EXHIBIT 21     




                     LIST OF SUBSIDIARIES


     The Partnership is a partner of the following joint ventures: 
JMB/Owings Mills Associates, an Illinois general partnership, which
formerly held an interest in the 125 Broad Street Building, 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 Georgia 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 California 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.