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Exhibit 10.4

THIRD AMENDMENT TO AGREEMENT FOR PURCHASE AND SALE

        This Third Amendment ("Amendment") to Agreement for Purchase and Sale,
dated as of August 30, 2004, by and among CABOT INDUSTRIAL VENTURE A, LLC, a
Delaware limited liability company, CABOT INDUSTRIAL VENTURE B, LLC, a Delaware
limited liability company, CW INDUSTRIAL VENTURE B, LLC, a Delaware limited
liability company, CW INDUSTRIAL VENTURE A TEXAS, L.P., a Delaware limited
partnership and CW INDUSTRIAL VENTURE B TEXAS, L.P., a Delaware limited
partnership (each a "Selling Entity" and collectively, "Seller"), and DIVIDEND
CAPITAL OPERATING PARTNERSHIP LP, a Delaware limited partnership ("Buyer").

RECITALS:

        A.    Buyer and Seller have previously entered into that certain
Agreement for Purchase and Sale, dated as of August 11, 2004, as amended by that
certain First Amendment to Agreement for Purchase and Sale, dated as of
August 16, 2004, as further amended by Second Amendment to Agreement for
Purchase and Sale, dated as of August 25, 2004 (collectively, the "Purchase
Agreement"). All initially-capitalized terms used herein, but not defined
herein, shall have the meanings set forth in the Purchase Agreement.

        B.    Buyer and Seller now wish to amend the Purchase Agreement as set
forth herein.

        NOW, THEREFORE, in consideration of the premises, and other good and
valuable consideration, the receipt and sufficiency of which the parties hereto
acknowledge, Buyer and Seller hereby agree as follows:

        1.     The "Cherry Street" Property (including, but not limited to
Leases, Service Contracts and Personal Property related thereto) at 38503,
38505 & 38507 Cherry Street, Newark, Alameda County, CA is hereby deleted from
the description of the Property, including, but not limited to, Exhibit A-1 to
the Purchase Agreement under the San Francisco Properties, Exhibit A (Site
No. 16) to the Purchase Agreement, the Leases for Cherry Street described on
Exhibit B to the Purchase Agreement and the Master Lease Schedule at Exhibit J
to the Purchase Agreement. Pursuant to Section 7.6 of the Purchase Agreement,
(a) the Master Lease Space is reduced by that portion of the Cherry Street
square footage shown on Exhibit J to the Purchase Agreement (251,234 sq. ft.),
so that the Master Lease Space is now approximately 541,252 sq. ft. and (b) the
Holdback is reduced by the Total Master Lease Obligation attributable to the
portion of the Cherry Street Property that was included in the Master Lease
Space ($1,055,000.00), so that the revised Holdback will be $2,402,000.00,
subject to any adjustment as provided in the Purchase Agreement.

        2.     The Purchase Price, defined in Section 1.2(a) of the Purchase
Agreement is reduced by (a) $30,556,000.00 attributable to the exclusion of the
"Cherry Street" Property from the Purchase Agreement, and (b) $1,750,000.00, for
an amended Purchase Price of Two Hundred Thirty Four Million One Hundred Ninety
Four Thousand and No/100 Dollars ($234,194,000.00).

        3.     (a) Seller shall use its good faith efforts to obtain, by
Closing, either:

        (i)    A modification to the Ground Lease (as defined in Section 1.1(e)
of the original Agreement) to provide for (1) additional extension options that
will allow Ground Lessee to extend the term of the Ground Lease for at least
thirty (30) years from the Closing Date in five (5) year increments (subject to
reasonable rent adjustments), (2) deletion of the Early Termination provision at
Section 2.04 of the Ground Lease so that the Ground Lease is not predicated on
the existence of the Permitted Sublease (as defined in the Ground Lease),
(3) the Ground Lease to be assignable by the Ground Lessee to its successor(s)
in title, and (4) other provisions to accomplish Buyer's objective to be able to
use the parking lot that is the subject of the Ground Lease for parking by any
tenant at 5925 Cabot Parkway, Forsyth County, Georgia (and not just Ciena
Corporation); or

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        (ii)   A fully executed purchase contract (the "Ground Lease Contract")
with Ground Lessor to buy the property that is subject to the Ground Lease on
the following terms: (1) the purchase contract is fully assignable to Buyer and
(2) other terms and conditions reasonably acceptable to Buyer, other than the
purchase price. Seller shall assign said purchase contract to Buyer at the
Closing of the 5925 Cabot Parkway, Forsyth County, Georgia Building, and Buyer
shall pay to Seller any earnest money deposit made by Seller and assigned to
Buyer as part of the assignment of purchase contract.

In the event that Seller cannot satisfy at least one of the conditions in
Section 3(a)(i) and 3(a)(ii) above by the Closing Date, then the Closing for
5925 & 5945 Cabot Parkway, Forsyth County, Georgia (described on Exhibit A-1 to
the Agreement) shall be extended for up to forty five (45) days in order to
allow Seller to satisfy one of the above-conditions. In the event of such a
delay, the Purchase Price allocated to 5925 & 5945 Cabot Parkway, Atlanta shall
be $16,450,000.00 ($8,870,000 for 5925 Cabot Parkway; and $7,580,000 for 5945
Cabot Parkway), and a prorata portion of the Deposit shall be held and applied
to the Closing of 5925 & 5945 Cabot Parkway, Forsyth County, Georgia, but in no
event shall any of the $1,750,000.00 credit to the Purchase Price in
Section 2(b) above be allocated to 5925 & 5945 Cabot Parkway, Atlanta (i.e. no
portion of the $1,750,000 shall be held back if the Closing for 5925 & 5945
Cabot Parkway, Atlanta is delayed). If at the end of said 45-day extension
period Seller is not able to satisfy at least one of said conditions, then the
Agreement shall terminate as to 5925 & 5945 Cabot Parkway, Atlanta, and the
portion of the Deposit allocated to said properties shall be refunded to Buyer,
and the parties shall have no further obligations related thereto except for
those obligations that expressly survive a termination of the Agreement.

        (b)   At Closing of 5925 Cabot Parkway, Forsyth County, Georgia, there
shall be a credit to Buyer against the Purchase Price for 5925 Cabot Parkway,
Forsyth County, Georgia as follows:

        (i).   In the amount of either (1) $240,000.00 in the event that the
condition in Section 3(a)(i) above is satisfied or (2) the actual purchase price
of the Ground Lease Contract if the condition Section 3(a)(ii) above is
satisfied; plus

        (ii).  An amount equal to the remaining balance of the Rental Credit as
of Closing in favor of the Tenant, Ciena Corporation, described in the Mutual
Release and Settlement Agreement dated May 8, 2003 between Meadows Business
Center, L.L.C. (predecessor to Cabot Industrial Venture B, LLC) and Ciena
Corporation.

        4.     By executing this Amendment, Buyer hereby notifies Seller that,
pursuant to Section 2.2 of the Purchase Agreement, Buyer has determined to
proceed with the purchase of the Property, subject to all other provisions of
the Purchase Agreement.

        5.     The form of the Master Lease is attached hereto as Exhibit A. The
form of Master Lease Escrow Holdback Agreement is attached hereto as Exhibit B.

        6.     The Purchase Agreement, as amended by this Amendment, continues
in full force and effect and embodies the entire agreement between the parties
and supersedes all prior agreements and understandings relating to the subject
matter hereof. The Purchase Agreement may be further amended or supplemented
only by an instrument in writing executed by both parties. If there is a
contradiction between the terms of the Purchase Agreement and this Amendment,
then the terms of this Amendment shall control.

        7.     This Amendment may be executed in any number of counterparts,
each of which shall be deemed to be an original, and all of such counterparts
shall constitute one instrument. To facilitate execution of this Amendment, the
parties may execute and exchange by telephone facsimile counterparts of the
signature pages.

[SIGNATURES FOLLOW]

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        IN WITNESS WHEREOF, the parties hereto have executed this Amendment as
of the date set forth below.

 
 
SELLER:
CABOT INDUSTRIAL VENTURE A, LLC,
a Delaware limited liability company
 
 
By:
/s/  DERRICK E. MCGAVIC      

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Derrick E. McGavic
Vice President
 
 
CABOT INDUSTRIAL VENTURE B, LLC,
a Delaware limited liability company
 
 
By:
/s/  DERRICK E. MCGAVIC      

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Derrick E. McGavic
Vice President
 
 
CW INDUSTRIAL VENTURE B, LLC,
a Delaware limited liability company
 
 
By:
/s/  DERRICK E. MCGAVIC      

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Derrick E. McGavic
Vice President

[SIGNATURES CONTINUED ON NEXT PAGE]

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CW INDUSTRIAL VENTURE A TEXAS, L.P.,
a Delaware limited partnership
 
 
By: CW Industrial A Texas, LLC, a Delaware
      limited liability company, its General Partner
 
 
 
 
 
By:
/s/  DERRICK E. MCGAVIC      

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Derrick E. McGavic
Vice President
 
 
 
CW INDUSTRIAL VENTURE B TEXAS, L.P.,
a Delaware limited partnership
 
 
By:
CW INDUSTRIAL B TEXAS, LLC,
a Delaware limited liability company,
its General Partner
 
 
 
 
 
 
By:
/s/  DERRICK E. MCGAVIC      

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Derrick E. McGavic
Vice President

 

[SIGNATURES CONTINUED ON NEXT PAGE]

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BUYER:
 
 
DIVIDEND CAPITAL OPERATING
PARTNERSHIP LP, a Delaware limited partnership
 
 
By: DIVIDEND CAPITAL TRUST INC.,
a Maryland corporation, its sole general partner
 
 
By:
/s/  TERESA L. CORRAL      

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Name: Teresa L. Corral
Its: Vice President

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EXHIBIT A

FORM OF MASTER LEASE

MASTER LEASE AGREEMENT

        THIS MASTER LEASE AGREEMENT (the "Lease") is made as of the "Lease Date"
(as defined in Section 37 herein) by and between LANDLORD NAME, LANDLORD ENTITY
("Landlord"), and TENANT NAME, TENANT ENTITY ("Tenant") (the words "Landlord"
and "Tenant" to include their respective legal representatives, successors and
permitted assigns where the context requires or permits).

W I T N E S S E T H:

        1.     Basic Lease Provisions. The following constitute the basic
provisions of this Lease:

(a)Demised Premises Addresses: As shown on Exhibit A attached hereto.

(b)Demised Premises Square Footage: As shown on Exhibit A attached hereto.

(c)Reserved

(d)Reserved

(e)Monthly Gross Rent Installments: As shown on Exhibit A attached hereto.

(f)Lease Commencement Date: Lease Date

(g)Rent Commencement Date: Lease Date

(h)Expiration Date: The earlier of (1) the end of the stated term on Exhibit A
for each Space or (2) the date on which the last remaining portion of the
Demised Premises is released (or deemed released) herefrom pursuant to the terms
of the Purchase Agreement (as hereinafter defined).

(i)Term: The maximum term for each space is set forth on Exhibit A attached
hereto, unless this Lease earlier expires for any space pursuant to Section 1(h)
above.

(j)Reserved

(k)Reserved

(l)Reserved

(m)Address for notice:

Landlord:   LANDLORD NAME
LANDLORD NOTICE    
With copy of any
default notice sent
simultaneously to:
 
LENDER NAME
LENDER NOTICE
 
 
Tenant:
 
TENANT NAME
TENANT NOTICE
 
 

(n)Address for rental payments:

                                   LANDLORD NAME
RENT ADDRESS    

(o)Purchase Agreement: That certain Agreement for Purchase and Sale, dated as of
August 11, 2004 between Tenant, as seller, and Landlord, as buyer, as amended by
First

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Amendment to Agreement for Purchase and Sale, dated as of August 16, 2004, as
further amended by                        pursuant to which Landlord acquired
the Building.

(p)Holdback: That certain Holdback as that term is defined in the Purchase
Agreement.

        2.     Demised Premises. For and in consideration of the rent
hereinafter reserved and the mutual covenants hereinafter contained, Landlord
does hereby lease and demise unto Tenant, and Tenant does hereby hire, lease and
accept, from Landlord all upon the terms and conditions hereinafter set forth
the following premises, referred to as collectively, the "Demised Premises", as
described on Exhibit A attached hereto and incorporated herein, located within
each building (each, a "Building") as described on Exhibit A. Each separate
leased space in each Building is referred to as "Space". Tenant acknowledges
that Landlord shall lease the Demised Premises to Tenant "as is, where is"
without any representations or warranties, including any express or implied
warranties of marketability, fitness and without recourse to Landlord, except to
the extent specifically set forth herein.

        3.     Term. To have and to hold the Demised Premises for a primary term
(the "Term") commencing on the Lease Commencement Date and terminating on the
Expiration Date as set forth in Section 1(h).

        4.     Gross Rent. Tenant shall pay to Landlord at the address set forth
in Section 1(n), as gross rent for each Space, for the period commencing on the
Rent Commencement Date and continuing throughout the Term in lawful money of the
United States, the amount set forth on Exhibit A in the next to last column
labeled "Total ML Obligations" (the "Rent"), which shall be payable in equal
monthly installments as set forth in Section 1(e), payable by the fifteenth
(15th) of each month in which Rent is due and, except as expressly set forth
herein, without demand and without abatement, reduction, set-off or deduction.
The Rent due for each month of the Term shall be requested from Escrow Agent in
accordance with Section 36 no earlier than the first day of each calendar month
during the Term. If the Rent Commencement Date shall fall on a day other than
the first day of a calendar month, the Rent shall be apportioned pro rata on a
per diem basis (i) for the period between the Rent Commencement Date and the
first day of the following calendar month (which pro rata payment shall be due
and payable on the Rent Commencement Date), and (ii) for the last partial month
of the Term, if applicable. The Rent to be paid by Tenant is gross rent, and
Tenant shall have no other payment obligation for rent, additional rent, taxes,
operating expenses, utilities or other amounts.

        5.     Non-Termination. Except as expressly provided herein, Tenant
shall have no right, and hereby waives any right that it may otherwise have at
law or in equity, to terminate this Lease or seek an abatement of any Rent or
seek a reduction of any of its obligations hereunder for any reason, any
prohibition or restriction on Tenant's use or enjoyment of all or any part of
the Demised Premises, any bankruptcy or insolvency of Landlord or Tenant, or any
other matter.

        6.     Reserved.

        7.     Use of Demised Premises.

        (a)   The parties acknowledge and agree that Tenant shall not occupy or
use any portion of the Demised Premises.

        (b)   Tenant will permit no liens to attach or exist against the Demised
Premises, and shall not commit any waste.

        8.     Reserved.

        9.     Reserved

        10.   Maintenance and Repairs. Tenant shall have no maintenance or
repair obligations under this Lease. Landlord shall be responsible for
maintaining and repairing the Demised Premises.

        11.   Alterations. Tenant shall not make or install any improvements or
alterations in or additions, changes or installations to the Demised Premises.

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        12.   Interruption of Services. No interruption of services caused by
repairs, replacements or alterations to the service system, or by any other
cause, shall be deemed an eviction of any part of the Demised Premises or render
Landlord liable to Tenant for damages, or otherwise affect the rights and
obligations of Landlord or Tenant under this Lease.

        13.   Signs. No sign, advertisement or notice shall be inscribed,
painted, affixed, or displayed on the windows or exterior walls of the Demised
Premises or on any public area of the Building, except in such places, numbers,
sizes, colors and styles as are approved in advance in writing by Landlord, and
which conform to all applicable laws, ordinances, or covenants affecting the
Demised Premises. Any and all signs installed or constructed by or on behalf
Tenant pursuant hereto shall be installed, maintained and removed by Tenant at
Tenant's sole cost and expense.

        14.   Reserved

        15.   Reserved

        16.   Reserved.

        17.   Reserved

        18.   Reserved

        19.   Reserved.

        20.   Fire and Other Casualty. In the event any of the Demised Premises
are damaged by fire or other casualty insured by Landlord, Landlord agrees to
promptly restore and repair the Demised Premises at Landlord's expense. The Rent
shall proportionately abate for any Space that is unusable by reason of any such
damage thereto from the date of such casualty and until Landlord has completed
the repair thereof.

        21.   Condemnation.

        (a)   If all of the Demised Premises is taken or condemned for a public
or quasi-public use, this Lease shall terminate as of the earlier of the date
title to the condemned real estate vests in the condemnor or the date on which
Tenant is deprived of possession of the Demised Premises (assuming Tenant were
occupying the Demised Premises). In such event, the Rent herein reserved shall
be apportioned and paid in full by Tenant to Landlord to that date, all Rent
hereunder prepaid for periods beyond that date shall forthwith be repaid by
Landlord to Tenant, Tenant shall be entitled to receive any then remaining
Holdback attributable to said Space and neither party shall thereafter have any
liability hereunder, except that any obligation or liability of either party,
actual or contingent, under this Lease which has accrued on or prior to such
termination date shall survive.

        (b)   If only part of the Demised Premises is taken or condemned for a
public or quasi-public use, Landlord shall, to the extent of the award it
receives, restore the Demised Premises to a condition and to a size as nearly
comparable as reasonably possible to the condition and size thereof immediately
prior to the taking, and there shall be an equitable adjustment to the Rent
according to the value of the Demised Premises before and after the taking, and
Tenant shall be entitled to that portion of any then remaining Holdback
allocable to any portion of the Demised Premises not so restored. From the date
of the taking until the Demised Premises are restored by Landlord so that the
remaining portion of the Demised Premises could be used by a tenant, Rent shall
abate hereunder for the affected Space.

        (c)   Landlord shall be entitled to receive the entire award in any
proceeding with respect to any taking provided for in this Section 21, without
deduction therefrom for any estate vested in Tenant by this Lease, and Tenant
shall receive no part of such award.

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        22.   Tenant's Default.

        A.    Tenant's Default and Landlord's Remedies.

        (a)   Each of the following shall constitute an event of default (an
"Event of Default") hereunder:

        (i)    Tenant fails to pay Rent on the date due (subject to extension
for any delay caused by Landlord in executing Holdback payment instructions to
be sent to Escrow Agent in accordance with Section 36) and such failure
continues for a period of five (5) days after written notice from Landlord;

        (ii)   Tenant commences any proceeding under any law relating to
bankruptcy, insolvency, reorganization or relief of debts, or seeks appointment
of a receiver, trustee, custodian or other similar official for Tenant or any
guarantor of this Lease or for any substantial part of its property, or any such
proceeding is commenced against Tenant and either remains undismissed for a
period of one hundred twenty (120) days or results in the entry of an order for
relief against Tenant which is not fully stayed within sixty (60) days after
entry;

        (iii)  A transfer or assignment occurs in violation of Section 29
hereof;

        (iv)  If Tenant shall be in default under any other provision of this
Lease (other than those specified in this Section 29) and shall remain so for a
period of thirty (30) days after Landlord has provided written notice to Tenant
of such default, provided that if any such default cannot reasonably be remedied
by Tenant within such thirty (30) period, then Tenant shall have such additional
time as shall be reasonably necessary to remedy such default, provided that
during such time Tenant is continuously and diligently pursuing the remedy
necessary to cure such default.

        (b)   Upon the occurrence of any one or more Events of Default, Landlord
may, at Landlord's option, without any demand or notice whatsoever (except as
expressly required in this Section 22):

        (i)    Terminate this Lease by giving Tenant notice of termination, in
which event this Lease shall expire and terminate on the date specified in such
notice of termination and all rights of Tenant under this Lease and in and to
the Demised Premises shall terminate. Tenant shall remain liable for all
obligations under this Lease arising up to the date of such termination, and
Tenant shall surrender the Demised Premises to Landlord on the date specified in
such notice; or

        (ii)   demand and collect Rent from the Tenant as it becomes due; or

        (iii)  Pursue such other remedies as are available at law or equity, but
expressly excluding any acceleration or Rent..

        (c)   If this Lease shall terminate as a result of or while there exists
an Event of Default hereunder, any funds of Tenant held by Landlord may be
applied by Landlord to any damages payable by Tenant (whether provided for
herein or by law) as a result of such termination or default.

        (d)   Neither the commencement of any action or proceeding, nor the
settlement thereof, nor entry of judgment thereon shall bar Landlord from
bringing subsequent actions or proceedings from time to time, nor shall the
failure to include in any action or proceeding any sum or sums then due be a bar
to the maintenance of any subsequent actions or proceedings for the recovery of
such sum or sums so omitted.

        (e)   No agreement to accept a surrender of the Demised Premises and no
act or omission by Landlord or Landlord's agents during the Term shall
constitute an acceptance or surrender of the Demised Premises unless made in
writing and signed by Landlord. No re-entry or taking possession of the Demised
Premises by Landlord shall constitute an election by Landlord to terminate this
Lease unless a written notice of such intention is given to Tenant. No provision
of

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this Lease shall be deemed to have been waived by either party unless such
waiver is in writing and signed by the party making such waiver. Landlord's
acceptance of Rent in full or in part following an Event of Default hereunder
shall not be construed as a waiver of such Event of Default. No custom or
practice which may grow up between the parties in connection with the terms of
this Lease shall be construed to waive or lessen either party's right to insist
upon strict performance of the terms of this Lease, without a written notice
thereof to the other party.

        (f)    Any and all remedies set forth in this Lease: (i) shall be in
addition to any and all other remedies Landlord may have at law or in equity,
(ii) shall be cumulative, and (iii) may be pursued successively or concurrently
as Landlord may elect. The exercise of any remedy by Landlord shall not be
deemed an election of remedies or preclude Landlord from exercising any other
remedies in the future.

        B.    Landlord's Default and Tenant's Remedies. It shall be a "Landlord
Event of Default" under this Lease if the parties prepare Holdback payment
instructions to be sent to Escrow Agent in accordance with Section 36 hereunder
and Landlord fails to execute said instructions within five (5) business days
after joint preparation thereof and such failure shall continue for more than
five (5) days after receipt of written notice from Tenant of such failure. Upon
the occurrence of a Landlord Event of Default, Tenant may terminate this Lease
for the specific Space(s) affected by the Landlord Event of Default and receive
payment for all remaining Holdback attributable to the applicable Space. Nothing
contained in this subsection 22.B shall create or imply the existence of any
obligation by Tenant to cure any Landlord Event of Default, nor shall it limit
Tenant's other remedies at law or equity. Further, if Landlord takes any action
that would prevent or delay the leasing of the Demised Premises to a tenant, and
thereby deny Tenant the ability to recover the Holdback or delay Tenant's
ability to recover the Holdback, then Tenant shall be entitled to the portion of
the Holdback that would have been payable to Tenant but for Landlord's actions.

        23.   Landlord's Rights. The following rights, exercisable without
notice and without affecting any of Tenant's obligations under this Lease, are
all reserved by Landlord: (1) to retain at all times, and to use in appropriate
instances, pass keys to the Premises; (2) to exhibit the Premises at reasonable
hours to prospective tenants, purchasers, mortgagees, and ground lessors of any
portion of the Demised Premises; and (3) to enter the Demised Premises at
reasonable hours for reasonable purposes, including inspection, the provision of
services and the performance of the obligations of Landlord hereunder.

        24.   Lender's Rights.

        (a)   For purposes of this Lease:

        (i)    "Lender" as used herein means the current holder of a Mortgage;

        (ii)   "Mortgage" as used herein means any or all mortgages, deeds to
secure debt, deeds of trust or other instruments in the nature thereof which may
now or hereafter affect or encumber Landlord's title to the Demised Premises,
and any amendments, modifications, extensions or renewals thereof.

        (b)   This Lease and all rights of Tenant hereunder are and shall be
subject and subordinate to the lien and security title of any Mortgage, provided
that the Lender agrees to not disturb Tenant so long as no Event of Default
exists. Tenant agrees to enter into a written subordination, non-disturbance and
attornment agreement with Lender. Tenant recognizes and acknowledges the right
of Lender to foreclose or exercise the power of sale against the Demised
Premises under any Mortgage.

        (c)   Reserved.

        (d)   At any time during the Term, Landlord may, by written notice to
Tenant, make this Lease superior to the lien of any Mortgage, provided Landlord
shall have collaterally assigned to the Lender holding such Mortgage Landlord's
rights in and to the Holdback, and provided, further, that such Lender has
assumed and agreed to be bound by Landlord's obligations with respect to

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the release of all or portions of the Holdback hereunder and under the Purchase
Agreement. If requested by Lender, Tenant shall, upon demand, at any time or
times, execute, acknowledge, and deliver to Lender, any and all instruments that
may be necessary to make this Lease superior to the lien of any Mortgage,
subject, however to the foregoing.

        (e)   If Lender (or Lender's nominee, or other purchaser at foreclosure)
shall hereafter succeed to the rights of Landlord under this Lease, whether
through possession or foreclosure action or delivery of a new lease, Tenant
shall, if requested by such successor (but subject, however, to the foregoing
provisions of this Section 24), attorn to and recognize such successor as
Tenant's landlord under this Lease without change in the terms and provisions of
this Lease and shall promptly execute and deliver any instrument that may be
necessary to evidence such attornment, provided that such successor shall not be
bound by (i) any payment of Rent for more than one month in advance, except
prepayments in the nature of security for the performance by Tenant of its
obligations under this Lease, and then only if such prepayments have been
deposited with and are under the control of such successor, (ii) any provision
of any amendment to the Lease to which Lender has not consented, (iii) the
defaults of any prior landlord under this Lease, or (iv) any offset rights
arising out of the defaults of any prior landlord under this Lease. Upon such
attornment, this Lease shall continue in full force and effect as a direct lease
between each successor landlord and Tenant, subject to all of the terms,
covenants and conditions of this Lease.

        25.   Estoppel Certificate. Landlord and Tenant agree, at any time, and
from time to time, within fifteen (15) days after written request of the other,
to execute, acknowledge and deliver a statement in writing in recordable form to
the requesting party and/or its designee certifying that: (i) this Lease is
unmodified and in full force and effect (or, if there have been modifications,
that the same is in full force and effect, as modified), (ii) the dates to which
Rent, and other charges have been paid, (iii) whether or not, to the best of its
knowledge, there exists any failure by the requesting party to perform any term,
covenant or condition contained in this Lease, and, if so, specifying each such
failure, (iv) (if such be the case) Tenant has unconditionally accepted the
Demised Premises and is conducting its business therein, and (v) and as to such
additional matters as may be requested, it being intended that any such
statement delivered pursuant hereto may be relied upon by the requesting party
and by any purchaser of title to the Demised Premises or by any mortgagee or any
assignee thereof or any party to any sale-leaseback of the Demised Premises, or
the landlord under a ground lease affecting the Demised Premises.

        26.   Omitted.

        27.   Notices. Any notice required or permitted to be given or served by
either party to this Lease shall be deemed given when made in writing, and
either (i) personally delivered, (ii) deposited with the United States Postal
Service, postage prepaid, by registered or certified mail, return receipt
requested, or (iii) delivered by licensed overnight delivery service providing
proof of delivery, properly addressed to the address set forth in Section 1(m)
(as the same may be changed by giving written notice of the aforesaid in
accordance with this Section 27). If any notice mailed is properly addressed
with appropriate postage but returned for any reason, such notice shall be
deemed to be effective notice and to be given on the date of mailing.

        28.   Brokers. Neither Landlord nor Tenant has engaged or had any
conversations or negotiations with any broker, finder or other third party
concerning the leasing of the Demised Premises to Tenant who would be entitled
to any commission or fee based on the execution of this Lease. Landlord and
Tenant hereby indemnify each other against and from any claims for any brokerage
commissions and all costs, expenses and liabilities in connection therewith,
including, without limitation, reasonable attorneys' fees and expenses, for any
breach of the foregoing. The foregoing indemnification shall survive the
expiration or earlier termination of this Lease for any reason.

        29.   Assignment and Subleasing. Tenant may not assign, mortgage,
pledge, encumber or otherwise transfer this Lease, or any interest hereunder, or
sublet the Demised Premises, in whole or in part.

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        30.   Termination or Expiration. No termination of this Lease prior to
the normal ending thereof, by lapse of time or otherwise, shall affect
Landlord's right to collect rent for the period prior to termination thereof.

        31.   Reserved

        32.   Reserved

        33.   Reserved

        34.   Reserved

        35.   Miscellaneous.

        (a)   Reserved

        (b)   If any clause or provision of this Lease is determined to be
illegal, invalid or unenforceable under present or future laws effective during
the Term, then and in that event, it is the intention of the parties hereto that
the remainder of this Lease shall not be affected thereby, and that in lieu of
such illegal, invalid or unenforceable clause or provision there shall be
substituted a clause or provision as similar in terms to such illegal, invalid
or unenforceable clause or provision as may be possible and be legal, valid and
enforceable.

        (c)   All rights, powers, and privileges conferred hereunder upon the
parties hereto shall be cumulative, but not restrictive to those given by law.

        (d)   Time is of the essence of this Lease.

        (e)   No failure of Landlord or Tenant to exercise any power given
Landlord or Tenant hereunder or to insist upon strict compliance by Landlord or
Tenant with its obligations hereunder, and no custom or practice of the parties
at variance with the terms hereof shall constitute a waiver of Landlord's or
Tenant's rights to demand exact compliance with the terms hereof.

        (f)    This Lease and all agreements between Landlord and Tenant
referenced herein contain the entire agreement of the parties hereto as to the
subject matter of this Lease and no representations, inducements, promises or
agreements, oral or otherwise, between the parties not embodied herein or in the
agreements between Landlord and Tenant referenced herein shall be of any force
and effect. The masculine (or neuter) pronoun, singular number shall include the
masculine, feminine and neuter gender and the singular and plural number.

        (g)   This contract shall create the relationship of landlord and tenant
between Landlord and Tenant.

        (h)   The captions of this Lease are for convenience only and are not a
part of this Lease, and do not in any way define, limit, describe or amplify the
terms or provisions of this Lease or the scope or intent thereof.

        (i)    This Lease may be executed in multiple counterparts, each of
which shall constitute an original, but all of which taken together shall
constitute one and the same agreement.

        (j)    This Lease shall be interpreted under the laws of the State where
the Demised Premises are located.

        (k)   The parties acknowledge that this Lease is the result of
negotiations between the parties, and in construing any ambiguity hereunder no
presumption shall be made in favor of either party. No inference shall be made
from any item which has been stricken from this Lease other than the deletion of
such item.

        (l)    EACH PARTY WAIVES TRIAL BY JURY IN THE EVENT OF ANY LEGAL
PROCEEDING BROUGHT BY THE OTHER IN CONNECTION WITH THIS LEASE.

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        36.   Master Lease.

        (a)   This Lease is being executed and delivered by Landlord and Tenant
concurrently with the closing of a purchase and sale of among other property,
the Demised Premises in accordance with the Purchase Agreement referenced in
Section 1(p) above, and in conjunction with a Master Lease Escrow Holdback
Agreement (the "Escrow Agreement") in which Tenant has deposited
$                        (the "Holdback") with Chicago Title Insurance Company
("Escrow Agent"), which represents the maximum Rent due and payable by Tenant
under this Lease. The Holdback, as allocated to each Space on Exhibit A,
represents the maximum liability of Tenant for Rent for each Space.

        (b)   Tenant, has been engaged by Landlord to act as leasing agent for
the Buildings in which the Demised Premises are located, for the Term of this
Lease. Tenant, as leasing agent, shall present from time to time to Landlord
proposed third-party leases (together with applicable tenant financial
information and other information customarily provided to institutional owners
of industrial property in such packages) for each Space. Landlord shall notify
Tenant within five business days of receipt of the package if it rejects or
accepts the proposed lease, subject to confirmation of the information provided
therein and agreement on the final lease form. Landlord is not obligated to
enter into any third-party leases covering the Space unless it meets the
Approval Criteria set forth in Exhibit B hereto (including the terms of the
Master Lease Schedule attached as Exhibit C hereto) and the lease form and other
lease terms are reasonably satisfactory to Landlord. The amounts for Tenant
Improvements and Commissions in the Master Lease Schedule are the maximum
amounts that can be required of Landlord under any proposed third-party lease.
If a proposed third-party lease meets the Approval Criteria except that it
contains Tenant Improvement and Commissions amounts in excess of those on the
Master Lease Schedule, and Landlord rejects said proposal solely because of such
excess costs, Tenant shall have the right to pay for the following items, in
which event Landlord shall accept the proposed lease: (i) any and all tenant
improvements for the primary term in excess of the amounts indicated in the
Master Lease Schedule, (ii) leasing commissions for the primary term in excess
of the amounts indicated in the Master Lease Schedule, (iii) any rent
concessions, allowances, inducements, or payments or the like, and
(iv) reasonable attorneys' fees and expenses associated with the negotiation of
the third-party lease.

        (c)   No less than once a month, Landlord and Tenant shall provide
written notice to Escrow Agent directing disbursement of the applicable portion
of the Holdback to be paid to Landlord and/or Tenant. Landlord shall receive
monthly Rent for Space due under this Lease. When Landlord and a third party
tenant enter into a lease for any portion of the Demised Premises, and
subsequently, when the conditions for dropping the Space have been satisfied
(such date being defined as the "Drop Date" below) and this Lease is modified to
exclude such Space from this Lease, Tenant and Landlord shall instruct Escrow
Agent to release to Tenant the portion of the Holdback, if any, applicable to
the Rent scheduled to be paid from the Drop Date over the remaining term of this
Lease applicable to the dropped Space. Subject to the full payment and
performance by Tenant of its obligations under this Lease, any Holdback
remaining upon the expiration, or earlier termination of this Lease as a result
of the complete substitution of Space under third party leases, shall be
released to Tenant.

        If, as and when Landlord executes leases to third-party tenants covering
portions of the Demised Premises, then effective as of the later date (the "Drop
Date") that (i) the third-party tenant has paid its first monthly installment of
base rent and (ii) the date for which the first month's rent is due, this Lease
shall be modified to drop the portion of the Demised Premises covered by such
third-party lease from this Lease, and reducing the Rent under this Lease by the
amount applicable to such third-party space as set forth in the Master Lease
Schedule; provided, however, that any rent paid by said third party tenant prior
to the Drop Date shall be credited at that time against Tenant's obligations to
pay Rent under this Lease. In the event that said third-party tenant initially
pays a reduced rent (i.e. at below the stabilized rent under the Lease) or
receives free rent, then Landlord shall receive from the Holdback the difference
between said

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reduced rent or free rent and the Rent, and Tenant shall receive payment from
the Holdback of the amount of reduced rent required to be paid by said
third-party tenant.

        In the event of any disagreement between the parties as to the amounts
of any disbursements to be made to either party by Escrow Agent out of the
Holdback, the parties shall first attempt to resolve any such disagreement by
referring it to their respective upper management levels. If after five (5) days
the parties are not able to agree on the disbursement in question, the parties
agree to submit the dispute to binding arbitration.

        37.   Lease Date. For purposes of this Lease, the term "Lease Date"
shall mean the later date upon which this Lease is signed by Landlord and
Tenant.

[SIGNATURES FOLLOW]

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        IN WITNESS WHEREOF, the parties hereto have hereunto set their hands
under seals, the day and year first above written.

      LANDLORD:
Date:
    

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LANDLORD SIGNATURE
 
 
 
TENANT:
Date:
    

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TENANT SIGNATURE

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EXHIBIT A

Market

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  Building

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  Space

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  Sq. Ft.

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  Mkt.
Rent

--------------------------------------------------------------------------------

  Term
(months)

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  Base Rent
Obligation

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  Operating
Exp.
Obligation

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  Total ML
Obligation

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  Monthly
Gross
Rent

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Atlanta   5000 Westpark Dr. SW   100   130,722   $ 2.50   12   $ 326,805   $
95,976   $ 423,000   $ 35,250 Atlanta   5945 Cabot Pkwy       36,560   $ 5.00  
9   $ 137,100   $ 30,601   $ 168,000   $ 18,667 Boston   14 Progress   100  
18,000   $ 5.50   9   $ 74,250   $ 46,284   $ 121,000   $ 13,444 Boston   82 S.
Street   200   5,300   $ 3.00   12   $ 15,900   $ 9,646   $ 26,000   $ 2,167
Boston   82 S. Street   300   35,300   $ 5.25   12   $ 185,325   $ 64,115   $
249,000   $ 20,750 Boston   82 S. Street   100   30,000   $ 5.25   12   $
157,500   $ 54,488   $ 212,000   $ 17,667 Houston   4000 Greenbriar   150  
26,400   $ 3.00   12   $ 79,200   $ 33,792   $ 113,000   $ 9,417 Houston   4000
Greenbriar   200   31,600   $ 3.50   12   $ 110,600   $ 40,330   $ 151,000   $
12,583 Phoenix   N. 103rd Ave   300B   75,790   $ 2.88   12   $ 218,275   $
94,868   $ 313,000   $ 26,083 Phoenix   N. 103rd Ave   400B   75,790   $ 2.88  
12   $ 218,275   $ 94,868   $ 313,000   $ 26,083 Phoenix   N. 103rd Ave   500B  
75,790   $ 2.88   12   $ 218,275   $ 94,868   $ 313,000   $ 26,083     Total    
  541,252             $ 1,741,506   $ 660,494   $ 2,402,000.00      

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EXHIBIT B

APPROVAL CRITERIA

RREEF NATIONAL PORTFOLIO

        I.     Lease Parameters

        A.    Provided that the lease parameters outlined on the Master Lease
Schedule attached hereto as Exhibit C are satisfied, a prospective lease will be
deemed approved subject to Use and Credit Criteria outlined below.

        1.     In order for the lease to be deemed an approved lease, the Tenant
Improvement and Commission amounts to be paid by Landlord (i.e. Tenant may elect
to pay excess amounts pursuant to Section 36(b) of this Lease) must be equal to
or less than the amounts outlined on Exhibit C.

        II.    Use

        A.    Tenant operations consistent with existing uses in the park or
uses commonly found in comparable industrial facilities shall be approved
subject to the following:

        1.     Uses that pose significant environmental risk may be disapproved;

        2.     Uses that require more than pro rata share of automobile or truck
parking may be disapproved; and

        3.     Uses that require outside storage or exterior trade fixtures may
be disapproved.

        III.  Credit Criteria

        A.    An effort will be made to approve leases with tenants with
positive prior landlord references.

        B.    If a tenant occupies greater than 50% of a property, such tenant
must have

        1.     Net worth of at least aggregate base rent times four; and

        2.     Positive EBIDTA for prior 12 months or latest annual reporting
period; and

        3.     The tenant, tenant's parent or wholly owned subsidiary of tenant
must have been in business for a minimum of two years.

        C.    If a tenant occupies less than 50% of a property, but more than
25%, such tenant must have

        1.     Net worth of at least aggregate base rent times three; and

        2.     Positive Net Income for prior 12 months or latest annual
reporting period

        D.    If the tenant occupies less than 25% of a property

        1.     Tenant will use best efforts to secure a bank letter of credit or
a cash security deposit for the equivalent of one month's base rent from such
tenant.

        IV.   Landlord Approval Rights

        A.    Landlord may, but is under no obligation to, approve leases that
do not satisfy the above criteria.

a-1

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EXHIBIT C

MASTER LEASE SCHEDULE

Market

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  Building

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  Space

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  Sq. Ft.

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  Mkt.
Rent

--------------------------------------------------------------------------------

  Rent

--------------------------------------------------------------------------------

  Lease
Term
(years)

--------------------------------------------------------------------------------

  Tenant
Improvements

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  Lease
Escalations

--------------------------------------------------------------------------------

  Commissions

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  Atlanta   5000 Westpark Dr. SW   100   130,722   $ 2.50   NNN   5   $ 0.50  
3% Annual   Atl. Std. (1) Atlanta   5945 Cabot Pkwy       36,560   $ 5.00   NNN
  5   $ 2.00   3% Annual   Atl. Std. (1) Boston   14 Progress   100   18,000   $
5.50   NNN   5   $ 3.00   3% Annual   5.40 % Boston   82 S. Street   200   5,300
  $ 3.00   NNN   5   $ 3.00   3% Annual   5.40 % Boston   82 S. Street   300  
35,300   $ 5.25   NNN   5   $ 2.00   3% Annual   5.40 % Boston   82 S. Street  
100   30,000   $ 5.25   NNN   5   $ 2.00   3% Annual   5.40 % Houston   4000
Greenbriar   150   26,400   $ 3.00   NNN   5   $ 3.00   5%—Mo. 31   6.00 %
Houston   4000 Greenbriar   200   31,600   $ 3.50   NNN   5   $ 1.00   5%—Mo. 31
  6.00 % Phoenix   N. 103rd Ave   300B   75,790   $ 2.88   NNN   5   $ 3.50   3%
Annual   8.00 % Phoenix   N. 103rd Ave   400B   75,790   $ 2.88   NNN   5   $
3.50   3% Annual   8.00 % Phoenix   N. 103rd Ave   500B   75,790   $ 2.88   NNN
  5   $ 3.50   3% Annual   8.00 %

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(1)130% 1st month, 5.43% remaining

a-1

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EXHIBIT B

FORM OF MASTER LEASE ESCROW HOLDBACK AGREEMENT

MASTER LEASE ESCROW HOLDBACK AGREEMENT

        THIS MASTER LEASE ESCROW HOLDBACK AGREEMENT (this "Agreement") is made
and entered into as of                         2004, by and
between                        ("Seller"), DIVIDEND CAPITAL OPERATING
PARTNERSHIP LP ("Buyer"), and CHICAGO TITLE INSURANCE COMPANY ("Escrow Agent").

WITNESSETH:

        WHEREAS, Seller, and Buyer, as buyer have entered into that certain
Agreement of Purchase and Sale dated                         (as amended, the
"Contract"), wherein Seller has agreed to sell to Buyer and Buyer has agreed to
purchase from Seller certain parcels of improved real property more particularly
described in the Contract (collectively, the "Property"); and

        WHEREAS, pursuant to the Contract, Seller and Buyer have entered into a
Master Lease Agreement of even date herewith regarding the lease by Seller from
Buyer of certain vacant space at the Property (the "Master Lease Space"); and

        WHEREAS, pursuant to the Contract, Seller and Buyer have agreed that
Buyer initially shall withhold from the portion of the Purchase Price (as
defined in the Contract) payable to Seller and deposit with Escrow Agent the sum
of                        and No/100 Dollars ($                        ) (such
amount, together with all interest earned thereon, is referred to herein as the
"Deposit"), representing the maximum rent to be paid by Seller to Buyer for the
term of the Master Lease, to be released and paid to Buyer or Seller, as
applicable, by Escrow Agent pursuant to the terms hereof; and

        WHEREAS, the parties hereto desire to enter into this Agreement
evidencing their agreement with respect to the holding, investment and
disbursement of the Deposit.

        NOW, THEREFORE, in consideration of the premises and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged by Seller, and in order to induce Buyer to acquire the Property,
the parties hereby agree as follows:

        1.     Deposit. Buyer hereby delivers to Escrow Agent the Deposit,
receipt of which is hereby acknowledged by Escrow Agent, to be held by Escrow
Agent and distributed in accordance with this Agreement.

        2.     Tax Identification Number. Seller represents that the federal tax
identification number of Seller is                        . [we may need to list
all tax i.d. numbers of Sellers]

        3.     Interest Bearing Account. Escrow Agent shall hold the Deposit in
a separate interest-bearing account at a federally insured banking institution
with which Escrow Agent has an established banking relationship.

        4.     Disbursement of Deposit. From time to time, upon receipt of a
written authorization ("Authorization") signed by Seller and Buyer, Escrow Agent
shall, within ten (10) days after receipt of such Authorization, disburse from
the Deposit the amount specified in the Authorization to the party(ies)
specified in the Authorization.

        5.     Escrow Agent. The Escrow Agent is acting as a stakeholder only
with respect to the Deposit and if there is any dispute as to whether Escrow
Agent is obligated to deliver the Deposit or as to whom the Deposit is to be
delivered, Escrow Agent may refuse to make delivery and may continue to hold the
Deposit until receipt by Escrow Agent of an authorization in writing, signed by
Seller and

a-2

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Buyer, directing the disposition of the Deposit. In the absence of any such
authorization, Escrow Agent may hold the Deposit until a final determination of
the rights of the parties in an appropriate proceeding or may bring an
appropriate action or proceeding for leave to deposit the Deposit in a court of
competent jurisdiction pending such determination. Seller and Buyer recognize
that Escrow Agent's duties hereunder are only as specifically provided herein
and are purely ministerial in nature; and Seller and Buyer therefore agree that
Escrow Agent shall, so long as it acts in good faith, have no liability to
either except for its willful misconduct or gross negligence. Seller and Buyer
do hereby further indemnify the Escrow Agent against, and agree to hold, save,
and defend Escrow Agent harmless from any costs, liabilities, and expenses
incurred by Escrow Agent in discharging its duties hereunder.

        6.     Notice Address. Wherever any notice or other communication is
required or permitted hereunder, such notice or other communication shall be in
writing and shall be delivered by hand, by nationally-recognized overnight
express delivery service, by U. S. registered or certified mail, return receipt
requested, postage prepaid, or by electronic transfer with prompt telephone
confirmation to the addresses set out below or at such other addresses as are
specified by written notice delivered in accordance herewith:

To Buyer:   Dividend Capital Operating Partnership LP
518 17th Street, Suite 1700
Denver, Colorado 80202
Attention: Teresa L. Corral
Phone No.: (303) 226-1470
Fax No.: (303) 228-2201    
with a copy to:
 
Mayer, Brown, Rowe & Maw LLP
190 South LaSalle Street
Chicago, Illinois 60603
Attention: George Ruhlen and Milos Markovic
Phone No.: (312) 701-7202
Fax No.: (312) 701-7711
 
 
To Seller:
 
c/o RREEF
280 Park Avenue, 40th Floor
New York, New York 10017
Attention: Peter F. Feinberg
Phone No.: (212) 454-3900
Fax No.: (212) 454-6616
 
 
with a copy to:
 
Alston & Bird LLP
1201 W. Peachtree Street
Atlanta, Georgia 30309
Attention: James G. Farris, Jr.
Phone No.: (404) 881-7896
Fax No.: (404) 881-7777
 
 
If to Escrow Agent:
 
Chicago Title Insurance Company
171 N. Clark Street
Chicago, IL 60601
Attention: Linda M. Tyrrell
Phone No.: (312) 223-3361
Fax No.: (312) 223-4857
 
 

a-3

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Any notice or other communication mailed as hereinabove provided shall be deemed
effectively given upon receipt or refusal of receipt if delivered by hand; by
overnight express delivery or by electronic transfer device with a follow-up by
overnight express delivery.

        7.     Time is of the Essence. Time is of the essence of this Agreement.

        8.     Governing Law. This Agreement shall be governed by and construed
in accordance with the internal laws of the State of New York, without reference
to the conflicts of laws or choice of law provisions thereof.

        9.     No Waiver. Neither the failure of either party to exercise any
power given such party hereunder or to insist upon strict compliance by the
other party with its obligations hereunder, nor any custom or practice of the
parties at variance with the terms hereof shall constitute a waiver of either
party's right to demand exact compliance with the terms hereof.

        10.   Date For Performance. If the time period by which any right,
option or election provided under this Agreement must be exercised, or by which
any act required hereunder must be performed, expires on a Saturday, Sunday or
legal or bank holiday, then such time period shall be automatically extended
through the close of business on the next regularly scheduled business day.

        11.   Attorneys' Fees and Court Costs. In the event that a dispute
arises between Buyer and Seller related to this Agreement which results in
litigation or arbitration, the prevailing party shall be entitled to
reimbursement from the losing party for all of such prevailing party's
reasonable attorneys' fees actually incurred and all court costs and costs of
arbitration.

        12.   Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be deemed to be an original, but all of which,
when taken together, shall constitute but one and the same instrument.

        13.   Definitions. Each capitalized term which is used and not otherwise
defined in this Agreement shall have the meaning which the Contract assigns to
that term.

        14.   Consent to Jurisdiction. The parties irrevocably and
unconditionally submit to the exclusive jurisdiction of any state or federal
court sitting in                        , New York over any suit, action or
proceeding permitted by, and arising out of or relating to, this Agreement The
parties hereby irrevocably and unconditionally waive any objection to the
location of venue of any such suit, action or proceeding brought in any such
court and any claim that any such suit, action or proceeding brought in any such
court has been brought in an inconvenient forum.

        15.   Service of Process. The parties hereby agree that service of any
process, summons, notice or document by U.S. certified mail, return receipt
requested or commercial overnight courier to each party at the addresses set
forth in Section 6 of this Agreement shall be effective service of process for
any action, suit or proceeding brought against either party in any court
referenced above.

a-4

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        IN WITNESS WHEREOF, each of the parties hereto has duly signed and
sealed this Agreement or caused such to be done, effective as of the date of
this Agreement.

    SELLER:
 
 
BUYER:
 
 
DIVIDEND CAPITAL OPERATING PARTNERSHIP LP,
a Delaware limited partnership
 
 
By:
    

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      Name:       Its:

[SIGNATURES CONTINUED ON NEXT PAGE]

a-5

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    ESCROW AGENT:
 
 
CHICAGO TITLE INSURANCE COMPANY
 
 
By:
    

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      Name:       Title:
 
 
 
                        [CORPORATE SEAL]
       

a-6

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QuickLinks

Exhibit 10.4

THIRD AMENDMENT TO AGREEMENT FOR PURCHASE AND SALE
RECITALS
EXHIBIT A FORM OF MASTER LEASE MASTER LEASE AGREEMENT
EXHIBIT A
EXHIBIT B APPROVAL CRITERIA RREEF NATIONAL PORTFOLIO
EXHIBIT C MASTER LEASE SCHEDULE
EXHIBIT B FORM OF MASTER LEASE ESCROW HOLDBACK AGREEMENT