EXHIBIT 21     




                         LIST OF SUBSIDIARIES


     The Partnership was 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 was a partner in
JMB/125 Broad Building Associates, an Illinois general partnership; 260
Franklin Street Associates, an Illinois general partnership which owned
title to the 260 Franklin Street office building, located in Boston
Massachusetts; JMB/NewPark Associates, an Illinois general partnership,
which was a partner in NewPark Associates, a California general partnership
which held title to the NewPark Mall in Newark, California; JMB/Hahn PDTC
Associates, L.P., a California Limited Partnership, which held title to
Palm Desert Town Center located in Palm Desert (Palm Springs), California. 
The Partnership also owned a 50% interest in Carlyle/Palm Desert, Inc., a
corporation which was a partner in JMB/Hahn PDTC Associates, L.P., a 40%
interest in Carlyle Advisors, Inc., a corporation which was the General
Partner in JMB/125 Broad Building Associates and a 40% interest in Carlyle
Partners, Inc., a corporation which was a partner in Carlyle-XVI
Associates, L.P.  Reference is made to the Notes for a description of the
terms of such venture partnerships.