the 2006 merger

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"Retirement isn't what it's made out to be," August casuallytells GlobeSt.com. "I was very anxious to find something I'd feelcomfortable with and hopefully add some value."

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August's new role is executive vice president of BehringerHarvard Holdings, the parent company of all Behringer Harvardprograms; COO of Behringer Advisors LP, REIT I's adviser; and COOof HPT Management Services LP, the REIT's property manager. Thehigh-profile chief executive will be overseeing a REIT with $5billion of class A office assets and more to come.

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Behringer Harvard REIT I has raised $1.9 billion of equity sinceFebruary 2003, which to date has fueled the purchase of 75institutional-grade office properties in the US. The investmentgroup has room to add $800 million of equity before REIT I is fullyfunded, according to Robert S. Aisner, president and COO of theDallas-based investment group.

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"Our plan all along for the size of this REIT was to findsomeone we believed could run a REIT of this size, had a history ofdoing it and a reputation of building great teams," Aisner says."It was getting to be time that we knew it was time to startlooking for the person to lead it. The stars were aligned."

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Aisner credits the rapport that arose during negotiations toacquire some office buildings from the Prentiss-Brandywineportfolio with planting the seed if, he teasingly adds, "he couldbe coaxed out of taking his wife to lunch and playing golf." UntilAugust came on board, Aisner was REIT I's COO. "And I'm delightedto hand that over to Tom," he says.

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In revealing their newest teammate, Behringer Harvard's topexecs say August will be in place to complete the current publicoffering and beyond. "Tom has a proven ability to enhanceshareholder value and a strong track records as a tested andtalented leader that will be a welcome addition to our executiveteam," Robert M. Behringer, founder and CEO of Behringer Harvard,says in a written statement.

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August says there will be challenges due to the capital markets,but he's not prepping for any immediate changes in REIT I'sportfolio or day-to-day operations as he takes the reins. "We'reheaded in the right direction and my job is to keep pushing it inthe right direction," he says. "I will be getting involved in allaspects."

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August says the portfolio could change out over time due to thenatural course of business or the economy. "Certainly, thisportfolio is in great shape, but we are entering into a new phase,"the 35-year executive says. "I'm sure there will be challengesgoing forward. Yet when you have an exciting organization and agreat portfolio, what more can I ask for."

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