Document:

<Page>

                                                                  Exhibit 10.204

                                ACCESS AGREEMENT

     THIS ACCESS AGREEMENT (this "AGREEMENT") is dated as of June 30, 2004, by
and between ORIX TOUCHSTONE SEATTLE VENTURE, an Illinois general partnership
("SELLER"), and INLAND WESTERN SEATTLE NORTHGATE NORTH, L.L.C., a Delaware
limited liability company ("PURCHASER").

                                   WITNESSETH:

     WHEREAS, Seller and Inland Real Estate Acquisitions, Inc., an Illinois
corporation ("Inland"), entered into that certain Agreement of Purchase and Sale
effective as of June 4, 2004, as the same has heretofore been amended by letter
agreement dated June 18, 2004, Amendment to Agreement of Purchase and Sale dated
June 21, 2004, and Second Amendment to Agreement of Purchase and Sale dated June
23, 2004 (as so amended, the "SALE AGREEMENT"), for the purchase and sale of
certain real property located in Seattle, Washington, as more particularly
described therein (the "PROPERTY").

     WHEREAS, Inland has assigned all of its right, title and interest in, to
and under the Sale Agreement to Purchaser.

     WHEREAS, the Sale Agreement provides that, at the closing under the Sale
Agreement, Purchaser and Seller shall execute a written access agreement
pursuant to which Purchaser shall grant to Seller access to the Property for the
purpose of completing the Bassett TI Work (as defined in the Sale Agreement).

     NOW, THEREFORE, in consideration of the promises and mutual covenants
herein contained and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties agree as follows:

     1.   DEFINED TERMS. Capitalized terms not otherwise defined therein shall
have the meanings set forth in the Sale Agreement.

     2.   GRANT OF ACCESS. Purchaser hereby grants to Seller access to the
Property for the purpose of completing the Bassett TI Work in accordance with
the TI Work Documents and this Agreement. Such access shall be during normal
business hours (and such other hours to which Purchaser may hereafter consent,
such consent not to be unreasonably withheld), and shall be limited to that
portion of the Property covered by the Bassett Lease and such other portions of
the Property necessary or desirable to access that portion of the Property
covered by the Bassett Lease. In utilizing such access, Seller shall use (and
shall cause its contractors to use) commercially reasonable efforts to avoid (a)
interfering with the operations of any other tenant at the Property and (b)
blocking any common areas.

     3.   THE BASSETT TI WORK. Seller shall, at its sole cost and expense,
timely cause the full and complete performance of the Bassett TI Work, including
all work to be performed by third party contractors under the TI Work Documents.
Concurrently with the execution hereof, Seller, Purchaser and First American
Title Insurance Company (as escrowee) are entering into that certain Escrow
Agreement of even date herewith (the "Escrow Agreement"), pursuant to which
Seller has deposited certain amounts with respect to the anticipated costs of
the Bassett TI Work. Seller acknowledges that in the event the cost of the
Bassett TI Work exceeds the

<Page>

amounts deposited under the Escrow Agreement, Seller shall be solely responsible
for, and shall pay, such additional costs.

     4.   INDEMNIFICATION. Seller hereby indemnifies Purchaser, its lenders and
their respective successors and assigns (individually, an "Indemnified Party")
against any loss, cost or expense that arises by reason of (a) any default by
Seller in Seller's performance of Seller's obligations hereunder (including any
failure to timely complete the Bassett TI Work), (b) any default by Seller in
Seller's performance of Seller's obligations under Section 10.01(h) of the Sale
Agreement, (c) any mechanics or materialmen's liens that arise by reason of the
Bassett TI Work, and (d) any claim of personal injury or property damage
relating to any injury or damage suffered on the Property as a result of the
performance of the Bassett TI Work. Notwithstanding the foregoing, (i) Seller
shall not indemnify any Indemnified Party to the extent that any loss, cost or
expense arises due to the gross negligence or willful acts or omissions of the
Indemnified Party, and (ii) the indemnifications set forth in clauses (a) and
(b), above, to the extent the same relate to those matters set forth in Section
1 of that certain Second Amendment to Agreement of Purchase and Sale dated June
23, 2004 (the "Second Amendment"), shall be limited by the cap set forth in
Section 1 of the Second Amendment.

     5.   INSURANCE. Seller shall deliver or cause its contractor(s) to deliver
to Purchaser certificates of insurance issued by reputable insurers having a
rating of at least "A-IX" by A.M. Best Company evidencing current worker's
compensation insurance meeting the legally mandated limits of coverage as well
as commercial general liability insurance on an occurrence basis with coverage
limits of not less than Two Million Dollars ($2,000,000) combined single limit
per occurrence for personal liability (including bodily injury and death) and
not less than One Million Dollars ($1,000,000) per occurrence for property
damage.

     6.   ASSIGNMENT OF WARRANTIES. Following completion of the Bassett TI Work,
Seller shall assign to Purchaser all third party construction warranties and
guarantees received by Seller with respect to the Bassett TI Work, to the extent
assignable. In the event the same are not assignable, Seller hereby agrees to
enforce such warranties and guarantees on Purchaser's behalf.

     7.   TERM. The term of this Agreement (the "TERM") shall commence on the
date hereof and shall terminate on the date that Seller delivers to Purchaser
written notification that the Bassett TI Work has been completed.

     8.   PREVAILING PARTY ATTORNEY'S FEES. The prevailing party in any
litigation or other dispute resolution process conducted by or between the
parties with respect to this Agreement shall be entitled to recover, as a part
of its judgment, award or relief, reasonable attorneys' fees and the costs of
such proceeding.

     9.   MISCELLANEOUS. This Agreement and the obligations of the parties
hereunder shall survive the closing of the transaction referred to in the Sale
Agreement, shall be binding upon and inure to the benefit of the parties hereto,
their respective legal representatives, successors and assigns, shall be
governed by and construed in accordance with the laws of the State of Illinois
applicable to agreements made and to be wholly performed within said State and
may not be modified or amended in any manner other than by a written agreement
signed by the party to be charged therewith.

                                       -2-
<Page>

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the day and year first above written.

                              SELLER:

                              ORIX TOUCHSTONE SEATTLE VENTURE, an
                              Illinois general partnership

                              By:   ORIX Seattle II, Inc., its Managing General
                                    Partner

                                    By:        /s/ David R. Brown
                                        ---------------------------------------
                                    Its:         David R. Brown
                                        ------------------------------------
                                                   President

                              PURCHASER:

                              INLAND WESTERN SEATTLE NORTHGATE NORTH,
                              L.L.C., a Delaware limited liability company

                              By:   Inland Western Retail Real Estate Trust,
                                    Inc., a Maryland corporation, its sole
                                    member

                                    By:     /s/ Valerie Medina
                                       ----------------------------------------
                                    Name:     Valerie Medina
                                         --------------------------------------
                                    Title:   Assistant Secretary
                                          -------------------------------------

                                     JOINDER

     For good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the undersigned, an affiliate of Seller, hereby joins
in the execution of this Agreement for the purpose of guaranteeing to Purchaser
Seller's obligations hereunder.

                              ORIX REAL ESTATE EQUITIES, INC., a
                              Delaware corporation

                              By:            /s/ David R. Brown
                                 ----------------------------------------------
                              Name:            David R. Brown
                                   --------------------------------------------
                              Title:          President & CEO
                                    -------------------------------------------

                                       -3-<Page>

                                                                  Exhibit 10.205

                      POST CLOSING AND INDEMNITY AGREEMENT

     THIS POST CLOSING AND INDEMNITY AGREEMENT ("AGREEMENT") is dated this 30
day of June, 2004, by and among INLAND WESTERN NORTH RICHLAND HILLS DAVIS
LIMITED PARTNERSHIP, an Illinois limited partnership ("PURCHASER") and DAVIS
TOWNE CROSSING, L.P., a Texas limited partnership (hereinafter referred to as
"SELLER), in connection with the acquisition of Davis Towne Crossing Shopping
Center in North Richland Hills, Texas (referred to as the "PROPERTY" as defined
in that Letter Agreement dated April 21, 2004, as amended ("CONTRACT") by and
between Seller and Inland Real Estate Acquisitions, Inc. ("INLAND").

     WHEREAS, Purchaser is the successor to Inland with respect to the Contract;
and

     WHEREAS, in connection with the acquisition of the Property from Seller,
Purchaser requires a confirmation of Seller to complete certain obligations
following the closing (the "CLOSING") for the acquisition of the Property by
Purchaser; and it being acknowledged that Purchaser would not complete its
purchase of the Property without Seller's execution of this Agreement; and

     WHEREAS, Purchaser has made various inquiries regarding the Property during
its due diligence in connection with its acquisition of the Property;

     WHEREAS, in connection with such inquiries, in order to confirm the status
of various issues that Purchaser deems relevant to its acquisition, Purchaser
has requested certain documents and confirmations from Seller and/or third
parties, but Seller has been unable to either supply a document confirming such
matters, or has been unable to complete a matter due to time constraints;

     WHEREAS, in order to proceed to Closing, Purchaser requires Seller to make
certain undertakings, to obtain documents regarding or confirming certain
issues, and/or certifications as to the state of facts regarding such issues,
and further, Purchaser requires that Seller indemnify and hold harmless
Purchaser, and each of its successors, assigns, officers, directors, employees
and lenders (each an "INDEMNIFIED PARTY" and collectively, the "INDEMNIFIED
PARTIES") harmless from any loss, cost or expense incurred by any Indemnified
Party, including costs and attorneys fees, ("LOSS") as a result of either
Seller's failure to obtain the required documents, Seller's failure to timely
complete its obligations as set forth herein, or any Loss that results from a
certification hereafter being incorrect.

     NOW, THEREFORE, for good and valuable consideration including the mutual
promises contained herein, the parties hereto agree as follows:

                                        1
<Page>

     4.   FURTHER ASSURANCES. Seller and Purchaser agree to cooperate with each
other following the closing to confirm any matter and execute any document
reasonably required by the other party in furthering of the Closing and
consistent with the requirements of the Contract.

     5.   DEFINED TERMS. All capitalized terms which are not expressly defined
herein shall have the meaning as set forth in the Contract.

     6.   INDEMNIFICATION. Seller agrees to indemnify and hold harmless
Purchaser, and its successors, assigns, officers, directors, employees and
lenders (each an "INDEMNIFIED PARTY" and collectively, the "INDEMNIFIED
PARTIES") harmless from any loss, cost or expense incurred by any Indemnified
Party, including costs and attorneys fees, ("LOSS") as a result of either
Seller's failure to obtain the required documents, or any Loss that results from
a certification hereafter being false or misleading in any material respect.

     7.   MISCELLANEOUS. This Agreement shall be binding upon and inure to the
benefit of the parties to this Agreement and their respective successors and
permitted assigns and may be executed in counterparts.

     IN WITNESS WHEREOF, the parties have executed this Agreement effective the
first date written above.

                            (SIGNATURE PAGE FOLLOWS)

                                        2
<Page>

                               SIGNATURE PAGE FOR
                  POST CLOSING AND INDEMNITY AGREEMENT BETWEEN
                           DAVIS TOWNE CROSSING, L.P.
        AND INLAND WESTERN NORTH RICHLAND HILLS DAVIS LIMITED PARTNERSHIP

          IN WITNESS WHEREOF, Purchaser and Seller have caused this Agreement to
be executed as of the day and year first above written.

                      PURCHASER:

                      INLAND WESTERN NORTH RICHLAND HILLS DAVIS
                      LIMITED PARTNERSHIP, an Illinois limited partnership

                      By:   Inland Western North Richland Hills Davis GP,
                            L.L.C., a Delaware limited liability company

                            By:   Inland Western Retail Real Estate Trust, Inc.,
                                  a Maryland corporation, its sole member

                                  By:
                                        ---------------------------------------
                                  Name:
                                        ---------------------------------------
                                  Title:
                                        ---------------------------------------

                      SELLER:

                      DAVIS TOWNE CROSSING, L.P., a Texas limited
                      partnership

                      By:   Davis TC Development, Inc., a Texas corporation, its
                            general partner

                      By:   /s/ John P. Weber
                            -------------------------------------
                            John P. Weber, President

                                        3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00069-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00069-of-00352.parquet"}]]