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 <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><a name="scotch"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">As filed with the Securities and Exchange Commission on February 2, 2007</font></b></a></p> <div style="border:none;border-bottom:double windowtext 6.0pt;padding:0pt 0pt 0pt 0pt;"> <p align="right" style="border:none;margin:0pt 0pt 12.0pt;padding:0pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Registration No. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p> </div>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;">SECURITIES AND EXCHANGE COMMISSION</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">WASHINGTON,
D.C. 20549</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;">FORM S-8</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">REGISTRATION STATEMENT</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">UNDER
THE SECURITIES ACT OF 1933</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;">BEHRINGER HARVARD REIT I, INC.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact name of registrant
as specified in its charter)</font></p>

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<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:center;"><!-- SET mrlNoTableShading --><b>MARYLAND</b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">68-0509956</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(State or other
  jurisdiction of incorporation or organization)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(I.R.S. Employer
  Identification No.)</font></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="font-size:10.0pt;margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">15601
Dallas Parkway, Suite 600</font></b><br>
<b>Addison, Texas&#160; 75001</b><br>(Address of Principal Executive
Offices)</p>

<p align="center" style="font-size:10.0pt;margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Behringer
Harvard REIT I Non-Employee Director Stock Option Plan</font></b><br>
<b>Behringer Harvard REIT I, Inc. 2005 Incentive
Award Plan</b><br>(Full title of the plans)</p>

<p align="center" style="font-size:10.0pt;margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Gerald
J. Reihsen, III</font></b><br>
<b>Executive Vice President-Corporate
Development and Legal and Secretary</b><br>
<b>Behringer Harvard REIT, I, Inc.</b><br>
<b>15601 Dallas Parkway, Suite 600</b><br>
<b>Addison, Texas 75001</b><br>
<b>(866)655-1620</b><br>(Name, address including zip code and
telephone number, including area code, of agent for service)</p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Copies of all
communications, including all communications sent to agent for service, should
be sent to:</font></p>

<p align="center" style="font-size:10.0pt;margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Michael
J. Choate</font></b><br>
<b>Shefsky &amp; Froelich Ltd.</b><br>
<b>111 East Wacker Dr., Suite 2800</b><br>
<b>Chicago, IL&#160;
60601</b><br>
<b>(312) 836-4066</b><br>
<b>(312) 275-7554 (facsimile)</b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CALCULATION
OF REGISTRATION FEE</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="35%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:35.22%;">
  <p style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0pt 0pt 2.0pt;page-break-after:avoid;text-align:center;"><!-- SET mrlNoTableShading -->Title&nbsp;of&nbsp;securities&nbsp;to&nbsp;be<br>
  registered</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt 2.0pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:13.74%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt 2.0pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Amount&nbsp;to&nbsp;be<br>
  registered</font></b><font style="vertical-align:super;"><font size="1" style="font-size:5.0pt;position:relative;top:-2.0pt;vertical-align:baseline;">(1)</font></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt 2.0pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="13%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:13.74%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt 2.0pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Proposed<br>
  maximum&nbsp;offering<br>
  price&nbsp;per&nbsp;share</font></b><font size="1" style="font-size:5.0pt;position:relative;top:-2.0pt;">(2)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt 2.0pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="13%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:13.74%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt 2.0pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Proposed&nbsp;maximum<br>
  aggregate&nbsp;offering<br>
  price</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt 2.0pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="13%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:13.74%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt 2.0pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Amount&nbsp;of<br>
  registration&nbsp;fee</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt 2.0pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="35%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:35.22%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Common Stock, par value
  $0.0001 per share</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:13.74%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0pt 0pt 0pt 0pt;width:.98%;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:12.74%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.91</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0pt 0pt 0pt 0pt;width:.98%;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:12.74%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">98,190</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0pt 0pt 0pt 0pt;width:.98%;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:12.74%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.51</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="35%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:35.22%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Common Stock, par value
  $0.0001 per share</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:13.74%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13,190,100</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:.98%;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.74%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.00</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:.98%;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.74%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">131,901,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:.98%;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.74%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14,113.41</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="35%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:35.22%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:13.74%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:13.74%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:13.74%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:13.74%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<div style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><hr size="1" width="160" noshade color="black" align="left" style="width:120.0pt;"></div>

<p style="font-size:10.0pt;margin:0pt 0pt .0001pt 15.1pt;text-indent:-15.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160; </font>Represents the number of
shares of Behringer Harvard REIT I, Inc. (the &#147;Registrant&#148;) common stock
issuable under the Behringer Harvard REIT I Non-Employee Director Stock Option
Plan (the &#147;Non-Employee Director Stock Option Plan&#148;) and the Behringer Harvard
REIT I, Inc. 2005 Incentive Award Plan (the &#147;2005 Incentive Award Plan&#148; and,
together with the Non-Employee Director Stock Option Plan, the &#147;Plans&#148;).&#160; Pursuant to Rule 416(a) promulgated under the
Securities Act of 1933, as amended, this Registration Statement also covers an
indeterminate number of additional shares that become issuable under the Plans
as a result of any stock split, stock dividend or similar transaction that is
effected without the receipt of consideration and that increases the number of
outstanding shares of the Registrant&#146;s common stock.</p>

<p style="font-size:10.0pt;margin:0pt 0pt 12.0pt 15.0pt;text-indent:-15.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160; </font>Pursuant to
Rule 457(h) and (c) promulgated under the Securities Act of 1933, as amended.</p>


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<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">PART I</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item
1.&#160; Plan Information.*</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item
2.&#160; Registrant Information and Employee
Plan Annual Information.*</font></b></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*Information
required by Part I of this Registration Statement on Form S-8 (the &#147;Registration
Statement&#148;) is omitted from this filing in accordance with the provisions of
Rule 428 promulgated by the United States Securities and Exchange Commission
(the &#147;SEC&#148;) under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;),
and the Note to Part I of Form S-8.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
document(s) containing the information specified by Part I of Form S-8 will be
sent or given to participants under the Plans as specified by Rule 428(b)(1)
under the Securities Act.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">These
documents will not be filed with the SEC in this Registration Statement, but
will constitute (along with the documents incorporated by reference into this
Registration Statement pursuant to Item 3 of Part II hereof) a prospectus
meeting the requirements of Section 10(a) of the Securities Act.</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:none;">PART II</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 3. Incorporation of
Documents by Reference.</font></b></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We hereby incorporate by
reference into this Registration Statement the following documents previously
filed with the SEC:</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1) &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; our Annual Report on Form 10-K for the
year ended December 31, 2005, filed with the SEC on March 31, 2006;</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2) &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; all other reports filed by us with the
SEC pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934,
as amended (the &#147;Exchange Act&#148;), since December 31, 2005; and</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3) &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the description of our common stock
filed as part of our Registration Statement on Form 8-A (Registration No.
333-119945), filed with the SEC on May 2, 2005.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, all
documents subsequently filed by us pursuant to Sections 13(a), 13(c), 14 and
15(d) of the Exchange Act, after the date of this Registration Statement and
prior to the filing of a post-effective amendment which indicates that all
securities offered hereby have been sold or which deregisters all securities
then remaining unsold, shall be deemed to be incorporated by reference in this
Registration Statement and to be a part hereof from the date these documents
are filed.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any statement contained
in this Registration Statement, or in a document incorporated or deemed to be
incorporated by reference herein shall be deemed to be modified or superseded
for purposes of this Registration Statement to the extent that a statement
contained herein or in any subsequently filed document which also is deemed to
be incorporated by reference herein modifies or supersedes the earlier
statement.&#160; Any statement so modified or
superseded shall not be deemed, except as so modified or superseded, to
constitute a part of this Registration Statement.</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 4.
Description of Securities.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable.</font></p>


<br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 5.
Interests of Named Experts and Counsel.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 6. Indemnification of Directors and Officers.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We
are permitted to limit the liability of our directors, officers, employees and
other agents, and to indemnify them, only to the extent permitted by Maryland
law and the guidelines promulgated by the North American Securities
Administrators Association referred to herein as the &#147;NASAA REIT Guidelines.&#148;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Maryland
law permits us to include in our charter, a provision limiting the liability of
our directors and officers to us and our stockholders for money damages, except
for liability resulting from (1) actual receipt of an improper benefit or
profit in money, property or services or (2) active and deliberate dishonesty
established by a final judgment and which is material to the cause of
action.&#160; Our charter contains a provision
that eliminates directors&#146; and officers&#146; liability to us and our stockholders
for monetary damages to the maximum extent permitted by Maryland law.&#160; Maryland law requires us (unless our charter
provides otherwise, which our charter does not) to indemnify a director or
officer who has been successful in the defense of any proceeding to which he is
made or threatened to be made a party by reason of his service in that
capacity.&#160; Maryland law allows directors
and officers to be indemnified against judgments, penalties, fines, settlements
and expenses actually incurred in a proceeding unless the following can be
established:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>an
act or omission of the director or officer was material to the cause of action
adjudicated in the proceeding and was committed in bad faith or was the result
of active and deliberate dishonesty;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
director or officer actually received an improper personal benefit in money,
property or services;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>with
respect to any criminal proceeding, the director or officer had reasonable
cause to believe his act or omission was unlawful; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>in
a proceeding by us or on our behalf, the director or officer was adjudged to be
liable to us, in which case indemnification must be ordered by a court and is
limited to expenses.</p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This
provision does not reduce the exposure of directors and officers to liability
under federal or state securities laws, nor does it limit the stockholders&#146;
ability to obtain injunctive relief or other equitable remedies for a violation
of a director&#146;s or an officer&#146;s duties to us, although the equitable remedies
may not be an effective remedy in some circumstances.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In
addition to the above provisions of Maryland law, and as set forth in the NASAA
REIT Guidelines, our charter further limits our ability to indemnify and hold
harmless our directors, our officers, our employees, our agents, including our
advisor, Behringer Advisors LP, and our affiliates for losses arising from our
operation by requiring that the following additional conditions are met:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
directors, the officers, the employees, the agents, Behringer Advisors or our
affiliates have determined, in good faith, that the course of conduct that
caused the loss or liability was in our best interests;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
directors, the officers, the employees, the agents, Behringer Advisors or our
affiliates were acting on our behalf or performing services for us;</p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>in
the case of non-independent directors, Behringer Advisors or our affiliates,
the liability or loss was not the result of negligence or misconduct by the
party seeking indemnification;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>in
the case of independent directors, the liability or loss was not the result of
gross negligence or willful misconduct by the party seeking indemnification;
and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
indemnification or agreement to hold harmless is recoverable only out of our
net assets and not from the stockholders.</p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We
have agreed to indemnify and hold harmless Behringer Advisors and any of its
affiliates performing services for us from specific claims and liabilities
arising out of the performance of its obligations under the advisory agreement
we have entered into with Behringer Advisors.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
SEC takes the position that indemnification against liabilities arising under
the Securities Act is against public policy and unenforceable.&#160; Indemnification of our directors, officers,
employees, agents, advisor or affiliates will not be allowed for liabilities
arising from or out of a violation of state or federal securities laws, unless
one or more of the following conditions are met:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>there
has been a successful adjudication on the merits of each count involving
alleged securities law violations;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
claims have been dismissed with prejudice on the merits by a court of competent
jurisdiction; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>a
court of competent jurisdiction approves a settlement of the claims against the
indemnitee and finds that indemnification of the settlement and the related
costs should be made, and the court considering the request for indemnification
has been advised of the position of the SEC and of the published position of
any state securities regulatory authority in which our securities were offered
as to indemnification for violations of securities laws.</p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our
charter provides that the advancement of our funds to our directors, officers,
employees, agents, advisor or affiliates for legal expenses and other costs
incurred as a result of any legal action for which indemnification is being
sought is permissible only if all of the following conditions are
satisfied:&#160; (1) the legal action relates
to acts or omissions with respect to the performance of duties or services on behalf
of us; (2) our directors, officers, employees, agents, advisor or affiliates
provide us with written affirmation of their good faith belief that they have
met the standard of conduct necessary for indemnification; (3) the legal action
is initiated by a third-party who is not a stockholder or, if the legal action
is initiated by a stockholder acting in his or her capacity as such, a court of
competent jurisdiction specifically approves such advancement; and (4) our
directors, officers, employees, agents, advisor or affiliates agree in writing
to repay the advanced funds to us together with the applicable legal rate of
interest thereon, in cases in which such directors, officers, employees,
agents, advisor or affiliates are found not to be entitled to indemnification.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indemnification
will be allowed for settlements and related expenses of lawsuits alleging
securities laws violations and for expenses incurred in successfully defending
any lawsuits, provided that a court either:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>approves
the settlement and finds that indemnification of the settlement and related
costs should be made; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>dismisses
with prejudice or there is a successful adjudication on the merits of each
count involving alleged securities law violations as to the particular
indemnitee and a court approves the indemnification.</p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 7.
Exemption from Registration Claimed.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not
applicable.</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 8.
Exhibits.</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:8.92%;">
  <p align="left" style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:left;"><!-- SET mrlNoTableShading -->Exhibit No.</p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.0%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="90%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:90.1%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Exhibit</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:8.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:90.1%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.1</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:90.1%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Distribution Reinvestment Plan of the Registrant,
  effective as of October 23, 2006 (Previously filed and incorporated by
  reference to Exhibit 4.2 to the Registrant&#146;s Registration Statement on Form
  S-11 filed on October 4, 2006)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:90.1%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:90.1%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Automatic Purchase Plan of the Registrant, effective
  as of October 23, 2006 (Previously filed and incorporated by reference to
  Exhibit 4.3 to Registrant&#146;s Registration Statement on Form S-11 filed on
  October 4, 2006)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:90.1%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.1</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:90.1%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Opinion of Venable LLP</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:90.1%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.1</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:90.1%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of Venable LLP (included in Exhibit 5.1)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:90.1%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.2</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:90.1%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of Deloitte &amp; Touche LLP</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:90.1%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.3</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:90.1%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of Deloitte &amp; Touche LLP relating to the
  Statements of Revenues and Certain Operating Expenses of Woodcrest Center,
  Burnett Plaza, Paces West, Riverside Plaza, The Terrace, Three Parkway and
  Bank of America Plaza</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:90.1%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.4</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:90.1%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of PricewaterhouseCoopers LLP relating to
  the Financial Statements of Behringer Harvard REIT I, Inc. and the
  tenant-in-common interest holders of the Colorado Building</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:90.1%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24.1</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:90.1%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Power of Attorney is included as part of the
  signature pages to this Registration Statement and incorporated herein by
  reference</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:90.1%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.1</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:90.1%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Behringer Harvard REIT I Non-Employee Director Stock
  Option Plan (Previously filed and incorporated by reference to Exhibit 10.5
  to Amendment No. 1 to Registrant&#146;s Registration Statement on Form S-11 filed
  on September 3, 2002)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:90.1%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.2</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:90.1%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Behringer Harvard REIT I, Inc. 2005 Incentive Award
  Plan (Previously filed and incorporated by reference to Annex A of the
  Registrant&#146;s Definitive Proxy Statement on Schedule 14A filed on April 15,
  2005)</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 9.
Undertakings</font></b></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The undersigned Registrant hereby
undertakes:</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; To file, during any
period in which offers or sales are being made, a post-effective amendment to
this Registration Statement:</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt 35.0pt;text-align:left;text-indent:40.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; To
include any prospectus required by Section 10(a)(3) of the Securities Act;</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt 35.0pt;text-align:left;text-indent:40.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; To
reflect in the prospectus any facts or events arising after the effective date
of the Registration Statement (or the most recent post-effective amendment
thereof) which, individually or in the aggregate, represent a fundamental
change in the information set forth in the Registration Statement; and</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt 35.0pt;text-align:left;text-indent:40.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; To
include any material information with respect to the plan of distribution not
previously disclosed in the Registration Statement or any material change to
such information in the Registration Statement.</font></p>

<p align="left" style="font-family:Times New Roman;margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Provided, however</font></i><font size="2" style="font-size:10.0pt;">, that paragraphs (a)(1)(i) and (a)(1)(ii) do
not apply if the information required to be included in a post-effective
amendment by those paragraphs is contained in periodic reports filed by the
Registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange
Act of 1934 that are incorporated by reference in this Registration Statement.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding paragraph (a)(1)(ii), any increase or decrease in
volume of securities offering (if the total dollar value of securities offered
would not exceed that which was registered) and any deviation from the low or
high end of the estimated maximum offering range may be reflected in the form
of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate,
the changes in volume and price represent no more than a twenty percent change
in the maximum aggregate offering price set forth in the &#147;Calculation of
Registration Fee&#148; table in the effective Registration Statement.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; That, for the purpose of determining
any liability under the Securities Act of 1933, each such post-effective
amendment shall be deemed to be a new Registration Statement relating to the
securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; To remove from
registration by means of a post-effective amendment any of the securities being
registered which remain unsold at the termination of the offering.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The undersigned Registrant hereby
undertakes that, for purposes of determining any liability under the Securities
Act of 1933, each filing of the Registrant&#146;s annual report pursuant to Section
13(a) or Section 15(d) of the Securities Exchange Act of 1934 that is
incorporated by reference in the Registration Statement shall be deemed to be a
new Registration Statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Insofar as
indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers and controlling persons of the Registrant
pursuant to the foregoing provisions, or otherwise, the Registrant has been
advised that in the opinion of the SEC such indemnification is against public
policy as expressed in the Act and is, therefore, unenforceable. In the event
that a claim for indemnification against such liabilities (other than the
payment by the Registrant of expenses incurred or paid by a director, officer
of controlling person of the Registrant in the successful defense of any
action, suit or proceeding) is asserted by such director, officer or
controlling person in </font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">connection with
the securities being offered unless in the opinion of its counsel the matter has
been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Act and will be governed by the final adjudication
of such issue.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<br clear="all" style="page-break-before:always;">
  <p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:none;">SIGNATURES</font></b></p>  <p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the requirements
of the Securities Act of 1933, the Registrant certifies that it has reasonable
grounds to believe that it meets all of the requirements for filing on Form S-8
and has duly caused this Registration Statement to be signed on its behalf by
the undersigned, thereunto duly authorized, hereunto duly authorized, in the
City of Dallas, State of Texas, on February 2, 2007.</font></p>  <table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">  <tr>  <td width="49%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.8%;">  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading --></p>  </td>  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>  </td>  <td width="47%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:47.82%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BEHRINGER HARVARD REIT I,
  INC.</font></p>  </td>  </tr>  <tr>  <td width="49%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.8%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>  </td>  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>  </td>  <td width="47%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:47.82%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>  </td>  </tr>  <tr>  <td width="49%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.8%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>  </td>  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>  </td>  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.4%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>  </td>  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.98%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>  </td>  <td width="42%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:42.44%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>  </td>  </tr>  <tr>  <td width="49%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.8%;">  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>  </td>  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>  </td>  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.4%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>  </td>  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.98%;">  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>  </td>  <td width="42%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:42.44%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Robert M. Behringer</font></p>  </td>  </tr>  <tr>  <td width="49%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.8%;">  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>  </td>  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>  </td>  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.4%;">  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>  </td>  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.98%;">  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>  </td>  <td width="42%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:42.44%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Robert M. Behringer</font></p>  </td>  </tr>  <tr>  <td width="49%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.8%;">  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>  </td>  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>  </td>  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.4%;">  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>  </td>  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.98%;">  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>  </td>  <td width="42%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:42.44%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Executive Officer</font></p>  </td>  </tr>  </table>  <p style="margin:0pt 0pt 12.0pt 252.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='7',FILE='C:\fc\3302542936_D11389_1665702\3342-1-jc.htm',USER='jmsproofassembler',CD='Feb  2 00:25 2007' -->
<br clear="all" style="page-break-before:always;">
    <p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:none;">POWER OF ATTORNEY</font></b></p>  <p align="left" style="font-family:Times New Roman;margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">KNOW ALL PERSONS BY THESE PRESENTS, </font></b><font size="2" style="font-size:10.0pt;">that each of the persons
whose signature appears below appoints and constitutes Robert M. Behringer,
Robert S. Aisner, Gerald J. Reihsen, III, and Gary S. Bresky, and each of them,
his true and lawful attorney in fact and agent, each acting alone, with full
power of substitution and resubstitution, for him and in his name, place and
stead, in any an all capacities, to execute any and all amendments (including
post-effective amendments) to the within registration statement (as well as any
registration statement for the same offering covered by this Registration
Statement that is to be effective upon filing pursuant to Rule 462(b) under the
Securities Act of 1933), and to file the same, together with all exhibits
thereto and all other documents in connection therewith, with the Securities
and Exchange Commission and such other agencies, offices and persons as may be
required by applicable law, granting unto each said attorney in fact and agent,
each acting alone, full power and authority to do and perform each and every
act and thing requisite or necessary to be done in and about the premises, as
fully to all intents and purposes as he or she might or could do in person,
hereby ratifying and confirming all that each said attorney-in-fact and agent,
each acting alone may lawfully do or cause to be done by virtue hereof.</font></p>  <p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant
to the requirements of the Securities Act, this Registration Statement has been
signed by the following persons in the capacities indicated and on the date
indicated.</font></p>  <table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">  <tr style="page-break-inside:avoid;">  <td width="20%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:20.84%;">  <p style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><!-- SET mrlNoTableShading -->SIGNATURE</p>  </td>  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.98%;">  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>  </td>  <td width="59%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:59.52%;">  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">TITLE</font></b></p>  </td>  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>  </td>  <td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:14.28%;">  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">DATE</font></b></p>  </td>  </tr>  <tr style="page-break-inside:avoid;">  <td width="20%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:20.84%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>  </td>  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.98%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>  </td>  <td width="59%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:59.52%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>  </td>  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>  </td>  <td width="14%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:14.28%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>  </td>  </tr>  <tr style="page-break-inside:avoid;">  <td width="20%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:20.84%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Robert M. Behringer</font></p>  </td>  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.98%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>  </td>  <td width="59%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:59.52%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Executive Officer, Chief Investment Officer</font></p>  </td>  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>  </td>  <td width="14%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:14.28%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">February 2, 2007</font></p>  </td>  </tr>  <tr style="page-break-inside:avoid;">  <td width="20%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:20.84%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Robert M. Behringer</font></p>  </td>  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.98%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>  </td>  <td width="59%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:59.52%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and Director (Principal Executive Officer)</font></p>  </td>  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>  </td>  <td width="14%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:14.28%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>  </td>  </tr>  <tr style="page-break-inside:avoid;">  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.84%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>  </td>  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.98%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>  </td>  <td width="59%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:59.52%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>  </td>  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>  </td>  <td width="14%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:14.28%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>  </td>  </tr>  <tr style="page-break-inside:avoid;">  <td width="20%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:20.84%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Robert S. Aisner</font></p>  </td>  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.98%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>  </td>  <td width="59%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:59.52%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President, Chief Operating Officer and Director</font></p>  </td>  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>  </td>  <td width="14%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:14.28%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">February 2, 2007</font></p>  </td>  </tr>  <tr style="page-break-inside:avoid;">  <td width="20%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:20.84%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Robert S. Aisner</font></p>  </td>  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.98%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>  </td>  <td width="59%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:59.52%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>  </td>  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>  </td>  <td width="14%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:14.28%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>  </td>  </tr>  <tr style="page-break-inside:avoid;">  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.84%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>  </td>  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.98%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>  </td>  <td width="59%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:59.52%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>  </td>  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>  </td>  <td width="14%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:14.28%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>  </td>  </tr>  <tr style="page-break-inside:avoid;">  <td width="20%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:20.84%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Gary S. Bresky</font></p>  </td>  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.98%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>  </td>  <td width="59%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:59.52%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Financial Officer (Principal Financial</font></p>  </td>  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>  </td>  <td width="14%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:14.28%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">February 2, 2007</font></p>  </td>  </tr>  <tr style="page-break-inside:avoid;">  <td width="20%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:20.84%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Gary S. Bresky</font></p>  </td>  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.98%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>  </td>  <td width="59%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:59.52%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Officer)</font></p>  </td>  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>  </td>  <td width="14%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:14.28%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>  </td>  </tr>  <tr style="page-break-inside:avoid;">  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.84%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>  </td>  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.98%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>  </td>  <td width="59%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:59.52%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>  </td>  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>  </td>  <td width="14%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:14.28%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>  </td>  </tr>  <tr style="page-break-inside:avoid;">  <td width="20%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:20.84%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Kimberly Arianpour</font></p>  </td>  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.98%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>  </td>  <td width="59%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:59.52%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Accounting Officer (Principal Accounting</font></p>  </td>  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>  </td>  <td width="14%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:14.28%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">February 2, 2007</font></p>  </td>  </tr>  <tr style="page-break-inside:avoid;">  <td width="20%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:20.84%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Kimberly Arianpour</font></p>  </td>  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.98%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>  </td>  <td width="59%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:59.52%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Officer)</font></p>  </td>  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>  </td>  <td width="14%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:14.28%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>  </td>  </tr>  <tr style="page-break-inside:avoid;">  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.84%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>  </td>  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.98%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>  </td>  <td width="59%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:59.52%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>  </td>  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>  </td>  <td width="14%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:14.28%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>  </td>  </tr>  <tr style="page-break-inside:avoid;">  <td width="20%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:20.84%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Charles G. Dannis</font></p>  </td>  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.98%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>  </td>  <td width="59%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:59.52%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>  </td>  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>  </td>  <td width="14%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:14.28%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">February 2, 2007</font></p>  </td>  </tr>  <tr style="page-break-inside:avoid;">  <td width="20%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:20.84%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Charles G. Dannis</font></p>  </td>  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.98%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>  </td>  <td width="59%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:59.52%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>  </td>  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>  </td>  <td width="14%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:14.28%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>  </td>  </tr>  <tr style="page-break-inside:avoid;">  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.84%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>  </td>  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.98%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>  </td>  <td width="59%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:59.52%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>  </td>  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>  </td>  <td width="14%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:14.28%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>  </td>  </tr>  <tr style="page-break-inside:avoid;">  <td width="20%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:20.84%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Steven W. Partridge</font></p>  </td>  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.98%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>  </td>  <td width="59%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:59.52%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>  </td>  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>  </td>  <td width="14%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:14.28%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">February 2, 2007</font></p>  </td>  </tr>  <tr style="page-break-inside:avoid;">  <td width="20%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:20.84%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Steven W. Partridge</font></p>  </td>  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.98%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>  </td>  <td width="59%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:59.52%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>  </td>  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>  </td>  <td width="14%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:14.28%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>  </td>  </tr>  <tr style="page-break-inside:avoid;">  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.84%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>  </td>  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.98%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>  </td>  <td width="59%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:59.52%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>  </td>  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>  </td>  <td width="14%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:14.28%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>  </td>  </tr>  <tr style="page-break-inside:avoid;">  <td width="20%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:20.84%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ G. Ronald Witten</font></p>  </td>  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.98%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>  </td>  <td width="59%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:59.52%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>  </td>  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>  </td>  <td width="14%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:14.28%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">February 2, 2007</font></p>  </td>  </tr>  <tr style="page-break-inside:avoid;">  <td width="20%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:20.84%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">G. Ronald Witten</font></p>  </td>  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.98%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>  </td>  <td width="59%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:59.52%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>  </td>  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>  </td>  <td width="14%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:14.28%;">  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>  </td>  </tr>  </table>  <p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>  <p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>
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<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">EXHIBIT INDEX</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:8.92%;">
  <p align="left" style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:left;"><!-- SET mrlNoTableShading -->Exhibit No.</p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.0%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="90%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:90.1%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Exhibit</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:8.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:90.1%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.1</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:90.1%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Distribution Reinvestment Plan of the Registrant,
  effective as of October 23, 2006 (Previously filed and incorporated by
  reference to Exhibit 4.2 to the Registrant&#146;s Registration Statement on Form
  S-11 filed on October 4, 2006)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:90.1%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:90.1%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Automatic Purchase Plan of the Registrant, effective
  as of October 23, 2006 (Previously filed and incorporated by reference to
  Exhibit 4.3 to Registrant&#146;s Registration Statement on Form S-11 filed on October
  4, 2006)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:90.1%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.1</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:90.1%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Opinion of Venable LLP</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:90.1%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.1</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:90.1%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of Venable LLP (included in Exhibit 5.1)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:90.1%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.2</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:90.1%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of Deloitte &amp; Touche LLP</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:90.1%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.3</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:90.1%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of Deloitte &amp; Touche LLP relating to the
  Statements of Revenues and Certain Operating Expenses of Woodcrest Center,
  Burnett Plaza, Paces West, Riverside Plaza, The Terrace, Three Parkway and
  Bank of America Plaza</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:90.1%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.4</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:90.1%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of PricewaterhouseCoopers LLP relating to
  the Financial Statements of Behringer Harvard REIT I, Inc. and the
  tenant-in-common interest holders of the Colorado Building</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:90.1%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24.1</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:90.1%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Power of Attorney is included as part of the
  signature pages to this Registration Statement and incorporated herein by
  reference</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:90.1%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.1</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:90.1%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Behringer Harvard REIT I Non-Employee Director Stock
  Option Plan (Previously filed and incorporated by reference to Exhibit 10.5
  to Amendment No. 1 to Registrant&#146;s Registration Statement on Form S-11 filed
  on September 3, 2002)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:90.1%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.2</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:90.1%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Behringer Harvard REIT I, Inc. 2005 Incentive Award
  Plan (Previously filed and incorporated by reference to Annex A of the
  Registrant&#146;s Definitive Proxy Statement on Schedule 14A filed on April 15,
  2005)</font></p>
  </td>
 </tr>
</table>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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[{"type": "S-8", "sequence": "1", "filename": "a07-3342_1s8.htm", "description": "SECURITIES TO BE OFFERED TO EMPLOYEES PURSUANT TO EMPLOYEE BENEFIT PLANS", "secsgml_size_bytes": 115476}]
{"company-data": {"conformed-name": "BEHRINGER HARVARD REIT I INC", "cik": "0001176373", "assigned-sic": "6798", "irs-number": "680509956", "state-of-incorporation": "MD", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-140431", "film-number": "07577454"}, "business-address": {"street1": "15601 DALLAS PARKWAY", "street2": "SUITE 600", "city": "ADDISON", "state": "TX", "zip": "75001", "phone": "866-655-1620"}, "mail-address": {"street1": "15601 DALLAS PARKWAY", "street2": "SUITE 600", "city": "ADDISON", "state": "TX", "zip": "75001"}, "former-company": [{"former-conformed-name": "BEHRINGER HARVARD REIT I  INC", "date-changed": "20020903"}, {"former-conformed-name": "BEHRINGER HARVARD REIT I  I INC", "date-changed": "20020830"}, {"former-conformed-name": "BEHRINGER HARVARD REAL ESTATE INVESTMENT TRUST I INC", "date-changed": "20020627"}]}
As filed with the Securities and Exchange Commission on February 2, 2007
Registration No.
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
BEHRINGER HARVARD REIT I, INC.
(Exact name of registrant
as specified in its charter)
MARYLAND
68-0509956
(State or other
  jurisdiction of incorporation or organization)
(I.R.S. Employer
  Identification No.)
15601
Dallas Parkway, Suite 600
Addison, Texas  75001
(Address of Principal Executive
Offices)
Behringer
Harvard REIT I Non-Employee Director Stock Option Plan
Behringer Harvard REIT I, Inc. 2005 Incentive
Award Plan
(Full title of the plans)
Gerald
J. Reihsen, III
Executive Vice President-Corporate
Development and Legal and Secretary
Behringer Harvard REIT, I, Inc.
15601 Dallas Parkway, Suite 600
Addison, Texas 75001
(866)655-1620
(Name, address including zip code and
telephone number, including area code, of agent for service)
Copies of all
communications, including all communications sent to agent for service, should
be sent to:
Michael
J. Choate
Shefsky & Froelich Ltd.
111 East Wacker Dr., Suite 2800
Chicago, IL 
60601
(312) 836-4066
(312) 275-7554 (facsimile)
CALCULATION
OF REGISTRATION FEE
Title of securities to be
registered
Amount to be
registered
(1)
Proposed
maximum offering
price per share
(2)
Proposed maximum
aggregate offering
price
Amount of
registration fee
Common Stock, par value
  $0.0001 per share
9,000
$
10.91
$
98,190
$
10.51
Common Stock, par value
  $0.0001 per share
13,190,100
$
10.00
$
131,901,000
$
14,113.41
(1)
Represents the number of
shares of Behringer Harvard REIT I, Inc. (the "Registrant") common stock
issuable under the Behringer Harvard REIT I Non-Employee Director Stock Option
Plan (the "Non-Employee Director Stock Option Plan") and the Behringer Harvard
REIT I, Inc. 2005 Incentive Award Plan (the "2005 Incentive Award Plan" and,
together with the Non-Employee Director Stock Option Plan, the "Plans").  Pursuant to Rule 416(a) promulgated under the
Securities Act of 1933, as amended, this Registration Statement also covers an
indeterminate number of additional shares that become issuable under the Plans
as a result of any stock split, stock dividend or similar transaction that is
effected without the receipt of consideration and that increases the number of
outstanding shares of the Registrant's common stock.
(2)
Pursuant to
Rule 457(h) and (c) promulgated under the Securities Act of 1933, as amended.
PART I
Item
1.  Plan Information.*
Item
2.  Registrant Information and Employee
Plan Annual Information.*
*Information
required by Part I of this Registration Statement on Form S-8 (the "Registration
Statement") is omitted from this filing in accordance with the provisions of
Rule 428 promulgated by the United States Securities and Exchange Commission
(the "SEC") under the Securities Act of 1933, as amended (the "Securities Act"),
and the Note to Part I of Form S-8.
The
document(s) containing the information specified by Part I of Form S-8 will be
sent or given to participants under the Plans as specified by Rule 428(b)(1)
under the Securities Act.
These
documents will not be filed with the SEC in this Registration Statement, but
will constitute (along with the documents incorporated by reference into this
Registration Statement pursuant to Item 3 of Part II hereof) a prospectus
meeting the requirements of Section 10(a) of the Securities Act.
PART II
Item 3. Incorporation of
Documents by Reference.
We hereby incorporate by
reference into this Registration Statement the following documents previously
filed with the SEC:
(1)           our Annual Report on Form 10-K for the
year ended December 31, 2005, filed with the SEC on March 31, 2006;
(2)           all other reports filed by us with the
SEC pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934,
as amended (the "Exchange Act"), since December 31, 2005; and
(3)           the description of our common stock
filed as part of our Registration Statement on Form 8-A (Registration No.
333-119945), filed with the SEC on May 2, 2005.
In addition, all
documents subsequently filed by us pursuant to Sections 13(a), 13(c), 14 and
15(d) of the Exchange Act, after the date of this Registration Statement and
prior to the filing of a post-effective amendment which indicates that all
securities offered hereby have been sold or which deregisters all securities
then remaining unsold, shall be deemed to be incorporated by reference in this
Registration Statement and to be a part hereof from the date these documents
are filed.
Any statement contained
in this Registration Statement, or in a document incorporated or deemed to be
incorporated by reference herein shall be deemed to be modified or superseded
for purposes of this Registration Statement to the extent that a statement
contained herein or in any subsequently filed document which also is deemed to
be incorporated by reference herein modifies or supersedes the earlier
statement.  Any statement so modified or
superseded shall not be deemed, except as so modified or superseded, to
constitute a part of this Registration Statement.
Item 4.
Description of Securities.
Not applicable.
Item 5.
Interests of Named Experts and Counsel.
Not applicable.
Item 6. Indemnification of Directors and Officers.
We
are permitted to limit the liability of our directors, officers, employees and
other agents, and to indemnify them, only to the extent permitted by Maryland
law and the guidelines promulgated by the North American Securities
Administrators Association referred to herein as the "NASAA REIT Guidelines."
Maryland
law permits us to include in our charter, a provision limiting the liability of
our directors and officers to us and our stockholders for money damages, except
for liability resulting from (1) actual receipt of an improper benefit or
profit in money, property or services or (2) active and deliberate dishonesty
established by a final judgment and which is material to the cause of
action.  Our charter contains a provision
that eliminates directors' and officers' liability to us and our stockholders
for monetary damages to the maximum extent permitted by Maryland law.  Maryland law requires us (unless our charter
provides otherwise, which our charter does not) to indemnify a director or
officer who has been successful in the defense of any proceeding to which he is
made or threatened to be made a party by reason of his service in that
capacity.  Maryland law allows directors
and officers to be indemnified against judgments, penalties, fines, settlements
and expenses actually incurred in a proceeding unless the following can be
established:
·
an
act or omission of the director or officer was material to the cause of action
adjudicated in the proceeding and was committed in bad faith or was the result
of active and deliberate dishonesty;
·
the
director or officer actually received an improper personal benefit in money,
property or services;
·
with
respect to any criminal proceeding, the director or officer had reasonable
cause to believe his act or omission was unlawful; or
·
in
a proceeding by us or on our behalf, the director or officer was adjudged to be
liable to us, in which case indemnification must be ordered by a court and is
limited to expenses.
This
provision does not reduce the exposure of directors and officers to liability
under federal or state securities laws, nor does it limit the stockholders'
ability to obtain injunctive relief or other equitable remedies for a violation
of a director's or an officer's duties to us, although the equitable remedies
may not be an effective remedy in some circumstances.
In
addition to the above provisions of Maryland law, and as set forth in the NASAA
REIT Guidelines, our charter further limits our ability to indemnify and hold
harmless our directors, our officers, our employees, our agents, including our
advisor, Behringer Advisors LP, and our affiliates for losses arising from our
operation by requiring that the following additional conditions are met:
·
the
directors, the officers, the employees, the agents, Behringer Advisors or our
affiliates have determined, in good faith, that the course of conduct that
caused the loss or liability was in our best interests;
·
the
directors, the officers, the employees, the agents, Behringer Advisors or our
affiliates were acting on our behalf or performing services for us;
2
·
in
the case of non-independent directors, Behringer Advisors or our affiliates,
the liability or loss was not the result of negligence or misconduct by the
party seeking indemnification;
·
in
the case of independent directors, the liability or loss was not the result of
gross negligence or willful misconduct by the party seeking indemnification;
and
·
the
indemnification or agreement to hold harmless is recoverable only out of our
net assets and not from the stockholders.
We
have agreed to indemnify and hold harmless Behringer Advisors and any of its
affiliates performing services for us from specific claims and liabilities
arising out of the performance of its obligations under the advisory agreement
we have entered into with Behringer Advisors.
The
SEC takes the position that indemnification against liabilities arising under
the Securities Act is against public policy and unenforceable.  Indemnification of our directors, officers,
employees, agents, advisor or affiliates will not be allowed for liabilities
arising from or out of a violation of state or federal securities laws, unless
one or more of the following conditions are met:
·
there
has been a successful adjudication on the merits of each count involving
alleged securities law violations;
·
the
claims have been dismissed with prejudice on the merits by a court of competent
jurisdiction; or
·
a
court of competent jurisdiction approves a settlement of the claims against the
indemnitee and finds that indemnification of the settlement and the related
costs should be made, and the court considering the request for indemnification
has been advised of the position of the SEC and of the published position of
any state securities regulatory authority in which our securities were offered
as to indemnification for violations of securities laws.
Our
charter provides that the advancement of our funds to our directors, officers,
employees, agents, advisor or affiliates for legal expenses and other costs
incurred as a result of any legal action for which indemnification is being
sought is permissible only if all of the following conditions are
satisfied:  (1) the legal action relates
to acts or omissions with respect to the performance of duties or services on behalf
of us; (2) our directors, officers, employees, agents, advisor or affiliates
provide us with written affirmation of their good faith belief that they have
met the standard of conduct necessary for indemnification; (3) the legal action
is initiated by a third-party who is not a stockholder or, if the legal action
is initiated by a stockholder acting in his or her capacity as such, a court of
competent jurisdiction specifically approves such advancement; and (4) our
directors, officers, employees, agents, advisor or affiliates agree in writing
to repay the advanced funds to us together with the applicable legal rate of
interest thereon, in cases in which such directors, officers, employees,
agents, advisor or affiliates are found not to be entitled to indemnification.
Indemnification
will be allowed for settlements and related expenses of lawsuits alleging
securities laws violations and for expenses incurred in successfully defending
any lawsuits, provided that a court either:
·
approves
the settlement and finds that indemnification of the settlement and related
costs should be made; or
·
dismisses
with prejudice or there is a successful adjudication on the merits of each
count involving alleged securities law violations as to the particular
indemnitee and a court approves the indemnification.
3
Item 7.
Exemption from Registration Claimed.
Not
applicable.
Item 8.
Exhibits.
Exhibit No.
Exhibit
4.1
Distribution Reinvestment Plan of the Registrant,
  effective as of October 23, 2006 (Previously filed and incorporated by
  reference to Exhibit 4.2 to the Registrant's Registration Statement on Form
  S-11 filed on October 4, 2006)
4.2
Automatic Purchase Plan of the Registrant, effective
  as of October 23, 2006 (Previously filed and incorporated by reference to
  Exhibit 4.3 to Registrant's Registration Statement on Form S-11 filed on
  October 4, 2006)
5.1
Opinion of Venable LLP
23.1
Consent of Venable LLP (included in Exhibit 5.1)
23.2
Consent of Deloitte & Touche LLP
23.3
Consent of Deloitte & Touche LLP relating to the
  Statements of Revenues and Certain Operating Expenses of Woodcrest Center,
  Burnett Plaza, Paces West, Riverside Plaza, The Terrace, Three Parkway and
  Bank of America Plaza
23.4
Consent of PricewaterhouseCoopers LLP relating to
  the Financial Statements of Behringer Harvard REIT I, Inc. and the
  tenant-in-common interest holders of the Colorado Building
24.1
Power of Attorney is included as part of the
  signature pages to this Registration Statement and incorporated herein by
  reference
99.1
Behringer Harvard REIT I Non-Employee Director Stock
  Option Plan (Previously filed and incorporated by reference to Exhibit 10.5
  to Amendment No. 1 to Registrant's Registration Statement on Form S-11 filed
  on September 3, 2002)
99.2
Behringer Harvard REIT I, Inc. 2005 Incentive Award
  Plan (Previously filed and incorporated by reference to Annex A of the
  Registrant's Definitive Proxy Statement on Schedule 14A filed on April 15,
  2005)
4
Item 9.
Undertakings
(a)           The undersigned Registrant hereby
undertakes:
(1)            To file, during any
period in which offers or sales are being made, a post-effective amendment to
this Registration Statement:
(i)           To
include any prospectus required by Section 10(a)(3) of the Securities Act;
(ii)          To
reflect in the prospectus any facts or events arising after the effective date
of the Registration Statement (or the most recent post-effective amendment
thereof) which, individually or in the aggregate, represent a fundamental
change in the information set forth in the Registration Statement; and
(iii)         To
include any material information with respect to the plan of distribution not
previously disclosed in the Registration Statement or any material change to
such information in the Registration Statement.
Provided, however
, that paragraphs (a)(1)(i) and (a)(1)(ii) do
not apply if the information required to be included in a post-effective
amendment by those paragraphs is contained in periodic reports filed by the
Registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange
Act of 1934 that are incorporated by reference in this Registration Statement.
Notwithstanding paragraph (a)(1)(ii), any increase or decrease in
volume of securities offering (if the total dollar value of securities offered
would not exceed that which was registered) and any deviation from the low or
high end of the estimated maximum offering range may be reflected in the form
of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate,
the changes in volume and price represent no more than a twenty percent change
in the maximum aggregate offering price set forth in the "Calculation of
Registration Fee" table in the effective Registration Statement.
(2)           That, for the purpose of determining
any liability under the Securities Act of 1933, each such post-effective
amendment shall be deemed to be a new Registration Statement relating to the
securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof.
(3)           To remove from
registration by means of a post-effective amendment any of the securities being
registered which remain unsold at the termination of the offering.
(b)           The undersigned Registrant hereby
undertakes that, for purposes of determining any liability under the Securities
Act of 1933, each filing of the Registrant's annual report pursuant to Section
13(a) or Section 15(d) of the Securities Exchange Act of 1934 that is
incorporated by reference in the Registration Statement shall be deemed to be a
new Registration Statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.
Insofar as
indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers and controlling persons of the Registrant
pursuant to the foregoing provisions, or otherwise, the Registrant has been
advised that in the opinion of the SEC such indemnification is against public
policy as expressed in the Act and is, therefore, unenforceable. In the event
that a claim for indemnification against such liabilities (other than the
payment by the Registrant of expenses incurred or paid by a director, officer
of controlling person of the Registrant in the successful defense of any
action, suit or proceeding) is asserted by such director, officer or
controlling person in
5
connection with
the securities being offered unless in the opinion of its counsel the matter has
been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Act and will be governed by the final adjudication
of such issue.
6
SIGNATURES
Pursuant to the requirements
of the Securities Act of 1933, the Registrant certifies that it has reasonable
grounds to believe that it meets all of the requirements for filing on Form S-8
and has duly caused this Registration Statement to be signed on its behalf by
the undersigned, thereunto duly authorized, hereunto duly authorized, in the
City of Dallas, State of Texas, on February 2, 2007.
BEHRINGER HARVARD REIT I,
  INC.
By:
/s/ Robert M. Behringer
Robert M. Behringer
Chief Executive Officer
7
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS,
that each of the persons
whose signature appears below appoints and constitutes Robert M. Behringer,
Robert S. Aisner, Gerald J. Reihsen, III, and Gary S. Bresky, and each of them,
his true and lawful attorney in fact and agent, each acting alone, with full
power of substitution and resubstitution, for him and in his name, place and
stead, in any an all capacities, to execute any and all amendments (including
post-effective amendments) to the within registration statement (as well as any
registration statement for the same offering covered by this Registration
Statement that is to be effective upon filing pursuant to Rule 462(b) under the
Securities Act of 1933), and to file the same, together with all exhibits
thereto and all other documents in connection therewith, with the Securities
and Exchange Commission and such other agencies, offices and persons as may be
required by applicable law, granting unto each said attorney in fact and agent,
each acting alone, full power and authority to do and perform each and every
act and thing requisite or necessary to be done in and about the premises, as
fully to all intents and purposes as he or she might or could do in person,
hereby ratifying and confirming all that each said attorney-in-fact and agent,
each acting alone may lawfully do or cause to be done by virtue hereof.
Pursuant
to the requirements of the Securities Act, this Registration Statement has been
signed by the following persons in the capacities indicated and on the date
indicated.
SIGNATURE
TITLE
DATE
/s/ Robert M. Behringer
Chief Executive Officer, Chief Investment Officer
February 2, 2007
Robert M. Behringer
and Director (Principal Executive Officer)
/s/ Robert S. Aisner
President, Chief Operating Officer and Director
February 2, 2007
Robert S. Aisner
/s/ Gary S. Bresky
Chief Financial Officer (Principal Financial
February 2, 2007
Gary S. Bresky
Officer)
/s/ Kimberly Arianpour
Chief Accounting Officer (Principal Accounting
February 2, 2007
Kimberly Arianpour
Officer)
/s/ Charles G. Dannis
Director
February 2, 2007
Charles G. Dannis
/s/ Steven W. Partridge
Director
February 2, 2007
Steven W. Partridge
/s/ G. Ronald Witten
Director
February 2, 2007
G. Ronald Witten
8
EXHIBIT INDEX
Exhibit No.
Exhibit
4.1
Distribution Reinvestment Plan of the Registrant,
  effective as of October 23, 2006 (Previously filed and incorporated by
  reference to Exhibit 4.2 to the Registrant's Registration Statement on Form
  S-11 filed on October 4, 2006)
4.2
Automatic Purchase Plan of the Registrant, effective
  as of October 23, 2006 (Previously filed and incorporated by reference to
  Exhibit 4.3 to Registrant's Registration Statement on Form S-11 filed on October
  4, 2006)
5.1
Opinion of Venable LLP
23.1
Consent of Venable LLP (included in Exhibit 5.1)
23.2
Consent of Deloitte & Touche LLP
23.3
Consent of Deloitte & Touche LLP relating to the
  Statements of Revenues and Certain Operating Expenses of Woodcrest Center,
  Burnett Plaza, Paces West, Riverside Plaza, The Terrace, Three Parkway and
  Bank of America Plaza
23.4
Consent of PricewaterhouseCoopers LLP relating to
  the Financial Statements of Behringer Harvard REIT I, Inc. and the
  tenant-in-common interest holders of the Colorado Building
24.1
Power of Attorney is included as part of the
  signature pages to this Registration Statement and incorporated herein by
  reference
99.1
Behringer Harvard REIT I Non-Employee Director Stock
  Option Plan (Previously filed and incorporated by reference to Exhibit 10.5
  to Amendment No. 1 to Registrant's Registration Statement on Form S-11 filed
  on September 3, 2002)
99.2
Behringer Harvard REIT I, Inc. 2005 Incentive Award
  Plan (Previously filed and incorporated by reference to Annex A of the
  Registrant's Definitive Proxy Statement on Schedule 14A filed on April 15,
  2005)