Document:

Exhibit 10(a)

Form of Escrow Agreement

Boston
Financial Data Services, Inc.

2 Heritage Drive

North Quincy, Massachusetts 02171

          Re:
TIAA-CREF U.S. Real Estate Fund I, L.P.

          TIAA-CREF
USREF I GP, LLC, a Delaware limited liability company, is the general partner
(the “General Partner”) of TIAA-CREF U.S. Real Estate Fund I, L.P., a Delaware
limited partnership (the “Fund”), which is to be the issuer of units of limited
partnership interest (the “Units”) to the public pursuant to a registration
statement originally filed with the Securities and Exchange Commission (“SEC”)
on March 15, 2007 (File No. 333-141315) (as amended from time to time, the
“Registration Statement”). Capitalized terms used but not defined herein shall
have the meanings ascribed to them in the Amended and Restated Limited
Partnership Agreement of the Fund (as amended from time to time, the
“Partnership Agreement”).

          TIAA-CREF
Individual & Institutional Services, LLC (“TC Services”), a registered
broker-dealer and an affiliate of the General Partner, will act as the
broker-dealer participating in the offering of the Units on a “best efforts”
basis (the “Offering”). The Fund will sell a minimum of 150,000 Units to the
public at a price of $1,000 per Unit for a total minimum capital raise from the
public of $150,000,000 (the “First Closing Threshold”) (for purposes of such
determination, subscriptions received from affiliates of the General Partner
(including officers and trustees of TIAA) shall not be counted for purposes of
satisfying the First Closing Threshold). If the First Closing Threshold is
achieved, and all conditions to the General Partner conducting a closing are
satisfied (including as contained in this Agreement), the Fund will conduct its
initial closing (the “First Admission”) and admit public investors as limited
partners in the Fund on the terms set forth in the Partnership Agreement.
Following the First Admission, the Fund intends also to raise an additional
amount of capital from the public in an amount, together with the subscriptions
of limited partners admitted at the First Admission (and for these purposes
including subscriptions of affiliates of the General Partner), not to exceed
$300,000,000, and may conduct one, but only one, subsequent closing on the
terms set forth in the Partnership Agreement (the “Final Admission”).

          The
Fund hereby appoints Boston Financial Data Services, Inc., a Massachusetts
corporation and a registered transfer agent under Section 17A(c)(2) of the
Securities Exchange Act of 1934, as amended (the “Escrow Agent”), for purposes
of holding the subscription agreements (the “Subscription Agreements”) for the
sale of Units prior to the General Partner conducting both the First Admission
and the Final Admission (if applicable). The Fund will deliver, or cause to be
delivered, to the Escrow Agent the completed and executed Subscription
Agreements from subscribers for the purchase of Units, and such Subscription
Agreements are to be held by the Escrow Agent on the terms and conditions
hereinafter set forth.

	
 

	
 

	
 

	
 

	
1.

	
Prior to the
 First Admission, and also between the First Admission and the Final
 Admission, following (i) the determination by TC Services or other soliciting
 broker-

	
 

	
 

	
 

	
 

	
 

	
dealer
 participating in the Offering of a subscriber’s suitability to purchase
 Units, and (ii) the acceptance of the Subscription Agreement for such
 subscriber by the General Partner (on behalf of the Fund), TC Services will,
 and will instruct any other soliciting broker-dealers participating in the
 Offering to, send each original Subscription Agreement for the sale of Units
 to the Escrow Agent as promptly as practicable, whereby the Escrow Agent will
 replicate or image a copy of each Subscription Agreement, and also hold each
 such original Subscription Agreement in escrow.

	
 

	
 

	
 

	
 

	
2.

	
The original
 Subscription Agreements delivered to the Escrow Agent are to be held in
 escrow until (i) such Subscription Agreements are either returned to
 subscribers or, at the election of the Escrow Agent, destroyed, in either
 case, in accordance with Section 3 of this Escrow Agreement or (ii) delivered
 to the Fund in accordance with Section 4 of this Escrow Agreement.

	
 

	
 

	
 

	
 

	
3.

	
In the event
 that Subscription Agreements amounting to no less than the First Closing
 Threshold have not been accepted by or on behalf of the Fund on or before the
 Expiration Date (as defined below), the Fund shall so notify the Escrow
 Agent. Following that event, the Escrow Agent shall promptly (and in any
 event within ten (10) days) return the original Subscription Agreements to
 the subscribers or, at the election of the Escrow Agent, destroy and certify
 to the Fund in writing, and give written notice to each subscriber, of such
 destruction of the Subscription Agreements then held in escrow. In the event
 that prior to the Expiration Date the Fund determines to reject any
 subscription for which a Subscription Agreement has been delivered to the
 Escrow Agent, upon notification in writing by the Fund of such rejection, the
 Escrow Agent shall promptly return such Subscription Agreement to the
 subscriber. The “Expiration Date” means the close of business on the earlier
 of (i) the date that is exactly 18 months from the date (the “Effective
 Date”) on which the SEC grants an effective order under Section 8(a) of the
 Securities Act of 1933 (which date may be extended by agreement of the
 General Partner and TC Services to a date not later than a date that is
 exactly 24 months after the Effective Date), and (ii) the date on which the
 General Partner and TC Services terminate the Offering, whether or not any
 Units have been sold. The Fund will notify the Escrow Agent in writing of the
 Expiration Date as soon as practicable after its determination.

	
 

	
 

	
 

	
 

	
4.

	
(a) First
 Admission. In the event that completed and executed Subscription
 Agreements have been accepted by or on behalf of the Fund on or before the
 Expiration Date for the subscription of not less than the First Closing
 Threshold, the Fund shall notify the Escrow Agent in writing of such fact.
 Upon receipt of letter instructions from the Fund directing delivery to it of
 the Subscription Agreements then held in escrow, the Escrow Agent shall
 promptly deliver to the Fund the original Subscription Agreements then held
 in escrow. In delivering such Subscription Agreements to the Fund, the Escrow
 Agent is authorized to rely solely upon such letter instructions that the
 Escrow Agent receives, whether or not such letter instructions are true or
 authentic.

	
 

	
 

	
 

	
 

	
 

	
(b) Final
 Admission. In the event the General Partner elects to raise an additional
 amount of capital from the public following the First Admission, TC Services
 shall cause each received, accepted and approved original Subscription
 Agreement to be

	
 

	
 

	
 

	
 

	
 

	
delivered to
 the Escrow Agent on the terms set forth in Section 1 of this Agreement, and
 upon receipt of letter instructions from the Fund (i) indicating its
 determination to conduct the Final Admission in accordance with the terms set
 forth in the Partnership Agreement and (ii) directing delivery to it of the
 Subscription Agreements then held in escrow, the Escrow Agent shall promptly
 deliver to the Fund the Subscription Agreements then held in escrow. In
 delivering such Subscription Agreements to the Fund, the Escrow Agent is
 authorized to rely solely upon such letter instructions that the Escrow Agent
 receives, whether or not such letter instructions are true or authentic.

	
 

	
 

	
 

	
 

	
5.

	
As
 compensation for serving as Escrow Agent hereunder, the Escrow Agent shall
 receive a fee payable by the Fund, as agreed separately in writing as between
 the parties.

	
 

	
 

	
 

	
 

	
6.

	
In
 performing any of the Escrow Agent’s duties hereunder, the Escrow Agent shall
 not incur any liability to anyone for any damages, losses or expenses, except
 for its willful default, bad faith, or gross negligence, and accordingly the
 Escrow Agent shall not incur any such liability with respect to any action
 taken or omitted (i) in good faith upon advice of the Escrow Agent’s counsel
 given with respect to any questions relating to the Escrow Agent’s duties and
 responsibilities under this Escrow Agreement, or (ii) in reliance upon any
 instrument, including any written instrument or instruction provided for in
 this Escrow Agreement, not only as to its due execution and validity and
 effectiveness of its provisions but also as to the truth and accuracy of
 information contained therein, which Escrow Agent in good faith believes to
 be genuine, to have been signed or presented by a proper person or persons
 and to conform to the provisions of this Escrow Agreement.

	
 

	
 

	
 

	
 

	
7.

	
The Fund
 hereby agrees to indemnify and hold the Escrow Agent harmless from and
 against any and all losses, claims, damages, liabilities and expenses,
 including the reasonable cost of attorneys’ fees and the expenses and
 disbursements, that may be imposed on the Escrow Agent or incurred by the
 Escrow Agent in connection with the Escrow Agent’s acceptance of appointment
 as the Escrow Agent hereunder, or the performance of the Escrow Agent’s
 duties hereunder, including any litigation arising from this Escrow Agreement
 or involving the subject matter hereof, except where such losses, claims,
 damages, liabilities and expenses result from willful default, bad faith or
 gross negligence of the Escrow Agent.

	
 

	
 

	
 

	
 

	
8.

	
In the event
 of a dispute between the parties hereto sufficient in the Escrow Agent’s
 reasonable discretion to justify doing so, the Escrow Agent shall be entitled
 to tender into the registry or custody of any court of competent jurisdiction
 all documents or other property in the Escrow Agent’s hands under this Escrow
 Agreement, together with such legal pleadings as the Escrow Agent deems
 appropriate, and thereupon be discharged from all further duties and
 liabilities under this Escrow Agreement. In the event of any uncertainty as
 to the Escrow Agent’s duties hereunder, the Escrow Agent may refuse to act
 under the provisions of this Escrow Agreement pending order of a court of
 competent jurisdiction, and the Escrow Agent shall have no liability to the
 Fund or to any other person as a result of such action. Any such legal action
 may be brought in such court as the Escrow Agent shall determine to have
 jurisdiction thereof.

	
 

	
 

	
 

	
 

	
 

	
The filing
 of any such legal proceedings shall not deprive the Escrow Agent of
 compensation earned prior to such filing.

	
 

	
 

	
 

	
 

	
9.

	
Except as
 otherwise provided in Sections 19 and 20 hereof, all written notices and
 letters required hereunder shall only be effective if delivered personally,
 by nationally recognized overnight courier or by certified mail, return
 receipt requested (i) if to Escrow Agent, to Boston Financial Data Services,
 Inc., 2 Heritate Drive, Quincy, MA 02171, Attn: General Counsel, and (ii) if
 to the Fund, the General Partner or TC Services, to such entity c/o Teachers
 Insurance and Annuity Association, 730 Third Avenue, New York, New York
 10017-3206, Attn: Advisor Services.

	
 

	
 

	
 

	
 

	
10.

	
This Escrow
 Agreement shall be governed by the laws of the State of New York as to both
 interpretation and performance.

	
 

	
 

	
 

	
 

	
11.

	
The
 provisions of this Escrow Agreement shall be binding upon the legal
 representatives, heirs, successors and assigns of the parties hereto.

	
 

	
 

	
 

	
 

	
12.

	
The Fund
 hereby acknowledges that the Escrow Agent is serving as escrow agent only for
 the limited purposes herein set forth, and hereby agrees that it will not
 represent or imply that the Escrow Agent, by serving as escrow agent
 hereunder or otherwise, has investigated the desirability or advisability of
 investment in the Fund, or has approved, endorsed or passed upon the merits
 of the Units or the Fund. The Fund further agrees to instruct TC Services,
 and each of its representatives, and any other representatives who may offer
 Units to persons from time to time, that they shall not represent or imply
 that the Escrow Agent has investigated the desirability or advisability of
 investment in the Fund, or has approved, endorsed or passed upon the merits
 of the Units or the Fund, nor shall they use the Escrow Agent’s name in any
 manner whatsoever in connection with the offer or sale of the Units other
 than by acknowledgment that the Escrow Agent has agreed to serve as escrow
 agent for the limited purposes herein set forth.

	
 

	
 

	
 

	
 

	
13.

	
This Escrow
 Agreement and any amendment hereto may be executed by the parties hereto in
 one or more counterparts, each of which shall be deemed to be an original.

	
 

	
 

	
 

	
 

	
14.

	
The Escrow
 Agent shall be bound only by the terms of this Escrow Agreement and shall not
 be bound or incur any liability with respect to any other agreements or
 understanding between any other parties with respect to the subject matter
 hereof, whether or not the Escrow Agent has knowledge of any such agreements
 or understandings.

	
 

	
 

	
 

	
 

	
15.

	
The
 indemnification provision set forth herein shall survive the termination of
 this Escrow Agreement.

	
 

	
 

	
 

	
 

	
16.

	
Upon the
 return (or destruction) of Subscription Agreements in accordance with Section
 3 of this Escrow Agreement or the delivery of Subscription Agreements in
 accordance with Section 4 of this Escrow Agreement, this Escrow Agreement
 shall terminate and the Escrow Agent shall have no further responsibility or
 liability with regard to the terms of this Escrow Agreement.

	
 

	
 

	
 

	
 

	
17.

	
The Escrow
 Agent has no responsibility for accepting, rejecting or approving
 subscriptions for Units.

	
 

	
 

	
 

	
 

	
18.

	
This Escrow
 Agreement shall not be modified, revoked, released or terminated unless such
 modification, revocation or termination has been reduced to writing and
 signed by all parties hereto, subject to Section 19 hereof.

	
 

	
 

	
 

	
 

	
19.

	
The Escrow
 Agent may resign at any time from its obligations under this Escrow Agreement
 by providing written notice to the Fund by certified mail, return receipt
 requested. Such resignation shall be effective on the date specified in such
 notice which shall be not less than thirty (30) days after such written notice
 has been received by the Fund. The Escrow Agent shall have no responsibility
 for the appointment of a successor escrow agent.

	
 

	
 

	
 

	
 

	
20.

	
The Escrow
 Agent may be removed with or without cause by the Fund by written notice sent
 by certified mail, return receipt requested, to the Escrow Agent effective on
 the date specified in such notice (provided, that in the event of removal
 without cause, the Fund shall provide no less than 10 business days advance
 written notice). The removal of the Escrow Agent shall not deprive the Escrow
 Agent of its compensation earned prior to such removal.

[THE REMAINDER OF THIS PAGE INTENTIONALLY
LEFT BLANK]

Agreed to as
of the ___ day of ____________, 2007.

	
 

	
 

	
 

	
 

	
TIAA-CREF
 U.S. Real Estate Fund I, L.P., a

	
 

	
Delaware
 limited partnership

	
 

	
 

	
 

	
 

	
By: TIAA-CREF
 USREF I GP, LLC,

	
 

	
a Delaware
 limited liability company

	
 

	
(General
 Partner)

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	

	
 

	
Name:

	
 

	
 

	
 

	

	
 

	
Its:

	
 

	
 

	

	
 

	
 

	
 

	
 

	
TIAA-CREF
 Individual & Institutional Services,

	
 

	
LLC, a
 Delaware limited liability company

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	

	
 

	
Name:

	
 

	
 

	
 

	

	
 

	
Its:

	
 

	
 

	

	
 

	
 

	
 

	
 

	
The terms
 and conditions contained above are

	
 

	
hereby
 accepted and agreed to by:

	
 

	
 

	
 

	
 

	
Boston
 Financial Data Services, Inc.,

	
 

	
a
 Massachusetts corporation

	
 

	
(Escrow
 Agent)

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	

	
 

	
Name:

	
 

	
 

	
 

	

	
 

	
Its:Exhibit 10(b) 

FORM OF

ASSET MANAGEMENT AGREEMENT

                    THIS
ASSET MANAGEMENT AGREEMENT (this “Agreement”) is
entered into by and among TIAA-CREF U.S. Real Estate Fund I, L.P., a Delaware
limited partnership (the “Fund”), TIAA-CREF USREF I GP, LLC, a Delaware
limited liability company and general partner of the Fund (the “General
Partner”), and Teachers Advisors, Inc., a Delaware corporation, as asset
manager (the “Asset Manager”), and dated as of [ ________ ], 2007.

                    WHEREAS,
the purpose of the Fund is investing in, and engaging in, activities related to
acquiring, holding for investment and ultimately disposing of direct and
indirect interests in real property, including without limitation office,
retail, industrial and multi-family properties, in accordance with the Amended
and Restated Limited Partnership Agreement of the Fund, dated as of
___________, 2007 (as it may be amended, restated, supplemented, or otherwise
modified from time to time, the “Partnership Agreement”) and related
purposes all as set forth in the Partnership Agreement; and

                    WHEREAS,
the principals and Affiliates of the Asset Manager have substantial experience
in the areas of real estate investment acquisition, ownership, financing, management,
portfolio management, operation, construction, disposition, capital markets
research, financial management and servicing;

                    NOW,
THEREFORE, in consideration of the mutual covenants and
obligations set forth in this Agreement, and of other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the
parties hereto, intending legally to be bound, hereby agree as follows:

                    Section
1. Definitions.

                    Capitalized
terms used herein and not defined below shall have the meanings set forth in
the Partnership Agreement.

                    Section
2. Asset Management Services to be Provided to
the Fund.

	
 

	
 

	
 

	
 

	
          (a)
 Subject to the direction and control of the General Partner, the Asset
 Manager shall have the power, authority and responsibility to cause the Fund
 to exercise its powers in accordance with the Partnership Agreement,
 including without limitation, the Fund’s power and authority to do the
 following:

	
 

	
 

	
 

	
 

	
 

	
          (i)
 participate in formulating an investment strategy and asset allocation
 framework for the Fund consistent with the Fund’s investment objectives,
 strategy and guidelines in effect from time to time;

	
 

	
 

	
 

	
          (ii)
 research and identify investment opportunities for the Fund consistent with
 the Fund’s investment objectives, strategy and guidelines;

	
 

	
 

	
 

	
          (iii)
 structure and negotiate the terms and conditions of transactions pursuant to
 which acquisitions and dispositions of Real Estate Assets will be made; 

	
 

	
 

	
 

	
          (iv)
 provide advice in respect of investments in Real Estate Assets and in other
 assets which are designed to accomplish the purposes of the Fund in any
 manner consistent with the Fund’s investment objectives, strategy and
 guidelines in effect from time to time, including reinvestment of any Net
 Capital Event Proceeds and Net Operating Cash Flow during the Investment
 Period and otherwise to the extent permitted by the Partnership Agreement;

	
 

	
 

	
 

	
          (v)
 actively oversee and manage the Fund’s investment portfolio for purposes of
 meeting its investment objectives;

	
 

	
 

	
 

	
          (vi)
 provide executive and administrative personnel for the benefit of the Fund;

	
 

	
 

	
 

	
          (vii)
 manage the day-to-day affairs of the Fund, including financial accounting and
 reporting, investor relations, marketing, informational systems and other
 administrative services on its behalf (including, without limitation,
 oversight, engagement and retention of independent, non-affiliated third
 party service providers from time to time);

	
 

	
 

	
 

	
          (viii)
 select joint venture and strategic partners, structure corresponding
 agreements and oversee and monitor these relationships; 

	
 

	
 

	
 

	
          (ix)
 arrange for the Fund or its subsidiaries to borrow money on a secured or
 unsecured basis, to finance or refinance its or their Real Estate Assets, and
 in connection therewith, to secure the same by mortgage, pledge or other lien
 or encumbrance on any of its their assets, in accordance with the Fund’s
 investment guidelines in effect from time to time and otherwise in accordance
 with the Partnership Agreement;

	
 

	
 

	
 

	
          (x)
 arrange for the Fund or any subsidiary to act as general or limited partner,
 member, joint venturer, manager or shareholder of any Entity (including
 without limitation any REIT Subsidiary or any subsidiaries of a REIT
 Subsidiary from time to time or any other direct or indirect subsidiaries as
 may be formed by the Fund from time to time), and to exercise all of the
 powers, duties, rights and responsibilities associated therewith and take any
 and all actions necessary, convenient or appropriate as the holder of any
 such interests or positions;

	
 

	
 

	
 

	
          (xi)
 arrange for the Fund to operate, purchase, maintain, finance, improve, sell,
 own, convey, assign, mortgage, lease, construct, demolish or otherwise
 dispose of any real property or personal property that may be necessary,
 convenient or incidental to the purposes of the Fund;

2

	
 

	
 

	
 

	
          (xii)
 invest any funds of the Fund pending distribution or payment of the same
 pursuant to the provisions of the Partnership Agreement;

	
 

	
 

	
 

	
          (xiii)
 arrange for the Fund or any subsidiary to prepay in whole or in part,
 refinance, recast, increase, modify or extend any indebtedness of the Fund
 and, in connection therewith, execute any extension, renewals or
 modifications or any mortgage or security agreement securing such
 indebtedness;

	
 

	
 

	
 

	
          (xiv)
 establish reserves on behalf of the Fund or its subsidiaries for capital
 expenditures, working capital, debt service, taxes, assessments, insurance
 premiums, repairs, improvements, general maintenance of buildings or for
 other property or any other expenditures out of the rents, profits or other income
 received;

	
 

	
 

	
 

	
          (xv)
 employ or otherwise engage employees, managers, contractors, advisors and
 consultants for the Fund or its subsidiaries, and arrange for the payment of
 reasonable compensation for such services;

	
 

	
 

	
 

	
          (xvi)
 arrange for property management and leasing services for the Fund’s equity
 investments in real properties; 

	
 

	
 

	
 

	
          (xvii)
 evaluate and advise in respect of securities, consistent with the Fund’s
 investment objectives, strategy and guidelines as in effect from time to
 time; 

	
 

	
 

	
 

	
          (xviii)
 from time to time, or at any time reasonably requested by the General
 Partner, make reports to the General Partner of the Asset Manager’s
 performance of services pursuant to this Agreement; and

	
 

	
 

	
 

	
          (xix)
 do such other things and engage in such other activities as may be necessary,
 convenient or advisable with respect to the conduct of the business of the
 Fund and its subsidiaries as the Asset Manager may deem necessary or
 appropriate.

	
 

	
          (b)
 The Asset Manager shall cause (1) all of the Fund’s Real Estate Assets to be
 appraised by an independent appraiser or appraisers at least on an annual
 basis (or more often as the Asset Manager, after consultation with
 independent accountants and other independent advisors for the Fund,
 reasonably determines) (2) all of the Fund’s Real Estate Assets to be valued
 by an Affiliate of the Asset Manager on a quarterly basis (with the exception
 of those Real Estate Assets independently appraised in accordance with
 subsection (b)(1) above, and (3) an existing appraisal to be updated (either
 by an independent appraiser or Affiliates of the Asset Manager) at such times
 as is provided for in the Fund’s valuation guidelines as in effect from time
 to time.

	
 

	
          (c)
 In addition to the services described above, the Asset Manager shall consult
 with the General Partner and shall, at its request, furnish advice and
 recommendations with respect to other aspects of the business and affairs of
 the Fund and its subsidiaries.

3

	
 

	
 

	
 

	
          (d)
 The Asset Manager shall be prohibited from taking any action under this
 Agreement which would violate any provision of the Partnership Agreement.

	
 

	
 

	
 

	
          (e)
 In the performance of its duties under this Agreement, the Asset Manager
 shall at all times conform to, and act in accordance with, any requirements
 imposed by (i) the provisions of the Investment Advisers Act of 1940, as
 amended, and the rules and regulations thereunder; (ii) the applicable
 provisions of the Employee Retirement Income Security Act of 1974, as
 amended, and the rules and regulations thereunder; (iii) any other applicable
 provisions of law; and (iv) any policies and determinations of the General
 Partner on behalf of the Fund.

                    Section
3. Compensation and Reimbursement of Expenses.

          In
consideration of all of the services provided or caused to be provided by the
Asset Manager hereunder, the Fund or its subsidiaries shall be obligated to pay
to the Asset Manager an Asset Management Fee and an Acquisition Fee as follows:

	
 

	
 

	
 

	
          (a)
 On a quarterly basis, the Fund shall remit or cause to be remitted to the
 Asset Manager an Asset Management Fee, as provided in the Partnership
 Agreement, equal to an annual rate of 1.25% of the Fund’s gross asset value. The Asset Management
 Fee shall be paid quarterly in arrears no later than the 15th day of the
 month following the end of each calendar quarter and shall be prorated for
 any partial calendar quarter.

	
 

	
 

	
 

	
          (b)
 The Fund shall remit or cause to be remitted to the Asset Manager an
 Acquisition Fee, as provided in the Partnership Agreement, in connection with
 the evaluation, investigation, negotiation, selection and purchase of each
 Real Estate Asset, equal to 0.50% of the aggregate purchase price (including
 the amount of indebtedness actually incurred in connection with the
 acquisition of such Real Estate Asset) paid by the Fund (or any REIT
 Subsidiary or Non-REIT Subsidiary) for such Real Estate Asset.

          In
addition, the Asset Manager shall be reimbursed, at cost (but without accrued
or implied interest), on a timely basis and in any event as soon as
practicable, for any costs, expenses or outlays it has made up and through the
date of this Agreement, and, from and after the date of this Agreement, those
costs, expenses or outlays it makes from time to time on behalf of the Fund,
any subsidiary thereof or the General Partner to the extent such costs,
expenses or outlays are properly attributable to the Fund in accordance with
the terms of the Partnership Agreement, including, without limitation,
Organizational Expenses, provided that the Asset Manager will bear all costs
and expenses of its employees and any of its overhead incurred in connection
with its duties hereunder.

                    Section
4. Portfolio Transactions and Brokerage.

          The
Asset Manager is authorized, for the purchase and sale of the Fund’s portfolio
securities, to employ such securities dealers as will, in the judgment of the
Asset Manager, effect the securities transactions of the Fund in a manner
deemed by the Asset Manager fair and reasonable to the Fund. The primary
considerations for the Asset Manager in selecting the manner of executing
securities transactions for the Fund will be prompt execution of orders, the
size and breadth of the market for the security, the reliability, integrity and
financial condition

4

and execution capability of the firm, the size and
difficulty in executing the order and the best net price. Consistent with this
policy, the Asset Manager is authorized to direct the execution of the Fund’s
portfolio transactions to dealers and brokers furnishing statistical
information or research deemed by the Asset Manager to be useful or valuable to
the performance of its investment advisory and management functions for the
Fund. Notwithstanding the foregoing, any “soft dollar” arrangements will comply
with Section 28(e) of the Securities Exchange Act of 1934, as amended.

                    Section
5. Services for Others.

	
 

	
 

	
 

	
          (a)
 The Fund recognizes that the Asset Manager and its Affiliates now render and
 may continue to render investment advice and other services to other
 investment accounts or Entities (which may or may not invest in Real Estate
 Assets) which may or may not have investment objectives and policies the same
 as or substantially similar to those of the Fund, and that the Asset Manager
 and its Affiliates acquire, develop, own and manage Real Estate Assets for
 their own accounts and for the accounts of other investment accounts and
 Entities and will continue to do so in the future. It is understood that the
 Asset Manager and any of its Affiliates may engage in any other business and
 furnish investment management and advisory services to others, including
 Persons which may have investment objectives and policies similar to those
 followed by the Asset Manager with respect to the assets held from time to
 time by the Fund, and which may own securities of the same class, or which
 are the same type, as the assets held from time to time by the Fund, and that
 the Asset Manager and its Affiliates may receive fees and other compensation
 for services of any kind or nature rendered by any of them, and neither the
 Fund, any of its subsidiaries nor any of their respective owners will have
 any interest therein or claim thereto. The Asset Manager will be free, in its
 sole discretion, to make recommendations to others, or effect transactions on
 behalf of itself or for others, which may be the same as or different from
 those recommended or effected with respect to the Real Estate Assets
 purchased, held or sold from time to time by the Fund and its subsidiaries.

	
 

	
 

	
 

	
          (b)
 When a particular Real Estate Asset would be appropriate for the Fund, on the
 one hand, and the Asset Manager, its Affiliates or one or more other
 investment accounts or Entities advised or managed by the Asset Manager or
 its Affiliates, on the other hand, the Asset Manager will determine which
 investment account or Entity (including the Fund) will purchase such Real
 Estate Asset and, if applicable, how much of such Real Estate Asset such
 investment account or Entity will purchase, based upon the then applicable
 investment allocation policy of the Asset Manager. The Asset Manager shall at
 all times keep the General Partner apprised of the Asset Manager’s investment
 allocation policy, including advising the General Partner promptly of any
 changes or modifications to such policy. Further, the Asset Manager shall
 develop, adopt and maintain procedures and policies with respect to
 transactions between the Fund (on the one hand) and Affiliates of the Asset
 Manager and General Partner (on the other hand), including, without
 limitation, transactions involving (i) Affiliates of the Asset Manager and
 General Partner serving as a lender as to a Real Estate Asset purchased by
 the Fund, and (ii) the sale of Real Estate Assets, including, without
 limitation, equity and debt interests in Portfolio Companies. The Asset
 Manager, the General Partner and the 

5

	
 

	
 

	
 

	
Fund acknowledge that the Asset Manager’s Form ADV
 (as filed with the U.S. Securities and Exchange Commission and as amended and
 in effect from time to time) may govern the Asset Manager’s procedures and
 policies with respect to such affiliated transactions. The Asset Manager
 shall keep the General Partner apprised of any such procedures and policies
 that are so adopted and, following adoption, advise the General Partner
 promptly of any changes or modifications to any such procedures and policies
 (whether in writing or otherwise and whether governed by the Form ADV or
 not).

                    Section
6. Term; Termination.

	
 

	
 

	
 

	
 

	
          (a)
 General. This Agreement shall commence on the date first set forth
 above and shall continue in force for a term of one year. Such term shall
 automatically renew for successive one-year periods unless written notice is
 provided to either the Asset Manager, on the one hand, or the Fund and the
 General Partner, on the other hand, of the desire so not to renew, such
 notice having been provided not less than 60 days prior to the anniversary
 date for the next renewal. Notwithstanding the foregoing, either the Fund and
 the General Partner, on the one hand, or the Asset Manager on the other hand,
 may terminate this Agreement upon written notice to the counterparty not less
 than 60 days in advance of the specified termination date.

	
 

	
 

	
 

	
          (b)
 Cause: The Asset Manager shall be removed, and this Agreement shall
 terminate immediately:

	
 

	
 

	
 

	
 

	
 

	
          (i)
 if the Asset Manager is wound up or dissolved or there is appointed over it
 or a substantial part of its assets a receiver, administrator, administrative
 receiver, trustee or similar officer; or the Asset Manager (A) ceases to
 be able to, or admits in writing its inability to, pay its debts as they
 become due and payable, or makes a general assignment for the benefit of, or
 enters into any composition or arrangement with, its creditors generally;
 (B) applies for or consents (by admission of material allegations of a
 petition or otherwise) to the appointment of a receiver, trustee, assignee,
 custodian, liquidator or sequestrator (or other similar official) of the
 Asset Manager or of any substantial part of its properties or assets, or
 authorizes such an application or consent, or proceedings seeking such
 appointment are commenced without such authorization, consent or application
 against the Asset Manager and continue undismissed for 60 days or any such
 appointment is ordered by a court or regulatory body having jurisdiction;
 (C) authorizes or files a voluntary petition in bankruptcy, or applies
 for or consents (by admission of material allegations of a petition or
 otherwise) to the application of any bankruptcy, reorganization, arrangement,
 readjustment of debt, insolvency or dissolution, or authorizes such
 application or consent, or proceedings to such end are instituted against the
 Asset Manager without such authorization, application or consent and remain
 undismissed for 60 days or result in adjudication of bankruptcy or insolvency
 or the issuance of an order for such relief; or (D) permits or suffers
 all or any substantial part of its properties or assets to be sequestered or
 attached by court order and the order (if promptly contested in good faith)
 remains undismissed for 60 days,

6

	
 

	
 

	
 

	
 

	
 

	
          (ii)
 upon the occurrence of an act by the Asset Manager that constitutes fraud or
 criminal activity in the performance of its obligations under this Agreement
 or the Asset Manager being indicted for a criminal offense materially related
 to the Asset Manager’s primary business, 

	
 

	
 

	
 

	
 

	
 

	
          (iii)
 upon any willful violation by the Asset Manager in any respect of any
 provision of this Agreement applicable to it, or

	
 

	
 

	
 

	
 

	
 

	
          (iv)
 if the Asset Manager has committed a material breach of its obligations under
 this Agreement which is not cured within 30 days of such breach, or is of the
 type of material breach which is incapable of being cured.

	
 

	
 

	
 

	
          (c)
 This Agreement shall automatically terminate upon the dissolution and
 completion of the winding up of the Fund as provided for in the Partnership
 Agreement.

	
 

	
 

	
 

	
          (d)
 Any termination of this Agreement shall not affect the rights or obligations
 of the parties arising out of the performance of this Agreement prior to such
 termination, including without limitation, the payment of fees and
 reimbursements to the Asset Manager accruing prior to such termination.

	
 

	
 

	
 

	
          (e)
 Upon any termination of this Agreement, the Asset Manager shall cooperate
 with the Fund and the General Partner by transferring all documents relating
 to the Fund in its possession to the Fund or the General Partner, or to a new
 asset manager selected by the Fund and the General Partner and indicated in
 writing to the Asset Manager.

                    Section
7. Custody of Securities and Bank Accounts.

	
 

	
 

	
 

	
          (a)
 The Fund will engage an independent third party to act as custodian of the
 portfolio securities and certain other investments of the Fund.

	
 

	
 

	
 

	
          (b)
 The Asset Manager may establish and maintain one or more bank accounts in its
 own name or in the name of the Fund or any subsidiary thereof, and may
 collect and deposit into any such account or accounts, and disburse from any
 such account or accounts, any money on behalf of the Fund or any subsidiary
 thereof. However, the Asset Manager shall not commingle any of the funds in
 such account with those of the Asset Manager or of other investment accounts
 or Entities managed or advised by the Asset Manager. Further, the Asset
 Manager shall, from time to time, render to the General Partner and the
 independent accountants of the Fund a complete accounting of such collections
 and disbursements.

                    Section
8. Information Furnished to the Asset Manager.

          The
General Partner shall at all times keep the Asset Manager fully informed
concerning the investment objectives, policies and guidelines and the
capitalization policies of the Fund and the intentions of the Fund concerning
its future activities and investments. The Fund shall furnish the Asset Manager
with a copy of all financial statements, a copy of each report prepared

7

by independent registered public accountants and such
other information with regard to the Fund’s affairs as the Asset Manager may
from time to time reasonably request.

                    Section
9. No Assignment.

                    Without
the written consent of the Fund and the General Partner, the Asset Manager
shall not assign or delegate its responsibilities, rights and obligations under this Agreement,
in whole or in part, provided, however, that, subject to all requirements of applicable law, the Asset Manager may
assign and delegate its responsibilities, rights and obligations under this
Agreement to another direct or indirect wholly owned subsidiary of Teachers
Insurance and Annuity Association of America (“TIAA”) that, at the time
of such proposed assignment and delegation, performs substantially similar
functions for other TIAA accounts and investment vehicles (a “Permitted
Assignment”). Any Permitted Assignment or assignment consented to by the
Fund and the General Partner in accordance with the terms hereof shall bind the
assignee hereunder in the same manner as the Asset Manager is bound prior to
such assignment and delegation. The responsibilities, rights and obligations of
the Fund and the General Partner under this Agreement may not be assigned or
delegated without the prior written consent of the Asset Manager. 

                    Section
10. Representations.

	
 

	
 

	
 

	
          (a)
 Representations by the Asset Manager. The Asset Manager represents,
 warrants and covenants to the Fund and the General Partner that (i) it has
 all requisite power and authority to enter into this Agreement and that when
 executed and delivered by the Asset Manager this Agreement will constitute
 the valid and binding obligation of the Asset Manager enforceable against the
 Asset Manager in accordance with its terms, subject to bankruptcy, insolvency
 and other laws affecting creditors’ rights generally and equitable
 principles, (ii) it is validly existing as a corporation in the State of
 Delaware, and (iii) the personnel of the Asset Manager are individuals
 experienced in analyzing, supervising and administering real estate and real
 estate related assets of the nature contemplated by this Agreement.

	
 

	
 

	
 

	
          (b)
 Representations by the Fund and General Partner. Each of the Fund and
 the General Partner represents and warrants to the Asset Manager that it has
 all requisite power and authority to enter into this Agreement and that when
 executed and delivered by the Fund and the General Partner, this Agreement
 will constitute the valid and binding obligation of each of the Fund and the
 General Partner enforceable against each such party in accordance with its
 terms, subject to bankruptcy, insolvency and other laws affecting creditors’
 rights generally and equitable principles.

                    Section
11. Limitation on Liability and Indemnity.

          The
terms and conditions of Article 12 of the Partnership Agreement are hereby
incorporated by reference.

8

                    Section
12. Notices.

                    Unless
expressly provided otherwise herein, any notice, demand or request given under
this Agreement shall be given in writing, and shall be made by personal
delivery or sent by United States registered or certified mail, postage
prepaid, return receipt requested or sent by a nationally recognized overnight
courier service, addressed as follows:

	
 

	
 

	
 

	
 

	
(a)

	
If to the Fund:

	
 

	
 

	
 

	
 

	
 

	
TIAA-CREF U.S. Real Estate Fund I, L.P.

	
 

	
 

	
c/o TIAA-CREF USREF I GP, LLC

	
 

	
 

	
730 Third Avenue

	
 

	
 

	
New York, New York 10017

	
 

	
 

	
 

	
 

	
 

	
Facsimile: ___________

	
 

	
 

	
Attention: ___________

	
 

	
 

	
 

	
 

	
(b)

	
If to the Asset Manager:

	
 

	
 

	
 

	
 

	
 

	
Teachers Advisors, Inc.

	
 

	
 

	
730 Third Avenue

	
 

	
 

	
New York, New York 10017

	
 

	
 

	
 

	
 

	
 

	
Facsimile: ___________

	
 

	
 

	
Attention: ___________

	
 

	
 

	
 

	
 

	
(c)

	
If to the General Partner: 

	
 

	
 

	
 

	
 

	
 

	
TIAA-CREF USREF I GP, LLC

	
 

	
 

	
730 Third Avenue

	
 

	
 

	
New York, New York 10017

	
 

	
 

	
 

	
 

	
 

	
Facsimile: ___________

	
 

	
 

	
Attention: ___________

                    or
to such other address as such party may designate in writing mailed to the
other parties as provided herein.

                    Section
13. Costs and Expenses.

                    Except
as may otherwise be agreed in writing, the costs and expenses (including the
fees and disbursements of counsel and accountants) incurred by each party in
connection

9

with the negotiation and preparation of and the
execution of this Agreement, and all matters incident thereto, shall be borne
by such party.

                    Section
14. Miscellaneous.

	
 

	
 

	
 

	
          (a)
 In the event of any inconsistency between the provisions of this Agreement
 and the provisions of the Partnership Agreement, the provisions of the
 Partnership Agreement shall control.

	
 

	
 

	
 

	
          (b)
 This Agreement shall be binding upon and inure to the benefit of the parties
 hereto and their respective heirs, personal representatives, successors and
 assigns as provided herein.

	
 

	
 

	
 

	
          (c)
 THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS
 OF THE STATE OF NEW YORK (WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAWS
 PRINCIPLES THEREOF THAT WOULD REQUIRE THE APPLICATION OF A LAW OF A
 JURISDICTION OTHER THAN NEW YORK).

	
 

	
 

	
 

	
          (d)
 This Agreement constitutes the entire agreement among the parties hereto with
 respect to the subject matter hereof and may not be modified, waived or
 terminated orally, and any amendment, modification and waiver requires the
 consent of each party to this Agreement.

	
 

	
 

	
 

	
          (e)
 The Fund and the Asset Manager are not partners or joint venturers with each
 other, and nothing herein contained shall be construed so as to make them
 partners or joint venturers, or impose any liability as such on either of
 them or their Affiliates.

	
 

	
 

	
 

	
          (f)
 Each provision of this Agreement shall be deemed severable, and if any part
 of any provision is held to be illegal, void, voidable, invalid, nonbinding
 or unenforceable in its entirety or partially or as to any party, for any
 reason, such provision may be changed, consistent with the intent of the
 parties hereto, to the extent reasonably necessary to make the provision, as
 so changed, legal, valid, binding and enforceable. If any provision of this
 Agreement is held to be illegal, void, voidable, invalid, nonbinding or
 unenforceable in its entirety or partially or as to any party, for any
 reason, and if such provision cannot be changed consistent with the intent of
 the parties hereto to make it fully legal, valid, binding and enforceable,
 then such provision shall be stricken from this Agreement and the remaining
 provisions of this Agreement shall not in any way be affected or impaired,
 but shall remain in full force and effect.

	
 

	
 

	
 

	
          (g)
 Except as otherwise specifically provided herein, including pursuant to Section
 11 of this Agreement, the provisions of this Agreement shall not be
 construed for the benefit of any third party.

10

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

	
 

	
 

	
 

	
 

	
 

	
FUND:

	
 

	 
 	
 

	
 

	
TIAA-CREF U.S. REAL ESTATE FUND I, L.P.

	
 

	 
 	
 

	
 

	 
 	
By:

	
TIAA-CREF USREF I GP, LLC

	
 

	 
 	
 

	
          its
 General Partner

	
 

	 
 	
 

	
 

	
 

	 
 	
By:

	
 

	
 

	 
 	
 

	

	
 

	 
 	
 

	
Name:

	
 

	 
 	
 

	
Title:

	
 

	 
 	
 

	
 

	
 

	
GENERAL
 PARTNER:

	
 

	 
 	
 

	
 

	
TIAA-CREF USREF I GP, LLC

	
 

	 
 	
 

	
 

	 
 	
By:

	
 

	
 

	 
 	
 

	

	
 

	 
 	
 

	
Name:

	
 

	 
 	
 

	
Title:

	
 

	 
 	
 

	
 

	
 

	
ASSET
 MANAGER:

	
 

	 
 	
 

	
 

	
TEACHERS ADVISORS, INC.

	
 

	 
 	
 

	
 

	 
 	
By:

	
 

	
 

	 
 	
 

	

	
 

	 
 	
 

	
Name:

	
 

	 
 	
 

	
Title:

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