EXHIBIT 21




                         LIST OF SUBSIDIARIES


     The Partnership is a partner of the following joint ventures:  JMB/Owings
Mills Associates, an Illinois general partnership, which is a partner in
Owings Mills Limited Partnership, a limited partnership which holds title to
Owings Mills Shopping Center located in Owings Mills (Baltimore), Maryland; 
Carlyle-XVI Associates, L.P., a Delaware limited partnership, which is a
partner in JMB/125 Broad Building Associates, an Illinois general partnership,
which is a partner in 125 Broad Street Company, a limited partnership, which
holds title to 125 Broad Street Building, located in New York, New York; 260
Franklin Street Associates, an Illinois general partnership which holds title
to the 260 Franklin Street office building, located in Boston Massachusetts;
Villages Northeast Associates, an Illinois general partnership, which is a
partner in the VNE Partners, Ltd., a limited partnership, which holds title to
the Post Crest, Post Terrace and Post Crossing Apartment complexes located in
DeKalb County (Atlanta), Georgia; JMB/NewPark Associates, an Illinois general
partnership, which is a partner in NewPark Associates, a general partnership
which holds title to the NewPark Mall in Newark, California; JMB/Warner Center
Associates, an Illinois general partnership JMB/Hahn PDTC Associates, L.P., a
California Limited Partnership, which holds title to Palm Desert Town Center
located in Palm Desert (Palm Springs), California.  The Partnership also owns
a 50% interest in Carlyle/Palm Desert, Inc., a corporation which is a partner
in JMB/Hahn PDTC Associates, L.P.  Reference is made to Note 3 for a
description of the terms of such venture partnerships.