MRI Business Properties Fund, Ltd. III
              5665 Northside Drive, N.W., Suite 370
                      Atlanta Georgia 30328




                                        October 17, 1994



Dear Limited Partner:

     Enclosed is the Schedule 14D-9 which was filed by the
Partnership with the Securities and Exchange Commission in
connection with the offer by DeForest Ventures I L.P. (the
"Purchaser") to purchase limited partnership units.

     The general partner of the Partnership is affiliated with
the Purchaser.  Accordingly, the Partnership is making no
recommendation and is remaining neutral as to whether limited
partners should tender their units pursuant to the offer.

     Limited partners are advised to carefully read the enclosed
Schedule 14D-9.



                    MRI Business Properties Fund, Ltd. III