Document:

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                                                                     Exhibit 4.6

                             CABOT INDUSTRIAL TRUST

                             ARTICLES SUPPLEMENTARY

                                1,300,000 SHARES

            8.625% SERIES B CUMULATIVE REDEEMABLE PREFERRED SHARES

            Cabot Industrial Trust, a Maryland real estate investment trust (the
"Company"), hereby certifies to the State Department of Assessments and Taxation
of Maryland (the "Department") that:

            FIRST: Under a power contained in Article 2, Section 1 of the
Amended and Restated Declaration of Trust of the Company, filed with, and
accepted for record by, the State Department of Assessments and Taxation of
Maryland (the "SDAT") on January 26. 1998. as supplemented by Articles
Supplementary filed with, and accepted for record by. the SDAT on July 10, 1998
(the "Charter"), the Board of Trustees of the Company, as required by Section
8-203(b) of the Corporations and Associations Article of the Annotated Code of
Maryland, has unanimously adopted resolutions classifying and designating
1,300,000 unissued shares of beneficial interest (the "Shares") as 8.625% Series
B Cumulative Redeemable Preferred Shares, with the following preferences,
conversion and other rights, voting powers, restrictions, limitations as to
dividends and other distributions, qualifications and terms and conditions of
redemption, and other terms and conditions, which upon any restatement of the
Charter shall be made part of Article 2 of the Charter, with any necessary or
appropriate changes to the enumeration and lettering thereof:

                  8.625% SERIES B CUMULATIVE REDEEMABLE SHARES

            Section 1. Designation and Number. A series of preferred shares,
designated the "8.625% Series B Cumulative Redeemable Preferred Shares" (the
"Series B Preferred Shares") is hereby established. The number of shares of
Series B Preferred Shares shall be 1,300,000.

            Section 2. Rank. The Series B Preferred Shares shall, with respect
to distributions and rights upon voluntary or involuntary liquidation,
winding-up or dissolution of the Company. rank senior to all classes or series
of common Shares and to all classes or series of equity securities of the
Company now or hereafter authorized, issued or outstanding, other than any class
or series of equity securities of the Company expressly designated as ranking on
a parity with or senior to the Series B Preferred Shares as to distributions and
rights upon voluntary or involuntary liquidation, winding-up or dissolution of
the Company. For purposes of these Articles Supplementary, the term "Parity
Preferred Shares" shall be used to refer to any class or series of equity
securities of the Company now or hereafter authorized, issued or outstanding
expressly designated by the Company to rank on a parity with Series B Preferred
Shares with respect to distributions and rights upon voluntary or involuntary
liquidation, winding-up or dissolution of the Company. The term "equity
securities" does not include debt securities, which will rank senior to the
Series B Preferred Shares prior to conversion.

            Section 3. Distributions. (a) Payment of Distributions. Subject to
the rights of holders of Parity Preferred Shares and holders of equity
securities ranking senior to the Series B Preferred Shares as to payment of
distributions, holders of Series B Preferred Shares will be entitled to receive,
when, as and if declared by the Board of Trustees of the Company, out of funds
legally available for the payment of distributions, cumulative preferential cash
distributions at the rate per annum of 8.625% of the $50 liquidation preference
per Series B Preferred Share. In the event that on or prior to December 31, 1999
(i) the Company's senior unsecured debt shall have an unconditional, published,
Standard & Poor's rating of at least "BBB" and (ii) neither Moody's nor any
other rating agency with offices located in at least five (5) cities in the
United States shall have in effect an unconditional,
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published, rating of the Company's senior unsecured debt which is lower than its
rating for such senior unsecured debt as of the date hereof, then beginning on
the date on which each of such foregoing conditions are met, the rate per annum
shall be 8.50% of the $50 liquidation preference per Series B Preferred Share,
in which case the designation of the Series B Preferred Shares will change
accordingly to reflect such new distribution rate; provided, that, if (y) either
Moody's or any other rating agency with offices located in at least five (5)
cities in the United States shall have in effect on December 31, 1999 an
unconditional published rating of the Company's senior unsecured debt which is
lower than its rating of such senior unsecured debt as of the date hereof or (z)
a Standard & Poor's rating of at least "BBB" shall no longer be in effect on
December 31, 1999, then the revised rate herein provided shall be void ab initio
and the Company shall pay on December 31, 1999, in addition to the dividend then
due to the holders of the Series B Preferred Shares, the difference between (1)
the dividend that would have accrued at the original rate of 8.625% per annum
during the current and any prior quarterly distribution period and (2) the
dividend that actually accrued during such distribution periods at the voided
rate of 8.50% per annum. Promptly after January 1, 2000 the parties hereto shall
execute, acknowledge and deliver or cause to be executed acknowledged and
delivered all instruments and documents as may be reasonably necessary or
desirable to memorialize the revised distribution rate. Such distributions shall
be cumulative, shall accrue from the original date of issuance and will be
payable (i) quarterly in arrears, on March 31, June 30, September 30 and
December 31 of each year commencing on the first of such dates to occur after
the original date of issuance and, (ii) in the event of a redemption, on the
redemption date (each a "Preferred Shares Distribution Payment Date"). The
amount of the distribution payable for any period will be computed on the basis
of a 360-day year of twelve 30-day months and for any period shorter than a full
quarterly period for which distributions are computed, the amount of the
distribution payable will be computed on the basis of the actual number of days
elapsed in such period. If any date on which distributions are to be made on the
Series B Preferred Shares is not a Business Day (as defined herein), then
payment of the distribution to be made on such date will be made on the next
succeeding day that is a Business Day (and without any interest or other payment
in respect of any such delay) except that, if such Business Day is in the next
succeeding calendar year, such payment shall be made on the immediately
preceding Business Day, in each case with the same force and effect as if made
on such date. Distributions on the Series B Preferred Shares will be made to the
holders of record of the Series B Preferred Shares on the relevant record dates,
which, unless otherwise provided by the Company with respect to any
distribution, will be fifteen (15) Business Days prior to the relevant Preferred
Shares Distribution Payment Date (each a "Distribution Record Date").
Notwithstanding anything to the contrary set forth herein, each Series B
Preferred Share shall also continue to accrue all accrued and unpaid
distributions up to the exchange date on any Series B Preferred Unit (as defined
in the Second Amended and Restated Agreement of Limited Partnership of Cabot
Industrial Properties, L.P., dated as of February 4, 1998 (the "Partnership
Agreement"). as amended through the date hereof) validly exchanged into such
Series B Preferred Share in accordance with the provisions of such Partnership
Agreement.

      The term "Business Day" shall mean each day, other than a Saturday or a
Sunday, which is not a day on which banking institutions in New York, New York
are authorized or required by law, regulation or executive order to close.

      (b) Limitation on Distributions. No distributions on the Series B
Preferred Shares shall be declared or paid or set apart for payment by the
Company at such time as the terms and provisions of any agreement of the
Company, including any agreement relating to its indebtedness, prohibits such
declaration, payment or setting apart for payment or provides that such
declaration, payment or setting a part for payment would constitute a breach
thereof or a default thereunder, or if such declaration, payment or setting
apart for payment shall be restricted or prohibited by law.

      (c) Distributions Cumulative. Notwithstanding the foregoing, distributions
on the Series B Preferred Shares will accrue whether or not the terms and
provisions set forth in Section 3(b) hereof at any time prohibit the current
payment of distributions, whether or not the Company has earnings, whether or
not there are funds legally available for the payment of such distributions and
whether or not such distributions are authorized or declared. Accrued but unpaid
distributions on the Series B Preferred Shares will accumulate as of the
Preferred Shares Distribution Payment Date on which they first become payable.
Accumulated and unpaid distributions will not bear interest.
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      (d) Priority as to Distributions. (i) So long as any Series B Preferred
Shares are outstanding, no distribution of cash or other property shall be
authorized, declared, paid or set apart for payment on or with respect to any
class or series of common Shares or any class or series of other Shares of the
Company ranking junior as to the payment of distributions or rights upon
voluntary or involuntary dissolution, liquidation or winding up of the Company
to the Series B Preferred Shares (such common Shares or other junior Shares,
including, without limitation Series A Junior Participating Preferred Shares
authorized pursuant to Articles Supplementary filed with the Department on July
10, 1998, collectively, "Junior Shares"), nor shall any cash or other property
be set aside for or applied to the purchase, redemption or other acquisition for
consideration of any Series B Preferred Shares, any Parity Preferred Shares or
any Junior Shares, unless, in each case, all distributions accumulated on all
Series B Preferred Shares and all classes and series of outstanding Parity
Preferred Shares have been paid in full. The foregoing sentence will not
prohibit (i) distributions payable solely in Shares of the Company ranking
junior to the Series B Preferred Shares as to distributions and upon
liquidation, winding-up or dissolution, (ii) the conversion of Junior Shares or
Parity Preferred Shares into Shares of the Company ranking junior to the Series
B Preferred Shares as to distributions and upon liquidation, windingup or
dissolution, and (iii) purchase by the Company of such Series B Preferred
Shares, Parity Preferred Shares or Junior Shares pursuant to Article 3 of the
Charter to the extent required to preserve the Company's status as a real estate
investment trust.

            (ii) So long as distributions have not been paid in full (or a sum
sufficient for such full payment is not irrevocably deposited in trust for
payment) upon the Series B Preferred Shares, all distributions authorized and
declared on the Series B Preferred Shares and all classes or series of
outstanding Parity Preferred Shares shall be authorized and declared so that the
amount of distributions authorized and declared per share of Series B Preferred
Shares and such other classes or series of Parity Preferred Shares shall in all
cases bear to each other the same ratio that accrued distributions per share on
the Series B Preferred Shares and such other classes or series of Parity
Preferred Shares (which shall not include any accumulation in respect of unpaid
distributions for prior distribution periods if such class or series of Parity
Preferred Shares do not have cumulative distribution rights) bear to each other.

      (e) No Further Rights. Holders of Series B Preferred Shares shall not be
entitled to any distributions, whether payable in cash, other property or
otherwise, in excess of the full cumulative distributions described herein.

            Section 4. Liquidation Preference. (a) Payment of Liquidating
Distributions. Subject to the rights of holders of Parity Preferred Shares and
subject to equity securities ranking senior to the Series B Preferred Shares
with respect to rights upon any voluntary or involuntary liquidation,
dissolution or winding-up of the Company. the holders of Series B Preferred
Shares shall be entitled to receive out of the assets of the Company legally
available for distribution or the proceeds thereof, after payment or provision
for debts and other liabilities of the Company, but before any payment or
distributions of the assets shall be made to holders of common Shares or any
other class or series of shares of the Company that ranks junior to the Series B
Preferred Shares as to rights upon liquidation, dissolution or winding-up of the
Company, an amount equal to the sum of (i) a liquidation preference of $50 per
Series B Preferred Share, and (ii) an amount equal to any accumulated and unpaid
distributions thereon, whether or not declared, to the date of payment. In the
event that, upon such voluntary or involuntary liquidation, dissolution or
winding-up, there are insufficient assets to permit full payment of liquidating
distributions to the holders of Series B Preferred Shares and any Parity
Preferred Shares, all payments of liquidating distributions on the Series B
Preferred Shares and such Parity Preferred Shares shall be made so that the
payments on the Series B Preferred Shares and such Parity Preferred Shares shall
in all cases bear to each other the same ratio that the respective rights of the
Series B Preferred Shares and such other Parity Preferred Shares (which shall
not include any accumulation in respect of unpaid distributions for prior
distribution periods if such Parity Preferred Shares do not have cumulative
distribution rights) upon liquidation, dissolution or winding-up of the Company
bear to each other.
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      (b) Notice. Written notice of any such voluntary or involuntary
liquidation, dissolution or winding-up of the Company, stating the payment date
or dates when, and the place or places where, the amounts distributable in such
circumstances shall be payable, shall be given by (i) fax and (ii) by first
class mail, postage pre-paid, not less than thirty (30) and not more than sixty
(60) days prior to the payment date stated therein, to each record holder of the
Series B Preferred Shares at the respective addresses of such holders as the
same shall appear on the share transfer records of the Company.

      (c) No Further Rights. After payment of the full amount of the liquidating
distributions to which they are entitled, the holders of Series B Preferred
Shares will have no right or claim to any of the remaining assets of the
Company.

      (d) Consolidation. Merger or Certain Other Transactions. The voluntary
sale, conveyance, lease, exchange or transfer (for cash, shares of stock,
securities or other consideration) of all or substantially all of the property
or assets of the Company to, or the consolidation or merger or other business
combination of the Company with or into any corporation. trust or other entity
(or of any corporation, trust or other entity with or into the Company) shall
not be deemed to constitute a liquidation, dissolution or winding-up of the
Company.

            Section 5. Optional Redemption. (a) Right of Optional Redemption.
The Series B Preferred Shares may not be redeemed prior to April 29, 2004. On or
after such date, the Company shall have the right to redeem the Series B
Preferred Shares, in whole or in part, at any time or from time to time, upon
not less than thirty (30) nor more than sixty (60) days' written notice, at a
redemption price, payable in cash, equal to $50 per share of Series B Preferred
Shares plus accumulated and unpaid distributions, whether or not declared, to
the date of redemption. If fewer than all of the outstanding Series B Preferred
Shares are to be redeemed, the Series B Preferred Shares to be redeemed shall be
selected pro rata (as nearly as practicable without creating fractional shares).

      (b) Limitation on Redemption. The Company may not redeem fewer than all of
the outstanding shares of Series B Preferred Shares unless all accumulated and
unpaid distributions have been paid on all outstanding Series B Preferred Shares
for all quarterly distribution periods terminating on or prior to the date of
redemption.

      (c) Procedures for Redemption. (i) Notice of redemption will be (i) faxed,
and (ii) mailed by the Company, postage prepaid, not less than thirty (30) nor
more than sixty (60) days prior to the redemption date, addressed to the
respective holders of record of the Series B Preferred Shares to be redeemed at
their respective addresses as they appear on the transfer records of the
Company. No failure to give or defect in such notice shall affect the validity
of the proceedings for the redemption of any Series B Preferred Shares except as
to the holder to whom such notice was defective or not given. In addition to any
information required by law or by the applicable rules of any exchange upon
which the Series B Preferred Shares may be listed or admitted to trading, each
such notice shall state: (i) the redemption date, (ii) the redemption price,
(iii) the number of Series B Preferred Shares to be redeemed, (iv) the place or
places where such Series B Preferred Shares are to be surrendered for payment of
the redemption price, (v) that distributions on the Series B Preferred Shares to
be redeemed will cease to accumulate on such redemption date and (vi) that
payment of the redemption price and any accumulated and unpaid distributions
will be made upon presentation and surrender of such Series B Preferred Shares.
If fewer than all of the Series B Preferred Shares held by any holder are to be
redeemed, the notice mailed to such holder shall also specify the number of
Series B Preferred Shares held by such holder to be redeemed.

            (ii) If the Company gives a notice of redemption in respect of
Series B Preferred Shares (which notice will be irrevocable) then, by 12:00
noon, New York City time, on the redemption date, the Company will deposit
irrevocably in trust for the benefit of the holders of the Series B Preferred
Shares being redeemed, funds sufficient to pay the applicable redemption price,
plus any accumulated and unpaid distributions, whether or not
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declared, if any, on such shares to the date fixed for redemption, without
interest, and will give irrevocable instructions and authority to pay such
redemption price and any accumulated and unpaid distributions, whether or not
declared, if any, on such shares to the holders of the Series B Preferred Shares
upon surrender of the certificates for the Series B Preferred Shares by such
holders at the place designated in the notice of redemption. If fewer than all
Series B Preferred Shares evidenced by any certificate are being redeemed, a new
certificate shall be issued upon surrender of the certificate evidencing all
Series B Preferred Shares, evidencing the unredeemed Series B Preferred Shares
without cost to the holder thereof. On and after the date of redemption,
distributions will cease to accumulate on the Series B Preferred Shares or
portions thereof called for redemption, unless the Company defaults in the
payment thereof. If any date fixed for redemption of Series B Preferred Shares
is not a Business Day, then payment of the redemption price payable on such date
will be made on the next succeeding day that is a Business Day (and without any
interest or other payment in respect of any such delay) except that, if such
Business Day falls in the next calendar year, such payment will be made on the
immediately preceding Business Day. in each case with the same force and effect
as if made on such date fixed for redemption. If payment of the redemption price
or any accumulated or unpaid distributions in respect of the Series B Preferred
Shares is improperly withheld or refused and not paid by the Company,
distributions on such Series B Preferred Shares will continue to accumulate from
the original redemption date to the date of payment, in which case the actual
payment date will be considered the date fixed for redemption for purposes of
calculating the applicable redemption price and any accumulated and unpaid
distributions.

            (e) Status of Redeemed Shares. Any Series B Preferred Shares that
shall at any time have been redeemed shall after such redemption, have the
status of authorized but unissued Shares, without designation as to class or
series until such shares are once more designated as part of a particular class
or series by the Board.

            Section 6. Voting Rights. (a) General. Holders of the Series B
Preferred Shares will not have any voting rights, except as set forth below.

      (b) Right to Elect Trustees. (i) If at any time full distributions shall
not have been timely made on any Series B Preferred Shares with respect to any
six (6) prior quarterly distribution periods, whether or not consecutive, (a
"Preferred Distribution Default"), the holders of such Series B Preferred
Shares, voting together as a single class with the holders of each class or
series of Parity Preferred Shares upon which like voting rights have been
conferred and are exercisable, will have the right to elect two additional
Trustees to serve on the Company's Board (the "Preferred Shares Trustees") at a
special meeting called by the holders of record of at least 10% of the
outstanding Series B Preferred Shares or any such class or series of Parity
Preferred Shares or at the next annual meeting of Shareholders, and at each
subsequent annual meeting of Shareholders or special meeting for the election of
Trustees held in place thereof until all such distributions in arrears and
distributions for the current quarterly period on the Series B Preferred Shares
and each such class or series of Parity Preferred Shares have been paid in full.

            (ii) At any time when such voting rights shall have vested, a proper
officer of the Company shall call or cause to be called, upon written request of
holders of record of at least 10% of the outstanding Series B Preferred Shares,
a special meeting of the holders of Series B Preferred Shares and all the series
of Parity Preferred Shares upon which like voting rights have been conferred and
are exercisable (collectively, the "Parity Securities") by mailing or causing to
be mailed to such holders a notice of such special meeting to be held not less
than ten and not more than 45 days after the date such notice is given. The
record date for determining holders of the Parity Securities entitled to notice
of and to vote at such special meeting will be the close of business on the
third Business Day preceding the day on which such notice is mailed. At any such
special meeting, all of the holders of the Parity Securities, by plurality vote,
voting together as a single class without regard to series will be entitled to
elect two Trustees on the basis of one vote per $25.00 of liquidation preference
to which such Parity Securities are entitled by their terms (excluding amounts
in respect of accumulated and unpaid dividends) and not cumulatively. The holder
or holders of one-third of the Parity Securities then outstanding, present in
person or by proxy, will constitute a
<PAGE>

quorum for the election of the Preferred Shares Trustees except as otherwise
provided by law. Notice of all meetings at which holders of the Series B
Preferred Shares shall be entitled to vote will be given to such holders at
their addresses as they appear in the transfer records. At any such meeting or
adjournment thereof in the absence of a quorum, subject to the provisions of any
applicable law, a majority of the holders of the Parity Securities present in
person or by proxy shall have the power to adjourn the meeting for the election
of the Preferred Shares Trustees, without notice other than an announcement at
the meeting. until a quorum is present. If a Preferred Distribution Default
shall terminate after the notice of a special meeting has been given but before
such special meeting has been held, the Company shall, as soon as practicable
after such termination, mail or cause to be mailed notice of such termination to
holders of the Series B Preferred Shares that would have been entitled to vote
at such special meeting.

            (iii) If and when all accumulated distributions and the
distributions for the current distribution period on the Series B Preferred
Shares shall have been paid in full or a sum sufficient for such payment is
irrevocably deposited in trust for payment, the holders of the Series B
Preferred Shares shall be divested of the voting rights set forth in this
Section 6(b) herein (subject to revesting in the event of each and every
Preferred Distribution Default) and, if all distributions in arrears and the
distributions for the current distribution period have been paid in full or set
aside for payment in full on all other classes or series of Parity Preferred
Shares upon which like voting rights have been conferred and are exercisable,
the term and office of each Preferred Shares Trustee so elected shall terminate.
Any Preferred Shares Trustee may be removed at any time with or without cause by
the vote of, and shall not be removed otherwise than by the vote of, the holders
of record of a majority of the outstanding Parity Securities when they have the
voting rights set forth in this Section 6(b). So long as a Preferred
Distribution Default shall continue, any vacancy in the office of a Preferred
Shares Trustee may be filled by written consent of the Preferred Shares Trustee
remaining in office, or if none remains in office, by a vote of the holders of
record of a majority of the outstanding Parity Securities when they have the
voting rights set forth in this Section 6(b). The Preferred Shares Trustees
shall each be entitled to one vote per trustee on any matter.

      (c) Certain Voting Rights. So long as any Series B Preferred Shares remain
outstanding. the Company shall not, without the affirmative vote of the holders
of at least two thirds of the Series B Preferred Shares outstanding at the time
(i) designate or create, or increase the authorized or issued amount of, any
class or series of shares ranking senior to or on parity with the Series B
Preferred Shares with respect to payment of distributions or rights upon
liquidation, dissolution or winding-up of the Company or reclassify any
authorized shares of the Company into any such shares, or create, authorize or
issue any obligations or security convertible into or evidencing the right to
purchase any such shares, (ii) designate or create, or increase the authorized
or issued amount of, any Parity Preferred Shares or reclassify any authorized
shares of the Company into any such shares, or create, authorize or issue any
obligations or security convertible into or evidencing the right to purchase any
such shares, but only to the extent such Parity Preferred Shares are issued to
an affiliate of the Company, or (iii) either (A) consolidate, merge into or
with, or convey, transfer or lease its assets substantially as an entirety. to
any corporation or other entity. or (B) amend, alter or repeal the provisions of
the Company's Charter (including these Articles Supplementary) or By-laws,
whether by merger, consolidation or otherwise, in each case that would
materially and adversely affect the powers, special rights, preferences,
privileges or voting power of the Series B Preferred Shares or the holders
thereof; provided, however, that with respect to the occurrence of a merger,
consolidation or a sale or lease of all or substantially all of the Company's
assets as an entirety, so long as (a) the Company is the surviving entity and
the Series B Preferred Shares remain outstanding with the terms thereof
unchanged, or (b) the resulting, surviving or transferee entity is a corporation
organized under the laws of any state and substitutes the Series B Preferred
Shares for other preferred Shares having substantially the same terms and same
rights as the Series B Preferred Shares, including with respect to
distributions, voting rights and rights upon liquidation, dissolution or
winding-up of the Company, then the occurrence of any such event shall not be
deemed to materially and adversely affect such rights, privileges or voting
powers of the holders of the Series B Preferred Shares and no vote of the Series
B Preferred Shares shall be required; and provided further that any increase in
the amount of authorized Shares or the creation or issuance of any other class
or series of Shares, or any increase in an amount of authorized shares of each
class or series, in each case ranking either (a) junior to the Series B
Preferred Shares with respect to payment of distributions and the distribution
of assets upon liquidation, dissolution or winding-up of the Company, or (b) on
a parity with the Series B Preferred Shares with respect to payment of
<PAGE>

distributions or the distribution of assets upon liquidation, dissolution or
winding-up of the Company to the extent such Shares are not issued to an
affiliate of the Company, shall not be deemed to materially and adversely affect
such rights, preferences, privileges or voting powers and no vote of the Series
B Preferred Shares shall be required.

            Section 7. Transfer Restrictions. The Series B Preferred Shares
shall be subject to the provisions of Article 3 of the Charter; provided,
however, in no event shall the Ownership Limit with respect to the Series B
Preferred Shares (as defined in the Charter) be decreased pursuant to Section 10
of Article 3 of the Charter or otherwise (other than a decrease as a result of a
retroactive change in existing law that would require a decrease to retain real
estate investment trust status under the Internal Revenue Code of 1986, as
amended).

            Section 8. No Conversion Rights. The holders of the Series B
Preferred Shares shall not have any rights to convert such shares into shares of
any other class or series of Shares or into any other securities of, or interest
in. the Company.

            Section 9. No Sinking Fund. No sinking fund shall be established for
the retirement or redemption of Series B Preferred Shares.

            Section 10. No Preemptive Rights. No holder of the Series B
Preferred Shares of the Company shall, as such holder, have any preemptive
rights to purchase or subscribe for additional Shares of the Company or any
other security of the Company which it may issue or sell.

            FOURTH: The Series B Preferred Shares have been classified and
designated by the Board under the authority contained in the Charter.

            FIFTH: These Articles Supplementary have been approved by the Board
in the manner and by the vote required by law.

            SIXTH: The undersigned President of the Company acknowledges these
Articles Supplementary to be the corporate act of the Company and, as to all
matters or facts required to be verified under oath, the undersigned President
acknowledges that to the best of his knowledge, information and belief. these
matters and facts are true in all material respects and that this statement is
made under the penalties for perjury.
<PAGE>

            IN WITNESS WHEREOF, the Company has caused these Articles
Supplementary to be executed under seal in its name and on its behalf by its
President and attested to by its Secretary on this _____th day of April, 1999.

                                           CABOT INDUSTRIAL TRUST

                                           By:
                                                 Name:
                                                 Title:

       [SEAL]

       ATTEST:

       Name:
       Title: Secretary<PAGE>

                                                                     Exhibit 4.7

                                SECOND AMENDMENT
                                       TO
                           SECOND AMENDED AND RESTATED
                        AGREEMENT OF LIMITED PARTNERSHIP
                                       OF
                        CABOT INDUSTRIAL PROPERTIES, L.P.

      THIS SECOND AMENDMENT TO SECOND AMENDED AND RESTATED AGREEMENT OF LIMITED
PARTNERSHIP (this "Amendment") dated as of September 3, 1999, is entered into by
CABOT INDUSTRIAL TRUST, a Maryland real estate investment trust, as general
partner (the "General Partner") of CABOT INDUSTRIAL PROPERTIES, L.P. (the
"Partnership"), for itself and on behalf of the limited partners of the
Partnership, and ________________ ("Contributor").

      WHEREAS, Section 4.2(a) of the Second Amended and Restated Agreement of
Limited Partnership of the Partnership (the "Partnership Agreement") authorizes
the General Partner to cause the Partnership to issue additional Partnership
Units in one or more classes or series, with such designations, preferences and
relative, participating, optional or other special rights, powers and duties as
shall be determined by the General Partner, subject to the provisions of such
section; and

      WHEREAS, pursuant to the authority granted to the General Partner pursuant
to Sections 4.2(a) and 14.1(b) of the Partnership Agreement, the General Partner
desires to amend the Partnership Agreement (i) to establish a new class of
Partnership Units, the Series C Preferred Units (as hereinafter defined), and to
set forth the designations, rights, powers, preferences and duties of such
Series C Preferred Units, (ii) to issue the Series C Preferred Units to
Contributor and admit Contributor as an Additional Limited Partner and (iii) to
make certain other changes to the Partnership Agreement.

      WHEREAS, Contributor intends to transfer its Series C Preferred Units to
________ LLC Delaware limited liability company ("LLC"), whereupon reference
herein to Contributor shall be deemed to be references to LLC.

      NOW, THEREFORE, in consideration of good and valuable consideration, the
receipt and sufficiency of which hereby are acknowledged, the General Partner
hereby amends the Partnership Agreement as follows:

      Section 1. Definitions. For purposes of this Amendment, the term "Parity
Preferred Units" shall be used to refer to any class or series of Partnership
Interests of the Partnership now or hereafter authorized, issued or outstanding
expressly designated by the Partnership to rank on a parity with Series C
Preferred Units with respect to distributions and rights upon voluntary or
involuntary liquidation, winding-up or dissolution of the Partnership. The term
"Priority Return" shall mean, an amount equal to 8.625% per annum, determined on
the basis of a 360 day year of twelve 30 day months, cumulative to the extent
not distributed for any given
<PAGE>

distribution period pursuant to Section 5.1 of the Partnership Agreement, of the
stated value of $25 per Series C Preferred Unit, commencing on the date of
issuance of such Series C Preferred Unit. The term "Subsidiary" shall mean with
respect to any person, any corporation, partnership, limited liability company,
joint venture or other entity of which a majority of(i) voting power of the
voting equity securities or (ii) the outstanding equity interests, is owned,
directly or indirectly, by such person. The term "PTP" shall mean a "publicly
traded partnership" within the meaning of Section 7704 of the Code. Capitalized
terms used herein and not otherwise defined herein shall have the meanings
ascribed to them in the Partnership Agreement. The term "Preferred Limited
Partner" means any Person holding a Preferred Unit, and named as a Preferred
Limited Partner in Exhibit A attached hereto, as such Exhibit may be amended
from time to time, or any Substituted Limited Partner or Additional Limited
Partner, in such Person's capacity as a Preferred Limited Partner in the
Partnership.

      Section 2. Designation and Number. A series of Partnership Units in the
Partnership designated as the "8.625% Series C Cumulative Redeemable Preferred
Units" (the "Series C Preferred Units") is hereby established. The number of
Series C Preferred Units shall be for 2,600,000.

      Section 3. Distributions. (a) Payment of Distributions. Subject to the
rights of holders of Parity Preferred Units as to the payment of distributions,
pursuant to Section 5.1 of the Partnership Agreement, holders of Series C
Preferred Units shall be entitled to receive, when, as and if declared by the
Partnership acting through the General Partner, out of Available Cash,
cumulative preferential cash distributions at the rate per annum of 8.625% of
the original Capital Contribution per Series C Preferred Unit. In the event that
on or prior to March 31, 2000 (i) the General Partner's senior unsecured debt
shall have an unconditional, published Standard & Poor's rating of at least
"BBB" and (ii) neither Moody's nor any other rating agency with offices located
in at least five (5) cities in the United States shall have in effect an
unconditional, published rating of the General Partner's senior unsecured debt
which is lower than its rating for such senior unsecured debt as of the date
hereof, then beginning on the date on which each of such foregoing conditions
are met, the rate per annum shall be 8.50% of the original Capital Contribution
per Series C Preferred Unit, in which case the designation of the Series C
Preferred Units will change accordingly to reflect such new distribution rate;
provided, that, if (y) either Moody's or any other rating agency with offices
located in at least five (5) cities in the United States shall have in effect on
March 31, 2000 an unconditional, published rating of the General Partner's
senior unsecured debt which is lower than its rating of such senior unsecured
debt as of the date hereof or (z) a Standard & Poor's rating of at least "BBB"
shall no longer be in effect on March 31, 2000, then the revised rate herein
provided shall be void ab initio and the General Partner shall pay on March 31,
2000, in addition to the distribution due to the holders of the Series C
Preferred Units, the difference between (1) the dividend that would have accrued
at the original rate of 8.625% per annum during the current and any prior
quarterly distribution period and (2) the distribution that actually accrued
during such distribution periods at the voided rate of 8.50% per annum. Promptly
after April 1, 2000 the parties hereto shall execute, acknowledge and deliver or
cause to be executed acknowledged and delivered all instruments and documents as
may be reasonably necessary or desirable to memorialize the revised distribution
rate. Such
<PAGE>

distributions shall be cumulative, shall accrue from the original date of
issuance and will be payable (i) quarterly in arrears, on March 1, June 1,
September 1 and December 1 of each year commencing on December 1, 1999 and,
(ii), in the event of (A) an exchange of Series C Preferred Units into Series C
Preferred Shares, or (B) a redemption of Series C Preferred Units, on the
exchange date or redemption date, as applicable (each a "Preferred Unit
Distribution Payment Date"). The amount of the distribution payable for any
period will be computed on the basis of a 360-day year of twelve 30-day months
and for any period shorter than a full quarterly period for which distributions
are computed, the amount of the distribution payable will be computed on the
basis of the actual number of days elapsed in such period. If any date on which
distributions are to be made on the Series C Preferred Units is not a Business
Day (as defined herein), then payment of the distribution to be made on such
date will be made on the next succeeding day that is a Business Day (and without
any interest or other payment in respect of any such delay) except that, if such
Business Day is in the next succeeding calendar year, such payment shall be made
on the immediately preceding Business Day, in each case with the same force and
effect as if made on such date. Distributions on the Series C Preferred Units
will be made to the holders of record of the Series C Preferred Units on the
relevant record dates to be fixed by the Partnership acting through the General
Partner, which record dates shall in no event exceed fifteen (15) Business Days
prior to the relevant Preferred Unit Distribution Payment Date (the "Preferred
Unit Partnership Record Date").

      The term "Business Day" shall mean each day other than a Saturday or a
Sunday, which is not a day on which banking institutions in New York, New York
are authorized or required by law, regulations or executive order to close.

      (b) Distributions Cumulative. Distributions on the Series C Preferred
Units will accrue whether or not the terms and provisions of any agreement of
the Partnership, including any agreement relating to its indebtedness, at any
time prohibit the current payment of distributions, whether or not the
Partnership has earnings, whether or not there are funds legally available for
the payment of such distributions and whether or not such distributions are
authorized. Accrued but unpaid distributions on the Series C Preferred Units
will accumulate as of the Preferred Unit Distribution Payment Date on which they
first become payable. Distributions on account of arrears for any past
distribution periods may be declared and paid at any time, without reference to
a regular Preferred Unit Distribution Payment Date to holders of record of the
Series C Preferred Units on the record date fixed by the Partnership acting
through the General Partner, which date shall not exceed fifteen (15) Business
Days prior to the payment date. Accumulated and unpaid distributions will not
bear interest.

      (c) Priority as to Distributions. (i) So long as any Series C Preferred
Units are outstanding, no distribution of cash or other property shall be
authorized, declared, paid or set apart for payment on or with respect to any
class or series of Partnership Interests of the Partnership ranking junior as to
the payment of distributions or rights upon a voluntary or involuntary
liquidation, dissolution or winding-up of the Partnership to the Series C
Preferred Units (collectively, "Junior Units"), nor shall any cash or other
property be set aside for or applied to the purchase, redemption or other
acquisition for consideration of any Series C Preferred Units, any Parity
Preferred Units or any Junior Units, unless, in each case, all
<PAGE>

distributions accumulated on all Series C Preferred Units and all classes and
series of outstanding Parity Preferred Units have been paid in full. The
foregoing sentence will not prohibit (a) distributions payable solely in Junior
Units, (b) the conversion of Junior Units or Parity Preferred Units into
Partnership Units ranking junior to the Series C Preferred Units as to
distributions and upon liquidation, winding-up or dissolution or (c) the
redemption of Partnership Interests corresponding to any Series C Preferred
Shares (as hereinafter defined), Parity Preferred Shares (as such term is
defined in the Declaration of Trust of the General Partner, as supplemented (the
"Charter")), or Junior Shares (as such term is defined in the Charter) to be
purchased by the General Partner pursuant to Article 3 of the Charter to
preserve the General Partner's status as a real estate investment trust,
provided that such redemption shall be upon the same terms as the corresponding
purchase pursuant to Article 3 of the Charter.

            (ii) So long as distributions have not been paid in full (or a sum
sufficient for such full payment is not irrevocably deposited in trust for
payment) upon the Series C Preferred Units, all distributions authorized and
declared on the Series C Preferred Units and all classes or series of
outstanding Parity Preferred Units shall be authorized and declared so that the
amount of distributions authorized and declared per Series C Preferred Unit and
such other classes or series of Parity Preferred Units shall in all cases bear
to each other the same ratio that accrued distributions per Series C Preferred
Unit and such other classes or series of Parity Preferred Units (which shall not
include any accumulation in respect of unpaid distributions for prior
distribution periods if such class or series of Parity Preferred Units do not
have cumulative distribution rights) bear to each other.

      (d) No Further Rights. Holders of Series C Preferred Units shall not be
entitled to any distributions, whether payable in cash, other property or
otherwise, in excess of the full cumulative distributions described herein.

      Section 4. Liquidation Proceeds. (a) Upon voluntary or involuntary
liquidation, dissolution or winding-up of the Partnership, distributions on the
Series C Preferred Units shall be made in accordance with Section 13.2 of the
Partnership Agreement.

      (b) Notice. Written notice of any such voluntary or involuntary
liquidation, dissolution or winding-up of the Partnership, stating the payment
date or dates when, and the place or places where, the amounts distributable in
such circumstances shall be payable, shall be given by (i) fax and (ii) by first
class mail, postage pre-paid, not less than thirty (30) and not more than sixty
(60) days prior to the payment date stated therein, to each record holder of the
Series C Preferred Units at the respective addresses of such holders as the same
shall appear on the transfer records of the Partnership.

      (c) No Further Rights. After payment of the full amount of the liquidating
distributions to which they are entitled, the holders of Series C Preferred
Units will have no right or claim to any of the remaining assets of the
Partnership.

      (d) Consolidation, Merger or Certain Other Transactions. The voluntary
sale,
<PAGE>

conveyance, lease, exchange or transfer (for cash, shares of stock, securities
or other consideration) of all or substantially all of the property or assets of
the General Partner to, or the consolidation or merger or other business
combination of the Partnership with or into, any corporation, trust,
partnership, limited liability company or other entity (or of any corporation,
trust, partnership, limited liability company or other entity with or into the
Partnership) shall not be deemed to constitute a liquidation, dissolution or
winding-up of the Partnership.

      Section 5. Optional Redemption. (a) Right of Optional Redemption. The
Series C Preferred Units may not be redeemed prior to the fifth (5th)
anniversary of the issuance date. On or after such date, the Partnership shall
have the right to redeem the Series C Preferred Units, in whole or in part, at
any time or from time to time, upon not less than thirty (30) nor more than
sixty (60) days' written notice, at a redemption price, payable in cash, equal
to the Capital Account balance of the holders of Series C Preferred Units (the
"Redemption Price"); provided, however, that no redemption pursuant to this
Section 5 will be permitted if the Redemption Price does not equal or exceed the
original Capital Contribution of such holder plus the cumulative Priority
Return, whether or not declared, to the redemption date to the extent not
previously distributed or distributed pursuant to Section 3(a). If fewer than
all of the outstanding Series C Preferred Units are to be redeemed, the Series C
Preferred Units to be redeemed shall be selected pro rata (as nearly as
practicable without creating fractional units).

      (b) Limitation on Redemption. The Partnership may not redeem fewer than
all of the outstanding Series C Preferred Units unless all accumulated and
unpaid distributions have been paid on all Series C Preferred Units for all
quarterly distribution periods terminating on or prior to the date of
redemption.

      (c) Procedures for Redemption. (i) Notice of redemption will be (A) faxed,
and (B) mailed by the Partnership, by certified mail, postage prepaid, not less
than thirty (30) nor more than sixty (60) days prior to the redemption date,
addressed to the respective holders of record of the Series C Preferred Units at
their respective addresses as they appear on the records of the Partnership. No
failure to give or defect in such notice shall affect the validity of the
proceedings for the redemption of any Series C Preferred Units except as to the
holder to whom such notice was defective or not given. In addition to any
information required by law, each such notice shall state: (1) the redemption
date, (2) the Redemption Price, (3) the aggregate number of Series C Preferred
Units to be redeemed and if fewer than all of the outstanding Series C Preferred
Units are to be redeemed, the number of Series C Preferred Units to be redeemed
held by such holder, which number shall equal such holder's pro rata share
(based on the percentage of the aggregate number of outstanding Series C
Preferred Units the total number of Series C Preferred Units held by such holder
represents) of the aggregate number of Series C Preferred Units to be redeemed,
(4) the place or places where such Series C Preferred Units are to be
surrendered for payment of the Redemption Price, (5) that distributions on the
Series C Preferred Units to be redeemed will cease to accumulate on such
redemption date and (6) that payment of the Redemption Price will be made upon
presentation and surrender of such Series C Preferred Units.

            (ii) If the Partnership gives a notice of redemption in respect of
Series C
<PAGE>

Preferred Units (which notice will be irrevocable) then, by 12:00 noon, New York
City time, on the redemption date, the Partnership will deposit irrevocably in
trust for the benefit of the Series C Preferred Units being redeemed funds
sufficient to pay the applicable Redemption Price and will give irrevocable
instructions and authority to pay such Redemption Price to the holders of the
Series C Preferred Units upon surrender of the Series C Preferred Units by such
holders at the place designated in the notice of redemption. If the Series C
Preferred Units are evidenced by a certificate and if fewer than all Series C
Preferred Units evidenced by any certificate are being redeemed, a new
certificate shall be issued upon surrender of the certificate evidencing all
Series C Preferred Units, evidencing the unredeemed Series C Preferred Units
without cost to the holder thereof. On and after the date of redemption,
distributions will cease to accumulate on the Series C Preferred Units or
portions thereof called for redemption, unless the Partnership defaults in the
payment thereof. If any date fixed for redemption of Series C Preferred Units is
not a Business Day, then payment of the Redemption Price payable on such date
will be made on the next succeeding day that is a Business Day (and without any
interest or other payment in respect of any such delay) except that, if such
Business Day falls in the next calendar year, such payment will be made on the
immediately preceding Business Day, in each case with the same force and effect
as if made on such date fixed for redemption. If payment of the Redemption Price
is improperly withheld or refused and not paid by the Partnership, distributions
on such Series C Preferred Units will continue to accumulate from the original
redemption date to the date of payment, in which case the actual payment date
will be considered the date fixed for redemption for purposes of calculating the
applicable Redemption Price.

      Section 6. Voting Rights. (a) General. Holders of the Series C Preferred
Units will not have any voting rights or right to consent to any matter
requiring the consent or approval of the Limited Partners, except as set forth
in the Partnership Agreement and except as set forth below.

      (b) Certain Voting Rights. So long as any Series C Preferred Units remain
outstanding, the Partnership shall not, without the affirmative vote of the
holders of at least two-thirds of the Series C Preferred Units outstanding at
the time (i) authorize or create, or increase the authorized or issued amount
of, any class or series of Partnership Interests senior to the Series C
Preferred Units with respect to payment of distributions or rights upon
liquidation, dissolution or winding-up of the Partnership or reclassify any
Partnership Interests of the Partnership into any such senior Partnership
Interests, or create, authorize or issue any obligations or security convertible
into or evidencing the right to purchase any such senior Partnership Interests,
(ii) authorize or create, or increase the authorized or issued amount of any
Parity Preferred Units or reclassify, any Partnership Interest into any such
Partnership Interest or create, authorize or issue any obligations or security
convertible into or evidencing the right to purchase any such Partnership
Interests but only to the extent such Parity Preferred Units are issued to an
Affiliate of the Partnership, other than the General Partner to the extent the
issuance of such interests was to allow the General Partner to issue
corresponding preferred stock to persons who are not Affiliates of the
Partnership (or to Affiliates purchasing the preferred stock of the same series
on the same terms as non-affiliated purchasers) or (iii) either (A) consolidate,
merge into or with, or convey, transfer or lease all or substantially all of its
assets to, any
<PAGE>

corporation or other entity or (B) amend, alter or repeal the provisions of the
Partnership Agreement, including without limitation this Section, whether by
merger, consolidation or otherwise, in each case in a manner that would
materially and adversely affect the powers, special rights, preferences,
privileges or voting power of the Series C Preferred Units or the holders
thereof; provided, however, that with respect to the occurrence of a merger,
consolidation or a sale or lease of all or substantially all of the
Partnership's assets as an entirety, so long as (1) the Partnership is the
surviving entity and the Series C Preferred Units remain outstanding with the
terms thereof unchanged, or (2) the resulting, surviving or transferee entity is
a partnership, limited liability company or other pass-through entity organized
under the laws of any state and substitutes the Series C Preferred Units for
other interests in such entity having substantially the same terms and rights as
the Series C Preferred Units, including with respect to distributions, voting
rights and rights upon liquidation, dissolution or winding-up of the
Partnership, then the occurrence of any such event shall not be deemed to
materially and adversely affect such rights, privileges or voting powers of the
holders of the Series C Preferred Units and no vote of the Series C Preferred
Units shall be required in such case; and provided further that any increase in
the amount of Partnership Interests or the creation or issuance of any other
class or series of Partnership Interests, in each case ranking (y) junior to the
Series C Preferred Units with respect to payment of distributions or the
distribution of assets upon liquidation, dissolution or winding-up of the
Partnership, or (z) on a parity with the Series C Preferred Units with respect
to payment of distributions and the distribution of assets upon liquidation,
dissolution or winding-up of the Partnership to the extent such Partnership
Interests are not issued to an Affiliate, other than the General Partner to the
extent the issuance of such interests was to allow the General Partner to issue
corresponding preferred stock to persons who are not Affiliates, shall not be
deemed to materially and adversely affect such rights, preferences, privileges
or voting powers and no vote of the Series C Preferred Units shall be required
in such case.

      In addition to the foregoing, the Partnership will not (x) enter into any
contract, mortgage, loan or other agreement that prohibits or restricts, or has
the effect of prohibiting or restricting, the ability of a holder of Series C
Preferred Units to exercise its rights set forth herein to effect an exchange or
redemption pursuant to Section 8, except with the written consent of such
holder; or (y) amend, alter, or repeal or waive Section 3.1, 11.3(d) or 7.5(a)
of the Partnership Agreement without the affirmative vote of at least a majority
of the Series C Preferred Units outstanding at the time.

      (c) No General Partner Voting Rights. Notwithstanding anything to the
contrary in this Section 6, in no event shall the General Partner or any of its
Affiliates have any voting, consent or approval rights in respect of any Series
C Preferred Units it or they may hold, and any percentage or portion of
outstanding Series C Preferred Units that may be required hereunder for any
vote, consent or approval of holders thereof shall be determined as if all
Series C Preferred Units then held by the General Partner or any of its
Affiliates were not outstanding.

      Section 7. Transfer Restrictions. The Series C Preferred Units shall be
subject to the provisions of Article XI of the Partnership Agreement, provided,
however, that (i) notwithstanding the provisions of such Article XI, the holders
of the Series C Preferred Units
<PAGE>

shall have the absolute right to transfer their units so long as such transfers
(1) do not result in more than five (5) Partners in the aggregate holding the
Series C Preferred Units (within the meaning of Section 1.7704-1 (h)(1)(ii) of
the U.S. Treasury Regulations (including by reason of Section 1.7704-1 (h)(3) or
any successor provision of law)) and (2) do not violate Section 11.3(e) of
Article XI, (ii) the General Partner shall act reasonably in exercising its
discretion pursuant to the provisions of Section 11.4(a)(ii) to transferees of
Series C Preferred Units, (iii) the provisions of Clause B of Section 11.3(d)
shall not be applicable to holders of Series C Preferred Units if at the time of
such transfer, the Partnership already has 100 Partners; (iv) if only a portion
of the Series C Preferred Units shall be transferred, the transferee of such
transferred Series C Preferred Units shall, subject to the provisions of Section
11.4, be substituted as a Limited Partner in place of the transferring holders
only as to the Series C Preferred Units so transferred; and (v) the provisions
of Sections 11.6(c) and 11.6(d) shall not be applicable to any transfer of
Series C Preferred Units; and provided further that "transfer" when used in
Article XI shall not be deemed to include any exchange pursuant to Section 8
below. Notwithstanding anything in this Agreement to the contrary, the Series C
Preferred Units shall be freely transferable to LLC.

      Section 8. Exchange Rights. (a) Right to Exchange. (i) Series C Preferred
Units will be exchangeable in whole or in part at anytime on or after the tenth
(10th) anniversary of the date of issuance, at the option of the holders of more
than 50% of all outstanding Series C Units, for authorized but previously
unissued shares of 8.625% Series C Cumulative Redeemable Preferred Shares of the
General Partner (the "Series C Preferred Shares") at an exchange rate of one
Series C Preferred Share for one Series C Preferred Unit, subject to adjustment
as described below (the "Exchange Price"), provided that the Series C Preferred
Units will become exchangeable at any time, in whole or in part, at the option
of the holders of more than 50% of all outstanding Series C Units, for Series C
Preferred Shares if (y) at any time full distributions shall not have been
timely made on any Series C Preferred Unit with respect to six (6) prior
quarterly distribution periods, whether or not consecutive; provided, however,
that a distribution in respect of Series C Preferred Units shall be considered
timely made if made within two (2) Business Days after the applicable Preferred
Unit Distribution Payment Date if at the time of such late payment there shall
not be any prior quarterly distribution periods in respect of which fall
distributions were not timely made or (z) upon receipt by a holder or holders of
Series C Preferred Units of (1) a notice from the General Partner that the
General Partner or a Subsidiary of the General Partner has become aware of facts
that will or likely will cause the Partnership to become a PTP, (2) an opinion
rendered by an outside nationally recognized independent counsel familiar with
such matters addressed to a holder or holders of Series C Preferred Units, that
the Partnership is or likely is, or upon the occurrence of a defined event in
the immediate future will be or likely will be, a PTP. In addition, the Series C
Preferred Units may be exchanged for Series C Preferred Shares, in whole or in
part, at the option of any holder prior to the tenth (10th) anniversary of the
issuance date and after the third (3rd) anniversary thereof if such holder of a
Series C Preferred Units shall deliver to the General Partner either (i) a
private letter ruling addressed to such holder of Series C Preferred Units or
(ii) an opinion of independent counsel reasonably acceptable to the General
Partner based on the enactment of temporary or final Treasury Regulations or the
publication of a Revenue Ruling, in either case to the effect that an exchange
of the Series C Preferred Units at such earlier time would not cause the Series
C
<PAGE>

Preferred Units to be considered "stock and securities" within the meaning of
Section 351(e) of the Code for purposes of determining whether the holder of
such Series C Preferred Units is an "investment company" under Section 721(b) of
the Code if an exchange is permitted at such earlier date. Furthermore, the
Series C Preferred Units, if a holder thereof so determines, may be exchanged in
whole or in part for Series C Preferred Shares if (1) such holder concludes
based on results or projected results that there exists (in the reasonable
judgment of such holder) an imminent and substantial risk that such holder's
interest in the Partnership represents or will represent more than 18.0% of the
total profits of or capital interests in the Partnership for a taxable year, (2)
such holder delivers to the General Partner an opinion of nationally recognized
independent counsel, reasonably acceptable to the General Partner to the effect
that there is a substantial risk that its interest in the Partnership does not
or will not satisfy the 18.0% limit and (3) the General Partner agrees with the
conclusions referred to in clauses (1) and (2) of this sentence, such agreement
not to be unreasonably withheld.

            (ii) Notwithstanding anything to the contrary set forth in Section
8(a)(i) hereof, if an Exchange Notice (as defined herein) has been delivered to
the General Partner, then the General Partner may, at its option, elect to
redeem or cause the Partnership to redeem all or a portion of the outstanding
Series C Preferred Units for cash in an amount equal to the original Capital
Contribution per Series C Preferred Unit and all accrued and unpaid
distributions thereon to the date of redemption. The General Partner may
exercise its option to redeem the Series C Preferred Units for cash pursuant to
this Section 8(a)(ii) hereof by giving each holder of record of Series C
Preferred Units notice of its election to redeem for cash, within five (5)
Business Days after receipt of the Exchange Notice, by (y) fax, and (z)
registered mail, postage paid, at the address of each holder as it may appear on
the records of the Partnership stating (A) the redemption date, which shall be
no later than sixty (60) days following the receipt of the Exchange Notice, (B)
the redemption price, (C) the place or places where the Series C Preferred Units
are to be surrendered for payment of the redemption price, (D) that
distributions on the Series C Preferred Units will cease to accrue on such
redemption date; (E) that payment of the redemption price will be made upon
presentation and surrender of the Series C Preferred Units and (F) the aggregate
number of Series C Preferred Units to be redeemed, and if fewer than all of the
outstanding Series C Preferred Units are to be redeemed, the number of Series C
Preferred Units to be redeemed held by such holder, which number shall equal
such holder's pro-rata share (based on the percentage of the aggregate number of
outstanding Series C Preferred Units the total number of Series C Preferred
Units held by such holder represents) of the aggregate number of Series C
Preferred Units being redeemed.

            (iii) In the event an exchange of all or a portion of Series C
Preferred Units pursuant to Section 8(a)(i) hereof would violate the provisions
on ownership limitation of the General Partner set forth in Article 3 of the
Charter with respect to the Series C Preferred Shares, the General Partner shall
give written notice thereof to each holder of record of Series C Preferred
Units, within five (5) Business Days following receipt of the Exchange Notice,
by (y) fax, and (z) registered mail, postage prepaid, at the address of each
such holder set forth in the records of the Partnership. In such event, each
holder of Series C Preferred Units shall be entitled to exchange, pursuant to
the provision of Section 8(b) a number of Series C Preferred Units
<PAGE>

which would comply with the provisions on the ownership limitation of the
General Partner set forth in such Article 3 of the Charter and any Series C
Preferred Units not so exchanged (the "Excess Units") shall be redeemed by the
Partnership for cash in an amount equal to the original Capital Contribution per
Excess Unit, plus any accrued and unpaid distributions thereon, whether or not
declared, to the date of redemption. The written notice of the General Partner
shall state (A) the number of Excess Units held by such holder, (B) the
redemption price of the Excess Units, (C) the date on which such Excess Units
shall be redeemed, which date shall be no later than sixty (60) days following
the receipt of the Exchange Notice, (D) the place or places where such Excess
Units are to be surrendered for payment of the Redemption Price, (E) that
distributions on the Excess Units will cease to accrue on such redemption date,
and (F) that payment of the redemption price will be made upon presentation and
surrender of such Excess Units. In the event an exchange would result in Excess
Units, as a condition to such exchange, each holder of such units agrees to
provide representations and covenants reasonably requested by the General
Partner relating to (1) the widely held nature of the interests in such holder,
sufficient to assure the General Partner that the holder's ownership of stock of
the General Partner (without regard to the limits described above) will not
cause any individual to Beneficially Own in excess of the Ownership Limit (all
as defined in the General Partner's Charter); and (2) to the extent such holder
can so represent and covenant without obtaining information from its owners, the
holder's ownership of tenants of the Partnership and its affiliates.

      To the extent the General Partner would not be able to pay the cash set
forth above in exchange for the Series C Excess Units, and to the extent
consistent with the Charter, the General Partner agrees that it will grant to
the holders of the Series C Preferred Units exceptions to the Beneficial
Ownership Limit and Constructive Ownership Limit set forth in the Charter
sufficient to allow such holders to exchange all of their Series C Preferred
Units for Series C Preferred Shares, provided such holders furnish to the
General Partner representations acceptable to the General Partner in its sole
and absolute discretion which assure the General Partner that such exceptions
will not jeopardize the General Partner's tax status as a REIT for purposes of
federal and applicable state law.

      Notwithstanding any provision of this Agreement to the contrary, no Series
C Limited Partner shall be entitled to effect an exchange of Series C Preferred
Units for Series C Preferred Shares to the extent that ownership or right to
acquire such shares would cause the Partner or any other Person or, in the
opinion of counsel selected by the General Partner, may cause the Partner or any
other Person, to violate the restrictions on ownership and transfer of Series C
Preferred Shares set forth in the Charter. To the extent any such attempted
exchange for Series C Preferred Shares would be in violation of the previous
sentence, it shall be void ab initio and such Series C Limited Partner shall not
acquire any rights or economic interest in the Series C Preferred Shares
otherwise issuable upon such exchange.

            (iv) The redemption of Series C Preferred Units described in Section
8(a)(ii) and (iii) shall be subject to the provisions of Section 5(c)(ii);
provided, however, that the term "Redemption Price" in such section shall be
read to mean the original Capital Contribution per
<PAGE>

Series C Preferred Unit being redeemed plus all accrued and unpaid distributions
to the redemption date.

      (b) Procedure for Exchange. (i) Any exchange shall be exercised pursuant
to a notice of exchange (the "Exchange Notice") delivered to the General Partner
by the holder who is exercising such exchange right, by (A) fax and (B) by
certified mail postage prepaid. The exchange of Series C Preferred Units, or a
specified portion thereof, may be effected after the fifth (5th) Business Day
following receipt by the General Partner of the Exchange Notice by delivering
certificates, if any, representing such Series C Preferred Units to be exchanged
together with, if applicable, written notice of exchange and a proper assignment
of such Series C Preferred Units to the office of the General Partner maintained
for such purpose. Currently, such office is Two Center Plaza, Suite 200, Boston,
Massachusetts 02108. Each exchange will be deemed to have been effected
immediately prior to the close of business on the date on which such Series C
Preferred Units to be exchanged (together with all required documentation) shall
have been surrendered and notice shall have been received by the General Partner
as aforesaid and the Exchange Price shall have been paid. Any Series C Preferred
Shares issued pursuant to this Section 8 shall be delivered as shares which are
duly authorized, validly issued, fully paid and nonassessable, free of pledge,
lien, encumbrance or restriction other than those provided in the Charter, the
Bylaws of the General Partner, the Securities Act of 1933 and relevant state
securities or blue sky laws.

            (ii) In the event of an exchange of Series C Preferred Units for
Series C Preferred Shares, an amount equal to the accrued and unpaid
distributions, whether or not declared, to the date of exchange on any Series C
Preferred Units tendered for exchange shall (A) accrue on the Series C Preferred
Shares into which such Series C Preferred Units are exchanged, and (B) continue
to accrue on such Series C Preferred Units, which shall remain outstanding
following such exchange, with the General Partner as the holder of such Series C
Preferred Units. Notwithstanding anything to the contrary set forth herein, in
no event shall a holder of a Series C Preferred Unit that was validly exchanged
into Series C Preferred Shares pursuant to this section (other than the General
Partner now holding such Series C Preferred Unit), receive a cash distribution
out of Available Cash of the Partnership, if such holder, after exchange, is
entitled to receive a distribution out of Available Cash with respect to the
Series C Preferred Shares for which such Series C Preferred Unit was exchanged
or redeemed.

      Further, for purposes of the foregoing, in the event of an exchange of
Series C Preferred Units for Series C Preferred Shares, if the accrued and
unpaid distributions per Series C Preferred Unit is not the same for all Series
C Preferred Units, the accrued and unpaid distributions per Series C Preferred
Unit for all Series C Preferred Units shall be equal to the greatest amount of
such accrued and unpaid distributions per Series C Preferred Unit on any such
unit.

            (iii) Fractional shares of Series C Preferred Shares are not to be
issued upon exchange but, in lieu thereof, the General Partner will pay a cash
adjustment based upon the fair market value of the Series C Preferred Shares on
the day prior to the exchange date as determined in good faith by the Board of
Directors of the General Partner.
<PAGE>

      (c) Adjustment of Exchange Price. (i) The Exchange Price is subject to
adjustment upon certain events, including (a) subdivisions, combinations and
reclassifications of the Series C Preferred Shares and (b) distributions to all
holders of Series C Preferred Shares of evidences of indebtedness of the General
Partner or assets (including securities but excluding dividends and
distributions paid out of equity applicable to Series C Preferred Shares).

                  (ii) In case the General Partner shall be a party to any
transaction (including, without limitation, a merger, consolidation, statutory
share exchange, tender offer for all or substantially all of the General
Partner's capital stock or sale of all or substantially all of the General
Partner's assets), in each case as a result of which the Series C Preferred
Shares will be converted into the right to receive shares of capital stock,
other securities or other property (including cash or any combination thereof),
each Series C Preferred Unit will thereafter be exchangeable into the kind and
amount of shares of capital stock and other securities and property receivable
(including cash or any combination thereof) upon the consummation of such
transaction by a holder of that number of Series C Preferred Shares or fraction
thereof into which one Series C Preferred Unit was exchangeable immediately
prior to such transaction. The General Partner may not become a party to any
such transaction, whether or not any Series C Preferred Shares are then
outstanding if the terms thereof are inconsistent with the foregoing. In
addition, so long as a Series C Limited Partner or any of its permitted
successors or assigns hold any Series C Preferred Units, as the case may be, the
General Partner shall not, without the affirmative vote of the holders of at
least two-thirds in the aggregate of the Series C Preferred Units outstanding at
the time and the holders of at least two-thirds of the Series C Preferred Shares
outstanding at the time: (a) designate or create, or increase the authorized or
issued amount of, any class or series of shares ranking senior to the Series C
Preferred Shares with respect to the payment of distributions or rights upon
liquidation, dissolution or winding-up or reclassify any authorized shares of
the General Partner into any such shares, or create, authorize or issue any
obligations or securities convertible into or evidencing the right to purchase
any such shares; (b) designate or create, or increase the authorized or issued
amount of, any Parity Preferred Shares or reclassify any authorized shares of
the General Partner into any such shares, or create, authorize or issue any
obligations or security convertible into or evidencing the right to purchase any
such shares, but only to the extent that such Parity Preferred Shares are issued
to an Affiliate of the General Partner (unless the Affiliate is purchasing on
the same terms in the same series as a non- affiliate); (c) amend, alter or
repeal the provisions of the Charter or bylaws of the General Partner, whether
by merger, consolidation or otherwise, that would materially and adversely
affect the powers, special rights, preferences, privileges or voting power of
the Series C Preferred Shares or the holders thereof; provided, however, that
any increase in the amount of authorized Preferred Shares or the creation or
issuance of any other series or class of Preferred Shares, or any increase in
the amount of authorized shares of each class or series, in each case ranking
either (1) junior to the Series C Preferred Shares with respect to the payment
of distributions and the distribution of assets upon liquidation, dissolution or
winding-up, or (2) on a parity with the Series C Preferred Shares with respect
to the payment of distributions and the distribution of assets upon liquidation,
dissolution or winding-up to the extent such Preferred Shares are not issued to
an Affiliate of the Company, shall not be deemed to materially and
<PAGE>

adversely affect such rights, preferences, privileges or voting powers.

      Section 9. No Conversion Rights. (a) The holders of the Series C Preferred
Units shall not have any rights to convert such Partnership Units into any other
class of Partnership Interests or any interest in the Partnership; (b) The
Series C Preferred Units shall not be subject to the provisions of Section
4.2(e) of the Partnership Agreement.

      Section 10. No Sinking Fund. No sinking fund shall be established for the
retirement or redemption of the Series C Preferred Units.

      Section 11. Admission of Limited Partner; Exhibits to Partnership
Agreement. In accordance with Section 12.2(b), Contributor is hereby admitted as
an Additional Limited Partner. In order to duly reflect the issuance of Series C
Preferred Units provided for herein, the Partnership Agreement will be amended
by deleting Exhibit A attached thereto and substituting a new Exhibit A attached
hereto therefor within 10 business days hereof.

      Section 12. Reaffirmation. Except as modified herein, all terms and
conditions of the Partnership Agreement shall remain in full force and effect,
which terms and conditions the General Partner hereby ratifies and affirms.

      Section 13. Amendments to Partnership Agreement. The following shall be
incorporated into Section 14.1(c) of the Partnership Agreement:

            "Notwithstanding any other provisions of this Agreement, this
      Agreement shall not be amended, and no action may be taken by the General
      Partner, without the Consent of each Partner adversely affected if such
      amendment or action would (i) convert a Limited Partner's interest in the
      Partnership into a general partner's interest (except as the result of the
      General Partner acquiring such interest), (ii) modify the limited
      liability of a Limited Partner, (iii) alter rights of the Partner to
      receive distributions pursuant to Article 5 or Section 13.2, or the
      allocations specified in Article 6 (except as permitted pursuant to
      Section 4.2(a)), (iv) cause the termination of the Partnership prior to
      the time set forth in Sections 2.5 or 13.1, (v) alter the redemption or
      exchange rights as set forth in Sections 5 and 8 hereof, respectively, or
      (vi) amend this Section 12. Further, no amendment may alter the
      restrictions on the General Partner's authority set forth elsewhere in
      this Section 12 without the Consent specified in such section. Any such
      amendment or action consented to by any Limited Partner shall be effective
      as to that Limited Partner, notwithstanding the absence of such consent by
      any other Limited Partner."
<PAGE>

      IN WITNESS WHEREOF, this Amendment has been executed as of the date first
above written.

                              CABOT INDUSTRIAL TRUST

                              By: /s/ Neil Waisnor
                                  -----------------------------------
                                  Name: Neil Waisnor
                                  Title: Senior Vice President

                              CONTRIBUTOR

                              By:   ___________________, its Managing Member

                                    By:
                                       --------------------------------
                                          Name:
                                          Title Sr. Vice President

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