Document:

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                                                                    EXHIBIT 10.3

                FORM OF PROPERTY MANAGEMENT AND LEASING AGREEMENT

        This PROPERTY MANAGEMENT AND LEASING AGREEMENT (this "Management
Agreement") is made and entered into as of the ___ day of _________, 2005, by
and among BEHRINGER HARVARD OPPORTUNITY REIT I, INC., a Maryland corporation
("BH OPPORTUNITY REIT"), BEHRINGER HARVARD OPPORTUNITY OP I, LP, a Texas limited
partnership ("BH OPPORTUNITY LP"), and HPT MANAGEMENT SERVICES LP, Texas limited
partnership (the "Manager").

        WHEREAS, BH OPPORTUNITY LP was organized to acquire, own, operate, lease
and manage real estate properties on behalf of BH OPPORTUNITY REIT;

        WHEREAS, BH OPPORTUNITY REIT intends to raise money from the sale of its
common stock to be used, net of payment of certain offering costs and expenses,
for investment in the acquisition or construction of income-producing real
estate and other real estate-related investments (including the making or
purchase of mortgage loans), some or all of which are to be acquired and held by
Owner (as hereinafter defined) on behalf of BH OPPORTUNITY REIT;

        WHEREAS, Owner intends to continue to retain Manager to manage and
coordinate the leasing of certain of the real estate properties acquired by
Owner under the terms and conditions set forth in this Management Agreement; and

        WHEREAS, the parties desire to amend and restate the Original Management
Agreement in its entirety ion accordance with the terms and provisions hereof;

        NOW, THEREFORE, in consideration of the premises and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto, intending to be legally bound hereby, do
hereby agree, as follows:

                                    ARTICLE I

                                   DEFINITIONS

        Except as otherwise specified or as the context may otherwise require,
the following terms have the respective meanings set forth below for all
purposes of this Management Agreement, and the definitions of such terms are
equally applicable both to the singular and plural forms thereof:

1.1     "Affiliate" means, with respect to any Person, (i) any Person directly
or indirectly owning, controlling or holding, with the power to vote, 10% or
more of the outstanding voting securities of such other Person; (ii) any Person
10% or more of whose outstanding voting securities are directly or indirectly
owned, controlled or held, with the power to vote, by such other Person; (iii)
any Person directly or indirectly controlling, controlled by or under common
control with such other Person; (iv) any executive officer, director, trustee or
general partner of such other Person; and (v) any legal entity for which such
Person acts as an executive officer, director, trustee or general partner.

1.2     "Gross Revenues" means all amounts actually collected as rents or other
charges for the use and occupancy of the Properties, but shall exclude interest
and other investment income of Owner and proceeds received by Owner for a sale,
exchange, condemnation, eminent domain taking, casualty or other disposition of
assets of Owner.

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1.3     "Improvements" means buildings, structures, equipment from time to time
located on the Properties and all parking and common areas located on the
Properties.

1.4     "Intellectual Property Rights" means all rights, titles and interests,
whether foreign or domestic, in and to any and all trade secrets, confidential
information rights, patents, invention rights, copyrights, service marks,
trademarks, know-how, or similar intellectual property rights and all
applications and rights to apply for such rights, as well as any and all moral
rights, rights of privacy, publicity and similar rights and license rights of
any type under the laws or regulations of any governmental, regulatory, or
judicial authority, foreign or domestic and all renewals and extensions thereof.

1.5     "Lease" means, unless the context otherwise requires, any lease or
sublease made by Owner as landlord or by its predecessor.

1.6     "Management Fees" has the meaning set forth in Section 5.1 hereof.

1.7     "Owner" means BH OPPORTUNITY REIT, BH OPPORTUNITY LP and any joint
venture, limited liability company or other Affiliate of BH OPPORTUNITY REIT or
BH OPPORTUNITY LP that owns, in whole or in part, on behalf of BH OPPORTUNITY
REIT, any Properties.

1.8     "Person" means an individual, corporation, association, business trust,
estate, trust, partnership, limited liability company or other legal entity.

1.9     "Properties" means all real estate properties owned by Owner and all
tracts as yet unspecified but to be acquired by Owner containing
income-producing improvements or on which Owner will construct income-producing
improvements.

1.10    "Proprietary Properties" means all modeling algorithms, tools, computer
programs, know-how, methodologies, processes, technologies, ideas, concepts,
skills, routines, subroutines, operating instructions and other materials and
aides used in performing the duties set forth in Article 2 that relate to
management advice, services and techniques regarding current and potential
Properties, and all modifications, enhancements and derivative works of the
foregoing.

                                   ARTICLE II

                APPOINTMENT OF MANAGER; SERVICES TO BE PERFORMED

2.1     APPOINTMENT OF MANAGER. Owner hereby engages and retains Manager as the
manager and as tenant coordinating agent of the Properties, and Manager hereby
accepts such appointment on the terms and conditions hereinafter set forth; it
being understood that this Management Agreement shall cause Manager to be, at
law, Owner's agent upon the terms contained herein.

2.2     GENERAL DUTIES. Manager shall devote its best efforts to performing its
duties hereunder to manage, operate, maintain and lease the Properties in a
diligent, careful and vigilant manner. The services of Manager are to be of
scope and quality not less than those generally performed by professional
property managers of other similar properties in the area. Manager shall make
available to Owner the full benefit of the judgment, experience and advice of
the members of Manager's organization and staff with respect to the policies to
be pursued by Owner relating to the operation and leasing of the Properties.

2.3     SPECIFIC DUTIES. Manager's duties include the following:

                (a)     LEASE OBLIGATIONS. Manager shall perform all duties of
        the landlord under all Leases insofar as such duties relate to
        operation, maintenance, and day-to-day management. Manager shall also
        provide or cause to be provided, at Owner's expense, all services
        normally provided to tenants of like premises, including where
        applicable and without limitation, gas,

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        electricity or other utilities required to be furnished to tenants under
        Leases, normal repairs and maintenance, and cleaning, and janitorial
        service. Manager shall arrange for and supervise the performance of all
        installations and improvements in space leased to any tenant that are
        either expressly required under the terms of the lease of such space or
        that are customarily provided to tenants.

                (b)     MAINTENANCE. Manager shall cause the Properties to be
        maintained in the same manner as similar properties in the area.
        Manager's duties and supervision in this respect shall include, without
        limitation, cleaning of the interior and the exterior of the
        Improvements and the public common areas on the Properties and the
        making and supervision of repair, alterations, and decoration of the
        Improvements, subject to and in strict compliance with this Management
        Agreement and the Leases. Construction activities undertaken by Manager,
        if any, will be limited to activities related to the management,
        operation, maintenance, and leasing of the Property (e.g., repairs,
        renovations, and leasehold improvements).

                (c)     LEASING FUNCTIONS. Manager shall coordinate the leasing
        of the Properties and shall negotiate and use its best efforts to secure
        executed Leases from qualified tenants, and to execute same on behalf of
        Owner, if requested, for available space in the Properties, such Leases
        to be in form and on terms approved by Owner and Manager, and to bring
        about complete leasing of the Properties. Manager shall be responsible
        for the hiring of all leasing agents, as necessary for the leasing of
        the Properties, and to otherwise oversee and manage the leasing process
        on behalf of Owner.

                (d)     NOTICE OF VIOLATIONS. Manager shall forward to Owner
        promptly upon receipt all notices of violation or other notices from any
        governmental authority, and board of fire underwriters or any insurance
        company, and shall make such recommendations regarding compliance with
        such notice as shall be appropriate.

                (e)     PERSONNEL. Any personnel hired by Manager to maintain,
        operate and lease the Property shall be the employees or independent
        contractors of Manager and not of Owner of such Property, BH OPPORTUNITY
        LP or BH OPPORTUNITY REIT. Manager shall use due care in the selection
        and supervision of such employees or independent contractors. Manager
        shall be responsible for the preparation of and shall timely file all
        payroll tax reports and timely make payments of all withholding and
        other payroll taxes with respect to each employee.

                (f)     UTILITIES AND SUPPLIES. Manager shall enter into or
        renew contracts for electricity, gas, steam, landscaping, fuel, oil,
        maintenance and other services as are customarily furnished or rendered
        in connection with the operation of similar rental property in the area.

                (g)     EXPENSES. Manager shall analyze all bills received for
        services, work and supplies in connection with maintaining and operating
        the Properties, pay all such bills when due, and, if requested by Owner,
        pay, when due, utility and water charges, sewer rent and assessments,
        and any other amount payable in respect to the Properties. All bills
        shall be paid by Manager within the time required to obtain discounts,
        if any. Owner may from time to time request that Manager forward certain
        bills to Owner promptly after receipt, and Manager shall comply with any
        such request. Manager shall pay all bills, assessments, real property
        taxes, insurance premiums and any other amount payable in respect to the
        Properties out of the Account (as hereinafter defined). All expenses
        shall be billed at net cost (I.E., less all rebates, commissions,
        discounts and allowances, however designed).

                (h)     MONIES COLLECTED. Manager shall timely collect all rent
        and other monies, in the form of a check or money order, from tenants
        and any sums otherwise due Owner with respect to the Properties in the
        ordinary course of business. Owner authorizes Manager to request,
        demand,

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        collect and provide receipt for all such rent and other monies and to
        institute legal proceedings in the name of Owner for the collection
        thereof and for the dispossession of any tenant in default under its
        Lease.

                (i)     BANKING ACCOMMODATIONS. Manager shall establish and
        maintain a separate checking account (the "Account") for funds relating
        to the Properties. All monies deposited from time to time in the Account
        shall be deemed to be trust funds and shall be and remain the property
        of Owner and shall be withdrawn and disbursed by Manager for the account
        of Owner only as expressly permitted by this Management Agreement for
        the purposes of performing the obligations of Manager hereunder. No
        monies collected by Manager on Owner's behalf shall be commingled with
        funds of Manager. The Account shall be maintained, and monies shall be
        deposited therein and withdrawn therefrom, in accordance with the
        following:

                        (i)     All sums received from rents and other income
                                from the Properties shall be promptly deposited
                                by Manager in the Account. Manager shall have
                                the right to designate two or more persons who
                                shall be authorized to draw against the Account,
                                but only for purposes authorized by this
                                Management Agreement.

                        (ii)    All sums due to Manager hereunder, whether for
                                compensation, reimbursement for expenditures, or
                                otherwise, as herein provided, shall be a charge
                                against the operating revenues of the Properties
                                and shall be paid and/or withdrawn by Manager
                                from the Account prior to the making of any
                                other disbursements therefrom.

                        (iii)   By the 15th day after the end of each month,
                                Manager shall forward to Owner all monies
                                contained in the Account other than a reserve of
                                $5,000 and any other amounts otherwise provided
                                in the budget, which shall remain in the
                                Account.

                (j)     OWNERSHIP AGREEMENTS. Manager has received copies of
        (and will be provided with copies of future) Articles of Incorporation,
        Agreements of Limited Partnership, Joint Venture Partnership Agreements
        and Operating Agreements, each as may be amended from time to time, of
        Owner, as applicable (the "Ownership Agreements") and is familiar with
        the terms thereof. Manager shall use reasonable care to avoid any act or
        omission that, in the performance of its duties hereunder, shall in any
        way conflict with the terms of Ownership Agreements.

                (k)     SIGNS. Manager shall place and remove, or cause to be
        placed and removed, such signs upon the Properties as Manager deems
        appropriate, subject, however, to the terms and conditions of the Leases
        and to any applicable ordinances and regulations.

2.4     APPROVAL OF LEASES, CONTRACTS, ETC. In fulfilling its duties to Owner,
Manager may and hereby is authorized to enter into any leases, contracts or
agreements on behalf of Owner in the ordinary course of the management,
operation, maintenance and leasing of the Property.

2.5     ACCOUNTING, RECORDS AND REPORTS.

                (a)     RECORDS. Manager shall maintain all office records and
        books of account and shall record therein, and keep copies of, each
        invoice received from services, work and supplies ordered in connection
        with the maintenance and operation of the Properties. Such records shall
        be maintained on a double entry basis. Owner and persons designated by
        Owner shall at all reasonable time have access to and the right to audit
        and make independent examinations of such records, books and accounts
        and all vouchers, files and all other material pertaining to the
        Properties and this Management Agreement, all of which Manager agrees to
        keep safe, available

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        and separate from any records not pertaining to the Properties, at a
        place recommended by Manager and approved by Owner.

                (b)     MONTHLY REPORTS. On or before the 15th day after the end
        of each month during the term of this Management Agreement, Manager
        shall prepare and submit to Owner the following reports and statements:

                        (i)     rental collection record;

                        (ii)    monthly operating statement;

                        (iii)   copy of cash disbursements ledger entries for
                                such period, if requested;

                        (iv)    copy of cash receipts ledger entries for such
                                period, if requested;

                        (v)     the original copies of all contracts entered
                                into by Manager on behalf of Owner during such
                                period, if requested; and

                        (vi)    copy of ledger entries for such period relating
                                to security deposits maintained by Manager, if
                                requested.

                (c)     BUDGETS AND LEASING PLANS. Not later than November 15 of
        each calendar year, Manager shall prepare and submit to Owner for its
        approval an operating budget and a marketing and leasing plan on each
        Property for the calendar year immediately following such submission. In
        connection with any acquisition of a Property by Owner, Manager shall
        prepare a budget and marketing and leasing plan for the remainder of the
        calendar year. The budget and marketing and leasing plan shall be in the
        form of the budget and plan approved by Owner prior to the date thereof.
        As often as reasonably necessary during the period covered by any such
        budget, Manager may submit to Owner for its approval an updated budget
        or plan incorporating such changes as shall be necessary to reflect cost
        over-runs and the like during such period. If Owner does not disapprove
        any such budget within 30 days after receipt thereof by Owner, such
        budget shall be deemed approved. If Owner shall disapprove any such
        budget or plan, it shall so notify Manager within said 30-day period and
        explain the reasons therefor. If Owner disapproves of any budget or
        plan, Manager shall submit a revised budget or plan, as applicable,
        within 10 (ten) days of receipt of the notice of disapproval, and Owner
        shall have 10 (ten) days to provide notice to Manager if it disapproves
        of any such revised budget or plan. Manager will not incur any costs
        other than those estimated in any budget except for:

                        (i)     tenant improvements and real estate commissions
                                required under a Lease;

                        (ii)    maintenance or repair costs under $5,000 per
                                Property;

                        (iii)   costs incurred in emergency situations in which
                                action is immediately necessary for the
                                preservation or safety of the Property, or for
                                the safety of occupants or other persons (or to
                                avoid the suspension of any necessary service of
                                the Property);

                        (iv)    expenditures for real estate taxes and
                                assessment; and

                        (v)     maintenance supplies calling for an aggregate
                                purchase price less than $25,000 per annum for
                                all Properties.

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        Budgets prepared by Manager shall be for planning and informational
        purposes only, and Manager shall have no liability to Owner for any
        failure to meet any such budget. However, Manager will use its best
        efforts to operate within the approved budget.

                (d)     LEGAL REQUIREMENTS. Manager shall execute and file when
        due all forms, reports, and returns required by law relating to the
        employment of its personnel. Manager shall be responsible for notifying
        Owner in the event it receives notice that any Improvement on a Property
        or any equipment therein does not comply with the requirements of any
        statute, ordinance, law or regulation of any governmental body or of any
        public authority or official thereof having or claiming to have
        jurisdiction thereover. Manager shall promptly forward to Owner any
        complaints, warnings, notices or summonses received by it relating to
        such matters. Owner represents that to the best of its knowledge each of
        its Properties and any equipment thereon will upon acquisition by Owner
        comply with all such requirements. Owner authorizes Manager to disclose
        the ownership of the Property by Owner to any such officials. Owner
        agrees to indemnify, protect, defend, save and hold Manager and its
        stockholders, officers, directors, employees, managers, successors and
        assigns (collectively, the "Indemnified Parties") harmless of and from
        any and all Losses (as defined in Section 3.5(a) hereof) that may be
        imposed on them or any or all of them by reason of the failure of Owner
        to correct any present or future violation or alleged violation of any
        and all present or future laws, ordinances, statutes, or regulations of
        any public authority or official thereof, having or claiming to have
        jurisdiction thereover, of which it has actual notice.

2.6     GUARANTY OF DEPOSITS. Should Owner acquire real property from Behringer
Development Company LP, a Texas limited partnership ("Behringer Development"),
Manager hereby guarantees the full, prompt and unconditional refund of any
earnest money deposit paid by Owner to Behringer Development should Owner be
entitled to such refund as a result of (i) the failure of Behringer Development
to develop the property, (ii) the failure of all or a specified portion of the
pre-leased tenants to take possession under their leases for any reason, or
(iii) the inability of Owner to pay the full purchase price at closing.

                                   ARTICLE III

           AUTHORITY GRANTED TO MANAGER AND CERTAIN OWNER OBLIGATIONS

3.1     AUTHORITY AS TO TENANTS, ETC. Owner agrees and does hereby give Manager
the following exclusive authority and powers (all of which shall be exercised
either in the name of Manager, as Manager for Owner, or in the name or Owner
entered into by Manager as Owner's authorized agent, and Owner shall assume all
expenses in connection with such matters):

                (a)     to advertise each Property or any part thereof and to
        display signs thereon, as permitted by law;

                (b)     to lease the Properties to tenants;

                (c)     to pay all expenses of leasing such Property, including
        but not limited to, newspaper and other advertising, signage, banners,
        brochures, referral commissions, leasing commissions, finder's fees and
        salaries, bonuses and other compensation of leasing personnel
        responsible for the leasing of the Property;

                (d)     to cause references of prospective tenants to be
        investigated, it being understood and agreed by the parties hereto that
        Manager does not guarantee the creditworthiness or collectibility of
        accounts receivable from tenants, users or lessees; and to negotiate new
        Leases

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        and renewals and cancellations of existing Leases that shall be subject
        to Manager obtaining Owner's approval;

                (e)     to collect from tenants all or any of the following: a
        late rent administrative charge, a non-negotiable check charge, credit
        report fee, a subleasing administrative charge and/or broker's
        commission; and Manager need not account for such charges and/or
        commission to Owner;

                (f)     to terminate tenancies and to sign and serve in the name
        of Owner of each Property such notices as are deemed necessary by
        Manager;

                        (i)     to institute and prosecute actions to evict
                                tenants and to recover possession of the
                                Property or portions thereof;

                        (ii)    with Owner's authorization, to sue for and in
                                the name of Owner and recover rent and other
                                sums due; and to settle, compromise, and release
                                such actions or suits, or reinstate such
                                tenancies. All expenses of litigation including,
                                but not limited to, attorneys' fees, filing
                                fees, and court costs that Manager shall incur
                                in connection with the collecting of rent and
                                other sums, or to recover possession of any
                                Property or any portion thereof, shall be deemed
                                to be an operational expense of the Property.
                                Manager and Owner shall concur on the selection
                                of the attorneys to handle such litigation.

3.2     OPERATIONAL AUTHORITY. Owner agrees and does hereby give Manager the
following exclusive authority and powers (all of which shall be exercised either
in the name of Manager, as Manager for Owner, or in the name or Owner entered
into by Manager as Owner's authorized agent, and Owner shall assume all expenses
in connection with such matters):

        (a)     to hire, supervise, discharge, and pay all labor required for
        the operation and maintenance of each Property including but not limited
        to on-site personnel, managers, assistant managers, leasing consultants,
        engineers, janitors, maintenance supervisors and other employees
        required for the operation and maintenance of the Property, including
        personnel spending a portion of their working hours (to be charged on a
        pro rata basis) at the Property. All expenses of such employment shall
        be deemed operational expenses of the Property.

        (b)     to make or cause to be made all ordinary repairs and
        replacements necessary to preserve each Property in its present
        condition and for the operating efficiency thereof and all alterations
        required to comply with lease requirements, and to decorate the
        Property;

        (c)     to negotiate and enter into, as Manager of the Property,
        contracts for all items on budgets that have been approved by Owner, any
        emergency services or repairs for items not exceeding $5,000,
        appropriate service agreements and labor agreements for normal operation
        of the Property, which have terms not to exceed three years, and
        agreements for all budgeted maintenance, minor alterations, and utility
        services, including, but not limited to, electricity, gas, fuel, water,
        telephone, window washing, scavenger service, landscaping, snow removal,
        pest exterminating, decorating and legal services in connection with the
        Leases and service agreements relating to the Property, and other
        services or such of them as Manager may consider appropriate; and

        (d)     to purchase supplies and pay all bills.

Manager shall use its best efforts to obtain the foregoing services and
utilities for the Property under terms that are as cost-effective and otherwise
favorable to Manager as possible for the quality of services and utilities
required. Owner hereby appoints Manager as Owner's authorized Manager for the
purpose

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of executing, as Manager for said Owner, all such contracts. In addition, Owner
agrees to specifically assume in writing all obligations under all such
contracts so entered into by Manager, on behalf of Owner of the Property, upon
the termination of this Agreement, and Owner shall indemnify, protect, save,
defend and hold Manager and the other Indemnified Parties harmless from and
against any and all Losses resulting from, arising out of or in any way related
to such contracts and that relate to or concern matters occurring after
termination of this Agreement, but excluding matters arising out of Manager's
willful misconduct, gross negligence and/or unlawful acts. Manager shall secure
the approval of, and execution of appropriate contracts by, Owner for any
non-budgeted and non-emergency/contingency capital items, alterations or other
expenditures in excess of $5,000 for any one item, securing for each item at
least three written bids, if practicable, or providing evidence satisfactory to
Owner that the contract amount is lower than industry standard pricing, from
responsible contractors. Manager shall have the right from time to time during
the term hereof, to contract with and make purchases from Affiliates of Manager,
provided that contract rates and prices are competitive with other available
sources. Manager may at any time and from time to time request and receive the
prior written authorization of Owner of the Property of any one or more
purchases or other expenditures, notwithstanding that Manager may otherwise be
authorized hereunder to make such purchases or expenditures.

3.3     RENT AND OTHER COLLECTIONS. Owner agrees and does hereby give Manager
the exclusive authority and powers (all of which shall be exercised either in
the name of Manager, as Manager for Owner, or in the name or Owner entered into
by Manager as Owner's authorized agent, and Owner shall assume all expenses in
connection with such matters) to collect rents and/or assessments and other
items, including but not limited to tenant payments for real estate taxes,
property liability and other insurance, damages and repairs, common area
maintenance, tax reduction fees and all other tenant reimbursements,
administrative charges, proceeds of rental interruption insurance, parking fees,
income from coin operated machines and other miscellaneous income, due or to
become due and give receipts therefor and to deposit all such Gross Revenue
collected hereunder in the Account. Manager may endorse any and all checks
received in connection with the operation of any Property and drawn to the order
of Owner, and Owner shall, upon request, furnish Manager's depository with an
appropriate authorization for Manager to make such endorsement. Manager shall
also have the exclusive authority to collect and handle tenants' security
deposits, including the right to apply such security deposits to unpaid rent,
and to comply, on behalf of Owner of the Property, with applicable state or
local laws concerning security deposits and interest thereon, if any. Manager
shall not be required to advance any monies for the care or management of any
Property. Owner agrees to advance all monies necessary therefor. If Manager
shall elect to advance any money in connection with a Property, Owner agrees to
reimburse Manager forthwith and hereby authorizes Manager to deduct such
advances from any monies due Owner. In connection with any insured losses or
damages relating to any Property, Manager shall have the exclusive authority to
handle all steps necessary regarding any such claim; provided that Manager will
not make any adjustments or settlements in excess of $10,000 without Owner's
prior written consent.

3.4     PAYMENT OF EXPENSES. Owner agrees and does hereby give Manager the
exclusive authority and power (all of which shall be exercised either in the
name of Manager, as Manager for Owner, or in the name or Owner entered into by
Manager as Owner's authorized agent, and Owner shall assume all expenses in
connection with such matters) to pay all expenses of the Property from the Gross
Revenue collected in accordance with Section 3.3 above, from the Account. It is
understood that the Gross Revenue will be used first to pay the compensation to
Manager as contained in Article 5 below, then operational expenses and then any
mortgage indebtedness, including real estate tax and insurance impounds, but
only as directed by Owner in writing and only if sufficient Gross Revenue is
available for such payments. Nothing in this Agreement shall be interpreted in
such a manner as to obligate Manager to pay from Gross Revenue, any expenses
incurred by Owner prior to the commencement of this Agreement, except to the
extent Owner advances additional funds to pay such expenses.

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3.5     CERTAIN OWNER INDEMNIFICATION OBLIGATIONS.

        (a)     ON TERMINATION. In the event this Agreement is terminated for
        any reason prior to the expiration of its original term or any renewal
        term, Owner shall indemnify, protect, defend, save and hold Manager and
        all of the other Indemnified Parties harmless from and against any and
        all claims, causes of action, demands, suits, proceedings, loss,
        judgments, damage, awards, liens, fines, costs, attorney's fees and
        expenses, of every kind and nature whatsoever (collectively, "Losses"),
        that may be imposed on or incurred by Manager by reason of the willful
        misconduct, gross negligence and/or unlawful acts (such unlawfulness
        having been adjudicated by a court of proper jurisdiction) of Owner.

        (b)     PROPERTY DAMAGE, ETC. Owner agrees to indemnify, defend,
        protect, save and hold Manager and all of the other Indemnified Parties
        harmless from any and all Losses in connection with or in any way
        related to the Property and from liability for damage to the Property
        and injuries to or death of any person whomsoever, and damage to
        property; provided, however, that such indemnification shall not extend
        to any such Losses arising out of the willful misconduct, gross
        negligence and/or unlawful acts (such unlawfulness having been
        adjudicated by a court of proper jurisdiction) of Manager or any of the
        other Indemnified Parties. Manager shall not be liable for any error of
        judgment or for any mistake of fact or law, or for any thing that it may
        do or refrain from doing, except in cases of willful misconduct, gross
        negligence and/or unlawful acts (such unlawfulness having been
        adjudicated by a court of proper jurisdiction).

3.6     ENVIRONMENTAL MATTERS. Owner hereby warrants and represents to Manager
that to the best of Owner's knowledge, no Property, upon acquisition by Owner,
nor any part thereof, will be used to treat, deposit, store, dispose of or place
any hazardous substance that may subject Manager to liability or claims under
the Comprehensive Environmental Response, Compensation and Liability Act of 1980
(42 U.S.C.A. Section 9607) or any constitutional provision, statute, ordinance,
law, or regulation of any governmental body or of any order or ruling of any
public authority or official thereof, having or claiming to have jurisdiction
thereover. Furthermore, Owner agrees to indemnify, protect, defend, save and
hold Manager and all of the other Indemnified Parties from any and all Losses
involving, concerning or in any way related to any past, current or future
allegations regarding treatment, depositing, storage, disposal or placement by
any party other than Manager of hazardous substances on the Property.

3.7     LEGAL STATUS OF PROPERTIES. Owner represents that to the best of its
knowledge each Property and any equipment thereon, when acquired by Owner, will
comply with all legal requirements and authorizes Manager to disclose the
identity of the Owner of the Property to any such officials and agrees to
indemnify, protect, defend, save and hold Manager and the other Indemnified
Parties harmless of and from any and all Losses that may be imposed on them or
any of them by reason of the failure of Owner to correct any present or future
violation or alleged violation of any and all present or future laws,
ordinances, statutes, or regulations of any public authority or official
thereof, having or claiming to have jurisdiction thereover, of which it has
actual notice. In the event it is alleged or charged that any Improvement or any
equipment on a Property or any act or failure to act by Owner with respect to
the Property or the sale, rental, or other disposition thereof fails to comply
with, or is in violation of, any of the requirements of any constitutional
provision, statute, ordinance, law, or regulation of any governmental body or
any order or ruling of any public authority or official thereof having or
claiming to have jurisdiction thereover, and Manager, in its sole and absolute
discretion, considers that the action or position of Owner, with respect thereto
may result in damage or liability to Manager, Manager shall have the right to
cancel this Agreement at any time by written notice to Owner of its election so
to do, which cancellation shall be effective upon the service of such notice.
Such cancellation shall not release the indemnities of Owner set forth in this
Agreement and shall not terminate any liability or obligation of Owner to
Manager for any payment, reimbursement, or other sum of money then due and
payable to Manager hereunder.

                                      -9-
<PAGE>

3.8     EXTRAORDINARY PAYMENTS. Owner agrees to give adequate advance written
notice to Manager if Owner desires that Manager make any extraordinary payment,
out of Gross Revenue, to the extent funds are available after the payment of
Manager's compensation as provided for herein and all operational expenses, of
mortgage indebtedness, general taxes, special assessments, or fire, boiler or
any other insurance premiums.

                                   ARTICLE IV

                                    EXPENSES

4.1     OWNER'S EXPENSES. Except as otherwise specifically provided, all costs
and expenses incurred hereunder by Manager in fulfilling its duties to Owner
shall be for the account of and on behalf of Owner. Such costs and expenses
shall include the wages and salaries and other employee-related expenses of all
on-site and off-site employees of Manager who are engaged in the operation,
management, maintenance and leasing or access control of the Properties,
including taxes, insurance and benefits relating to such employees, and legal,
travel and other out-of-pocket expenses that are directly related to the
management of specific Properties. All costs and expenses for which Owner is
responsible under this Management Agreement shall be paid by Manager out of the
Account. In the event the Account does not contain sufficient funds to pay all
said expenses, Owner shall fund all sums necessary to meet such additional costs
and expenses.

4.2     MANAGER'S EXPENSES. Manager shall, out of its own funds, pay all of its
general overhead and administrative expenses.

                                    ARTICLE V

                             MANAGER'S COMPENSATION

5.1     MANAGEMENT FEES. Commencing on the date hereof, Owner shall pay Manager
property management and leasing fees in an amount equal to four and one-half
percent (4.5%) of Gross Revenues (the "Management Fees") on a monthly basis from
the rental income received from the Properties over the term of this Management
Agreement. Manager's compensation under this Section 5.1 shall apply to all
renewals, extensions or expansions of Leases that Manager has originally
negotiated. In the event Manager assists with planning and coordinating the
construction of any tenant-paid finish-out or improvements, Manager shall be
entitled to receive from any such tenant an amount equal to not greater than
five percent (5.0%) of the cost of such tenant improvements.

5.2     LEASING FEES. In addition to the compensation paid to Manager under
Section 5.1 above, Manager shall be entitled to receive a separate fee for the
Leases of new tenants and renewals of Leases with existing tenants in an amount
not to exceed the fee customarily charged in arm's length transactions by others
rendering similar services in the same geographic area for similar properties as
determined by a survey of brokers and agents in such area.

5.3     AUDIT ADJUSTMENT. If any audit of the records, books or accounts
relating to the Properties discloses an overpayment or underpayment of
Management Fees, Owner or Manager shall promptly pay to the other party the
amount of such overpayment or underpayment, as the case may be. If such audit
discloses an overpayment of Management Fees for any fiscal year of more than the
correct Management Fees for such fiscal year, Manager shall bear the cost of
such audit.

                                      -10-
<PAGE>

                                   ARTICLE VI

                          INSURANCE AND INDEMNIFICATION

6.1     INSURANCE TO BE CARRIED.

        (a)     Manager shall obtain and keep in full force and effect insurance
        on the Properties against such hazards as Owner and Manager shall deem
        appropriate, but in any event insurance sufficient to comply with the
        Leases and Ownership Agreements shall be maintained. All liability
        policies shall provide sufficient insurance satisfactory to both Owner
        and Manager and shall contain waivers of subrogation for the benefit of
        Manager.

        (b)     Manager shall obtain and keep in full force and effect, in
        accordance with the laws of the state in which each Property is located,
        employer's liability insurance applicable to and covering all employees
        of Manager at the Properties and all persons engaged in the performance
        of any work required hereunder, and Manager shall furnish Owner
        certificates of insurers naming Owner as a co-insured and evidencing
        that such insurance is in effect. If any work under this Management
        Agreement is subcontracted as permitted herein, Manager shall include in
        each subcontract a provision that the subcontractor shall also furnish
        Owner with such a certificate.

6.2     INSURANCE EXPENSES. Premiums and other expenses of such insurance, as
well as any applicable payments in respect of deductibles shall be borne by
Owner.

6.3     COOPERATION WITH INSURERS. Manager shall cooperate with and provide
reasonable access to the Properties to representatives of insurance companies
and insurance brokers or agents with respect to insurance that is in effect or
for which application has been made. Manager shall use its best efforts to
comply with all requirements of insurers.

6.4     ACCIDENTS AND CLAIMS. Manager shall promptly investigate and shall
report in detail to Owner all accidents, claims for damage relating to
Ownership, operation or maintenance of the Properties, and any damage or
destruction to the Properties and the estimated costs of repair thereof, and
shall prepare for approval by Owner all reports required by an insurance company
in connection with any such accident, claim, damage, or destruction. Such
reports shall be given to Owner promptly, and any report not so given within 10
(ten) days after the occurrence of any such accident, claim, damage or
destruction shall be noted in the monthly operating statement delivered to Owner
pursuant to Section 2.5(b). Manager is authorized to settle any claim against an
insurance company arising out of any policy and, in connection with such claim,
to execute proofs of loss and adjustments of loss and to collect and receipt for
loss proceeds.

6.5     INDEMNIFICATION. Manager shall hold Owner harmless from and indemnify
and defend Owner against any and all claims or liability for any injury or
damage to any person or property whatsoever for which Manager is responsible
occurring in, on, or about the Properties, including, without limitation, the
Improvements when such injury or damage shall be caused by the negligence of
Manager, its agents, servants, or employees, except to the extent that Owner
recovers insurance proceeds with respect to such matter. Owner will indemnify
and hold Manager harmless against all liability for injury to persons and damage
to property caused by Owner's negligence and which did not result from the
negligence of misconduct of Manager, except to the extent Manager recovers
insurance proceeds with respect to such matter.

                                      -11-
<PAGE>

                                   ARTICLE VII

                              TERM AND TERMINATION

7.1     TERM. This Agreement shall commence on the date first above written and
shall continue until the seventh (7th) anniversary of such date and thereafter
for successive seven (7) year renewal periods, unless on or before 30 days prior
to the date last above mentioned or on or before 30 days prior to the expiration
of any such renewal period, Manager shall notify Owner in writing that it elects
to terminate this Agreement, in which case this Agreement shall be thereby
terminated on said last mentioned date. In addition, and notwithstanding the
foregoing, Owner may terminate this Agreement at any time upon delivery of
written notice to Manager not less than thirty (30) days prior to the effective
date of termination, in the event of (and only in the event of) a showing by
Owner of willful misconduct, gross negligence, or deliberate malfeasance by
Manager in the performance of Manager's duties hereunder. In addition, either
party may terminate this Agreement immediately upon the occurrence of any of the
following:

        (a)     A decree or order is rendered by a court having jurisdiction (i)
        adjudging Manager as bankrupt or insolvent, or (ii) approving as
        properly filed a petition seeking reorganization, readjustment,
        arrangement, composition or similar relief for Manager under the federal
        bankruptcy laws or any similar applicable law or practice, or (iii)
        appointing a receiver or liquidator or trustee or assignee in bankruptcy
        or insolvency of Manager or a substantial part of the property of
        Manager, or for the winding up or liquidation of its affairs, or

        (b)     Manager (i) institutes proceedings to be adjudicated a voluntary
        bankrupt or an insolvent, (ii) consents to the filing of a bankruptcy
        proceeding against it, (iii) files a petition or answer or consent
        seeking reorganization, readjustment, arrangement, composition or relief
        under any similar applicable law or practice, (iv) consents to the
        filing of any such petition, or to the appointment of a receiver or
        liquidator or trustee or assignee in bankruptcy or insolvency for it or
        for a substantial part of its property, (v) makes an assignment for the
        benefit of creditors, (vi) is unable to or admits in writing its
        inability to pay its debts generally as they become due unless such
        inability shall be the fault of the other party, or (iv) takes corporate
        or other action in furtherance of any of the aforesaid purposes.

7.2     MANAGER'S OBLIGATIONS UPON TERMINATION. Upon the termination of this
Management Agreement, Manager shall have the following duties:

        (a)     Manager shall deliver to Owner or its designee, all books and
        records with respect to the Properties.

        (b)     Manager shall transfer and assign to Owner, or its designee, all
        service contracts and personal property relating to or used in the
        operation and maintenance of the Properties, except personal property
        paid for and owned by Manager. Manager shall also, for a period of sixty
        (60) days immediately following the date of such termination, make
        itself available to consult with and advise Owner, or its designee,
        regarding the operation, maintenance and leasing of the Properties.

        (c)     Manager shall render to Owner an accounting of all funds of
        Owner in its possession and shall deliver to Owner a statement of all
        Management Fees claimed to be due to Manager and shall cause funds of
        Owner held by Manager relating to the Properties to be paid to Owner or
        its designee.

7.3     OWNER'S OBLIGATIONS UPON TERMINATION. Owner shall pay or reimburse
Manager for any sums of money due it under this Agreement for services and
expenses prior to termination of this Agreement. All

                                      -12-
<PAGE>

provisions of this Agreement that require Owner to have insured, or to protect,
defend, save, hold and indemnify or to reimburse Manager shall survive any
expiration or termination of this Agreement and, if Manager is or becomes
involved in any claim, proceeding or litigation by reason of having been Manager
of Owner, such provisions shall apply as if this Agreement were still in effect.

The parties understand and agree that Manager may withhold funds for sixty (60)
days after the end of the month in which this Agreement is terminated to pay
bills previously incurred but not yet invoiced and to close accounts. Should the
funds withheld be insufficient to meet the obligation of Manager to pay bills
previously incurred, Owner will, upon demand, advance sufficient funds to
Manager to ensure fulfillment of Manager's obligation to do so, within ten (10)
days of receipt of notice and an itemization of such unpaid bills.

                                  ARTICLE VIII

                                  MISCELLANEOUS

8.1     NOTICES. All notices, approvals, consents and other communications
hereunder shall be in writing, and, except when receipt is required to start the
running of a period of time, shall be deemed given when delivered in person or
on the fifth day after its mailing by either party by registered or certified
United States mail, postage prepaid and return receipt requested, to the other
party, at the addresses set forth after their respect name below or at such
different addresses as either party shall have theretofore advised the other
party in writing in accordance with this Section 8.1.

        Owner:   BEHRINGER HARVARD OPPORTUNITY OP I, LP
                 c/o Behringer Harvard Opportunity REIT I, Inc.
                 15601 Dallas Parkway
                 Suite 600
                 Addison, Texas 75001
                 Attention:  Chief Legal Officer

        Manager: HPT MANAGEMENT SERVICES LP
                 15601 Dallas Parkway
                 Suite 600
                 Addison, Texas 75001
                 Attention:  Chief Legal Officer

8.2     GOVERNING LAW; VENUE. This Management Agreement shall be governed by and
construed in accordance with the laws of the State of Texas, and any action
brought to enforce the agreements made hereunder or any action which arises out
of the relationship created hereunder shall be brought exclusively in Dallas
County, Texas.

8.3     ASSIGNMENT. Manager may delegate partially or in full its duties and
rights under this Management Agreement but only with the prior written consent
of Owner. Owner acknowledges and agrees that any or all of the duties of Manager
as contained herein may be delegated by Manager and performed by a person or
entity ("Submanager") with whom Manager contracts for the purpose of performing
such duties. Owner specifically grants Manager the authority to enter into such
a contract with a Submanager; provided that, unless Owner otherwise agrees in
writing with such Submanager, Owner shall have no liability or responsibility to
any such Submanager for the payment of the Submanager's fee or for reimbursement
to the Submanager of its expenses or to indemnify the Submanager in any manner
for any matter; and provided further that Manager shall require such Submanager
to agree, in the written agreement setting forth the duties and obligations of
such Submanager, to indemnify Owner for all Losses incurred by Owner as a result
of the willful misconduct or gross negligence of the Submanager, except that
such indemnity shall not be required to the extent that

                                      -13-
<PAGE>

Owner recovers issuance proceeds with respect to such matter. Any contract
entered into between Manager and a Submanager pursuant to this Section 8.3 shall
be consistent with the provisions of this Agreement, except to the extent Owner
otherwise specifically agrees in writing. This Management Agreement shall be
binding upon and shall inure to the benefit of the parties hereto and their
respective successors and assigns.

8.4     THIRD PARTY LEASING SERVICES. Manager acknowledges that from time to
time Owner may determine that it is in the best interests of Owner to retain a
third party to provide certain leasing services with respect to certain
Properties and to compensate such third party for such leasing services. Upon
the prior written consent of Manager, Owner shall have the authority to enter
into such a contract for leasing services with a third party (a "Third Party
Leasing Agreement"); provided that Manager shall have no liability or
responsibility to Owner for any of the duties and obligations undertaken by such
party, and Owner agrees to indemnify Manager for all Losses incurred by Manager
as a result of acts of such third party pursuant to the Third Party Leasing
Agreement. To the extent that leasing services are specifically required to be
performed by a third party pursuant to such Third Party Leasing Agreement,
Manager shall have no obligation to perform such leasing services and Owner
shall have no obligation to Manager for leasing fees pursuant to Section 5.2
hereof.

8.5     THIRD PARTY MANAGEMENT SERVICES. Manager acknowledges that from time to
time Owner may acquire interests in Properties in which Owner does not control
the determination of the party that is engaged to provide property management
and other services to be provided by Manager with respect to all Properties
acquired by Owner hereunder. Upon the prior written consent of Manager, Owner
shall have the authority to acquire such non-controlling interests in Properties
for which a third party provides some or all of the services otherwise required
to be performed by Manager hereunder (a "Third Party Management Agreement");
provided that Manager shall have no liability or responsibility to Owner for any
of the duties and obligations undertaken by such third party, and Owner agrees
to indemnify Manager for all Losses incurred by Manager as a result of the acts
of such third party pursuant to the Third Party Management Agreement. To the
extent that property management and other services are specifically required to
be performed by a third party pursuant to such Third Party Management Agreement,
Manager shall have no obligation to perform such services and Owner shall have
no obligation to Manager for compensation for such services pursuant to Article
V hereof.

8.6     NO WAIVER. The failure of Owner to seek redress for violation or to
insist upon the strict performance of any covenant or condition of this
Management Agreement shall not constitute a waiver thereof for the future.

8.7     AMENDMENTS. This Management Agreement may be amended only by an
instrument in writing signed by the party against whom enforcement of the
amendment is sought.

8.8     HEADINGS. The headings of the various subdivisions of this Management
Agreement are for reference only and shall not define or limit any of the terms
or provisions hereof.

8.9     COUNTERPARTS. This Management Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, and it shall not be
necessary in making proof of this Management Agreement to produce or account for
more than one such counterpart.

8.10    ENTIRE AGREEMENT. This Management Agreement contains the entire
understanding and all agreements between Owner and Manager respecting the
management of the Properties. There are no representations, agreements,
arrangements or understandings, oral or written, between Owner and Manager
relating to the management of the Properties that are not fully expressed
herein.

                                      -14-
<PAGE>

8.11    DISPUTES. If there shall be a dispute between Owner and Manager relating
to this Management Agreement resulting in litigation, the prevailing party in
such litigation shall be entitled to recover from the other party to such
litigation such amount as the court shall fix as reasonable attorneys' fees.

8.12    ACTIVITIES OF MANAGER. The obligations of Manager pursuant to the terms
and provisions of this Management Agreement shall not be construed to preclude
Manager from engaging in other activities or business ventures, whether or not
such other activities or ventures are in competition with Owner or the business
of Owner.

8.13    INDEPENDENT CONTRACTOR. Manager and Owner shall not be construed as
joint venturers or partners of each other pursuant to this Management Agreement,
and neither shall have the power to bind or obligate the other except as set
forth herein. In all respects, the status of Manger to Owner under this
Agreement is that of an independent contractor.

8.14    NO THIRD-PARTY RIGHTS. Nothing expressed or referred to in this
Management Agreement will be construed to give any Person other than the parties
to this Management Agreement any legal or equitable right, remedy or claim under
or with respect to this Management Agreement or any provision of this Management
Agreement, except such rights as shall inure to a successor or permitted
assignee pursuant to Section 8.3.

8.15    OWNERSHIP OF PROPRIETARY PROPERTY. The Manager retains ownership of and
reserves all Intellectual Property Rights in the Proprietary Property. To the
extent that Owner has or obtains any claim to any right, title or interest in
the Proprietary Property, including without limitation in any suggestions,
enhancements or contributions that Owner may provide regarding the Proprietary
Property, Owner hereby assigns and transfers exclusively to the Manager all
right, title and interest, including without limitation all Intellectual
Property Rights, free and clear of any liens, encumbrances or licenses in favor
of Owner or any other party, in and to the Proprietary Property. In addition, at
the Manager's expense, Owner will perform any acts that may be deemed desirable
by the Manager to evidence more fully the transfer of ownership of right, title
and interest in the Proprietary Property to the Manager, including but not
limited to the execution of any instruments or documents now or hereafter
requested by the Manager to perfect, defend or confirm the assignment described
herein, in a form determined by the Manager.

         [THE REMAINDER OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK]

                                      -15-
<PAGE>

        IN WITNESS WHEREOF, the parties have executed this Property Management
and Leasing Agreement as of the date first above written.

                                 BEHRINGER HARVARD OPPORTUNITY REIT I, INC.

                                 By:______________________________________
                                    Gerald J. Reihsen, III
                                    Executive Vice President

                                 BEHRINGER HARVARD OPPORTUNITY OP I, LP

                                 By: Behringer Harvard Opportunity REIT I, Inc.
                                     General Partner

                                     By:__________________________________
                                        Gerald J. Reihsen, III
                                        Executive Vice President

                                 HPT MANAGEMENT SERVICES LP

                                 By:______________________________________
                                    Gerald J. Reihsen, III
                                    Executive Vice President

                                      -16-<PAGE>

                                                                    EXHIBIT 10.4

                                     FORM OF
                                ESCROW AGREEMENT

The Bank of New York
101 Barclay Street, Floor 8W
New York, New York 10286
Attn:  Insurance Trust and Escrow Unit

        Re:     BEHRINGER HARVARD OPPORTUNITY REIT I, INC.

Ladies and Gentlemen:

        BEHRINGER HARVARD OPPORTUNITY REIT I, INC., a Maryland corporation (the
"Company"), will issue in a public offering (the "Offering") shares of its
common stock (the "Stock") pursuant to a Registration Statement on Form S-11
filed by the Company with the Securities and Exchange Commission. Behringer
Securities LP, a Texas limited partnership (the "Dealer Manager"), will act as
dealer manager for the offering of the Stock. The Company is entering into this
agreement to set forth the terms on which The Bank of New York (the "Escrow
Agent"), will hold and disburse the proceeds from subscriptions for the purchase
of the Stock in the Offering until such time as: (i) in the case of
subscriptions received from all nonaffiliates of the Company, the Company has
received and accepted subscriptions for Stock resulting in a total of 200,000
shares of common stock sold in the offering (the "Required Capital"); and (ii)
in the case of subscriptions received from residents of Pennsylvania
("Pennsylvania Subscribers"), the Company has received subscriptions for Stock
from nonaffiliates of the Company resulting in total minimum capital raised of
$23,800,000 (the "Pennsylvania Required Capital"); and (iii) in the case of
subscriptions received from residents of New York ("New York Subscribers"), the
Company has received subscriptions for Stock from nonaffiliates of the Company
resulting in total minimum capital raised of $2,500,000 (the "New York Required
Capital").

        The Company hereby appoints The Bank of New York as Escrow Agent for
purposes of holding the proceeds from the subscriptions for the Stock, on the
terms and conditions hereinafter set forth:

        1.      Until such time as the Company has received subscriptions for
Stock resulting in total minimum capital raised equal to the Required Capital
and such funds are disbursed from the Escrow Account in accordance with
paragraph 3(a) hereof, persons subscribing to purchase the Stock (the
"Subscribers") will be instructed by the Dealer Manager or any soliciting
dealers to remit the purchase price in the form of checks, drafts, wires,
Automated Clearing House (ACH) or money orders (HEREINAFTER "instruments of
payment") payable to the order of "The Bank of New York, Escrow Agent for
Behringer Harvard Opportunity REIT I, Inc." (after subscriptions are received
resulting in total minimum capital raised equal to the Required Capital and such
funds are disbursed from the Escrow Account in accordance with paragraph 3(a)
hereof, subscriptions shall continue to be so submitted unless otherwise
instructed by the Dealer Manager). Any checks, drafts or money orders received
made payable to a party other than the Escrow Agent (or after the Required
Capital is received, made payable to a party other than the party designated by
the Dealer Manager) shall be returned to the soliciting dealer who submitted the
check, draft or money order. The Dealer Manager will also use its reasonable
efforts to cause to be provided to the Escrow Agent in connection with each
instrument of payment the payee's/Subscriber's subscription agreement containing
the Subscriber's name, address, executed IRS Form W-9 (which may be contained in
the subscription agreement), number of shares purchased, and purchase price
remitted. The Escrow Agent shall deposit the instruments of payment from such
Subscriber (the "Subscription Materials"), into an interest-bearing deposit
account entitled "ESCROW ACCOUNT FOR THE BENEFIT OF SUBSCRIBERS FOR COMMON STOCK
OF BEHRINGER HARVARD OPPORTUNITY REIT I, INC." or such similar designation as
the parties may agree (the "Escrow Account"), which deposit shall

<PAGE>

occur within one (1) business day after the earlier of the Escrow Agent's or the
Dealer Manager's receipt of the instrument of payment (after the Required
Capital is received, a new account may be established in the name of the
Company). The Escrow Agent will notify the Company and cooperate with the
Company and the Company's transfer agent when it is in receipt of any
subscription that is not in good order. Instruments of payment received from
Pennsylvania Subscribers (as identified as such by the Company) shall be
accounted for separately in a subaccount entitled "ESCROW ACCOUNT FOR THE
BENEFIT OF PENNSYLVANIA SUBSCRIBERS" (the "Pennsylvania Escrow Account"), until
such Pennsylvania Escrow Account has closed pursuant to paragraph 3(a) hereof.
Instruments of payment received from New York Subscribers (as identified as such
by the Company) shall be accounted for separately in a subaccount entitled
"ESCROW ACCOUNT FOR THE BENEFIT OF NEW YORK SUBSCRIBERS" (the "New York Escrow
Account"), until such New York Escrow Account has closed pursuant to paragraph
3(a) hereof. Each of the Escrow Account, the Pennsylvania Escrow Account, and
New York Escrow Account will be established and maintained in such a way as to
permit the interest income calculations described in paragraph 7.

        2.      The Escrow Agent agrees to promptly process for collection the
instruments of payment upon deposit into the Escrow Account, Pennsylvania Escrow
Account, or New York Escrow Account, as applicable. Deposits shall be held in
the Escrow Account, the Pennsylvania Escrow Account, and the New York Escrow
Account until such funds are disbursed in accordance with paragraph 3(a) hereof.
Prior to disbursement of the funds deposited in the Escrow Account, the
Pennsylvania Escrow Account, or the New York Escrow Account, such funds shall
not be subject to claims by creditors of the Company or the Dealer Manager or
any of their affiliates. If any of the instruments of payment are returned to
the Escrow Agent for nonpayment prior to receipt of the Required Capital or, in
connection with subscriptions from Pennsylvania Subscribers, the Pennsylvania
Required Capital or, in connection with subscriptions from New York Subscribers,
the New York Required Capital, the Escrow Agent shall promptly notify the Dealer
Manager and the Company in writing via mail or facsimile of such nonpayment, and
is authorized to debit the Escrow Account, the Pennsylvania Escrow Account, or
the New York Escrow Account, as applicable, in the amount of such returned
payment as well as any interest earned on the amount of such payment.

        3.      (a)     Subject to the provisions of subparagraphs 3(b)-3(f)
below:

                        (i)     once the collected funds in the Escrow Account
                are an amount equal to or greater than the Required Capital, the
                Escrow Agent shall promptly notify the Company and, upon
                receiving written instruction from the Company, (A) disburse to
                the Company, by check, ACH or wire transfer, the funds in the
                Escrow Account representing the gross purchase price for the
                Stock, and (B) disburse to the Subscribers or the Company, as
                applicable, any interest thereon pursuant to the provisions of
                subparagraph 3(f). For purposes of this Agreement, the term
                "collected funds" shall mean all funds received by the Escrow
                Agent that have cleared normal banking channels and are in the
                form of cash or a cash equivalent. After such time the Escrow
                Account shall remain open and the Company shall continue to
                cause subscriptions for the Stock that are not to be deposited
                in the Pennsylvania Escrow Account or the New York Escrow
                Account to be deposited therein until the Company informs the
                Escrow Agent in writing to close the Escrow Account, and
                thereafter any subscription documents and instruments of payment
                received by the Escrow Agent from Subscribers other than
                Pennsylvania Subscribers and New York Subscribers shall be
                forwarded directly to the Company.

                        (ii)    regardless of any closing of the Escrow Account,
                the Company and the Dealer Manager shall continue to forward
                instruments of payment and Subscription Materials received from
                New York Subscribers for deposit into the New York Escrow
                Account to the Escrow Agent until such time as the Company
                notifies the Escrow Agent

                                       -2-
<PAGE>

                in writing that total subscription proceeds (including the
                amount then in the New York Escrow Account, but excluding the
                amount then in the Pennsylvania Escrow Account) equal or exceed
                the New York Required Capital. Upon receipt of a written notice
                from the Company that total subscription proceeds (including the
                amount then in the New York Escrow Account, but excluding the
                amount then in the Pennsylvania Escrow Account) equaling or
                exceeding the New York Required Capital have been received in
                collected funds, the Escrow Agent shall (A) disburse to the
                Company, by check, ACH or wire transfer, the funds then in the
                New York Escrow Account representing the gross purchase price
                for the Stock, and (B) disburse to the New York Subscribers or
                the Company, as applicable, any interest thereon pursuant to the
                provisions of subparagraph 3(f). Following such disbursements,
                the Escrow Agent shall close the New York Escrow Account, and
                thereafter any Subscription Materials and instruments of payment
                received by the Escrow Agent from New York Subscribers shall be
                deposited directly to the Escrow Account (or to the Company, if
                it has closed the Escrow Account, as instructed in writing by
                the Company).

                        (iii)   regardless of any closing of the Escrow Account
                or the New York Escrow Account, the Company and the Dealer
                Manager shall continue to forward instruments of payment and
                Subscription Materials received from Pennsylvania Subscribers
                for deposit into the Pennsylvania Escrow Account to the Escrow
                Agent until such time as the Company notifies the Escrow Agent
                in writing that total subscription proceeds (including the
                amount then in the Pennsylvania Escrow Account) equal or exceed
                the Pennsylvania Required Capital. Within five days, the Escrow
                Agent shall (A) disburse to the Company, by check, ACH or wire
                transfer, the funds then in the Pennsylvania Escrow Account
                representing the gross purchase price for the Stock, and (B)
                disburse to the Pennsylvania Subscribers or the Company, as
                applicable, any interest thereon pursuant to the provisions of
                subparagraph 3(f). Following such disbursements, the Escrow
                Agent shall close the Pennsylvania Escrow Account, and
                thereafter any Subscription Materials and instruments of payment
                received by the Escrow Agent from Pennsylvania Subscribers shall
                be deposited directly to the Escrow Account (or to the Company,
                if it has closed the Escrow Account, as instructed in writing by
                the Company).

                (b)     Within four business days of the close of business on
        the date that is two years following commencement of the Offering (the
        "Expiration Date"), the Escrow Agent shall promptly notify the Company
        if it is not in receipt of evidence of Subscription Materials accepted
        on or before the Expiration Date, and instruments of payment dated not
        later than that the Expiration Date, for the purchase of Stock providing
        for total purchase proceeds that equal or exceed the Required Capital
        (from all sources but exclusive of any funds received from subscriptions
        for Stock from entities which the Company has notified the Escrow Agent
        are affiliated with the Company). In the event the Escrow Agent is not
        in possession of an executed IRS Form W-9 from any Subscriber, the
        Dealer Manager shall provide the Escrow Agent an executed IRS Form W-9
        from such Subscriber within ten (10) calendar days after such notice. On
        the tenth (10th) day following the date of such notice, the Escrow Agent
        shall promptly return directly to each Subscriber the collected funds
        deposited in the Escrow Account, the Pennsylvania Escrow Account and the
        New York Escrow Account on behalf of such Subscriber (unless earlier
        disbursed in accordance with paragraph 3(c) below), or shall return the
        instruments of payment delivered, but not yet processed for collection
        prior to such time, in each case, together with interest in the amounts
        calculated pursuant to paragraph 7 for each Subscriber at the address
        provided by the Dealer Manager or the Company. In the event an executed
        IRS Form W-9 is not received for a Subscriber within the aforementioned
        ten (10) calendar days, the Escrow Agent shall thereupon remit an amount
        to the Subscriber in accordance with the provisions hereof, withholding
        twenty-eight percent (28%), or otherwise in accordance with IRS
        regulations then in effect, of any interest income on subscription
        proceeds (determined in accordance with paragraph

                                      -3-
<PAGE>

        7). However, the Escrow Agent shall not be required to remit any
        payments until funds represented by such payments have been collected.

                (c)     Notwithstanding subparagraphs 3(a) and 3(b) above, if
        the Escrow Agent is not in receipt of evidence of subscriptions accepted
        on or before the close of business on such date that is 120 days after
        commencement of the Offering (the Company will notify the Escrow Agent
        of the commencement date of the Offering) (the "Initial Escrow Period"),
        and instruments of payment dated not later than that date, for the
        purchase of Stock providing for total purchase proceeds from all
        nonaffiliated sources that equal or exceed the Pennsylvania Required
        Capital, the Escrow Agent shall promptly notify the Company. Thereafter,
        the Company shall send to each Pennsylvania Subscriber by certified mail
        within ten (10) calendar days after the end of the Initial Escrow period
        a notification in the form of Exhibit A. If, pursuant to such
        notification, a Pennsylvania Subscriber requests the return of his or
        her subscription funds within ten (10) calendar days after receipt of
        the notification (the "Request Period") and the Escrow Agent is not in
        possession of an executed IRS form W-9, the Company shall provide the
        Escrow Agent with an executed IRS Form W-9 from each such Pennsylvania
        Subscriber within ten (10) calendar days after receiving notice from
        such Pennsylvania Subscriber. The Escrow Agent shall promptly refund
        directly to each Pennsylvania Subscriber the collected funds deposited
        in the Pennsylvania Escrow Account on behalf of such Pennsylvania
        Subscriber, or shall return the instruments of payment delivered, but
        not yet processed for collection prior to such time, to the address
        provided by the Dealer Manager or the Company, together with interest
        income in the amounts calculated pursuant to paragraph 7. If an executed
        IRS Form W-9 is not received for such Pennsylvania Subscriber within ten
        (10) calendar days, the Escrow Agent shall thereupon remit an amount to
        such Pennsylvania Subscriber in accordance with the provisions hereof,
        withholding twenty-eight percent (28%), or otherwise in accordance with
        IRS regulations then in effect, of any interest income earned on
        subscription proceeds (determined in accordance with paragraph 7)
        attributable to such Pennsylvania Subscriber for whom the Escrow Agent
        does not possess an executed IRS Form W-9. However, the Escrow Agent
        shall not be required to remit such payments until funds represented by
        such payments have been collected by the Escrow Agent.

                (d)     The subscription funds of Pennsylvania Subscribers who
        do not request the return of their subscription funds within the Request
        Period shall remain in the Pennsylvania Escrow Account for successive
        120-day escrow periods (a "Successive Escrow Period"), each commencing
        automatically upon the termination of the prior Successive Escrow
        Period, and the Company and Escrow Agent shall follow the notification
        and payment procedure set forth in subparagraph 3(c) above with respect
        to the Initial Escrow Period for each Successive Escrow Period until the
        occurrence of the earliest of (i) the Expiration Date, (ii) the receipt
        and acceptance by the Company of subscriptions for the purchase of Stock
        with total purchase proceeds that equal or exceed the Pennsylvania
        Required Capital and the disbursement of the Pennsylvania Escrow Account
        on the terms specified herein, or (iii) all funds held in the
        Pennsylvania Escrow Account having been returned to the Pennsylvania
        Subscribers in accordance with the provisions hereof.

                (e)     If the Company rejects any subscription for which the
        Escrow Agent has collected funds, the Escrow Agent shall, upon the
        written request of the Company, promptly issue a refund to the rejected
        Subscriber. If the Company rejects any subscription for which the Escrow
        Agent has not yet collected funds but has submitted the Subscriber's
        check for collection, the Escrow Agent shall promptly return the funds
        in the amount of the Subscriber's check to the rejected Subscriber after
        such funds have been collected. If the Escrow Agent has not yet
        submitted a rejected Subscriber's check for collection, the Escrow Agent
        shall promptly remit the Subscriber's check directly to the Subscriber.

                                      -4-
<PAGE>

                (f)     At any time after funds are disbursed upon the Company's
        acceptance of subscriptions pursuant to subparagraph 3(a) above on the
        tenth (10th) day following the date of such acceptance, the Escrow Agent
        shall promptly provide directly to each Subscriber the amount of the
        interest payable to the Subscriber; provided that the Escrow Agent is in
        possession of such Subscriber's executed IRS Form W-9. In the event the
        Escrow Agent is not in possession of an executed IRS Form W-9 from any
        Subscriber, the Dealer Manager shall provide the Escrow Agent with an
        executed IRS Form W-9 from such Subscriber within ten (10) calendar days
        after acceptance of such subscription. In the event an executed IRS Form
        W-9 is not received for a Subscriber within such period, the Escrow
        Agent shall remit an amount to the Subscriber in accordance with the
        provisions hereof, withholding twenty-eight percent (28%), or otherwise
        in accordance with IRS regulations then in effect, of any interest
        income on subscription proceeds (determined in accordance with paragraph
        7). However, the Escrow Agent shall not be required to remit any
        payments until funds represented by such payments have been collected by
        the Escrow Agent. The forgoing notwithstanding, interest, if any, earned
        on subscription proceeds will be payable to a Subscriber only if the
        Subscriber's funds have been held in escrow by the Escrow Agent for at
        least 35 days; interest, if any, earned on accepted subscription
        proceeds of Subscribers' funds held less than 35 days will be payable to
        the Company.

        In the event that instruments of payment are returned for nonpayment,
the Escrow Agent is authorized to debit the Escrow Account, the Pennsylvania
Escrow Account, or the New York Escrow Account, as applicable, in accordance
with paragraph 2 hereof.

        4.      The Escrow Agent shall report to the Company up to daily but at
least weekly as instructed by the Company or the Dealer Manager on the account
balances in each of the Escrow Account, the Pennsylvania Escrow Account, and the
New York Escrow Account, and the activity in such accounts since the last
report.

        5.      Prior to the disbursement of funds deposited in the Escrow
Account, the Pennsylvania Escrow Account, or the New York Escrow Account in
accordance with the provisions of paragraph 3 hereof, the Escrow Agent shall
invest all of the funds deposited as well as earnings and interest derived
therefrom in the Escrow Account, the Pennsylvania Escrow Account, or the New
York Escrow Account, as applicable, in the "Short-Term Investments" specified
below at the written direction of the Company, unless the costs to the Company
for the making of such investment are reasonably expected to exceed the
anticipated interest earnings from such investment in which case the funds and
interest thereon shall remain in the respective escrow account until the balance
in the respective escrow account reaches the minimum amount necessary for the
anticipated interest earnings from such investment to exceed the costs to the
Company for the making of such investment, as determined by the Company based
upon applicable interest rates.

        "Short-Term Investments" include obligations of, or obligations
guaranteed by, the United States government or bank money-market accounts or
certificates of deposit of national or state banks that have deposits insured by
the Federal Deposit Insurance Corporation (including certificates of deposit of
any bank acting as a depository or custodian for any such funds) which mature on
or before the Expiration Date, unless such instrument cannot be readily sold or
otherwise disposed of for cash by the Expiration Date without any dissipation of
the offering proceeds invested.

        The following securities are not permissible investments:

        (a)     money market funds;
        (b)     corporate equity or debt securities;
        (c)     repurchase agreements;
        (d)     bankers' acceptances;
        (e)     commercial paper; and
        (f)     municipal securities.

                                      -5-
<PAGE>

        It is hereby expressly agreed and stipulated by the parties hereto that
the Escrow Agent shall not be required to exercise any discretion hereunder and
shall have no investment or management responsibility and, accordingly, shall
have no duty to, or liability for its failure to, provide investment
recommendations or investment advice to the parties hereto. It is the intention
of the parties hereto that the Escrow Agent shall never be required to use,
advance or risk its own funds or otherwise incur financial liability in the
performance of any of its duties or the exercise of any of its rights and powers
hereunder.

        6.      The Escrow Agent is entitled to rely upon written instructions
received from the Company or the Dealer Manager, unless the Escrow Agent has
actual knowledge that such instructions are not valid or genuine; provided that,
if in the Escrow Agent's opinion, any instructions from the Company or Dealer
Manager are unclear, the Escrow Agent may request clarification from the Company
or Dealer Manager, as the case may be, prior to taking any action. However, the
Escrow Agent shall not be required to disburse any funds attributable to
instruments of payment that have not been processed for collection, until such
funds are collected and then shall disburse such funds in compliance with the
disbursement instructions from the Company or the Dealer Manager.

        7.      If the Offering terminates prior to receipt of the Required
Capital, or one or more Pennsylvania Subscribers elects to have his or her
subscription returned in accordance with paragraph 3, interest income earned on
subscription proceeds deposited in the Escrow Account (the "Escrow Income"), the
Pennsylvania Escrow Account (the "Pennsylvania Escrow Income"), and the New York
Escrow Account (the "New York Escrow Income"), as applicable, shall be remitted
to Subscribers, or to the Company if the applicable Subscriber's funds have been
held in escrow by the Escrow Agent for less than 35 days, in accordance with
paragraph 3 and without any deductions for escrow expenses. The Company shall
reimburse the Escrow Agent for all escrow expenses. The Escrow Agent shall remit
all such Escrow Income, Pennsylvania Escrow Income, and New York Escrow Income
in accordance with paragraph 3. If the Company chooses to leave the Escrow
Account open after receiving the Required Capital, then it shall make regular
acceptances of subscriptions therein, but no less frequently than monthly, and
the Escrow Income from the last such acceptance shall be calculated and remitted
to the Subscribers or the Company, as applicable, pursuant to the provisions of
paragraph 3(f).

        8.      The Escrow Agent shall receive compensation from the Company as
set forth in Exhibit B attached hereto.

        9.      The duties, responsibilities and obligations of Escrow Agent
shall be limited to those expressly set forth herein and no duties,
responsibilities or obligations shall be inferred or implied. Escrow Agent shall
not be subject to, nor required to comply with, any other agreement between or
among the Company or to which the Company is a party, even though reference
thereto may be made herein, or to comply with any direction or instruction
(other than those contained herein or delivered in accordance with this Escrow
Agreement) from the Company or the Dealer Manager. Escrow Agent shall not be
required to, and shall not, expend or risk any of its own funds or otherwise
incur any financial liability in the performance of any of its duties hereunder

        10.     If at any time Escrow Agent is served with any judicial or
administrative order, judgment, decree, writ or other form of judicial or
administrative process which in any way affects the property held in escrow
hereunder (the "Escrow Property") (including but not limited to orders of
attachment or garnishment or other forms of levies or injunctions or stays
relating to the transfer of Escrow Property), Escrow Agent is authorized to
comply therewith in any manner as it or its legal counsel of its own choosing
deems appropriate; and if Escrow Agent complies with any such judicial or
administrative order, judgment, decree, writ or other form of judicial or
administrative process, Escrow Agent shall not be liable to any of the parties
hereto or to any other person or entity even though such order, judgment,

                                      -6-
<PAGE>

decree, writ or process may be subsequently modified or vacated or otherwise
determined to have been without legal force or effect.

        11.     (a)     Escrow Agent shall not be liable for any action taken or
        omitted or for any loss or injury resulting from its actions or its
        performance or lack of performance of its duties hereunder in the
        absence of gross negligence or willful misconduct on its part. In no
        event shall Escrow Agent be liable (i) for acting in accordance with or
        relying upon any instruction, notice, demand, certificate or document
        from the Company, (ii) for any consequential, punitive or special
        damages, (iii) for the acts or omissions of its nominees,
        correspondents, designees, subagents or subcustodians, or (iv) for an
        amount in excess of the value of the collected funds in the Escrow
        Account, the New York Escrow Account, and the Pennsylvania Escrow
        Account, valued as of the date of deposit.

                (b)     If any fees, expenses or costs incurred by, or any
        obligations owed to, Escrow Agent hereunder are not promptly paid when
        due, Escrow Agent may reimburse itself therefor from the collected funds
        in the Escrow Account, the New York Escrow Account, and the Pennsylvania
        Escrow Account and may sell, convey or otherwise dispose of any
        collected funds in the Escrow Account, the New York Escrow Account, and
        the Pennsylvania Escrow Account for such purpose.

                (c)     As security for the due and punctual performance of any
        and all of the Company's obligations to Escrow Agent hereunder, now or
        hereafter arising, the Company hereby pledges, assigns and grants to
        Escrow Agent a continuing security interest in, and a lien on, the
        collected funds in the Escrow Account, the New York Escrow Account, and
        the Pennsylvania Escrow Account and all distributions thereon or
        additions thereto (whether such additions are the result of deposits by
        Subscribers or the Company or the investment of collected funds). The
        security interest of Escrow Agent shall at all times be valid, perfected
        and enforceable by Escrow Agent against the Company and all third
        parties in accordance with the terms of this Escrow Agreement.

                (d)     Escrow Agent may consult with legal counsel at the
        expense of the Company as to any matter relating to this Escrow
        Agreement, and Escrow Agent shall not incur any liability in acting in
        good faith in accordance with any advice from such counsel.

                (e)     Escrow Agent shall not incur any liability for not
        performing any act or fulfilling any duty, obligation or responsibility
        hereunder by reason of any occurrence beyond the control of Escrow Agent
        (including but not limited to any act or provision of any present or
        future law or regulation or governmental authority, any act of God or
        war, or the unavailability of the Federal Reserve Bank wire or telex or
        other wire or communication facility).

        12.     Unless otherwise specifically set forth herein, Escrow Agent
shall proceed as soon as practicable to collect any checks or other collection
items at any time deposited hereunder. All such collections shall be subject to
Escrow Agent's usual collection practices or terms regarding items received by
Escrow Agent for deposit or collection. Escrow Agent shall not be required, or
have any duty, to notify anyone of any payment or maturity under the terms of
any instrument deposited hereunder, nor to take any legal action to enforce
payment of any check, note or security deposited hereunder or to exercise any
right or privilege which may be afforded to the holder of any such security.

        13.     Escrow Agent shall not be responsible in any respect for the
form, execution, validity, value or genuineness of documents or securities
deposited hereunder, or for any description therein, or for the identity,
authority or rights of persons executing or delivering or purporting to execute
or deliver any such document, security or endorsement.

                                      -7-
<PAGE>

        14.     The Company shall be liable for and shall reimburse and
indemnify Escrow Agent and hold Escrow Agent harmless from and against any and
all claims, losses, liabilities, costs, damages or expenses (including
reasonable attorneys' fees and expenses) (collectively, "Losses") arising from
or in connection with or related to this Escrow Agreement or being Escrow Agent
hereunder (including but not limited to Losses incurred by Escrow Agent in
connection with its successful defense, in whole or in part, of any claim of
gross negligence or willful misconduct on its part), provided, however, that
nothing contained herein shall require Escrow Agent to be indemnified for Losses
caused by its gross negligence or willful misconduct.

        15.     (a)     In the event of any ambiguity or uncertainty hereunder
        or in any notice, instruction or other communication received by Escrow
        Agent hereunder, Escrow Agent may, in its sole discretion, refrain from
        taking any action other than retain possession of the collected funds in
        the Escrow Account, the New York Escrow Account, and the Pennsylvania
        Escrow Account, unless Escrow Agent receives written instructions,
        signed by the Company, which eliminates such ambiguity or uncertainty.

                (b)     In the event of any dispute between or conflicting
        claims by or among the Company and/or any other person or entity with
        respect to any of the collected funds in the Escrow Account, the New
        York Escrow Account, or the Pennsylvania Escrow Account, Escrow Agent
        shall be entitled, in its sole discretion, to refuse to comply with any
        and all claims, demands or instructions with respect to such collected
        funds so long as such dispute or conflict shall continue, and Escrow
        Agent shall not be or become liable in any way to the Company for
        failure or refusal to comply with such conflicting claims, demands or
        instructions. Escrow Agent shall be entitled to refuse to act until, in
        its sole discretion, either (i) such conflicting or adverse claims or
        demands shall have been determined by a final order, judgment or decree
        of a court of competent jurisdiction, which order, judgment or decree is
        not subject to appeal, or settled by agreement between the conflicting
        parties as evidenced in a writing satisfactory to Escrow Agent or (ii)
        Escrow Agent shall have received security or an indemnity satisfactory
        to it sufficient to hold it harmless from and against any and all Losses
        which it may incur by reason of so acting. Escrow Agent may, in
        addition, elect, in its sole discretion, to commence an interpleader
        action or seek other judicial relief or orders as it may deem, in its
        sole discretion, necessary. The costs and expenses (including reasonable
        attorneys' fees and expenses) incurred in connection with such
        proceeding shall be paid by, and shall be deemed an obligation of, the
        Company.

        16.     All communications and notices required or permitted by this
Agreement shall be in writing and shall be deemed to have been given when
delivered personally or by messenger or by overnight delivery service or by
facsimile evidenced by a confirmation of successful transmission, in all cases
addressed to the person for whom it is intended at such person's address set
forth below or to such other address as a party shall have designated by notice
in writing to the other party in the manner provided by this paragraph:

        (a)     if to the Company:

                Behringer Harvard Opportunity REIT I, Inc.
                15601 Dallas Parkway, Suite. 600
                Addison, Texas 75001
                Fax:  (214) 655-1600
                Attention:  President and Chief Executive Officer

        (b)     if to the Dealer Manager:

                Behringer Securities LP
                15601 Dallas Parkway, Ste. 600
                Addison, Texas 75001
                Fax:  (214) 655-6801
                Attention:  Chief Operating Officer of
                            Harvard Property Trust, LLC, General Partner

                                      -8-
<PAGE>

        (c)     if to the Escrow Agent:

                The Bank of New York
                101 Barclay Street, Floor 8W
                New York, New York 10286
                Attention:  Annette Kos, Insurance Trust and Escrow Unit

Each party hereto may, from time to time, change the address to which notices to
it are to be delivered or mailed hereunder by notice in accordance herewith to
the other parties. Escrow Agent is authorized to comply with and rely upon any
notices, instructions or other communications believed by it to have been sent
or given by the Company or the Dealer Manager or by a person or persons
authorized by such party. Whenever under the terms hereof the time for giving a
notice or performing an act falls upon a Saturday, Sunday, or banking holiday,
such time shall be extended to the next day on which Escrow Agent is open for
business.

        17.     This Agreement shall be interpreted, construed, enforced and
administered in accordance with the internal substantive laws (and not the
choice of law rules) of the State of New York. The parties hereto hereby submit
to the personal jurisdiction of and agree that all proceedings relating hereto
shall be brought in courts located within the City and State of New York. The
parties hereto hereby waive the right to trial by jury and to assert
counterclaims in any such proceedings. To the extent that in such jurisdiction
the parties may be entitled to claim, for itself or its assets, immunity from
suit, execution, attachment (whether before or after judgment) or other legal
process, the parties hereby irrevocably agree not to claim, and hereby waive,
such immunity. The parties hereto hereby waive personal service of process and
consents to service of process by certified or registered mail, return receipt
requested, directed to it at the address last specified for notices hereunder,
and such service shall be deemed completed ten (10) calendar days after the same
is so mailed.

        18.     This Agreement is for the exclusive benefit of the parties
hereto and their respective legal representatives, successors and assigns
hereunder, and shall not be deemed to give, either express or implied, any legal
or equitable right, remedy, or claim to any other entity or person whatsoever.

        19.     This Escrow Agreement and any amendment hereto may be executed
by each of the parties hereto in any number of counterparts, each of which
counterpart, when so executed and delivered, shall be deemed to be an original
and all such counterparts shall together constitute one and the same agreement.

        20.     The provisions set forth in paragraphs 8 through 32 of this
Agreement shall survive the termination of this Agreement and/or the resignation
or removal of the Escrow Agent.

        21.     The invalidity, illegality or unenforceability of any provision
of this Agreement shall in no way affect the validity, legality or
enforceability of any other provision; and if any provision is held to be
enforceable as a matter of law, the other provisions shall not be affected
thereby and shall remain in full force and effect.

        22.     Unless otherwise provided in this Agreement, final termination
of this Escrow Agreement shall occur on the date that all funds held in the
Escrow Account, the Pennsylvania Escrow Account and the New York Escrow Account
are distributed either (a) to the Company or to Subscribers and the Company has
informed the Escrow Agent in writing to close the Escrow Account, the
Pennsylvania

                                      -9-
<PAGE>

Escrow Account and the New York Escrow Account pursuant to paragraph 3 hereof or
(b) to a successor escrow agent upon written instructions from the Company.

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

        24.     The Escrow Agent will reasonably cooperate with the Company in
fulfilling any of the Company's obligations under the Sarbanes-Oxley Act of
2002, as such obligations relate to the provision of services under this
Agreement, including assistance as to the documentation and auditing of Escrow
Agent's procedures.

        25.     (a)     The Company may remove Escrow Agent at any time by
        giving to Escrow Agent sixty (60) calendar days' prior notice in writing
        signed by the Company. Escrow Agent may resign at any time by giving to
        the Company ninety (90) calendar days' prior written notice thereof.

                (b)     Within forty-five (45) calendar days after giving the
        foregoing notice of removal to Escrow Agent or receiving the foregoing
        notice of resignation from Escrow Agent, the Company shall appoint a
        successor Escrow Agent. If a successor Escrow Agent has not accepted
        such appointment by the end of such 45-day period, Escrow Agent may, in
        its sole discretion, deliver the collected funds in the Escrow Account,
        the New York Escrow Account, and the Pennsylvania Escrow Account to the
        Company at the address provided herein or may apply to a court of
        competent jurisdiction for the appointment of a successor Escrow Agent
        or for other appropriate relief. The costs and expenses (including
        reasonable attorneys' fees and expenses) incurred by Escrow Agent in
        connection with such proceeding shall be paid by, and be deemed an
        obligation of, the Company.

                (c)     Upon receipt of the identity of the successor Escrow
        Agent, Escrow Agent shall either deliver the collected funds in the
        Escrow Account, the New York Escrow Account, and the Pennsylvania Escrow
        Account then held hereunder to the successor Escrow Agent, less Escrow
        Agent's fees, costs and expenses or other obligations owed to Escrow
        Agent, or hold such collected funds (or any portion thereof), pending
        distribution, until all such fees, costs and expenses or other
        obligations are paid.

                (d)     Upon delivery of the collected funds to successor Escrow
        Agent, Escrow Agent shall have no further duties, responsibilities or
        obligations, other than as provided hereunder.

        26.     Except as otherwise permitted herein, this Escrow Agreement may
be modified only by a written amendment signed by all the parties hereto, and no
waiver of any provision hereof shall be effective unless expressed in a writing
signed by the party to be charged.

        27.     The rights and remedies conferred upon the parties hereto shall
be cumulative, and the exercise or waiver of any such right or remedy shall not
preclude or inhibit the exercise of any additional rights or remedies. The
waiver of any right or remedy hereunder shall not preclude the subsequent
exercise of such right or remedy.

        28.     Each party hereto hereby represents and warrants (a) that this
Escrow Agreement has been duly authorized, executed and delivered on its behalf
and constitutes its legal, valid and binding obligation and (b) that the
execution, delivery and performance of this Escrow Agreement by it does not and
will not violate any applicable law or regulation.

        29.     This Agreement shall constitute the entire agreement of the
parties with respect to the subject matter and supersedes all prior oral or
written agreements in regard thereto.

                                      -10-
<PAGE>

        30.     No printed or other material in any language which mentions "The
Bank of New York" by name or the rights, powers, or duties of the Escrow Agent
under this Agreement shall be issued by any other parties hereto, or on such
party's behalf, without the prior written consent of Escrow Agent, except that
it shall be mentioned in applicable prospectuses and Subscription Materials in
order to accomplish the purposes of this Agreement.

        31.     The headings contained in this Agreement are for convenience of
reference only and shall have no effect on the interpretation or operation
hereof.

        32.     The Escrow Agent does not have any interest in the collected
funds in the Escrow Account, the New York Escrow Account, and the Pennsylvania
Escrow Account but is serving as escrow holder only and having only possession
thereof. The Company shall pay or reimburse the Escrow Agent upon request for
any transfer taxes or other taxes relating to the Escrow Property incurred in
connection herewith and shall indemnify and hold harmless the Escrow Agent any
amounts that it is obligated to pay in the way of such taxes. Any payments of
income from this Escrow Account, the New York Escrow Account, and the
Pennsylvania Escrow Account shall be subject to withholding regulations then in
force with respect to United States taxes. The Company and/or the Dealer Manager
will provide the Escrow Agent with appropriate W-9 forms for tax I.D., number
certifications, or W-8 forms for non-resident alien certifications. It is
understood that the Escrow Agent shall be responsible for income reporting only
with respect to income earned on investment of funds which are a part of the
collected funds and is not responsible for any other reporting.

                            [Signature page follows]

                                      -11-
<PAGE>

        Agreed to as of the ___ day of _________, 2005.

                                BEHRINGER HARVARD OPPORTUNITY REIT I, INC.

                                By:
                                   ---------------------------------------------
                                   Robert M. Behringer, President

                                BEHRINGER SECURITIES LP

                                By:  Harvard Property Trust, LLC,
                                     Its General Partner

                                By:
                                   ---------------------------------------------
                                   Gerald J. Reihsen, III
                                   Chief Operating Officer

        The terms and conditions contained above are hereby accepted and agreed
to by:

THE BANK OF NEW YORK, AS ESCROW AGENT

By:
     ------------------------------------------
Name:
       ----------------------------------------
Title:
        ---------------------------------------

                                      -12-
<PAGE>

                                    EXHIBIT A

                   FORM OF NOTICE TO PENNSYLVANIA SUBSCRIBERS

        You have tendered a subscription to purchase shares of common stock of
Behringer Harvard Opportunity REIT I, Inc. (the "Company"). Your subscription is
currently being held in escrow. The guidelines of the Pennsylvania Securities
Commission do not permit the Company to accept subscriptions from Pennsylvania
residents until an aggregate of $23,800,000 of gross offering proceeds have been
received by the Company. The Pennsylvania guidelines provide that until this
minimum amount of offering proceeds is received by the Company, every 120 days
during the offering period Pennsylvania Subscribers may request that their
subscription be returned.

        If you wish to continue your subscription in escrow until the
Pennsylvania minimum subscription amount is received, nothing further is
required.

        If you wish to terminate your subscription for the Company's common
stock and have your subscription returned please so indicate below, sign, date,
and return to the Escrow Agent at The Bank of New York, Corporate Trust
Administration Division, 101 Barclay Street, Floor 8W, Attn: Annette Kos,
Insurance Trust and Escrow Unit.

        I hereby terminate my prior subscription to purchase shares of common
stock of Behringer Harvard Opportunity REIT I, Inc. and request the return of my
subscription funds. I certify to Behringer Harvard Opportunity REIT I, Inc. that
I am a resident of Pennsylvania.

                                        Signature:
                                                  ------------------------------

                                        Name:
                                             -----------------------------------
                                                         (please print)

                                        Date:
                                             -----------------------------------

Please send the subscription refund to:

----------------------------------------
----------------------------------------
----------------------------------------

<PAGE>

                                    EXHIBIT B

                            ESCROW AGENT COMPENSATION

ESCROW AGENCY FEES AND SERVICES

   ACCEPTANCE FEE..................................................waived

   This one time fee is payable upon closing date and includes:

   |_|  Review of Agreement and supporting documents
   |_|  Establishment of accounts

   ANNUAL ADMINISTRATION FEE, PER ESCROW ACCOUNT...................$6,000

   This fee is not subject to pro-ration and is payable upon closing and on each
anniversary date and includes:

   |_|  Monitoring of accounts
   |_|  Reporting
   |_|  Reconciliation of each closing reflecting individual investments,
        receipt date, interest period and totals of each category per closing

   ACTIVITY FEES

   |_|  Outgoing Wire Transfer/Checks, first four per fund each month included,
        thereafter per wire .......................$10
   |_|  For automatic purchasers under a fund's automatic purchase plan, Escrow
        Agent will obtain ACH payments for a charge of $50 per fund per month,
        per 1,000 such investors.
   |_|  Per Investment, each trade.......................$25
        Investment - each directed investment purchase/sale other than bank's
        cash reserve and approved money market funds.

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