THIRD AMENDMENT TO AGREEMENT OF PURCHASE AND SALE

QuickLinks -- Click here to rapidly navigate through this document

Exhibit 10.4

THIRD AMENDMENT TO
AGREEMENT OF PURCHASE AND SALE

THIS THIRD AMENDMENT TO AGREEMENT OF PURCHASE AND SALE ("Amendment") is entered into as of the 25th day of June 2003, by and between THE XXXXX LIMITED PARTNERSHIP, a Delaware limited partnership ("Buyer') and GREAT MALL OF THE BAY AREA ASSOCIATES, L.P., a Delaware limited partnership ("Seller"), based upon the following facts, intentions and understandings:

        A. Buyer and Seller have previously entered into an Agreement of Purchase and Sale ("Purchase Agreement") dated as of May 8, 2003, as amended by a letter agreement between Buyer and Seller dated May 8, 2003, an Amendment to Agreement of Purchase and Sale dated as of June 10, 2003 and a Second Amendment to Agreement of Purchase and Sale dated June 20, 2003 (the Purchase Agreement, as so amended, is hereinafter referred to as the "Agreement") pursuant to which Buyer has agreed to purchase and Seller has agreed to sell certain improved real property commonly known as the Great Mall of the Bay Area, all as more particularly described in the Agreement. The capitalized terms used in this Amendment shall have the meaning set forth in the Agreement, unless otherwise defined herein.

        B. Buyer and Seller wish to amend the Agreement to, among other things, extend the Due Diligence Period and to extend the Closing Date upon the terms and conditions hereinafter provided.

NOW, THEREFORE, in consideration of the foregoing, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Buyer and Seller hereby agree as follows:

1.

Due Diligence Period. Section 3.1 of the Agreement is hereby amended by extending the date for the expiration of the Due Diligence Period under Section 3.1 from June 25, 2003 until July 18, 2003 and the date of "June 16, 2003" in the third line of Section 3.1 of the Purchase Agreement is hereby replaced with "July 18, 2003." In addition the last sentence of the last paragraph of Section 9.3 is hereby deleted and the last sentence of Section 3.7 is hereby deleted. Seller shall continue to cooperate with Buyer in connection with its Due Diligence activities, including making its environmental consultant available, at Seller's cost, to Buyer to discuss the environmental conditions of the Property.

2.

Closing Date. Section 9.2 of the Agreement is hereby amended by deleting the reference to "July 9, 2003" on the third line thereof and replacing it with "July 31, 2003" for all purposes under the Agreement.

3.

Effect. Except as modified herein, the Agreement remains unmodified and in full force and effect.

4.

Escrow Agent. Escrow Agent is executing this Amendment for the sole purpose of acknowledging the extension of the date for expiration of the Due Diligence Period and the extension of the Closing Date set forth herein.

5.

Counterparts. This Amendment may be executed in two or more fully or partially executed counterparts, any one or more of which may be executed and delivered by facsimile transmission, each of which will be deemed an original binding the signer thereof against the other signing parties, but all counterparts together will constitute one and the same instrument.

IN WITNESS WHEREOF, the parties have entered into this Amendment as of the date and year set forth above.

SELLER:		GREAT MALL OF THE BAY AREA ASSOCIATES, L.P., a Delaware limited partnership
		By:	SREG Great Mall, Inc., a Delaware corporation, its sole general partner
		By:	/s/  XXXXXXXX X. XXXXXXX
		Name:	Xxxxxxxx X. Xxxxxxx
		Title:	Executive Vice President
BUYER:		THE XXXXX LIMITED PARTNERSHIP, a Delaware limited partnership
		By:	The Xxxxx Corporation, a Delaware corporation, its general partner
		By:	/s/  XXXX XXXX
		Name:	Xxxx Xxxx
		Title:	Executive Vice President Chief Investment Officer

ACKNOWLEDGED AND ACCEPTED:
ESCROW AGENT:
LAWYERS TITLE INSURANCE CORPORATION
By:		/s/  XXXXX XXX XXXX
Name:		Xxxxx Xxx Xxxx
Title:		AVP, Sr. Nat'l Commercial Closer

2

QuickLinks

THIRD AMENDMENT TO AGREEMENT OF PURCHASE AND SALE