EXHIBIT 99.1
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AT THE TRUST
Robert G. Higgins                 Investor Relations
Vice President, General Counsel   L.G. Schafran - Chairman and
630-218-7255                      Interim CEO/President
bhiggins@banyanreit.com           630-218-7250
                                  ir@banyanreit.com



FOR IMMEDIATE RELEASE
THURSDAY, FEBRUARY 14, 2002


            BANYAN STRATEGIC REALTY TRUST EXTENDS CONTRACT
                 WITH INTERIM PRESIDENT L.G. SCHAFRAN



OAK BROOK, ILLINOIS - FEBRUARY 14, 2002 - BANYAN STRATEGIC REALTY TRUST
(Nasdaq:  BSRTS) announced today that it has executed an amendment to the
employment contract between the Trust and L.G. Schafran, the Trust's
Chairman, Interim President and Chief Executive Officer.  The original
contract expired on February 13, 2002.

The Term of the amendment is from February 13, 2002 until the final
liquidation and dissolution of the Trust in accordance with the Plan of
Termination and Liquidation, adopted January 5, 2001.

Under the terms of the amendment, Schafran will no longer be paid an annual
salary, but will instead bill the Trust on an hourly basis for services
rendered at the rate of $300.00 per hour.  His reasonable business expenses
(including health insurance premiums) will also be reimbursed.

Mr. Schafran will continue to serve as Chairman of the Board of Trustees in
addition to Interim President and CEO. Under the terms of the Trust's
declaration, Mr. Schafran, as an officer, is deemed not to be an
independent trustee and is not entitled to any compensation for serving as
a trustee.  The Trust's board remains comprised of three independent
trustees and Mr. Schafran.

In other news, the Trust announced that at the annual meeting of
shareholders held on January 30, 2002, current trustees Walter E. Auch,
Sr., Daniel Levinson, Steven Peck and L.G. Schafran were re-elected to an
additional term.

Following the annual meeting, the Trust's board of trustees approved
terminating the Trust's Stock Option Program. Under the Program, each
independent trustee is granted options to purchase 2,000 shares of the
Trust's shares of beneficial interest ten days following his or her re-
election as a trustee.  In connection with terminating the Program, each
trustee surrendered any unexercised vested options, which were granted
under the Program in consideration for a cash payment equal to the
surrender value of the options.  As a result, Mr. Auch received $5,375.00
in exchange for his vested options; Mr. Levinson received $2,125.00, Mr.
Peck received $2,125.00 and Mr. Schafran (who had received options under
the Program prior to his appointment as Chief Executive Officer and Interim
President) received $1,125.00.

Banyan Strategic Realty Trust is an equity Real Estate Investment Trust
(REIT) which, on January 5, 2001, adopted a Plan of Termination and
Liquidation.  On May 17, 2001, the Trust sold approximately 85% of its
portfolio in a single transaction and now owns interests in three (3) real
estate properties located in Atlanta, Georgia; Huntsville, Alabama; and
Louisville, Kentucky.  As of this date the Trust has 15,496,806 shares of
beneficial interest outstanding.


                                -more-





BANYAN STRATEGIC REALTY TRUST
ADD 1



Except for the historical information contained herein, certain matters
discussed in this release are forward-looking statements, the achievement
of which involve risks and uncertainties such as the sale of the Trust's
remaining properties, the amount of the remaining liquidating
distributions, the outcome of pending litigation and other risks and
uncertainties that are detailed from time to time in the Trust's reports
filed with the Securities and Exchange Commission, including the report on
Form 10-K for the year ended December 31, 2000 and in the "Management's
Discussion and Analysis of Financial Condition and Results of Operations"
section which was included in the Trust's Form 10-Q for the quarter ended
September 30, 2001, which was filed with the Securities and Exchange
Commission on November 14, 2001.  Without limitation, the foregoing words
such as "anticipates", "expects", "intends", "plans", and similar
expressions are intended to identify forward-looking statements.



          See Banyan's Website at http://www.banyanreit.com.















































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