EXHIBIT 21     




                         LIST OF SUBSIDIARIES


     The Partnership is a partner of the following joint ventures: 
JMB/Owings Mills Associates, an Illinois general partnership Carlyle-XVI
Associates, L.P., a Delaware limited partnership, which is a partner in
JMB/125 Broad Building Associates, an Illinois General partnership, 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.