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 Owings Mills Shopping Center, 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; 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., a 40%
interest in Carlyle Advisors, Inc., a corporation which is the General
Partner in JMB/125 Broad Building Associates and a 40% interest in Carlyle
Partners, Inc., a corporation which is a partner in Carlyle-XVI Associates,
L.P.  Reference is made to the Notes for a description of the terms of such
venture partnerships.