<Page> EXHIBIT 21.1 <Table> <Caption> SUBSIDIARY STATE OF OTHER NAMES USED ORGANIZATION/INCORPORATION 1001 East Palm, LLC Delaware None 767 STARS LLC Delaware None ACRE Chandler, LLC Delaware None ACRE CLS, LLC Delaware None ACRE Dublin LLC Delaware None ACRE HPC, LLC Delaware None ACRE IDG Manager, LLC Delaware None ACRE IDG, LLC Delaware None ACRE Partners, LLC Delaware None ACRE Richfield, LLC Delaware None ACRE Seymour, LLC Delaware None ACRE Simon, L.L.C. Delaware None BM Center, LLC Delaware None Corporate Technology Centre Associates II LLC California None Corporate Technology Centre Associates LLC California None CTC Associates I GenPar, LLC California None CTC Associates I, L.P. Delaware None CTC Associates II GenPar, LLC Delaware None CTC Associates II, L.P. Delaware None CTL I Maryland, Inc. Delaware None F/S Subsidiary, L.L.C. Delaware None FMAC StarFund Preferred, Inc. Delaware None FMAC StarFund, L.L.P Connecticut None iStar Asset Receivables Trust Delaware None iStar Asset Services, Inc. Delaware None iStar Cayman Bonds GP, Inc. Delaware None iStar Cayman Bonds, Inc. Delaware None iStar Columbus, LLC Delaware None iStar CTL I GenPar, Inc. Delaware None iStar CTL I, L.P. Delaware None iStar D.C., Inc. Delaware None iStar DB Seller, LLC Delaware None iStar Direct Holdings, LLC Delaware None iStar Eagle GenPar LLC Delaware None iStar Eagle L.P. Delaware None iStar Financial Preferred, Inc. Delaware None iStar Funding, LLC Delaware None iStar GT GenPar, LLC Delaware None iStar GT, L.P. Delaware None iStar Harrisburg Business Trust Delaware None iStar Harrisburg GenPar LLC Delaware None iStar Harrisburg, L.P. Delaware None iStar Merger Co. I Delaware None <Page> <Caption> SUBSIDIARY STATE OF OTHER NAMES USED ORGANIZATION/INCORPORATION iStar Merger Co. II Delaware None iStar Poydras, LLC Delaware None iStar Preferred Holdings, LLC Delaware None iStar Quincy, LLC Delaware None iStar Real Estate Services, Inc. Maryland None iStar San Jose, L.L.C. Delaware None iStar Spartanburg, LLC Delaware None iStar Sunnyvale Partners, L.P. Delaware None iStar Sunnyvale, LLC Delaware None iStar Ventures, Inc. Delaware None iStar Walden, LLC Delaware None iStar/Denver Place, L.L.C. Delaware None MD3 Cayman L.P. Cayman None NewPar, LLC Delaware None NewPar/New LLC Delaware None P Funding Inc. Delaware None Red Lion G.P., Inc. Delaware None RLH Partnership, L.P. Delaware None SFI I, LLC Delaware None SFT - Ford City, Inc. Delaware None SFT - Port Charlotte, Inc. Delaware None SFT - Sun Valley, Inc. Delaware None SFT Bonds A, Inc. Delaware None SFT I, Inc. Delaware None SFT II, Inc. Delaware None SFT Starbonds Inc. Delaware None SFT Venturer, LLC Delaware None SFT Whole Loans A, Inc. Delaware None SFT/RLH, Inc. Delaware None Star Liberty Funding, LLC Delaware None STARS I Corp. Delaware None STARS Investment I Corp. Delaware None Starwood Operating, Inc. Delaware None STW Holdings I, Inc. Delaware None TriNet Concord Farms I, L.P. Massachusetts None TriNet Concord Farms II, L.P. Massachusetts None TriNet Concord Farms III, L.P. Massachusetts None TriNet Corporate Partners I, LP Delaware None TriNet Corporate Partners II, LP Delaware None TriNet Corporate Partners III, LP Delaware None TriNet Corporate Realty Trust, Inc. Maryland None TriNet Essential Facilities I, Inc. Maryland None TriNet Essential Facilities II, Inc. Maryland None TriNet Essential Facilities III, Inc. Maryland None <Page> <Caption> SUBSIDIARY STATE OF OTHER NAMES USED ORGANIZATION/INCORPORATION TriNet Essential Facilities IV, Inc. Maryland None TriNet Essential Facilities V, Inc. Maryland None TriNet Essential Facilities VI, Inc. Maryland None TriNet Essential Facilities VII, Inc. Maryland None TriNet Essential Facilities VIIIR, Inc. Maryland None TriNet Essential Facilities X, Inc. Maryland None TriNet Essential Facilities XI, Inc. Maryland None TriNet Essential Facilities XII, Inc. Maryland None TriNet Essential Facilities XIV, Inc. Maryland None TriNet Essential Facilities XIX, Inc. Maryland None TriNet Essential Facilities XV, Inc. Maryland None TriNet Essential Facilities XVI, Inc. Maryland None TriNet Essential Facilities XVIII, Inc. Maryland None TriNet Essential Facilities XX, Inc. Maryland None TriNet Essential Facilities XXI, Inc. Maryland None TriNet Essential Facilities XXII, Inc. Maryland None TriNet Essential Facilities XXIII, Inc. Maryland None TriNet Essential Facilities XXIV, Inc. Maryland None TriNet Essential Facilities XXIX, Inc. Maryland None TriNet Essential Facilities XXV, Inc. Maryland None TriNet Essential Facilities XXVI, Inc. Maryland None TriNet Essential Facilities XXVII, Inc. Maryland None TriNet Essential Facilities XXVIII, Inc. Maryland None TriNet Essential Facilities XXX, Inc. Maryland None TriNet Management Operating Company, Inc. Maryland None TriNet Milpitas Associates, LLC Maryland None TriNet Property Partners, L.P. Maryland None TriNet Realty Capital, Inc. Maryland None TriNet Realty Investors I, Inc. Maryland None TriNet Realty Investors II, Inc. Maryland None TriNet Realty Investors III, Inc. Maryland None TriNet Realty Investors IV, Inc. Maryland None TriNet Realty Investors V, Inc. Maryland None TriNet Realty Ventures, Inc. Maryland None TriNet Sunnyvale Partners, L.P. Maryland None TriNet XVII Realty Trust Massachusetts None W9/TriNet Poydras, LLC Maryland None </Table>