UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C.  20549


                              Form 10-Q/A-Number 1


   ( X )       QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934
                  For the quarterly period ended June 30, 1995


                                       OR


   (   )      TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934
              For the transition period from          to         .


                         Commission File Number 0-15465


                         Banyan Strategic Realty Trust             
             (Exact name of Registrant as specified in its charter)


           Massachusetts                                        36-3375345    
   (State or other jurisdiction of                         (I.R.S. Employer   
    incorporation or organization)                         Identification No.)


   150 South Wacker Drive, Chicago, IL                           60606        
   (Address of principal executive offices)                   (Zip Code)      


   Registrant's telephone number including area code        (312) 553-9800    



   Indicate by check mark whether the Registrant (1) has filed all reports
   required to be filed by Section 13 or 15(d) of the Securities Exchange Act
   of 1934 during the preceding 12 months (or for such shorter period that the
   Registrant was required to file such reports), and (2) has been subject to
   such filing requirements for the past 90 days.  YES  X .   NO    .



   Shares of beneficial interest outstanding as of August 14, 1995: 10,471,102

                           PART II - OTHER INFORMATION



   ITEM 4.     SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS 

         The Trust held its 1994 Annual Meeting of Shareholders on June 27,
   1995.


         There were three proposals considered at the Meeting.

         Proposal #1 was to elect three Class A Trustees to hold office for
   one year or otherwise as provided in the Trust's amended and restated
   Declaration of Trust.

         Proposal #2 was to concur in the selection of Ernst & Young L.L.P. as
   the Trust's independent public accountants for the fiscal year ended
   December 31, 1995.

         Proposal #3 was to authorize and ratify the issuance of Award Shares
   to Mr. Leonard G. Levine pursuant to the terms of his Employment Agreement
   and to authorize the future issuance of Award Shares to Mr. Levine subject
   to satisfaction of conditions relevant to the issuance contained in the
   Employment Agreement.

         The following votes were cast or abstained from voting in connection
   with the proposals in the manner as set forth:

                           PROPOSAL #1

    SLATE OF TRUSTEES ELECTED    FOR       AGAINST   ABSTAIN
    Walter E. Auch, Sr.        5,939,552   1,047,610    0
    Norman M. Gold             5,941,016   1,046,146    0
    Marvin A. Sotoloff         5,946,324   1,040,838    0

                           PROPOSAL #2

                                 FOR       AGAINST   ABSTAIN
                               6,770,752      49,791 166,619

                           PROPOSAL #3

                                 FOR       AGAINST   ABSTAIN
                               5,166,812   1,381,041 439,309





ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K

      (a)   Financial Statements and Pro Forma Financial Information:
            (i) Northlake Festival Shopping center (see attached)

      (b)   No current reports on Form 8-K were filed during the quarter ended
            June 30, 1995.

                                   SIGNATURES

     PURSUANT to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this Report to be signed
on its behalf by the undersigned thereunto duly authorized.


                                                   BANYAN STRATEGIC REALTY TRUST
                                                              Registrant        

Date:  May 1, 1996

                                                By:   /s/ Joel L. Teglia
                                                Joel L. Teglia, Vice President
                                                and Chief Financial and
                                                Accounting Officer