Document:

Amended and Restated Advisory Agreement

 Exhibit 10.3 
 AMENDED AND RESTATED ADVISORY AGREEMENT 
 THIS AMENDED AND RESTATED ADVISORY AGREEMENT, dated as of
September [    ], 2006, is made and entered into among CB RICHARD ELLIS REALTY TRUST, a Maryland real estate investment trust (the “Company”), CBRE OPERATING PARTNERSHIP, L.P., a Delaware limited partnership (the
“Operating Partnership”) and CBRE ADVISORS LLC, a Delaware limited liability company (the “Advisor”). 
 W I T N E S S E T
H 
 WHEREAS, the Company intends to qualify as a REIT (as defined below), and to invest its funds in investments permitted by the terms of
the Company’s Declaration of Trust and Sections 856 through 860 of the Code (as defined below); 
 WHEREAS, the Company is the
general partner of the Operating Partnership and intends to conduct all its business and make all investments through the Operating Partnership; 
 WHEREAS, the Company and the Operating Partnership desire to avail themselves of the experience, sources of information, advice, assistance and certain facilities available to the Advisor and to have the Advisor undertake the duties and
responsibilities hereinafter set forth, on behalf of, and subject to the supervision of, the Board of Trustees of the Company all as provided herein; 
 WHEREAS, the Advisor is willing to undertake to render such services, subject to the supervision of the Board of Trustees, on the terms and conditions hereinafter set forth; and 
 WHEREAS, the parties hereto are party to an Advisory Agreement (the “Original Agreement”), dated as of July 1, 2004, and hereby wish to
amend and restate the Original Agreement. 
 NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements
contained herein, the parties hereto agree as follows: 
 1. Definitions. As used in this Amended and Restated Advisory Agreement (the
“Agreement”), the following terms have the definitions hereinafter indicated: 
 Acquisition Expenses. As such term is
defined in the Declaration of Trust. 
 Acquisition Fee. The Acquisition Fee payable to the Advisor or its Affiliates as set forth in
Section 8(b). 
 Advisor. CBRE Advisors LLC, a Delaware limited liability company, any successor advisor to the Company, or any
person or entity to which CBRE Advisors LLC or any successor advisor subcontracts substantially all of its functions. Notwithstanding the foregoing, a Person hired or retained by CBRE Advisors LLC to perform services for the Company or the Operating
Partnership that is not hired or retained to perform substantially all of the functions of CBRE Advisors LLC with respect to the Company or the Operating Partnership as a whole shall not be deemed to be an Advisor. 
 Affiliate or Affiliated. As such term is defined in the Declaration of Trust. 
 Appraised Value. As such term is defined in the Declaration of Trust. 

 Board of Trustees or Board. The persons holding such office, as of any particular time, under the
Declaration of Trust of the Company, whether they be the Trustees named therein or additional or successor Trustees. 
 Book Value. As
such term is defined in the Declaration of Trust. 
 Bylaws. The bylaws of the Company, as amended from time to time. 
 Cause. With respect to the termination of this Agreement, fraud, criminal conduct, willful misconduct or willful or negligent breach of fiduciary
duty by the Advisor, a material breach of this Agreement by the Advisor which remains uncured after 30 days’ written notice, or the bankruptcy of the Advisor. 
 Class B Interest. As such term is defined in Section 8(e). 
 Code. Internal Revenue Code
of 1986, as amended from time to time, or any successor statute thereto. Reference to any provision of the Code shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto, as interpreted
by any applicable regulations as in effect from time to time. 
 Common Shares. Any of the Company’s common shares of beneficial
interest, par value $0.01 per share. 
 Company. As such term is defined in the preamble of this Agreement. 
 Competitive Real Estate Commission. As such term is defined in the Declaration of Trust. 
 Contract Purchase Price. As such term is defined in the Declaration of Trust. 
 Dealer Manager. As such term is defined in the Declaration of Trust. 
 Declaration of Trust. The Second Amended and Restated Declaration of Trust of the Company under Title 8 of the Corporations and Associations
Article of the Annotated Code of Maryland, as amended from time to time. 
 Effective Date. As such term is defined in the Declaration
of Trust. 
 GAAP. Generally accepted accounting principles as in effect in the United States of America from time to time 

Gross Proceeds. As such term is defined in the Declaration of Trust. 
 Independent Appraiser. As such term is defined in the Declaration of Trust. 
 Independent Trustee. As such term is defined in the Declaration of Trust. 
 Investment Management Fee. The Investment Management Fee payable to the Advisor as defined in Section 8(a). 
 Joint Ventures. As such term is defined in the Declaration of Trust. 
 Mortgage. As such term is defined in the Declaration of Trust. 
  

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 Net Income. As such term is defined in the Declaration of Trust. 
 Net Operating Income. Equal to (i) revenues from Properties, less deferred rents receivable, calculated, in each case, in accordance with
GAAP, plus (ii) payments received pursuant to master lease agreements with sellers of Properties, less (iii) the costs of maintaining the Properties, including, without limitation, taxes, insurance, repairs and maintenance, but excluding
depreciation, amortization, principal and interest payments, and capital expenditures, calculated, in each case, in accordance with GAAP. 
 Net Sales Proceeds. As such term is defined in the Declaration of Trust. 
 Offering. As such term is defined in the
Declaration of Trust. 
 Operating Expenses. All costs and expenses of every character paid or incurred by the Company as determined
under generally accepted accounting principles, that are in any way related to the operation of the Company or to Company business, including advisory fees, but excluding (i) the expenses of raising capital such as Organization and Offering
Expenses, legal, audit, accounting, underwriting, brokerage, listing, registration, and other fees, printing and other such expenses and tax incurred in connection with the issuance, distribution, transfer, registration and listing of the Shares,
(ii) interest payments, (iii) taxes, (iv) non-cash expenditures such as depreciation, amortization and bad debt reserves, (v) Acquisition Expenses, (vi) real estate commissions on the Sale of Property, and (vii) other
fees and expenses connected with the acquisition and disposition of real estate interests, mortgage loans or other property. 
 Operating
Partnership. As such term is defined in the preamble of this Agreement. 
 Operating Partnership Agreement. As such term is
defined in the Declaration of Trust. 
 Organizational and Offering Expenses. As such term is defined in the Declaration of Trust.

 Person. As such term is defined in the Declaration of Trust. 
 Property or Properties. As such term is defined in the Declaration of Trust. 
 Property Management, Leasing and Construction Fees. The Property Management, Leasing and Construction Fees payable to the Advisor or its
Affiliates as set forth in Section 8(c). 
 Prospectus. As such term is defined in the Declaration of Trust. 
 Real Estate Commission Fee on Sale of Property. The Real Estate Commission Fees on Sale of Property payable to the Advisor or its Affiliates as
set forth in Section 8(d). 
 REIT. A real estate investment trust under Section 856 of the Code. 
 Sale or Sales. As such term is defined in the Declaration of Trust. 
 Securities. As such term is defined in the Declaration of Trust. 
 Shareholders. The record
holders of the Company’s Shares as maintained in the Advisor’s books and records. 
 Shares. Any of the Company’s
shares of beneficial interest of any class or series, including the Common Shares. 
  

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 Soliciting Dealers. As such term is defined in the Declaration of Trust. 
 Termination Date. The date of termination of the Agreement. 
 Total Assets. As such term is defined in the Declaration of Trust. 
 Trustee. A member of the
Board of Trustees of the Company. 
 2%/25% Guidelines. The requirement pursuant to the guidelines of the North American Securities
Administrators Association, Inc. that, in any 12 month period, total Operating Expenses not exceed the greater of 2% of the Company’s Average Invested Assets during such 12 month period or 25% of the Company’s Net Income over the same 12
month period. 
 2. Appointment. The Company hereby appoints the Advisor to serve as its advisor on the terms and conditions set forth
in this Agreement, and the Advisor hereby accepts such appointment. 
 3. Duties of the Advisor. The Advisor undertakes to use its
best efforts to present to the Company potential investment opportunities and to provide a continuing and suitable investment program consistent with the investment objectives and policies of the Company as determined and adopted from time to time
by the Board. The Advisor shall devote sufficient resources to the administration of the Company to discharge its obligations hereunder. In performance of this undertaking, subject to the supervision of the Board and consistent with the provisions
set forth herein and in Declaration of Trust and Bylaws of the Company, the Advisor shall, either directly or by engaging an Affiliate: 
 (a) serve as the Company’s investment and financial advisor and provide research and economic and statistical data in connection with the Company’s assets and investment policies; 
 (b) provide the daily management of the Company and perform and supervise the various administrative functions reasonably necessary for the management of
the Company; 
 (c) maintain and preserve the books and records of the Company, including share books and records reflecting a record of the
Shareholders and their ownership of the Company’s uncertificated Shares and acting as transfer agent for the Company’s uncertificated Shares; 
 (d) investigate, select, and, on behalf of the Company, engage and conduct business with such Persons as the Advisor deems necessary to the proper performance of its obligations hereunder, including but not limited to
consultants, accountants, correspondents, lenders, technical advisors, attorneys, brokers, underwriters, corporate fiduciaries, escrow agents, depositaries, custodians, agents for collection, insurers, insurance agents, banks, builders, developers,
property owners, mortgagors, and any and all agents for any of the foregoing, including Affiliates of the Advisor, and Persons acting in any other capacity deemed by the Advisor necessary or desirable for the performance of any of the foregoing
services, including but not limited to entering into contracts in the name of the Company with any of the foregoing; 
 (e) consult with the
officers and the Board of the Company and assist the Board in the formulation and implementation of the Company’s financial policies, and, as necessary, furnish the Board with advice and recommendations with respect to the making of investments
consistent with the investment objectives and policies of the Company and in connection with any borrowings proposed to be undertaken by the Company; 
  

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 (f) subject to the provisions of Paragraphs 3(h) and 4 hereof, (i) locate, analyze and select
potential investments in Properties, (ii) structure and negotiate the terms and conditions of transactions pursuant to which investment in Properties will be made; (iii) make investments in Properties on behalf of the Company or the
Operating Partnership in compliance with the investment objectives and policies of the Company; (iv) arrange for financing and refinancing and make other changes in the asset or capital structure of, and dispose of, reinvest the proceeds from
the sale of, or otherwise deal with the investments in, Property; and (v) enter into leases and service contracts for Property and, to the extent necessary, perform all other operational functions for the maintenance and administration of such
Property; 
 (g) provide the Board with periodic reports regarding prospective investments in Properties; 
 (h) obtain the prior approval of the Board (including a majority of all Independent Trustees) for any and all investments in, or financings or
dispositions of, Properties, except as described herein; 
 (i) negotiate on behalf of the Company with banks or lenders for loans to be made
to the Company, and negotiate on behalf of the Company with investment banking firms and broker-dealers or negotiate private sales of Shares and Securities or obtain loans for the Company, but in no event in such a way so that the Advisor shall be
acting as broker-dealer or underwriter; and provided, further, that any fees and costs payable to third parties incurred by the Advisor in connection with the foregoing shall be the responsibility of the Company; 
 (j) obtain reports (which may be prepared by the Advisor or its Affiliates), where appropriate, concerning the value of investments or contemplated
investments of the Company in Properties; 
 (k) from time to time, or at any time reasonably requested by the Board, make reports to the
Board of its performance of services to the Company under this Agreement; 
 (l) provide the Company with all necessary cash management
services; 
 (m) do all things necessary to assure its ability to render the services described in this Agreement; 
 (n) deliver to or maintain on behalf of the Company copies of all appraisals obtained in connection with the investments in Properties; and 

(o) notify the Board of all proposed material transactions before they are completed. 
 Notwithstanding the foregoing, the Advisor may delegate any of the foregoing duties to any Person so long as the Advisor or any Affiliate remains
responsible for the performance of the duties set forth in this Section 3. 
 4. Authority of Advisor. 
 (a) Pursuant to the terms of this Agreement (including the restrictions included in this Paragraph 4 and in Paragraph 7), and subject to the continuing
and exclusive authority of the Board over the management of the Company, the Board hereby delegates to the Advisor the authority to (1) locate, analyze and select investment opportunities, (2) structure the terms and conditions of
transactions pursuant to which investments will be made or acquired for the Company or the Operating Partnership, (3) acquire Properties in compliance with the investment objectives and policies of the Company, (4) arrange for financing or
refinancing of Properties, (5) enter into leases and service contracts for the 

  

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Company’s Properties, including oversight of Affiliated companies that perform property management services for the Company, (6) oversee
non-affiliated property managers and other non-affiliated Persons who perform services for the Company; and (7) undertake accounting and other record-keeping functions at the Property level. 
 (b) Notwithstanding the foregoing, any investment in Properties, including any acquisition of Property by the Company or the Operating Partnership (as
well as any financing acquired by the Company or the Operating Partnership in connection with such acquisition), will require the prior approval of the Board. The Company shall not purchase or lease properties in which the Advisor or its Affiliates
has an interest without a determination by a majority of the Board, including a majority of any Independent Trustees not otherwise interested in such transaction, that such transaction is competitive and commercially reasonable to the Company and at
a price to the Company no greater than the cost of the property to the Advisor or its Affiliates, unless there is substantial justification for any amount that exceeds such cost and such excess amount is determined to be reasonable. In no event
shall the Company acquire any such property at an amount in excess of its current Appraised Value. The Company shall not sell or lease properties to the Advisor or its Affiliates or to the Company’s Trustees unless a majority of the Board,
including a majority of any Independent Trustees not otherwise interested in the transaction, determine the transaction is fair and reasonable to the Company. 
 (c) If a transaction requires approval by the Independent Trustees, the Advisor will deliver to the Independent Trustees all documents required by them to properly evaluate the proposed investment in the Property.

 The Board may, at any time upon the giving of notice to the Advisor, modify or revoke the authority set forth in this Paragraph 4. If and
to the extent the Board so modifies or revokes the authority contained herein, the Advisor shall henceforth submit to the Board for prior approval such proposed transactions involving investments in Property as thereafter require prior approval,
provided however, that such modification or revocation shall be effective upon receipt by the Advisor and shall not be applicable to investment transactions to which the Advisor has committed the Company prior to the date of receipt by the Advisor
of such notification. 
 5. Bank Accounts. The Advisor may establish and maintain one or more bank accounts in its own name for the
account of the Company or in the name of the Company 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 Company, under such terms and conditions as the Board may
approve, provided that no funds shall be commingled with the funds of the Advisor; and the Advisor shall from time to time render appropriate accountings of such collections and payments to the Board and to the auditors of the Company. 

6. Records; Access. The Advisor shall maintain appropriate records of all its activities hereunder and make such records available for
inspection by the Board and by counsel, auditors and authorized agents of the Company, at any time or from time to time during normal business hours. The Advisor shall at all reasonable times have access to the books and records of the Company.

 7. Limitations on Activities. Anything else in this Agreement to the contrary notwithstanding, the Advisor shall refrain from
taking any action which, in its sole judgment made in good faith, would (a) adversely affect the qualification of the Company as a REIT under the Code, (b) subject the Company to regulation under the Investment Company Act of 1940, as
amended, or (c) violate any law, rule, regulation or statement of policy of any governmental body or agency having jurisdiction over the Company, its Shares or its Securities, or otherwise not be permitted by the Declaration of Trust or Bylaws
of the Company, except if such action shall be ordered by the Board, in which case the Advisor shall notify promptly the Board of the Advisor’s judgment of the potential impact 

  

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of such action and shall refrain from taking such action until it receives further clarification or instructions from the Board. In such event the Advisor
shall have no liability for acting in accordance with the specific instructions of the Board so given. Notwithstanding the foregoing, the Advisor, its directors, officers, employees and stockholders, and stockholders, directors and officers of the
Advisor’s Affiliates shall not be liable to the Company or to the Board or Shareholders for any act or omission by the Advisor, its directors, officers or employees, or stockholders, directors or officers of the Advisor’s Affiliates except
as provided in Paragraphs 18 and 19 of this Agreement. 
 8. Fees. 
 (a) Investment Management Fee. The Advisor shall be paid as compensation for the advisory services rendered to the Company hereunder an investment
management fee (the “Investment Management Fee”). The Investment Management Fee shall be payable in cash or stock, subject to certain restrictions, at the option of the Advisor, and may be deferred, in whole or in part, from time to time,
by the Advisor (without interest). The Investment Management Fee will consist of (i) a monthly fee equal to one twelfth of 0.6% of the aggregate cost (before non-cash reserves and depreciation) of all real estate investments within the
Company’s portfolio and (ii) a monthly fee equal to 7% of the aggregate monthly Net Operating Income derived from all real estate investments within the Company’s portfolio. The Investment Management Fee shall be calculated monthly,
and the Investment Management Fee calculated with respect to each month shall be payable monthly in arrears within ten days from the end of each calendar month during the term hereof. 
 In the event that a fee payable by the Company to the Advisor between the Effective Date and Listing pursuant to this Section 8(a) cannot be paid in
full due to the restrictions in Section 11, then the unpaid portion of the fee shall be deferred until such time as it may be paid in a later period without restriction under Section 11. 
 (b) Acquisition Fees. The Advisor or its Affiliates shall receive as compensation for services rendered in connection with the investigation,
selection and acquisition (by purchase, investment or exchange) of Property an Acquisition Fee payable by the Company. The Advisor or its Affiliates shall be paid up to 1% of (i) the Contract Purchase Price of Property acquired by the Company,
including any debt attributable to such investments, or (ii) when the Company makes an investment indirectly through another entity, such investment’s pro rata share of the gross asset value of Property held by that entity. However, the
total of all Acquisition Fees and Acquisition Expenses payable with respect to any Property or Properties shall not exceed an amount equal to 6% of the Contract Purchase Price, or in the case of a Mortgage, 6% of the funds advanced, provided,
however, that a majority of the Board of Trustees (including a majority of the Independent Trustees) not otherwise interested in the transaction may approve fees and expenses in excess of this limit if they determine the transaction to be
commercially competitive, fair and reasonable to the Company. 
 (c) Property Management, Leasing and Construction Fees. The Advisor
or its Affiliates shall receive as compensation for services rendered with respect to any Property, Property Management, Leasing and Construction Fees based upon the customary property management, leasing and construction supervision fees applicable
to the geographic location and type of a Property. Such fees for each service provided shall range from 2% to 5% of gross revenues received from a Property the Company owns. 
 (d) Real Estate Commission Fee on Sale of Property. The Company shall pay the Advisor or its Affiliates a Real Estate Commission Fee upon Sale of
one or more Properties, in an amount equal to the lesser of (i) one-half of the Competitive Real Estate Commission, or (ii) 3% of the sales price of such Property or Properties. Payment of such fee may be made only if the Advisor or its
Affiliates provides a substantial amount of services in connection with the Sale of Property or Properties, as determined by a 

  

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majority of the Independent Trustees. In addition, the amount paid when added to all other real estate commissions paid to unaffiliated parties in connection
with such Sale shall not exceed the lesser of the Competitive Real Estate Commission or an amount equal to 6% of the sales price of such Property or Properties. 
 (e) Operating Partnership Interests. An Affiliate of the Advisor has been issued one Class B limited partnership interest in the Operating Partnership (the “Class B Interest”). The holder of the Class
B Interest is entitled to distributions in an amount equal to 15% of all Net Sales Proceeds after subtracting (i) the costs of such Sale, (ii) the amount of equity capital invested in such Property which has not been reinvested or returned
to Shareholders and (iii) an amount equal to a 7% annual, uncompounded return on such invested capital. The Class B Interest is subject to redemption in the event of termination of this Agreement as described in the Operating Partnership
Agreement of the Operating Partnership. 
 (f) Loans. Except as set forth in the Declaration of Trust, the Company shall not make any
loans to the Advisor or its Affiliates or to the Company’s Trustees. 
 (g) Review of Fee Structure and Advisor Performance. From
the Effective Date until Listing, the Independent Trustees shall review the fees and expenses and the performance of the Advisor in the manner set forth in the Declaration of Trust. 
 9. Expenses. 
 (a) In addition to the
compensation paid to the Advisor pursuant to Paragraph 8 hereof, the Company shall pay directly or reimburse the Advisor for all of the expenses paid or incurred by the Advisor in connection with the services it provides to the Company pursuant to
this Agreement, including, but not limited to: 
 (i) the Company’s Organizational and Offering Expenses; provided, however, that the
total amount of all Organizational and Offering Expenses shall be reasonable and shall in no event exceed 15% of the Gross Proceeds of each Offering; 
 (ii) the annual cost of goods and materials used by the Company, including brokerage fees paid in connection with the purchase and sale of securities; 
 (iii) administrative services including personnel costs; and 
 (iv) Acquisition Expenses, Disposition expenses, Financing expenses, and Operating Expenses. 
 (b) Expenses
incurred by the Advisor on behalf of the Company and payable pursuant to this Paragraph 9 shall be reimbursed no less than monthly to the Advisor. The Advisor shall prepare a statement documenting the expenses of the Company during each quarter, and
shall deliver such statement to the Company within 45 days after the end of each quarter. 
 10. Other Services. Except as set forth
in the Declaration of Trust and herein, the Company shall not accept goods or services from the Advisor or its Affiliates. 
 11.
Reimbursement to the Advisor. The Company shall not reimburse the Advisor at the end of any fiscal quarter Operating Expenses that, in the four consecutive fiscal quarters then ended (the “Expense Year”) exceed (the “Excess
Amount”) the greater of 2% of Average Invested Assets or 25% of Net Income (the “2%/25% Guidelines”) for such year. Any Excess Amount paid to the Advisor during a 

  

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fiscal quarter shall be repaid to the Company. If there is an Excess Amount in any Expense Year and the Independent Trustees determine that such excess was
justified, based on unusual and nonrecurring factors which they deem sufficient, the Excess Amount may be carried over and included in Operating Expenses in subsequent Expense Years, and reimbursed to the Advisor in one or more of such years,
provided that Operating Expenses in any Expense Year, including any Excess Amount to be paid to the Advisor, shall not exceed the 2%/25% Guidelines. Within 60 days after the end of any fiscal quarter of the Company for which total Operating Expenses
for the Expense Year exceed the 2%/25% Guidelines, there shall be sent to the stockholders a written disclosure of such fact, together with an explanation of the factors the Independent Trustees considered in determining that such excess expenses
were justified. Such determination shall be reflected in the minutes of the meetings of the Board of Trustees. The Company will not reimburse the Advisor or its Affiliates for services for which the Advisor or its Affiliates are entitled to
compensation in the form of a separate fee. All figures used in the foregoing computation shall be determined in accordance with generally accepted accounting principles applied on a consistent basis. 
 12. Other Activities of the Advisor. Nothing herein contained shall prevent the Advisor from engaging in other activities, including, without
limitation, the rendering of advice to other Persons (including other REITs) and the management of other programs advised, sponsored or organized by the Advisor or its Affiliates; nor shall this Agreement limit or restrict the right of any director,
officer, employee, or stockholder of the Advisor or its Affiliates to engage in any other business or to render services of any kind to any other partnership, corporation, firm, individual, trust or association. The Advisor may, with respect to any
investment in which the Company is a participant, also render advice and service to each and every other participant therein. The Advisor shall report to the Board the existence of any condition or circumstance, existing or anticipated, of which it
has knowledge, which creates or could create a conflict of interest between the Advisor’s obligations to the Company and its obligations to or its interest in any other partnership, corporation, firm, individual, trust or association. The
Advisor or its Affiliates shall promptly disclose to the Board knowledge of such condition or circumstance. 
 The Advisor shall be required
to use its reasonable efforts to present a continuing and suitable investment program to the Company which is consistent with the investment policies and objectives of the Company, but neither the Advisor nor any Affiliate of the Advisor shall be
obligated generally to present any particular investment opportunity to the Company even if the opportunity is of a character which, if presented to the Company, could be taken by the Company. 
 From the Effective Date until Listing, in the event that the Advisor is presented with a potential investment which might be made by the Company and by
another investment entity which the Advisor advises or manages, then the entity that has had the longest period of time elapse since it was offered an investment opportunity will first be offered such investment opportunity. Investment opportunities
sourced directly by the Advisor and suitable for the Company will first be presented to the Company before being offered to other programs or accounts. In determining whether or not such an investment opportunity is suitable for more than one
program or account, the Advisor shall examine, among others, the following factors: (i) the degree to which the potential acquisition meets the investment objectives and parameters of each program or account; (ii) the amount of funds
available to each program or account and the length of time such funds have been available for investment; (iii) the effect of the acquisition both on diversification of each program’s or account’s investments by type of property and
geographic area, and on diversification of the tenants of its properties; (iv) the policy of each program or account relating to leverage of properties; (v) the anticipated cash flow of each program or account; (vi) the income tax
effects of the purchase of each program or account; and (vii) the size of the investment. 
 If a subsequent event or development, such
as a delay in the closing of a property or a delay in the construction of a property, causes any such investment, in the opinion of the Board and the Advisor, to be 

  

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more appropriate for a program or account other than the program or account that committed to make the investment, the Advisor may determine that another
program or account affiliated with the Advisor will make the investment. The Board has a duty to ensure that the method used by the Advisor for the allocation of the acquisition of properties by two or more affiliated programs seeking to acquire
similar types of properties shall be reasonable, and has concluded that the procedures described above are reasonable; such procedures will be reviewed regularly by the Board. 
 13. Relationship of Advisor and Company. The Company and the Advisor are not partners or joint venturers with each other, and nothing in this
Agreement shall be construed to make them such partners or joint venturers or impose any liability as such on either of them. 
 14.
Term. This Agreement shall continue in force for a period of one year from the date hereof, subject to an unlimited number of successive one-year renewals upon mutual consent of the parties. It is the duty of the Board to evaluate the
performance of the Advisor annually before renewing the Agreement, and each such renewal shall be for a term of no more than one year. 
 15.
Termination. This Agreement may be terminated upon 60 days written notice without Cause or penalty, by either party (upon approval of a majority of the Independent Trustees of the Company or by the Advisor, as the case may be). This Agreement
may be terminated immediately (i) by the Company for Cause or (ii) by the Advisor for a material breach of this Agreement by the Company which remains uncured after 10 days’ written notice or the bankruptcy of the Company. 

16. Assignment to an Affiliate. This Agreement may be assigned by the Advisor to an Affiliate with the approval of a majority of the Board
(including a majority of the Independent Trustees). The Advisor may assign any rights to receive fees or other payments under this Agreement without obtaining the approval of the Board. This Agreement shall not be assigned by the Company without the
consent of the Advisor, except in the case of an assignment by the Company to a corporation or other organization which is a successor to all of the assets, rights and obligations of the Company, in which case such successor organization shall be
bound hereunder and by the terms of said assignment in the same manner as the Company is bound by this Agreement. 
 17. Payments to and
Duties of Advisor upon Termination. Payments to the Advisor pursuant to this Section 17 shall be subject to the 2%/25% Guidelines to the extent applicable. 
 (a) After the Termination Date, the Advisor shall not be entitled to compensation for further services hereunder except it shall be entitled to receive from the Company within 30 days after the effective date of such
termination all unpaid reimbursements of expenses and all earned but unpaid fees payable to the Advisor prior to termination of this Agreement. 
 (b) The Advisor shall promptly upon termination: 
 (i) pay over to the Company all money collected and held for the account of the
Company pursuant to this Agreement, after deducting any accrued compensation and reimbursement for its expenses to which it is then entitled; 
 (ii) deliver to the Board a full accounting, including a statement showing all payments collected by it and a statement of all money held by it, covering the period following the date of the last accounting furnished to the Board;

 (iii) deliver to the Board all assets, including Properties, and documents of the Company then in the custody of the Advisor; and

  

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 (iv) cooperate with the Company to provide an orderly management transition. 
 18. Indemnification by the Company. The Company shall indemnify and hold harmless the Advisor and its Affiliates, including their respective
officers, directors, partners and employees, from all liability, claims, damages or losses arising in the performance of their duties hereunder, and related expenses, including reasonable attorneys’ fees, to the extent such liability, claims,
damages or losses and related expenses are not fully reimbursed by insurance, subject to any limitations imposed by the laws of the State of Maryland or the Declaration of Trust of the Company. Notwithstanding the foregoing, the Advisor shall not be
entitled to indemnification or be held harmless pursuant to this Paragraph 18 for any activity which the Advisor shall be required to indemnify or hold harmless the Company pursuant to Paragraph 19. Any indemnification of the Advisor may be made
only out of the net assets of the Company and not from Shareholders. 
 19. Indemnification by Advisor. The Advisor shall indemnify
and hold harmless the Company from contract or other liability, claims, damages, taxes or losses and related expenses including attorneys’ fees, to the extent that such liability, claims, damages, taxes or losses and related expenses are not
fully reimbursed by insurance and are incurred by reason of the Advisor’s bad faith, fraud, willful misfeasance, gross negligence or reckless disregard of its duties, but the Advisor shall not be held responsible for any action of the Board of
Trustees in following or declining to follow any advice or recommendation given by the Advisor. 
 20. Notices. Any notice, report or
other communication required or permitted to be given hereunder shall be in writing unless some other method of giving such notice, report or other communication is required by the Declaration of Trust, the Bylaws, or accepted by the party to whom
it is given, and shall be given by being delivered by hand or by overnight mail or other overnight delivery service to the addresses set forth herein: 
  

			
	To the Board, the Company and the Operating Partnership:	 	CB Richard Ellis Realty Trust
		 	515 South Flower Street, Suite 3100
		 	Los Angeles, California 90071
		
	To the Advisor:	 	CBRE Advisors LLC
		 	515 South Flower Street, Suite 3100
		 	Los Angeles, California 90071

 Either party may at any time give notice in writing to the other party of a change in its address
for the purposes of this Paragraph 20. 
 21. Modification. This Agreement shall not be changed, modified, terminated, or discharged,
in whole or in part, except by an instrument in writing signed by both parties hereto, or their respective successors or assignees. 
 22.
Severability. The provisions of this Agreement are independent of and severable from each other, and no provision shall be affected or rendered invalid or unenforceable by virtue of the fact that for any reason any other or others of them may
be invalid or unenforceable in whole or in part. 
 23. Construction. The provisions of this Agreement shall be construed and
interpreted in accordance with the laws of the State of New York, notwithstanding any New York or other conflict-of-law provisions to the contrary. 
  

 - 11 - 

 24. Entire Agreement. This Agreement contains the entire agreement and understanding among the
parties hereto with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject
matter hereof. The express terms hereof control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms hereof. This Agreement may not be modified or amended other than by an agreement in writing.

 25. Indulgences, not Waivers. Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or
privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege,
nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in
writing and is signed by the party asserted to have granted such waiver. 
 26. Gender. Words used herein regardless of the number and
gender specifically used, shall be deemed and construed to include any other number, singular or plural, and any other gender, masculine, feminine or neuter, as the context requires. 
 27. Titles not to Affect Interpretation. The titles of paragraphs and subparagraphs contained in this Agreement are for convenience only, and they
neither form a part of this Agreement nor are they to be used in the construction or interpretation hereof. 
 28. Execution in
Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same
instrument. 
 This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the
signatures of all of the parties reflected hereon as the signatories. 
 29. Voting of Shares. From the Effective Date until Listing,
neither the Trustees, the Advisor nor their Affiliates will vote or consent to the voting of Shares they own on the date hereof or hereafter acquire on matters submitted to the Shareholders regarding either (1) the removal of the Advisor, any
Trustee or any Affiliate, or (2) any transaction between the Company or the Operating Partnership and the Advisor, any Trustee or any Affiliate. 
 [Signatures appear on next page.] 
  

 - 12 - 

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

  

					
	 CB RICHARD ELLIS REALTY TRUST

		
	 By:
	 	  
		 	 Name:
	 	 Jack Cuneo

		 	 Title:
	 	 President and Chief Executive Officer

	
	 CBRE OPERATING PARTNERSHIP, L.P.

		
	 By:
	 	 CB Richard Ellis Realty Trust, as general partner

		
	 By:
	 	  
		 	 Name:
	 	 Jack Cuneo

		 	 Title:
	 	 President and Chief Executive Officer

	
	 CBRE ADVISORS LLC

		
	 By:
	 	  
		 	 Name:
	 	 Jack Cuneo

		 	 Title:
	 	 President and Chief Executive OfficerForm of Amended and Restated Indemnification Agreement

 Exhibit 10.18 
 CB RICHARD ELLIS REALTY TRUST 
 AMENDED AND RESTATED INDEMNIFICATION AGREEMENT 
 This AMENDED AND RESTATED INDEMNIFICATION AGREEMENT (the “Agreement”) is made and entered into this first day of
[            ], September, 2006 by and between CB Richard Ellis Realty Trust, a Maryland real estate investment trust (the “Trust”), and
[            ] (the “Indemnitee”). 
 WHEREAS, it is essential that the
Trust be able to retain and attract as trustees and officers the most capable persons available; 
 WHEREAS, the Trust’s Bylaws permit
it to enter into indemnification arrangements and agreements; 
 WHEREAS, the Trust desires to provide the Indemnitee with specific
contractual assurances of the Indemnitee’s rights to full indemnification against litigation risks and expenses (regardless, among other things, of any amendment to or revocation of the Trust’s Bylaws or any change in the ownership of the
Trust or the composition of its Board of Trustees) and, to the extent insurance is available, the coverage of the Indemnitee under the Trust’s trustees and officers liability insurance policies; 
 WHEREAS, the Trust and the Indemnitee are party to an Indemnification Agreement (the “Original Agreement”), dated July 1, 2004, and hereby
wish to amend and restate the Original Agreement; and 
 WHEREAS, the Indemnitee is relying upon the rights afforded under this Agreement in
accepting Indemnitee’s position as a trustee or officer of the Trust. 
 NOW, THEREFORE, in consideration of the mutual promises and
covenants contained herein, the Trust and Indemnitee do hereby covenant and agree as follows: 
 1. Definitions. 
 (a) “Entity” shall mean any corporation, partnership, limited liability company, joint venture, trust, foundation, association,
organization or other legal entity and any group or division of the Trust or any of its subsidiaries. 
 (b)
“Expenses” shall mean all fees, costs and expenses incurred by the Indemnitee in connection with any Proceeding (as defined below), including, without limitation, attorneys’ fees, disbursements and retainers (including, without
limitation, any such fees, disbursements and retainers incurred by Indemnitee pursuant to Section 13 of this Agreement), fees and disbursements of expert witnesses, private investigators and professional advisors (including, without limitation,
accountants), court costs, transcript costs, fees of experts, travel expenses, duplicating, printing and binding costs, telephone and fax transmission charges, postage, delivery services, secretarial services, and other disbursements and expenses.

 (c) “Indemnifiable Expenses,” “Indemnifiable Liabilities” and “Indemnifiable Amounts” shall
have the meanings ascribed to those terms in Section 4 below. 
 (d) “Liabilities” shall mean judgments,
damages, liabilities, losses, penalties, excise taxes, fines and amounts paid in settlement. 

 (e) “Proceeding” shall mean any threatened, pending or completed claim, action,
suit, arbitration, alternate dispute resolution process, investigation, administrative hearing, appeal, or any other proceeding, whether civil, criminal, administrative or investigative, whether formal or informal, including a proceeding initiated
by Indemnitee pursuant to Section 13 of this Agreement to enforce Indemnitee’s rights hereunder. 
 (f) “Trust
Status” describes the status of a person who is serving or has served (i) as a trustee, officer or employee of the Trust, (ii) in any capacity with respect to any employee benefit plan of the Trust, or (iii) as a director,
partner, member, trustee, officer, employee, or agent of any other Entity at the request of the Trust. 
 2. Services of Indemnitee.
In consideration of the Trust’s covenants and commitments hereunder, Indemnitee agrees to serve as a trustee or officer of the Trust. However, this Agreement shall not impose any obligation on Indemnitee or the Trust to continue
Indemnitee’s service to the Trust beyond any period otherwise required by law or by other agreements or commitments of the parties, if any. 
 3. Agreement to Indemnify 
 The Trust shall indemnify Indemnitee, and advance Indemnifiable Expenses to, Indemnitee
(a) as specifically provided in this Agreement and (b) otherwise to the fullest extent permitted by Maryland law in effect on the date hereof and as amended from time to time; provided, however, that no change in Maryland law shall have
the effect of reducing the benefits available to Indemnitee hereunder based on Maryland law as in effect on the date hereof. The rights of Indemnitee provided in this Section shall include, but shall not be limited to, the rights set forth in the
other Sections of this Agreement, including any additional indemnification permitted by Section 2-418(g) of the Maryland General Corporation Law (the “MGCL”). 
 4. Proceedings Other Than Proceedings by or in the Right of the Trust. Indemnitee shall be entitled to the rights of indemnification provided in
this Section 4 if, by reason of his Trust Status, he is, or is threatened to be, made a party to any threatened, pending, or completed Proceeding, other than a Proceeding by or in the right of the Trust. Pursuant to this Section 4,
Indemnitee shall be indemnified by the Trust against all Expenses and Liabilities incurred by him or on his behalf in connection with a Proceeding by reason of his Trust Status (referred to herein as “Indemnifiable Expenses” and
“Indemnifiable Liabilities,” respectively, and collectively as “Indemnifiable Amounts”) if it is established that (i) Indemnitee has determined, in good faith, that the course of conduct which caused the Expenses and
Liabilities was in the best interests of the Trust; (ii) Indemnitee was acting on behalf of or performing services for the Trust; (iii) such Expenses and Liabilities were not the result of (a) negligence or misconduct by Indemnitee,
excluding Indemnitee acting as an independent trustee of the Trust; or (b) gross negligence or willful misconduct by Indemnitee acting as an independent trustee of the Trust; and (iv) such indemnification is recoverable only out of the
Trust’s net assets and not from its shareholders. In the case of any criminal Proceeding, the Indemnitee must not have had reasonable cause to believe that his conduct was unlawful. 
 5. Proceedings by or in the Right of the Trust. Indemnitee shall be entitled to the rights of indemnification provided in this Section 5 if,
by reason of his Trust Status, he is made a party to any threatened, pending or completed Proceeding brought by or in the right of the Trust to procure a judgment in its favor. Pursuant to this Section 5, Indemnitee shall be indemnified against
all amounts paid in settlement and all Indemnifiable Expenses incurred by him or on his behalf in connection with such Proceeding if it is established that (i) Indemnitee has determined, in good faith, that the course of conduct which caused
the Expenses and Liabilities was in the best interests of the Trust; (ii) Indemnitee was 

  

 2 

 
acting on behalf of or performing services for the Trust; (iii) such Expenses and Liabilities were not the result of (a) negligence or misconduct
by Indemnitiee, excluding Indemnitee acting as an independent trustee of the Trust; or (b) gross negligence or willful misconduct by Indemnitee acting as an independent trustee of the Trust; and (iv) such indemnification is recoverable
only out of the Trust’s net assets and not from its shareholders.; provided, however, that no indemnification against such Indemnifiable Expenses shall be made in respect of any Proceeding in which Indemnitee shall have been adjudged to be
liable to the Trust. 
 6. Indemnification for Violations of Securities Laws. Notwithstanding any other provisions of this Agreement,
Indemnitee and any persons acting as a broker-dealer shall not be indemnified by the Trust for any Expenses arising from or out of an alleged violation of federal or state securities laws by such Indemnitee unless it is established that
(i) there has been a successful adjudication on the merits of each count involving alleged securities law violations as to Indemnitee; (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction
as to Indemnitee; or (iii) a court of competent jurisdiction approves a settlement of the claims against Indemnitee and finds that indemnification of the settlement and the related costs should be made, and the court considering the request for
indemnification has been advised of the position of the Securities and Exchange Commission and of the published position of any state securities regulatory authority in which securities of the Trust were offered or sold as to indemnification for
violations of securities laws. 
 7. Court-Ordered Indemnification. A court of appropriate jurisdiction, upon application of a trustee
or officer and such notice as the court shall require, may order indemnification in the following circumstances: 
 (a) if it
determines a trustee or officer is entitled to Indemnifiable Amounts under Section 2-418(d)(1) of the MGCL, the court shall order indemnification, in which case the trustee or officer shall be entitled to recover the expenses of securing such
Indemnifiable Amounts; or 
 (b) if it determines that the trustee or officer is fairly and reasonably entitled to
indemnification in view of all the relevant circumstances, whether or not the trustee or officer (i) has met the standards of conduct set forth in Section 2-418(b) of the MGCL or (ii) has been adjudged liable for receipt of an
improper personal benefit under Section 2-148(c) of the MGCL, the court may order such indemnification as the court shall deem proper. However, indemnification with respect to any Proceeding by or in the right of the Trust or in which liability
shall have been adjudged in the circumstances described in Section 2-418(c) of the MGCL shall be limited to Indemnifiable Expenses. 
 8. Procedure for Payment of Indemnifiable Amounts. Indemnitee shall submit to the Trust a written request specifying the applicable Indemnifiable Amounts for which Indemnitee seeks payment under this Agreement and the basis for the
claim. Subject to the exceptions set forth in Sections 4 and 5, the Trust shall pay such applicable Indemnifiable Amounts to Indemnitee within twenty (20) calendar days of receipt of the request. At the request of the Trust, Indemnitee shall
furnish such documentation and information as are reasonably available to Indemnitee and necessary to establish that Indemnitee is entitled to indemnification hereunder. 
 9. Indemnification for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provision of this Agreement, and without limiting any such provision to the extent that Indemnitee is, by
reason of Indemnitee’s Trust Status, a party to and is successful, on the merits or otherwise, in any Proceeding, Indemnitee shall be indemnified for all Indemnifiable Expenses incurred by Indemnitee or on Indemnitee’s behalf in connection
therewith. Without limiting any other rights of Indemnitee in this Agreement, if Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in
such 

  

 3 

 
Proceeding, the Trust shall indemnify Indemnitee for all Indemnifiable Expenses incurred by Indemnitee or on Indemnitee’s behalf in connection with each
successfully resolved claim, issue or matter. For purposes of this Agreement, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim,
issue or matter. 
 10. Effect of Certain Resolutions. Neither the settlement nor termination of any Proceeding nor the failure of the
Trust to award indemnification or to determine that indemnification is payable shall create an adverse presumption that Indemnitee is not entitled to indemnification hereunder. In addition, the termination of any Proceeding by judgment, order or
settlement shall not create a presumption that the act or omission of the Indemnitee was material to the matter giving rise to the Proceeding and was committed in bad faith or was the result of active and deliberate dishonesty or the Indemnitee
actually received an improper personal benefit in money, property or services or with respect to any criminal action or proceeding, had reasonable cause to believe that Indemnitee’s action was unlawful. The termination of any Proceeding by
conviction, or upon a plea of nolo contendere or its equivalent, or an entry of an order of probation prior to judgment, does not create a rebuttable presumption that the Indemnitee did not meet the requisite standard of conduct. In addition, the
termination of or resignation by Indemnitee shall not create an adverse presumption that Indemnitee is not entitled to indemnification hereunder. 
 11. Agreement to Advance Interim Expenses. The Trust shall pay to Indemnitee all Indemnifiable Expenses incurred by Indemnitee in connection with any Proceeding, including a Proceeding by or in the right of the Trust, in advance of
the final disposition of such Proceeding, only if all of the following conditions are satisfied: (i) the Proceeding relates to acts or omissions with respect to the performance of duties or services on behalf of the Trust; (ii) the
Proceeding is initiated by a third party who is not a shareholder of the Trust or the Proceeding is initiated by a shareholder of the Trust acting in his or her capacity as such and a court of competent jurisdiction specifically approves such
advancement; and (iii) Indemnitee undertakes to repay the advanced funds to the Trust, together with the applicable legal rate of interest thereon, in cases in which such Indemnitee is found not to be entitled to indemnification. The terms and
conditions of such undertaking shall be determined by a quorum of the disinterested members of the Board of Trustees, if any, acting in good faith and as required by the proper exercise of their duties or, if not available, then by the written
opinion of independent legal counsel or by the Trust’s shareholders. 
 12. Procedure for Payment of Interim Expenses. Indemnitee
shall submit to the Trust a written request specifying the Indemnifiable Expenses for which Indemnitee seeks an advancement under Section 11 of this Agreement, together with documentation evidencing that Indemnitee has incurred such
Indemnifiable Expenses. Payment of Indenmifiable Expenses under Section 11 shall be made no later than twenty (20) calendar days after the Trust’s receipt of such request and the affirmation and undertaking required by
Section 11. 
 13. Remedies of Indemnitee. 
 (a) Right to Petition Court. In the event that Indemnitee makes a request for payment of Indemnifiable Amounts under Sections 3, 4
and 5 above or a request for an advancement of Indemnifiable Expenses under Sections 11 and 12 above and the Trust fails to make such payment or advancement in a timely manner pursuant to the terms of this Agreement, Indemnitee may petition the
appropriate judicial authority to enforce the Trust’s obligations under this Agreement. 
 (b) Expenses. The Trust
agrees to reimburse Indemnitee in full for any Expenses incurred by Indemnitee in connection with investigating, preparing for, litigating, defending or settling 

  

 4 

 
any action brought by Indemnitee under Section 13(a) above, or in connection with any claim or counterclaim brought by the Trust in connection
therewith. 
 (c) Validity of Agreement. The Trust shall be precluded from asserting in any Proceeding, including,
without limitation, an action under Section 13(a) above, that the provisions of this Agreement are not valid, binding and enforceable or that there is insufficient consideration for this Agreement and shall stipulate in court that the Trust is
bound by all the provisions of this Agreement. 
 (d) Failure to Act Not a Defense. The failure of the Trust (including
its Board of Trustees or any committee thereof, independent legal counsel, or shareholders) to make a determination concerning the permissibility of the payment of Indemnifiable Amounts or the advancement of Indemnifiable Expenses under this
Agreement shall not be a defense in any action brought under Section 13(a) above, and shall not create a presumption that such payment or advancement is not permissible. 
 14. Representations and Warranties of the Trust. The Trust hereby represents and warrants to Indemnitee as follows: 
 (a) Authority. The Trust has all necessary trust power and authority to enter into, and be bound by the terms of, this Agreement,
and the execution, delivery and performance of the undertakings contemplated by this Agreement have been duly authorized by the Trust. 
 (b) Enforceability. This Agreement, when executed and delivered by the Trust in accordance with the provisions hereof, shall be a legal, valid and binding obligation of the Trust, enforceable against the Trust
in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, moratorium, reorganization or similar laws affecting the enforcement of creditors’ rights generally or general equitable
principles, and to the extent limited by applicable federal or state securities laws. 
 15. Insurance. The Trust will use
commercially reasonable efforts to obtain and maintain a policy or policies of insurance with reputable insurance companies providing the members of the Board of Trustees with coverage for losses from wrongful acts, and to ensure the Trust’s
performance of its indemnification obligations under this Agreement. In all policies of trustee and officer liability insurance, Indemnitee shall be named as an insured in such a manner as to provide Indemnitee at least the same rights and benefits
as are accorded to the most favorably insured of the Trust’s officers and trustees. Notwithstanding the foregoing, if the Trust, after employing commercially reasonable efforts as provided in this Section, determines in good faith that such
insurance is not reasonably available, if the premium costs for such insurance are disproportionate to the amount of coverage provided, or if the coverage provided by such insurance is limited by exclusions so as to provide an insufficient benefit,
the Trust shall use its commercially reasonable efforts to obtain and maintain a policy or policies of insurance with coverage having features as similar as practicable to those described above. 
 16. Fees and Expenses. During the term of the Indemnitee’s service as a trustee or officer, the Trust shall promptly reimburse the Indemnitee
for all expenses incurred by him in connection with his service as a trustee or officer or member of any board committee or otherwise in connection with the Trust’s business. 
 17. Contract Rights Not Exclusive. The rights to payment of Indemnifiable Amounts and advancement of Indemnifiable Expenses provided by this
Agreement shall be in addition to, but not exclusive of, any other rights which Indemnitee may have at any time under applicable law, the Trust’s Bylaws, as amended, Declaration of Trust, or any other agreement, vote of shareholders or
trustees, or 

  

 5 

 
otherwise, both as to action in Indemnitee’s official capacity and as to action in any other capacity as a result of Indemnitees’s serving as a
trustee or officer of the Trust. 
 18. Successors. This Agreement shall be (a) binding upon all successors and assigns of the
Trust (including any transferee of all or a substantial portion of the business, shares and/or assets of the Trust and any direct or indirect successor by merger or consolidation or otherwise by operation of law) and (b) binding on and shall
inure to the benefit of the heirs, personal representatives, executors and administrators of Indemnitee. This Agreement shall continue for the benefit of Indemnitee and such heirs, personal representatives, executors and administrators after
Indemnitee has ceased to have Trust Status. 
 19. Subrogation. In the event of any payment of Indemnifable Amounts under this
Agreement, the Trust shall be subrogated to the extent of such payment to all of the rights of contribution or recovery of Indemnitee against other persons, and Indemnitee shall take, at the request of the Trust, all reasonable action necessary to
secure such rights, including the execution of such documents as are necessary to enable the Trust to bring suit to enforce such rights. 
 20. Change in Law. To the extent that a change in applicable law (whether by statute or judicial decision) shall permit broader indemnification than is provided under the terms of the Declaration of Trust, as amended, or Bylaws of
the Trust and this Agreement, Indemnitee shall be entitled to such broader indemnification and this Agreement shall be deemed to be amended to such extent. 
 21. Severability. Whenever possible, each provision of this Agreement shall be interpreted in such a manner as to be effective and valid under applicable law, but if any provision of this Agreement, or any
clause thereof, shall be determined by a court of competent jurisdiction to be illegal, invalid or unenforceable, in whole or in part, such provision or clause shall be limited or modified in its application to the minimum extent necessary to make
such provision or clause valid, legal and enforceable, and the remaining provisions and clauses of this Agreement shall remain fully enforceable and binding on the parties. 
 22. Indemnitee as Plaintiff. Except as provided in Section 13 of this Agreement and in the next sentence, Indemnitee shall not be entitled to
payment of Indemnifiable Amounts or advancement of Indemnifiable Expenses with respect to any Proceeding brought by Indemnitee against the Trust, any Entity which it controls, any trustee or officer thereof, or any third party, unless (a) the
Proceeding is brought to enforce indemnification under this Agreement or otherwise or (b) the Trust’s Bylaws, the Declaration of Trust, as amended, a resolution of the Board of Trustees or an agreement approved by the Board of Trustees to
which the Trust is party expressly provide otherwise. This Section shall not apply to affirmative defenses asserted by Indemnitee in an action brought against Indemnitee. 
 23. Modifications and Waiver. Except as provided in Section 20 above with respect to changes in applicable law which broaden the right of Indemnitee to be indemnified by the Trust, no supplement,
modification or amendment of this Agreement shall be binding unless executed in writing by each of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions of this
Agreement (whether or not similar), nor shall such waiver constitute a continuing waiver. 
  

 6 

 24. General Notices. All notices, requests, demands and other communications hereunder shall be in
writing and shall be deemed to have been duly given (a) when delivered by hand, (b) when transmitted by facsimile and receipt is acknowledged, or (c) if mailed by certified or registered mail with postage prepaid, on the third
business day after the date on which it is so mailed: 
  

			
	 (i) If to Indemnitee, to:
	  	[                 ]
		  	c/o CB Richard Ellis Realty Trust
		  	515 South Flower Street
		  	Suite 3100
		  	Los Angeles, CA 90071
		  	Phone: (213) 683-4200
		  	Facsimile: (213) 683-4301
		
	 (ii) If to the Trust, to:
	  	CB Richard Ellis Realty Trust
		  	515 South Flower Street
		  	Suite 3100
		  	Los Angeles, CA 90071
		  	Phone: (213) 683-4200
		  	Facsimile: (213) 683-4301
		  	Attn: Jack Cuneo

 or to such other address as may have been furnished in the same manner by any party to the others. 
 25. Governing Law. This Agreement shall be governed by and construed and enforced under the laws of Maryland without giving effect to the
provisions thereof relating to conflicts of law. To the extent that MGCL conflicts with the provisions set forth in the North American Securities Administrators Association Statement of Policy Regarding Real Estate Investment Trusts (“NASAA
Guidelines”), the NASAA Guidelines control to the extent provisions of the MGCL are not mandatory. 
 26. Agreement Governs. This
Agreement is to be deemed consistent wherever possible with relevant provisions of the Trust’s Bylaws and the Declaration of Trust, as amended; however, in the event of a conflict between this Agreement and such provisions, the provisions of
this Agreement shall control. 
 27. Counterparts. This Agreement may be executed in any number of counterparts and by the parties
hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Each party shall become bound by this Agreement immediately upon affixing
its signature hereto. 
 [Signature Page Follows] 
  

 7 

 IN WITNESS WHEREOF, the parties hereto have executed this Indemnification Agreement as of the day and
year first above written. 
  

					
	 TRUST:

	
	 CB RICHARD ELLIS REALTY TRUST

		
	By:	 	  
		 	 Name:
	 	 [            ]

		 	 Title:
	 	 [            ]

  

			
	 INDEMNITEE:

		
	 By:   
	 	  
		 	 [            ]

  

 8

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