EXHIBIT 10.2 CONTRIBUTION AGREEMENT BY AND BETWEEN CARR CAPITAL REAL ESTATE INVESTMENTS, LLC A VIRGINIA LIMITED LIABILITY COMPANY, AS CONTRIBUTOR AND COLUMBIA EQUITY, LP, A VIRGINIA LIMITED PARTNERSHIP, AS ACQUIRER TABLE OF CONTENTS

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EXHIBIT 10.2

CONTRIBUTION AGREEMENT

BY AND BETWEEN

CARR CAPITAL REAL ESTATE INVESTMENTS, LLC

A VIRGINIA LIMITED LIABILITY COMPANY,

AS CONTRIBUTOR

AND

COLUMBIA EQUITY, LP,

A VIRGINIA LIMITED PARTNERSHIP,

AS ACQUIRER

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TABLE OF CONTENTS

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ARTICLE I THE CONTRIBUTION.............................................................................. 1

1.1 Contribution of Membership Interest.......................................................... 1

1.2 Consideration................................................................................ 2

1.3 Redemption Rights for Units.................................................................. 2

1.4 Tax Consequences to Contributor.............................................................. 2

ARTICLE II REPRESENTATIONS AND COVENANTS................................................................ 2

2.1 Representations by Acquirer................................................................. 2

2.2 Representations by Contributor.............................................................. 4

2.3 Covenants of Acquirer....................................................................... 6

2.4 Covenants of Contributor.................................................................... 6

ARTICLE III Conditions Precedent to the Closing......................................................... 8

3.1 Conditions to Acquirer's Obligations....................................................... 8

3.2 Conditions to Contributor's Obligations.................................................... 8

ARTICLE IV Closing and Closing Documents................................................................ 9

4.1 Closing..................................................................................... 9

4.2 Contributor's Deliveries.................................................................... 9

4.3 Acquirer's Deliveries....................................................................... 10

4.4 Fees and Expenses; Closing Costs............................................................ 10

4.5 Adjustments................................................................................. 10

ARTICLE V Miscellaneous................................................................................. 12

5.1 Notices...................................................................................... 12

5.2 Entire Agreement; Modifications and Waivers; Cumulative Remedies............................. 12

5.3 Exhibits..................................................................................... 13

5.4 Successors and Assigns....................................................................... 13

5.5 Article Headings............................................................................. 13

5.6 Governing Law................................................................................ 13

5.7 Counterparts................................................................................. 13

5.8 Survival..................................................................................... 13

5.9 Severability................................................................................. 13

5.10 Attorneys' Fees.............................................................................. 13

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EXHIBITS

A Assignment and Assumption Agreement

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CONTRIBUTION AGREEMENT

THIS CONTRIBUTION AGREEMENT (this "Agreement") is made as of this 12th day

of October, 2004 by and between Carr Capital Real Estate Investments, LLC, a

Maryland limited liability company ("Contributor"); and Columbia Equity, LP, a

Virginia limited partnership ("Acquirer").

RECITALS

A. Carr Capital Greenbriar, LLC, a Virginia limited liability company (the

"LLC") is the owner of certain land located in Fairfax County, Virginia (the

"Land") and the office building and related improvements located thereon (the

"Improvements"), which Land and Improvements (collectively, the "Property"), are

more commonly known as the Greenbriar office building.

B. Carr Capital/Holualoa Greenbriar, LLC, a Virginia limited liability

company (the "Liquidating LLC") is the record and beneficial owner of Sixteen

and 32/100 percent (16.32%) of the membership interest in the LLC.

C. Contributor is the record and beneficial owner of Three and 23/100

percent (3.23%) of the membership interests in the Liquidating LLC.

D. The members of the Liquidating LLC, Holualoa Greenbriar, LLC, an

Arizona limited liability company ("Holualoa") and Contributor (collectively,

the "Liquidating LLC Members") intend to liquidate the Liquidating LLC and that

each of the Liquidating LLC Members shall be admitted as members of the LLC,

with Contributor receiving a 53/100 percent (.53%) ("Contributor's Share")

membership interest in the LLC (the "Membership Interest") and Holualoa

receiving a Fifteen and 79/100 percent (15.79%) membership interest in the LLC

(the "Liquidation Transaction"). Contributor desires to contribute the

Membership Interest to Acquiror, on the terms and conditions hereinafter set

forth.

E. Acquiror desires to waive the Membership Interest from Contributor, on

the terms and conditions hereinafter set forth.

AGREEMENT

NOW, THEREFORE, for and in consideration of the mutual covenants herein

contained, the parties hereto agree as follows:

ARTICLE I

THE CONTRIBUTION

1.1 Contribution of Membership Interest. Contributor agrees to contribute,

transfer, assign and convey the Membership Interest to Acquirer, and Acquirer

agrees to acquire and accept transfer of the Membership Interest pursuant to the

terms and conditions set forth in this Agreement. The Membership Interest shall

be transferred to Acquirer free and clear of all liens,

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encumbrances, security interests, prior assignments or conveyances, conditions,

restrictions, voting agreements, claims, and any other matters affecting title

thereto (other than the LLC's operating agreement (the "LLC Operating

Agreement").

1.2 Consideration. The total consideration (the "Consideration") for which

Contributor agrees to contribute and assign the Membership Interest to Acquirer,

and which Acquirer agrees to pay or deliver to Contributor, subject to the terms

of this Agreement, shall be the issuance to Contributor of a number of units of

limited partnership interests in Acquirer ("Units") equal to (a) the amount of

Net Cash Flow (as defined in the LLC Operating Agreement) that Contributor would

be entitled to receive pursuant to Section 3.1 of the LLC Operating Agreement

upon a hypothetical sale of the Property for a sale price of Fifteen Million

Three Hundred Thousand Dollars ($15,300,000) less the principal of and accrued

interest on the mortgage loan secured by the Property (the "Mortgage Loan"), (b)

divided by the price per share at which the common stock, $.01 par value per

share, (the "Common Stock") of Columbia Equity Trust, Inc., a Maryland

corporation and the general partner of Acquirer (the "REIT"), is offered to the

public in the underwritten initial public offering of the Common Stock (the

"IPO"). On the Closing Date (as defined below), the Units shall be issued to

Contributor. Upon the request of Contributor, Acquirer shall issue certificates

reflecting Contributor's ownership of Units. The certificates evidencing the

Units will bear appropriate legends indicating (i) that the Units have not been

registered under the Securities Act of 1933, as amended ("Securities Act"), and

(ii) that Acquirer's Amended and Restated Agreement of Limited Partnership (the

"Partnership Agreement") restricts the transfer of the Units. Upon receipt of

the Units and execution and delivery of the Partnership Agreement, Contributor

shall become a limited partner of Acquirer.

1.3 Redemption Rights for Units. Each Unit shall be redeemable, at the

option of the holder, in accordance with, but subject to the restrictions

contained in, the Partnership Agreement; provided, however, that such redemption

option may not be exercised prior to the first anniversary of the Closing Date.

1.4 Tax Consequences to Contributor. Notwithstanding anything to the

contrary contained in this Agreement, including without limitation the use of

words and phrases such as "sell," "sale," purchase," and "pay," the parties

hereto acknowledge and agree that it is their intent that the transaction

contemplated hereby be treated for federal income tax purposes as the

contribution of the Membership Interest by Contributor to Acquirer in exchange

for Units pursuant to Section 721 of the Internal Revenue Code of 1986, as

amended (the "Code"), and not as a transaction in which Contributor is acting

other than in its capacity as a prospective partner of Acquirer.

ARTICLE II

REPRESENTATIONS AND COVENANTS

2.1 Representations by Acquirer. Acquirer hereby represents and warrants

unto Contributor that the following statements are true, correct, and complete

in every material

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respect as of the date of this Agreement and will be true, correct, and complete

as of the Closing Date:

(a) Organization and Power. Acquirer is duly organized and validly

existing, under the laws of the Commonwealth of Virginia, and has full right,

power, and authority to enter into this Agreement and to assume and perform all

of its obligations under this Agreement; and, the execution and delivery of this

Agreement and the performance by Acquirer of its obligations under this

Agreement have been duly authorized by all requisite action of Acquirer and

require no further action or approval of Acquirer's partners or of any other

individuals or entities in order to constitute this Agreement as a binding and

enforceable obligation of Acquirer.

(b) Noncontravention. Neither the entry into nor the performance of,

or compliance with, this Agreement by Acquirer has resulted, or will result, in

any violation of, or default under, or result in the acceleration of, any

obligation under the Partnership Agreement, or any mortgage, indenture, lien

agreement, note, contract, permit, judgment, decree, order, restrictive

covenant, statute, rule, or regulation applicable to Acquirer.

(c) Litigation. There is no action, suit, or proceeding, pending or

known to be threatened, against or affecting Acquirer in any court or before any

arbitrator or before any federal, state, municipal, or other governmental

department, commission, board, bureau, agency or instrumentality which (i) in

any manner raises any question affecting the validity or enforceability of this

Agreement, (ii) would reasonably be expected to materially and adversely affect

the business, financial position, or results of operations of Acquirer, or (iii)

would reasonably be expected to materially and adversely affect the ability of

Acquirer to perform its obligations hereunder, or under any document to be

delivered pursuant hereto.

(d) Units Validly Issued. The Units, when issued, will have been

duly and validly authorized and issued, free of any preemptive or similar

rights, and will be fully paid and nonassessable, without any obligation to

restore capital except as required by the Virginia Revised Uniform Limited

Partnership Act (the "Limited Partnership Act"). Upon execution and delivery of

the Partnership Agreement by Contributor, Contributor shall be admitted as a

limited partner of Acquirer as of the Closing Date and shall be entitled to all

of the rights and protections of a limited partner under the Limited Partnership

Act and the provisions of the Partnership Agreement, with the same rights,

preferences, and privileges as all other limited partners on a pari passu basis.

(e) Consents. Each consent, approval, authorization, order, license,

certificate, permit, registration, designation, or filing by or with any

governmental agency or body necessary for the execution, delivery, and

performance of this Agreement or the transactions contemplated hereby by

Acquirer has been obtained.

(f) Bankruptcy with respect to Acquirer. No Act of Bankruptcy has

occurred with respect to Acquirer. As used herein, "Act of Bankruptcy" shall

mean if a party hereto shall (A) apply for or consent to the appointment of, or

the taking of possession by, a receiver,

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custodian, trustee or liquidator of itself or of all or a substantial part of

its property, (B) admit in writing its inability to pay its debts as they become

due, (C) make a general assignment for the benefit of its creditors, (D) file a

voluntary petition or commence a voluntary case or proceeding under the Federal

Bankruptcy Code (as now or hereafter in effect), (E) be adjudicated bankrupt or

insolvent, (F) file a petition seeking to take advantage of any other law

relating to bankruptcy, insolvency, reorganization, winding-up or composition or

adjustment of debts, (G) fail to controvert in a timely and appropriate manner,

or acquiesce in writing to, any petition filed against it in an involuntary case

or proceeding under the Federal Bankruptcy Code (as now or hereafter in effect),

or (H) take any action for the purpose of effecting any of the foregoing.

(g) Brokerage Commission. Acquirer has not engaged the services of,

nor has it or will it or Contributor become liable to, any real estate agent,

broker, finder or any other person or entity for any brokerage or finder's fee,

commission or other amount with respect to the transactions described herein on

account of any action by Acquirer. Acquirer hereby agrees to indemnify and hold

Contributor and its employees, directors, members, partners, affiliates and

agents harmless against any claims, liabilities, damages or expenses arising out

of a breach of the foregoing. This indemnification shall survive Closing or any

termination of this Agreement.

2.2 Representations by Contributor. Contributor hereby represents and

warrants unto Acquirer that each and every one of the following statements is

true, correct, and complete in every material respect as of the date of this

Agreement and will be true, correct, and complete as of the Closing Date:

(a) Organization and Power. Contributor is duly organized, validly

existing, and in good standing as a Virginia limited liability company.

Contributor has full right, power, and authority to enter into this Agreement

and to assume and perform all of its obligations under this Agreement; and the

execution and delivery of this Agreement and the performance by Contributor of

its obligations hereunder have been duly authorized by all requisite action of

Contributor and require no further action or approval of Contributor's members

or managers or of any other individuals or entities in order to constitute this

Agreement as a binding and enforceable obligation of Contributor.

(b) Noncontravention. Neither the entry into nor the performance of,

or compliance with, this Agreement by Contributor has resulted, or will result,

in any violation of, or default under, or result in the acceleration of, any

obligation under any limited liability company agreement, operating agreement,

regulation, mortgage, indenture, lien agreement, note, contract, permit,

judgment, decree, order, restrictive covenant, statute, rule, or regulation

applicable to Contributor or to the Membership Interest.

(c) Litigation. There is no action, suit, claim, or proceeding

pending or threatened against or affecting Contributor, its membership interest

in the Liquidating LLC or the Membership Interest in any court, or before any

arbitrator, or before any federal, state, municipal or other governmental

department, commission, board, bureau, agency or instrumentality which (A) in

any manner raises any question affecting the validity or enforceability of this

Agreement,

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(B) would reasonably be expected to materially and adversely affect the

business, financial position or results of operations of Contributor, (C) would

reasonably be expected to materially and adversely affect the ability of

Contributor to perform its obligations hereunder, or under any document to be

delivered pursuant hereto, (D) would reasonably be expected to create a lien on

the Membership Interest, any part thereof, or any interest therein, or (E) would

reasonably be expected to adversely affect the Membership Interest, any part

thereof, or any interest therein.

(d) Good Title. (A) Contributor has good title to its membership

interest in the Liquidating LLC on the date hereof and will have good title to

the Membership Interest on the Closing Date (other than the LLC Operating

Agreement), (B) its membership interest in the Liquidating LLC on the date

hereof is and the Membership Interest on the Closing Date will be free and clear

of all liens, encumbrances, pledges, voting agreements and security interests

whatsoever (other than the LLC Operating Agreement), and (C) Contributor has not

granted any other person or entity an option to purchase or a right of first

refusal upon its membership interest in the Liquidating LLC or in the Membership

Interest nor are there any agreements or understandings between Contributor and

any other person or entity with respect to the disposition of its membership

interest in the Liquidating LLC or the Membership Interest (other than the LLC

Operating Agreement).

(e) No Consents. Each consent, approval, authorization, order