	First States Investors GS Pool C, L.P.

		
	83.
	First States Investors Realty, LLC (DE)

		
	84.
	First States Partners No. 201, L.P.

		
	85.
	First States Partners No. 203, LLC (NJ)

		
	86.
	First States Partners No. 213, LLC (NJ)

		
	87.
	First States Partners No. 216, L.P. (PA)

		
	88.
	First States Partners No. 236 L.P. (PA)

		
	89.
	First States Properties No. 12, LLC (PA)

		
	90.
	First States Properties No. 15, LLC (PA)

		
	91.
	First States Properties No. 19, LLC (PA)

		
	92.
	First States Properties No. 34, LLC (PA)

		
	93.
	First States Properties No. 35, LLC (PA)

		
	94.
	First States Properties No. 37, LLC (PA)

		
	95.
	First States Properties No. 41, LLC (PA)

		
	96.
	First States Properties No. 43, LLC (PA)

		
	97.
	First States Properties No. 49, LLC (PA)

		
	98.
	First States Properties No. 51, LLC (PA)

		
	99.
	First States Properties No. 52, LLC (PA)

		
	100.
	First States Properties No. 56, LLC (PA)

		
	101.
	First States Properties No. 59, LLC (PA)

		
	102.
	First States Properties No. 62, LLC (PA)

		
	103.
	First States Properties No. 67, LLC (PA)

		
	104.
	First States Properties No. 71, LLC (PA)

		
	105.
	First States Properties No. 73, LLC (PA)

		
	106.
	First States Properties No. 75, LLC (PA)

		
	107.
	First States Properties No. 9, LLC (PA)

		
	108.
	First States Realty Corp., LLC

SCHEDULE II
SENIOR MEZZANINE BORROWERS
		
	1.
	American Financial TRS, Inc. (DE)

		
	2.
	First States Investors 104 Holdings, L.P. (DE)

		
	3.
	First States Investors 240 Holdings, LLC (DE)

		
	4.
	First States Investors 241 Holdings, LLC (DE)

		
	5.
	First States Investors 3300 Holdings, LLC (DE)

		
	6.
	First States Investors 4400A, L.P. (DE)

		
	7.
	First States Investors 4100, LLC (DE)

		
	8.
	First States Investors 4600 Holdings, LLC (DE)

		
	9.
	First States Investors 5000, LLC (DE)

		
	10.
	First States Investors 6000, L.P.

		
	11.
	First States Investors 801, L.P. (PA)

		
	12.
	First States Investors 923 Holdings, L.P.

		
	13.
	First States Investors 927 Holdings, LLC

		
	14.
	First States Investors Asset Group A, L.P. 

		
	15.
	First States Investors GS Pool A Holdings, LLC (DE)

		
	16.
	First States Investors GS Pool B Holdings, LLC (DE)

		
	17.
	First States Investors, L.P. (DE)

		
	18.
	First States Partners III, L.P. (DE)

		
	19.
	First States Partners, L.P. (DE)

		
	20.
	First States Properties, L.P. (PA)

		
	21.
	First States Wilmington JV, L.P

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