Document:

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                                                                    Exhibit 4.10

                             CABOT INDUSTRIAL TRUST

                             ARTICLES SUPPLEMENTARY

                                 200,000 SHARES

             8.375% SERIES D 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,
on April 29, 1999 and on September 3, 1999 (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 200,000 unissued shares of beneficial
interest (the "Shares") as 8.375% Series D Cumulative Redeemable Preferred
Shares, par value $0.01 per share, 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.

            SECOND:The following is a description of the Shares, including the
preference, conversion and other rights, voting powers, restrictions,
limitations as to dividends, qualifications, and terms and conditions of
redemption thereof:

                  8.375% Series D CUMULATIVE REDEEMABLE SHARES

      SECTION 1. Designation and Number. A series of preferred shares,
designated the "8.375% Series D Cumulative Redeemable Preferred Shares" (the
"Series D Preferred Shares") is hereby established. The number of shares of
Series D Preferred Shares shall be 200,000, par value $0.01 per share.

      SECTION 2. Rank. The Series D 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 D 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 D Preferred
Shares with respect to distributions and rights upon voluntary or involuntary
liquidation, winding-up or dissolution of the Company, including specifically
the Series B Cumulative Redeemable Preferred Shares and Series C Cumulative
Redeemable Preferred Shares. The term "equity securities" does not include debt
securities, which will rank senior to the Series D 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 D
Preferred Shares as to payment of distributions, holders of Series D 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 8.375% of the $50 liquidation preference per Series D Preferred Share. Such
distributions shall be
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cumulative, shall accrue from the original date of issuance and will be payable
(i) quarterly in arrears, on March 25, June 25, September 25 and December 25 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 D 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 D Preferred Shares will be made to the holders of record of the Series D
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 D Preferred Share shall also continue to accrue all accrued
and unpaid distributions up to the exchange date on any Series D 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 D 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 D
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 apart 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 D 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 D 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.

      (d) Priority as to Distributions. (i) So long as any Series D 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 D 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 D Preferred Shares, any Parity Preferred Shares or
any Junior Shares, unless, in each case, all distributions accumulated on all
Series D 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 D 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
D Preferred Shares as to distributions and upon liquidation, winding up or
dissolution, and (iii) purchase by the Company of such Series
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D 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 D Preferred Shares, all distributions authorized and
declared on the Series D 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 D 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 D 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 D 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 D Preferred Shares with respect to rights upon any voluntary or
involuntary liquidation, dissolution or winding-up of the Company, the holders
of Series D 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 D 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 D 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 D Preferred
Shares and any Parity Preferred Shares, all payments of liquidating
distributions on the Series D Preferred Shares and such Parity Preferred Shares
shall be made so that the payments on the Series D 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 D 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.

      (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 registered
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 D 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 D 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.
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      (a) Right of Optional Redemption. The Series D Preferred Shares may not be
redeemed prior to September 27, 2004. On or after such date, the Company shall
have the right to redeem the Series D 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 D Preferred Shares plus accumulated and unpaid
distributions, whether or not declared, to the date of redemption. If fewer than
all of the outstanding Series D Preferred Shares are to be redeemed, the Series
D 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 D Preferred Shares unless all accumulated and
unpaid distributions have been paid on all outstanding Series D 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 by registered 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 D 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 D 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 D 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 D Preferred Shares to be redeemed,
(iv) the place or places where such Series D Preferred Shares are to be
surrendered for payment of the redemption price, (v) that distributions on the
Series D 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 D Preferred Shares. If fewer than all of the Series D
Preferred Shares held by any holder are to be redeemed, the notice mailed to
such holder shall also specify the number of Series D Preferred Shares held by
such holder to be redeemed.

            (ii) If the Company gives a notice of redemption in respect of
Series D 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 D Preferred
Shares being redeemed, funds sufficient to pay the applicable redemption price,
plus any accumulated and unpaid distributions, whether or not 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 D Preferred Shares upon surrender of the
certificates for the Series D Preferred Shares by such holders at the place
designated in the notice of redemption. If fewer than all Series D Preferred
Shares evidenced by any certificate are being redeemed, a new certificate shall
be issued upon surrender of the certificate evidencing all Series D Preferred
Shares, evidencing the unredeemed Series D Preferred Shares without cost to the
holder thereof. On and after the date of redemption, distributions will cease to
accumulate on the Series D Preferred Shares or portions thereof called for
redemption, unless the Company defaults in the payment thereof. If any date
fixed for redemption of Series D 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 D Preferred Shares is
improperly withheld or refused and not paid by the Company, distributions on
such Series D 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.

      (d) Status of Redeemed Shares. Any Series D 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
<PAGE>

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 D 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 D 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 D 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 D 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 D 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 D Preferred Shares,
a special meeting of the holders of Series D 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 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 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 D 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 D 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 D 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 D
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
<PAGE>

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 D Preferred Shares remain
outstanding, the Company shall not, without the approval of the holders of at
least two-thirds of the Series D 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 the Series D 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 Bylaws, 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 D 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 D 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 D Preferred Shares for other preferred Shares having
substantially the same terms and same rights as the Series D 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 D Preferred
Shares and no vote of the Series D 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 D 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 D Preferred Shares
with respect to payment of 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 approval of the Series D Preferred Shares shall be required.

      SECTION 7. Transfer Restrictions. The Series D 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 D 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 D 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 D Preferred Shares.

      SECTION 10. No Preemptive Rights. No holder of the Series D 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.

            THIRD: The Series D Preferred Shares have been classified and
designated by the Board under the authority contained in the Charter.
<PAGE>

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

            FIFTH: 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 Senior Vice
President and attested to by its Assistant Secretary on this __ day of
September, 1999.

                                     CABOT INDUSTRIAL TRUST

                                     By:______________________________
                                          Name:  Neil E. Waisnor
                                          Title: Senior Vice President

[SEAL]

ATTEST:

By:____________________________
      Name:  Deborah L. Parolisi
      Title: Assistant Secretary<PAGE>

                                                                    Exhibit 4.11

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

      This Fourth Amendment to Second Amended and Restated Agreement of Limited
Partnership (this "Amendment") is made as of December 9, 1999, by and among
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 MONTEBELLO REALTY CORP., a Delaware corporation ("Montebello").

                                    Recitals

      Whereas, Section 4.2(a) of the Second Amended and Restated Agreement of
Limited Partnership of the Partnership, as amended by (i) that certain First
Amendment to Second Amended and Restated Agreement of Limited Partnership, dated
as of April 29, 1999, (ii) that certain Second Amendment to Second Amended and
Restated Agreement of Limited Partnership, dated as of September 3, 1999, and
(iii) that certain Third Amendment to Second Amended and Restated Agreement of
Limited Partnership, dated as of September 27, 1999 (collectively, as amended,
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 E Preferred Units (as hereinafter defined), and
to set forth the designations, rights, powers, preferences and duties of such
Series E Preferred Units, (ii) to issue the Series E Preferred Units to
Montebello and admit Montebello as an Additional Limited Partner and (iii) to
make certain other changes to the Partnership Agreement.

      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 "Series E
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
<PAGE>

Partnership to rank on a parity with Series E Preferred Units with respect to
distributions and rights upon voluntary or involuntary liquidation, winding-up
or dissolution of the Partnership, including, without limitation, the Series B
Preferred Units, the Series C Preferred Units and the Preferred Series D Units.
The term "Series E Priority Return" shall mean, an amount equal to 8.375% 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 distribution period
pursuant to Section 5.1 of the Partnership Agreement, of the stated value of $50
per Series E Preferred Unit, commencing on the date of issuance of such Series E
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.

      Section 2. Designation and Number. A series of Partnership Units in the
Partnership designated as the "8.375% Series E Cumulative Redeemable Preferred
Units" (the "Series E Preferred Units") is hereby established. The number of
Series E Preferred Units shall be 200,000.

Section 3. Distributions.

            (a) Payment of Distributions. Subject to the rights of holders of
      Series E Parity Preferred Units as to the payment of distributions,
      pursuant to Section 5.1 of the Partnership Agreement, holders of Series E
      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 8.375%
      of the original Capital Contribution per Series E Preferred Unit. 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 December 31,
      1999 and, (ii), in the event of (A) an exchange of Series E Preferred
      Units into Series E Preferred Shares, or (B) a redemption of Series E
      Preferred Units, on the exchange date or redemption date, as applicable
      (each a "Series E 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 E 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 E Preferred Units will be made to the holders of record of
      the Series E Preferred
<PAGE>

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 Series E Preferred Unit Distribution Payment
Date (the "Series E 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 E 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 of such distributions and whether or not such distributions
are authorized. Accrued but unpaid distributions on the Series E Preferred Units
will accumulate as of the Series E 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 Series E Preferred Unit Distribution Payment Date to
holders of record of the Series E 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 E 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 Interest 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 E Preferred
      Units (collectively, "Units Junior to Series E"), 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 E Preferred Units, any
      Series E Parity Preferred Units or any Units Junior to Series E, unless,
      in each case, all distributions accumulated on all Series E Preferred
      Units and all classes and series of outstanding Series E Parity Preferred
      Units have been paid in full. The foregoing sentence will not prohibit (a)
      distributions payable solely in Partnership Units ranking junior to the
      Series E Preferred Units as to distributions and upon liquidation,
      winding-up or dissolution, (b) the conversion of Units Junior to Series E
      or Series E Parity Preferred Units into Partnership Units ranking junior
      to the Series E Preferred Units as to distributions and upon liquidation,
      winding-up or dissolution or (c) the redemption of Partnership Interests
      corresponding to any Series E Preferred Shares (as hereinafter defined),
      Parity Preferred Shares (as such term is defined in the Charter) or Junior
      Shares (as such term is defined in the Charter) to be purchased
<PAGE>

      by the General Partner pursuant to Article 3 of the Declaration of Trust
      of the General Partner (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 E Preferred Units, all distributions authorized
      and declared on the Series E Preferred Units and all classes or series of
      outstanding Series E Parity Preferred Units shall be authorized and
      declared so that the amount of distributions authorized and declared per
      Series E Preferred Unit and such other classes or series of Series E
      Parity Preferred Units shall in all cases bear to each other the same
      ratio that accrued distributions per Series E Preferred Unit and such
      other classes or series of Series E Parity Preferred Units (which shall
      not include any accumulation in respect of unpaid distributions for prior
      distribution periods if such class or series of Series E Parity Preferred
      Units do not have cumulative distribution rights) bear to each other.

      (d) No Further Rights. Holders of Series E 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. Intentionally Omitted.

Section 5. Liquidation Proceeds.

      (a) Upon voluntary or involuntary liquidation, dissolution or winding-up
of the Partnership, distributions on the Series E 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 E 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 E 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, 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,
<PAGE>

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-tip of the Partnership.

Section 6. Optional Redemption.

      (a) Right of Optional Redemption. The Series E 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 E 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 E Preferred Units (the "Series E Redemption Price"); provided, however,
that no redemption pursuant to this Section 6 will be permitted if the Series E
Redemption Price does not equal or exceed the original Capital Contribution of
such holder plus the cumulative Series E 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 E Preferred Units are to be redeemed, the Series E 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 E Preferred Units unless all accumulated and
unpaid distributions have been paid on all Series E 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 E 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 E 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 Series E Redemption Price, (3) the aggregate
      number of Series E Preferred Units to be redeemed and if fewer than all of
      the outstanding Series E Preferred Units are to be redeemed, the number of
      Series E 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 E Preferred Units the total number
      of Series E Preferred Units held by such holder represents) of the
      aggregate number of Series E Preferred Units to be redeemed, (4) the place
      or places where such
<PAGE>

      Series E Preferred Units are to be surrendered for payment of the Series E
      Redemption Price, (5) that distributions on the Series E Preferred Units
      to be redeemed will cease to accumulate on such redemption date and (6)
      that payment of the Series E Redemption Price will be made upon
      presentation and surrender of such Series E Preferred Units.

            (ii) If the Partnership gives a notice of redemption in respect of
      Series E 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 E Preferred
      Units being redeemed funds sufficient to pay the applicable Series E
      Redemption Price and will give irrevocable instructions and authority to
      pay such Series E Redemption Price to the holders of the Series E
      Preferred Units upon surrender of the Series E Preferred Units by such
      holders at the place designated in the notice of redemption. If the Series
      E Preferred Units are evidenced by a certificate and if fewer than all
      Series E Preferred Units evidenced by any certificate are being redeemed,
      a new certificate shall be issued upon surrender of the certificate
      evidencing all Series E Preferred Units, evidencing the unredeemed Series
      F Preferred Units without cost to the holder thereof. On and after the
      date of redemption, distributions will cease to accumulate on the Series E
      Preferred Units or portions thereof called for redemption, unless the
      Partnership defaults in the payment thereof. If any date fixed for
      redemption of Series E Preferred Units is not a Business Day, then payment
      of the Series E 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
      Series E Redemption Price is improperly withheld or refused and not paid
      by the Partnership, distributions on such Series E 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 Series E
      Redemption Price.

Section 7. Voting Rights.

      (a) General. Holders of the Series E 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 E Preferred Units remain
outstanding, the Partnership shall not, without the affirmative vote of the
holders of at least two-thirds of the Series E 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 E
Preferred Units with respect to payment of distributions or
<PAGE>

      rights upon liquidation, dissolution or winding-up of the Partnership or
      reclassify any Partnership Interests of the Partnership into any such
      senior Partnership Interest, 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 Series E 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 Series E 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 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 corporation or other entity or (B) amend, alter or repeal
      the provisions of the Partnership Agreement, whether by merger,
      consolidation or otherwise, that would materially and adversely affect the
      powers, special rights, preferences, privileges or voting power of the
      Series E 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 E 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 E
      Preferred Units for other interests in such entity having substantially
      the same terms and rights as the Series E 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 E
      Preferred Units and no vote of the Series E 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 E 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 E 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 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,
      shall not be deemed to materially and adversely affect such rights,
      preferences, privileges or voting powers and no vote of the Series E
      Preferred Units shall be required in such case.

      Section 8. Transfer Restrictions. The Series E Preferred Units shall be
subject to the provisions of Article XI of the Partnership Agreement, provided,
however, that (i) the General Partner shall act reasonably in exercising its
discretion pursuant to the provisions of Section 1l.4(a)(ii) to transferees of
Series E Preferred Units, (ii) the provisions of Clause B of
<PAGE>

Section 11.3(d) shall not be applicable to holders of Series E Preferred Units
if at the time of such transfer, the Partnership already has 100 Partners; (iii)
if only a portion of the Series E Preferred Units shall be transferred, the
transferee of such transferred Series E 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 E Preferred Units so transferred; and
(iv) the provisions of Sections 11.6(c) and 11.6(d) shall not be applicable to
any transfer of Series E Preferred Units; and provided further that "transfer"
when used in Article 11 shall not be deemed to include any exchange pursuant to
Section 9 below.

      Section 9. Exchange Rights.

            (a) Right to Exchange.

                  (i) Series E 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 thereof, for
            authorized but previously unissued shares of 8.375% Series E
            Cumulative Redeemable Preferred Shares of the General Partner (the
            "Series E Preferred Shares") at an exchange rate of one Series E
            Preferred Share for one Series E Preferred Unit, subject to
            adjustment as described below (the "Series E Exchange Price"),
            provided that the Series E Preferred Units will become exchangeable
            at any time, in whole or in part, at the option of the holders of
            Series E Preferred Units for Series E Preferred Shares if(y) at any
            time full distributions shall not have been timely made on any
            Series E Preferred Unit with respect to six (6) prior quarterly
            distribution periods, whether or not consecutive, provided, however,
            that a distribution in respect of Series E Preferred Units shall be
            considered timely made if made within two (2) Business Days after
            the applicable Series E 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 full
            distributions were not timely made or (z) upon receipt by a holder
            or holders of Series E Preferred Units of (1) a notice from the
            General Partner that the General Partner or a Subsidiary of the
            General Partner has taken the position that the Partnership is, or
            upon the occurrence of a defined event in the immediate future will
            be, a PTP and (2) an opinion rendered by an outside nationally
            recognized independent counsel familiar with such matters addressed
            to a holder or holders of Series E 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 E Preferred Units may be exchanged for Series E
            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 E
            Preferred Units shall deliver to the General Partner either (i) a
            private letter ruling addressed to such holder of Series E 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 E Preferred Units at such earlier time would not
<PAGE>

            cause the Series E 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 E
            Preferred Units is an "investment company" under section 721(b) of
            the Code if an exchange is permitted at such earlier date.
            Furthermore, all the Series E Preferred Units held by any holder
            thereof which is a real estate investment trust within the meaning
            of Sections 856 through 859 of the Code for Series E Preferred
            Shares may be exchanged in whole but not in part (but only if the
            exchange may be accomplished consistently with the ownership
            limitations set forth under Article 3 of the Charter (taking into
            account exceptions thereto)) if at any time, (i) the Partnership
            reasonably determines that the assets and income of the Partnership
            for a taxable year after 1999 would not satisfy the income and
            assets tests of Section 856 of the Code for such taxable year if the
            Partnership were a real estate investment trust within the meaning
            of the Code or (ii) any such holder of Series E Preferred Units
            shall deliver to the Partnership and the General Partner an opinion
            of independent counsel reasonably acceptable to the General Partner
            to the effect that, based on the assets and income of the
            Partnership for a taxable year after 1999, the Partnership would not
            satisfy the income and assets tests of Section 856 of the Code for
            such taxable year if the Partnership were a real estate investment
            trust within the meaning of the Code and that such failure would
            create a meaningful risk that a holder of the Series E Preferred
            Units would fail to maintain qualification as a real estate
            investment trust.

                  (ii) Notwithstanding anything to the contrary set forth in
            Section 9(a)(i) hereof, if an Series E 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 E Preferred
            Units for cash in an amount equal to the original Capital
            Contribution per Series E 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 E Preferred Units for
            cash pursuant to this Section 9(a)(ii) hereof by giving each holder
            of record of Series E Preferred Units notice of its election to
            redeem for cash, within five (5) Business Days after receipt of the
            Series E 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
            Series E Exchange Notice, (B) the redemption price, (C) the place or
            places where the Series E Preferred Units are to be surrendered for
            payment of the redemption price, (D) that distributions on the
            Series E Preferred Units will cease to accrue on such redemption
            date; (F) that payment of the redemption price will be made upon
            presentation and surrender of the Series E ______ Preferred Units
            and (F) the aggregate number of Series E Preferred Units to be
            redeemed, and if fewer than all of the outstanding Series E
            Preferred Units are to be redeemed, the number of Series E 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
<PAGE>

            aggregate number of outstanding Series E Preferred Units the total
            number of Series E Preferred Units held by such holder represents)
            of the aggregate number of Series E Preferred Units being redeemed.

                  (iii) In the event an exchange of all or a portion of Series E
            Preferred Units pursuant to Section 9(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 E Preferred
            Shares, the General Partner shall give written notice thereof to
            each holder of record of Series E Preferred Units, within five (5)
            Business Days following receipt of the Series E 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 E Preferred Units shall be
            entitled to exchange, pursuant to the provision of Section 9(b) a
            number of Series E Preferred Units 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 E Preferred
            Units not so exchanged (the "Series E 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 Series E Excess Units held by such holder, (B) the
            redemption price of the Series E Excess Units, (C) the date on which
            such Series E Excess Units shall be redeemed, which date shall be no
            later than sixty (60) days following the receipt of the Series E
            Exchange Notice, (D) the place or places where such Series E Excess
            Units are to be surrendered for payment of the Series E Redemption
            Price, (E) that distributions on the Series E 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 Series E Excess Units. In the event an exchange would result in
            Series E 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.

                  (iv) The redemption of Series E Preferred Units described in
            Section 9(a)(ii) and (iii) shall be subject to the provisions of
            Section 6(b)(i) and Section 6(c)(ii); provided, however, that the
            term "Series E Redemption Price" in such Section shall be read to
            mean the original Capital Contribution per Series E Preferred Unit
            being redeemed plus all accrued and unpaid distributions to the
            redemption date.
<PAGE>

            (b) Procedure for Exchange.

                  (i) Any exchange shall be exercised pursuant to a notice of
            exchange (the "Series E 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 E Preferred Units, or a specified portion thereof, may be
            effected after the fifth (5th) Business Day following receipt by the
            General Partner of the Series E Exchange Notice by delivering
            certificates, if any, representing such Series E Preferred Units to
            be exchanged together with, if applicable, written notice of
            exchange and a proper assignment of such Series E 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 E 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
            Series E Exchange Price shall have been paid. Any Series E Preferred
            Shares issued pursuant to this Section 9 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 and relevant state securities or blue
            sky laws.

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

                  (iii) Fractional shares of Series E 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 E Preferred Shares on the day prior to the exchange date as
            determined in good faith by the Board of Directors of the General
            Partner.

      (c) Adjustment of Series E Exchange Price.
<PAGE>

                  (i) The Series E Exchange Price is subject to adjustment upon
            certain events, including, (A) subdivisions, combinations and
            reclassification of the Series E Preferred Shares, and (B)
            distributions to all holders of Series E Preferred Shares of
            evidence of indebtedness of the General Partner or assets (including
            securities, but excluding dividends and distributions paid in cash
            out of equity applicable to Series E 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 E 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 E 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 E Preferred Shares or fraction thereof into which one Series
            F Preferred Unit was exchangeable immediately prior to such
            transaction. The General Partner may not become a party to any such
            transaction unless the terms thereof are consistent with the
            foregoing.

      Section 10. No Conversion Rights.

            (a) The holders of the Series E Preferred Units 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 Partnership.

            (b) The Series E Preferred Units shall not be subject to the
      provisions of Section 4.2(e) of the Partnership Agreement.

      Section 11. No Sinking Fund. No sinking fund shall be established for the
retirement or redemption of Series E Preferred Units.

      Section 12. Admission of Limited Partner; Exhibits to Partnership
Agreement. In accordance with Section 12.2(b), Montebello is hereby admitted as
an Additional Limited Partner. In order to duly reflect the issuance of Series E
Preferred Units provided for herein, the Partnership Agreement is hereby amended
by deleting Exhibit A attached thereto and substituting Exhibit A attached
hereto therefor.

      Section 13. 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.
<PAGE>

                        (signatures appear on next page)
<PAGE>

      In witness whereof, this Amendment has been executed as of the date first
above written.

                              GENERAL PARTNER

                                     CABOT INDUSTRIAL TRUST

                                                                  By:
                                     Name:
                                     Title:

                              ADDITIONAL LIMITED PARTNER

                                     MONTEBELLO REALTY CORP.

                                                                  By:
                                     Name:
                                     Title:
<PAGE>

                                    EXHIBIT A

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