Behringer Harvard Fund Sells Prime Development Site in Downtown Dallas; Short-Term Opportunity Fund Realizes Significant Gain for Investors.

DALLAS -- Capitalizing on an improving Dallas real estate market, Behringer Harvard Short-Term Opportunity Fund I LP has sold a prime uptown development site at 1909 Woodall Rogers that it acquired just over one year ago. The sale marks the first disposition of an asset for the Fund, which invests in opportunistic and value added real estate targeting a three to five year holding period.

Behringer acquired the mixed-use site -- consisting of an office building, seven-lane bank drive-thru facility and 1.6 acre developable tract -- in February 2004. The sale of the tract generated a leveraged return on equity of approximately 80 percent. Management plans to distribute net sale proceeds to the Fund's investors.

"Our Short-Term Opportunity Fund is precisely about opportunistic investments just like this one," said Robert Behringer, Chief Executive Officer. "We knew this piece of property would be very attractive given its access and proximity to Downtown and the level of recent development activity in the Uptown Dallas submarket. It happened that we received an exceptional level of buyer interest in this property sooner than anticipated and we were able to capitalize on it. Our investors should be extremely pleased with our rapid realization of this significant gain."

The site fronts primarily on Uptown's most sought after address, McKinney Avenue, a block from Woodall Rogers Freeway on the immediate north side of the Dallas central business district. The undeveloped parcel is within walking distance of the McKinney Avenue Trolley and is ideal for the development of commercial/hotel, residential, retail or restaurant uses. The buyer has not stated their intent for the property.

The office building acquired with the land is also benefiting from the improving Dallas economy. At the time of purchase, the five-story, 74,090 square foot office building was approximately 79 percent leased. Behringer recently signed leases bringing the building to 100 percent occupancy. The drive-thru bank facility is wholly occupied by Bank One.

About Behringer Harvard:

Behringer Harvard is a national real estate investment sponsor offering a family of institutional-quality real estate investments to the public through the independent broker dealer community. The company's products include public and private non-listed REITs, real estate limited partnerships, 1031 exchange and other real estate investment programs that generally invest in institutional quality commercial real estate. Its finite-life, non-listed funds offer their securities in best efforts public and private offerings and seek to produce attractive returns to their investors through a balance of current yield and capital appreciation. Behringer Harvard is headquartered in the Dallas suburb of Addison, Texas, and is one of the nation's fastest growing real estate investment firms. For more information, call 866-655-3600 or visit www.bhfunds.com.

This release contains forward-looking statements relating to the business and financial outlook of Behringer Harvard Short-Term Opportunity Fund I LP, which are based on our current expectations, estimates, forecasts and projections and are not guarantees of future performance. Actual results may differ materially from those expressed in these forward-looking statements and you should not place undue reliance on any such statements. A number of important factors could cause actual results to differ materially from the forward-looking statements contained in this release. Forward-looking statements in this document speak only as of the date on which such statements were made and we undertake no obligation to update any such statements that become untrue because of subsequent events. We claim the safe harbor protection for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.