UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): November 20, 2006 (November 14, 2006)
Behringer Harvard Opportunity REIT I, Inc.
(Exact Name of Registrant as Specified in Its Charter)
Maryland | | 000-51961 | | 20-1862323 |
(State or other jurisdiction of | | (Commission File Number) | | (I.R.S. Employer |
incorporation or organization) | | | | Identification No.) |
15601 Dallas Parkway, Suite 600, Addison, Texas
75001
(Address of principal executive offices)
(Zip Code)
(866) 655-1620
(Registrant’s telephone number, including area code)
None
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01 Entry into a Material Definitive Agreement.
On November 14, 2006, Behringer Harvard Opportunity OP I, LP, the operating partnership of Behringer Harvard Opportunity REIT I, Inc. (which may be referred to herein as the “Registrant,” “we,” “our” or “us”), entered into an assignment from Harvard Property Trust, LLC, an entity affiliated with our advisor, of a contract to purchase an office building located in Dallas, Texas (“Bent Tree Green”) from an unaffiliated seller, CMD Realty Investment Fund II, L.P. Bent Tree Green consists of a three-story office building containing approximately 138,000 rentable square feet, with an underground two-level parking garage, located on approximately 3.4 acres of land. The contract price for Bent Tree Green is $12,350,000, excluding closing costs. We made an earnest money deposit of $500,000 on November 14, 2006. An additional earnest money deposit of $500,000 is due to be paid on or about December 4, 2006.
The consummation of the purchase of Bent Tree Green is subject to substantial conditions. Our decision to consummate the acquisition of Bent Tree Green will generally depend upon:
· the satisfaction of the conditions to the acquisition contained in the relevant contracts;
· no material adverse change occurring relating to the property, the tenants or in the local economic conditions;
· our receipt of sufficient net proceeds from the offering of our common stock to the public and financing proceeds to make this acquisition; and
· our receipt of satisfactory due diligence information, including appraisals, environmental reports and lease information.
Other properties may be identified in the future that we may acquire before or instead of Bent Tree Green. At the time of this filing, we cannot give any assurances that the closing of this acquisition is probable.
In evaluating Bent Tree Green as a potential acquisition and determining the appropriate amount of consideration to be paid for the property, we have considered a variety of factors, including overall valuation of net rental income, location, demographics, quality of tenants, length of leases, price per square foot, occupancy and the fact that the overall rental rate at Bent Tree Green is comparable to market rates. We believe that this property is well located, has acceptable roadway access, is well maintained and has been professionally managed. Bent Tree Green will be subject to competition from similar office buildings within its market area, and its economic performance could be affected by changes in local economic conditions. Neither we nor our operating partnership have considered any other factors materially relevant to our decision to acquire this property.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| | BEHRINGER HARVARD OPPORTUNITY REIT I, INC. |
| | | | |
| | | | |
Dated: November 20, 2006 | | By: | | /s/ Gary S. Bresky |
| | | | Gary S. Bresky |
| | | | Chief Financial Officer |
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