----------------------------------------------------------------------


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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10-K

                  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

                   FOR THE FISCAL YEAR ENDED DECEMBER 31, 1995

                         Commission file number 0-13458

           CONNECTICUT GENERAL EQUITY PROPERTIES-I LIMITED PARTNERSHIP
             (Exact name of registrant as specified in its charter)

                Connecticut                         06-1094176
          (State of Organization)      (I.R.S. Employer Identification No.)

                     900 Cottage Grove Road, South Building
                          Bloomfield, Connecticut 06002
                    (Address of principal executive offices)

       Registrant's telephone number, including area code: (860) 726-6000


                    Securities registered pursuant to Section
                               12(b) of the Act:

                                      None
                              (Title of Each Class)

                    Securities registered pursuant to Section
                               12(g) of the Act:

                      Units of Limited Partnership Interest
                                (Title of Class)


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days.
                                Yes X         No

State the aggregate market value of the voting stock held by  non-affiliates  of
the registrant. Not applicable.










<PAGE>

<TABLE>
<CAPTION>


                                                          TABLE OF CONTENTS
<S>                                                                                                                <C>

PART I                                                                                                             PAGE

Item  1.            Business                                                                                         3
Item  2.            Properties                                                                                       6
Item  3.            Legal Proceedings                                                                                9
Item  4.            Submission of Matters to a Vote of Security Holders                                              9


PART II

Item  5.            Market for Registrant's Common Equity and Related Security Holder Matters                        9
Item  6.            Selected Financial Data                                                                         10
Item  7.            Management's Discussion and Analysis of Financial
                     Condition and Results of Operations                                                            11
Item  8.            Financial Statements and Supplementary Data                                                     16
Item  9.            Changes in and Disagreements with Accountants on
                     Accounting and Financial Disclosure                                                            40

PART III

Item 10.            Directors and Executive Officers of the Registrant                                              40
Item 11.            Executive Compensation                                                                          42
Item 12.            Security Ownership of Certain Beneficial Owners and Management                                  43
Item 13.            Certain Relationships and Related Transactions                                                  43

PART IV

Item 14.            Exhibits, Financial Statement Schedules, and Reports on Form 8-K                                44

SIGNATURES                                                                                                          46

</TABLE>


                                                                 2

<PAGE>



                                     PART I


ITEM 1.  BUSINESS

     The Registrant, Connecticut General Equity Properties-I Limited Partnership
(the  "Partnership")  was formed on November 14, 1983, under the Uniform Limited
Partnership  Act of the  State of  Connecticut  for the  purpose  of  acquiring,
operating,  holding  for  investment  and  disposing  of  industrial  and office
buildings  and  service  center  space  and,  to a  lesser  extent,  residential
properties.  On January  31,  1984,  the  Partnership  commenced  an offering of
$50,000,000  (subject  to  increase up to  $65,000,000)  of Limited  Partnership
Interests (the "Units") at $1,000 per Unit, pursuant to a Registration Statement
on Form S-11 under the Securities Act of 1933 (Registration No.
2-87976).

     The  General  Partner of the  Partnership  is  Connecticut  General  Realty
Resources, Inc.-Third (the "General Partner"), which is an indirect wholly owned
subsidiary  of CIGNA  Corporation,  a publicly held  corporation  whose stock is
traded on the New York Stock Exchange.

     A total of 39,236.25  Units were sold to the public prior to the offering's
termination  on December 31, 1985.  The holders of 12,314 Units were admitted to
the  Partnership in 1984; the holders of 23,381.75  Units were admitted in 1985;
and on January 2, 1986, the holders of the 3,540.5 remaining Units were admitted
to the Partnership.  From the 39,236.25 Units sold, the Partnership received net
proceeds  of  $35,602,279.  The  holders of Units  ("Unit  Holders"  or "Limited
Partners") of the Partnership share in the ownership of the  Partnership's  real
property  investments  according  to the  number of Units  held.  Subsequent  to
admittance to the  Partnership,  no Unit Holder has made any additional  capital
contribution.  The  Partnership is engaged solely in the business of real estate
investment.
A presentation of information about industry segments is not applicable.

     The  Partnership is engaged in passive  activities and therefore  investors
are subject to the applicable  provisions of the Internal  Revenue  Service Code
and  Regulations.  Losses from "passive  activities"  (which  include any rental
activity) may only offset income from "passive  activities".  Investors' passive
losses in excess of  passive  income  from all  sources  are  suspended  and are
carried over to future years when they may be deducted  against  passive  income
generated by the Partnership in such year (including gain recognized on the sale
of the Partnership's assets) or against passive income derived by investors from
other  sources.   Any  suspended  losses  remaining  subsequent  to  Partnership
dissolution may be used by investors to offset ordinary income.

     The Partnership  acquired five commercial  properties  (including one owned
through a joint venture)  located in Missouri,  Arizona,  Illinois,  Florida and
Massachusetts.  In order to  acquire  the  properties,  the  Partnership,  which
purchased its properties  for all cash,  invested a total of  $30,803,712,  paid
$2,418,158  in  acquisition  fees and closing  costs,  established  reserves for
improvements  of  $1,203,321  and  established   working  capital   reserves  of
$1,177,088.

     Pursuant  to the  Partnership  Agreement,  the  Partnership  is required to
terminate on or before December 31, 2013. The Partnership anticipated that prior
to its termination and dissolution,  some or all of the Partnership's properties
would be sold, the retention or sale of any property dependent,  in part, on the
anticipated remaining economic benefits of continued ownership.  It was expected
that most sales would occur after a period of ownership  extending  from nine to
twelve years after acquisition.  The Partnership sold Courtyard Shopping Center,
located  near  Chicago  in Villa  Park,  Illinois,  on  January  11,  1990.  The
Partnership sold Westside  Industrials  located in Phoenix,  Arizona as follows:
two of the six buildings  (42,480 of the 105,560 square feet) on April 15, 1994;
one  additional  building  (12,600  square  feet) on  April  27,  1995;  and the
remainder of the project on December  26, 1995.  Reference is made to Item 7 and
Item 8 for further descriptions of the sales. The General Partner estimates that
the sales of the remaining  properties and  termination of the  Partnership  may
occur in the next four to five years.



                                                                 3

<PAGE>



     The  Partnership  has made the real property  investments  set forth in the
following table:
<TABLE>
<CAPTION>

<S>                               <C>                  <C>                <C>              <C>           <C>                
===================================================================================================================================
 Name, Type of Property and       PURCHASE PRICE       ACQUISITION        SIZE (D)          DATE OF              TYPE OF
          Location                   (A)(B)(C)          FEES AND           SQ. FT.         PURCHASE             OWNERSHIP
                                                        EXPENSES
-----------------------------------------------------------------------------------------------------------------------------------
1.    Woodlands Plaza II               $7,902,880         $498,052            72,465       10-15-84      100% fee simple interest
      Office Building
      St. Louis, Missouri
-----------------------------------------------------------------------------------------------------------------------------------
2.    Westside Industrials             $2,976,000         $350,266           105,560       02-01-85      100% fee simple interest
      (formerly Interpark)                                                                  (sold)
      Phoenix, Arizona (e)
-----------------------------------------------------------------------------------------------------------------------------------
3.    Lake Point, I, II, III           $9,603,000         $803,929           135,008       07-31-86      100% fee simple interest
      Service Center
      Orlando, Florida
-----------------------------------------------------------------------------------------------------------------------------------
4.    Westford Corporate               $4,321,832         $372,000           162,765       09-11-86         26.08% fee simple
      Center, Westford,                                                                                          interest
      Massachusetts (f)
-----------------------------------------------------------------------------------------------------------------------------------
5.    Courtyard Shopping               $6,000,000         $393,911            57,332       05-10-85      100% fee simple interest
      Center                                                                                 (sold)
      Villa Park, Illinois(g)
===================================================================================================================================
</TABLE>
[FN]
(a)  The  Partnership  did not incur any debt in connection with the acquisition
     of these investment properties.
[FN]
(b)  Excludes all broker fees paid at closing.
[FN]
(c)  This table does not  reflect  purchase  price  adjustments  resulting  from
     master lease provisions.
[FN]
(d)  Represents  net leasable area at  acquisition  date;  net leasable area may
     change due to expansion or tenant improvements.
[FN]
(e)  The Partnership sold two of the six buildings,  representing  42,480 of the
     105,560 square feet on April 15, 1994. An additional building, representing
     12,600  square  feet  was sold on  April  27,  1995.  The  remaining  three
     buildings were sold on December 26, 1995.
[FN]
(f)  The  Partnership  owns a 26.08%  interest in the joint venture  partnership
     which owns the Westford  Corporate  Center.  CIGNA Income Realty-I  Limited
     Partnership, an affiliated partnership, is the co-venturer. The information
     shown represents the Partnership's share of the total investment.
[FN]
(g)  The Partnership sold the Courtyard Shopping Center on January 11, 1990.













                                                                 4

<PAGE>



     Woodlands  Plaza II is located in the West County  office market of Greater
St. Louis.  Overall,  the St. Louis economy saw continued  growth  through 1995,
albeit at a slightly slower pace than in 1994.  During the year, St. Louis added
approximately  34,000  new jobs and  unemployment  fell to a twenty  year low of
4.8%. While the manufacturing  sector continued to decline,  the service sector,
including computer services,  health and tourism, grew by approximately 3.3% for
the year. The defense  industry was also helped by a $1.8 billion  contract from
the United States Air Force awarded to McDonnell  Douglas,  the largest  defense
manufacturer and employer in the state. Office markets throughout the state were
strong. The West County suburban office market contains a total of approximately
12 million square feet.  The West County market had an average  occupancy of 95%
during  1995,  up  slightly  from  1994.  While the  suburban  office  market is
improving, there are still many alternatives for users in the 15,000 square foot
range.  The vacancies in the market create enough  significant  competition that
the investment  requirements  for re-leasing  space is  significant.  While West
County  markets  continue to report  positive  absorption  and rental  rates are
improving,  tenant  improvements  remain  high as a  result  of the  competitive
choices available. The Woodlands submarket of West County, where Woodlands Plaza
II is located,  is comprised of nine  buildings  containing  just under  400,000
square feet.  Occupancy  in 1995 for the  Woodlands  submarket  remained at 82%.
Woodlands  Plaza II ended the year 75% occupied,  down from the 92% at the close
of 1994. Average rental rates are estimated to remain level or increase slightly
in  1996.  Assisted  by the  expanding  market,  the  supply  of  Class A office
buildings  has been all but absorbed and rental rates are on the rise.  There is
no  new  construction  currently  underway,  although  several  developers  have
announced  that they are ready to begin  construction  on office  buildings that
have already gone through planning and zoning.

     The Orlando  metropolitan  area is expected to sustain its steady growth in
population and employment through the end of the decade. The two main sectors of
growth are the trade and service industries. Lake Point I, II and III is located
in the Southern Orlando service center market which contains  approximately  3.7
million  square  feet of  service  center/warehouse  space.  Through  1995,  new
construction levels in the market were negligible and occupancy levels rose from
84% at the close of 1994 to 87% in 1995  with net  absorption  of  approximately
175,000 square feet of space. Lake Point,  which has excellent site access and a
desirable  location close to the airport  within the Lee Vista Center,  was well
ahead of the market at 98%, up significantly  from 89% at year end 1994.  Rental
rates at the  property are  competitive  with the market range of $4.75 to $8.50
per square  foot  dependent  on grade  level or dock-high  space.  Rents at the
property range from $5.50 to $7.50 per square foot. Lee Vista Center,  a planned
business park, is located approximately ten miles southeast of Orlando's central
business district and approximately one mile north of the Orlando  International
Airport. Lake Point, which contains a single story  office/industrial space with
loading dock areas,  is a unique  product within the business park and therefore
has limited  direct  competition.  The  business  park  contains  mostly  office
buildings but also hotels, a daycare center and restaurants. The Orlando Airport
service center market is made up of mostly warehouse or distribution space. In a
recovering  market,  any  development  within  Lee Vista  Center is likely to be
high-rise office, unlikely competition for Lake Point.

     Westford  Corporate  Center is located in the Boston submarket known as the
Northwest Corridor,  between Routes I-128 and I-495.  During 1995,  metropolitan
Boston  experienced  continued  job  growth  due  to the  strengthened  economy.
Out-migration  trends have finally  reversed and over  one-half of the jobs lost
during the 1989-1992 recession have been regained.  Nearly two-thirds of all new
jobs are in the service sector,  including computer software,  engineering,  and
research  and  health  care.  Overall,  manufacturing  employment  continues  to
decline,  although the computer hardware industry has finally turned around. The
market in which Westford  competes  contains  approximately  16.8 million square
feet of  space  with a 19%  vacancy  rate.  Absorption  through  the end of 1995
totalled  approximately  1,177,300  square feet.  Westford  maintained  its 100%
occupancy level in 1995.  Rents for R&D space held steady during the year in the
$5.75 to $7 per square foot range. Rents and occupancy levels in the market will
move up slowly as the market  works  through  an  estimated  1-2 year  supply of
available R&D space.

     Approximate  occupancy  levels for the properties on a quarterly  basis are
set forth in the table in Item 2.

     The Partnership itself has no employees; however, the unaffiliated property
managers  engaged by CIGNA  Investments,  Inc.  ("CII",  formerly  CIGNA Capital
Advisers,  Inc.) on behalf of the  Partnership  maintain  on-site  staff.  For a
description  of  asset  management  services  provided  by CII and the  terms of
transactions  between the Partnership and affiliates of the General Partner, see
Item 13 and the Notes to Financial Statements.

                                                                 5

<PAGE>




     The following list details gross  revenues from  operations for each of the
Partnership's  investment  properties as a percentage of the Partnership's total
gross revenues during 1993, 1994 and 1995.  Included in this  calculation is the
Partnership's  interest in the gross revenues of the Westford joint venture.  In
each year, interest income accounted for the balance of gross revenues.

<TABLE>
<CAPTION>
     <S>                                                    <C>               <C>              <C> 
                                                            1993              1994             1995
                                                            ----              ----             ----

     1.  Woodlands Plaza II                                   31%               29%              36%
         Office Building
         St. Louis, MO

     2.  Westside Industrials                                 15%               12%               7%
         Phoenix, AZ (a)

     3.  Lake Point I, II, III                                42%               42%              40%
         Service Center
         Orlando, FL

     4.  Westford Corporate Center                            11%               15%              15%
         Westford, MA
</TABLE>
[FN]
(a)  The Partnership sold two of the six buildings,  representing  42,480 of the
     105,560 square feet on April 15, 1994. An additional building, representing
     12,600  square  feet  was sold on  April  27,  1995.  The  remaining  three
     buildings were sold on December 26, 1995.

ITEM 2.  PROPERTIES

     The Partnership  owns directly and through a joint venture  partnership the
properties  described  in Item 1 herein.  Reference is made to Items 1, 7, and 8
for  information on properties sold by the  Partnership,  including sales during
the year ended December 31, 1995.  The lease terms on the properties  range from
less than one year to ten years,  with the  majority  being three to five years.
Most  of the  leases  contain  provisions  for  one or  more  of the  following:
percentage rent, escalation and common area maintenance recapture.  Reference is
made to the Notes to Financial  Statements  for  information  regarding  minimum
annual   future   rentals   under   existing   leases  and   operating   expense
reimbursements.  In  the  opinion  of the  General  Partner,  the  Partnership's
properties continue to be adequately insured.

     Woodlands Plaza II is a three-story  suburban office structure  situated on
Lots 1, 2 and 3 of The Woodlands  Business Park located in St. Louis,  Missouri.
The building was completed in July 1983 and sold to the  Partnership  in October
1984. The building design features exterior masonry  construction and is divided
into two separate  buildings that overlook the Woodlands  Lake. The building has
approximately 71,927 square feet of net leasable area.

     The following table provides information on tenants that occupy ten percent
or more of Woodland Plaza II's net leasable area.
<TABLE>
<CAPTION>
<S>                               <C>         <C>                <C>              <C>            <C>                 <C> 
====================================================================================================================================
           TENANT                 SQUARE        PRINCIPAL        BASE RENT          LEASE           RENEWAL             OTHER
                                  FOOTAGE       BUSINESS         PER ANNUM          DATES            OPTION          INFORMATION
====================================================================================================================================
1. Doane Agricultural             11,301      Agriculture          $155,808       08/01/91-      1, 5 year ext.          --
    Services Co.                                                                  07/31/96           option
------------------------------------------------------------------------------------------------------------------------------------
2. Dun & Bradstreet               11,101      Financial            $169,290       07/01/95-      1, 5 year ext.          --
                                              Services                            06/30/00           option
====================================================================================================================================
</TABLE>

                                                                 6

<PAGE>



     The following  table  provides  lease  expiration  information  relative to
Woodlands Plaza II.
<TABLE>
<CAPTION>
<S>                   <C>                    <C>                  <C>                    <C>                 
=================================================================================================================
      YEAR            NUMBER OF LEASES       SQUARE FOOTAGE       ANNUALIZED BASE        PERCENTAGE OF TOTAL
                          EXPIRING                                      RENT                  ANNUALIZED
                                                                                              BASE RENT
-----------------------------------------------------------------------------------------------------------------
           1996                      2               16,590               $236,724                        30%
-----------------------------------------------------------------------------------------------------------------
           1997                      4                8,732               $127,207                        16%
-----------------------------------------------------------------------------------------------------------------
           1998                      1                2,941                $42,645                         5%
-----------------------------------------------------------------------------------------------------------------
           1999                      2                8,531               $127,296                        16%
-----------------------------------------------------------------------------------------------------------------
           2000                      3               15,369               $232,894                        30%
-----------------------------------------------------------------------------------------------------------------
           2001                      1                1,294                $21,998                         3%
=================================================================================================================
</TABLE>

     Lake Point I, II, III is within Lee Vista Center,  a planned business park,
located in the southeast sector of the Orlando, Florida,  metropolitan area. Lee
Vista Center is located  approximately  10 miles southeast of Orlando's  central
business  district and  approximately 1 mile north of the Orlando  International
Airport. The property consists of four single-story office/service buildings and
two single-story office/warehouse buildings containing a total of 135,008 square
feet of gross leasable area.

     The following table provides information on tenants that occupy ten percent
or more of Lake Point I, II, III's net leasable area.
<TABLE>
<CAPTION>
<S>                              <C>          <C>                <C>              <C>            <C>                <C> 
====================================================================================================================================
          TENANT                 SQUARE         PRINCIPAL        BASE RENT          LEASE            RENEWAL            OTHER
                                 FOOTAGE         BUSINESS        PER ANNUM          DATES            OPTION          INFORMATION
====================================================================================================================================
1. Attorney's Title                27,360     Insurance            $373,557       07/31/87-            --           Step up rent
    Insurance Fund                                                                02/28/07
------------------------------------------------------------------------------------------------------------------------------------
2. Alpha Flight Services           32,400     Catering             $180,667       02/01/89-      1, 5 year ext.           --
                                                                                  01/31/99           option
------------------------------------------------------------------------------------------------------------------------------------
3. Krogel Air Freight              14,824     Air Freight           $75,602       12/01/95-            --           Step up rent
                                                                                  11/30/00
====================================================================================================================================
</TABLE>

     The following table provides lease expiration  information relative to Lake
Point I, II, III.
<TABLE>
<CAPTION>
<S>                   <C>                    <C>                     <C>                 <C>                   
=================================================================================================================
      YEAR            NUMBER OF LEASES       SQUARE FOOTAGE          ANNUALIZED          PERCENTAGE OF TOTAL
                          EXPIRING                                   BASE RENT                ANNUALIZED
                                                                                              BASE RENT
-----------------------------------------------------------------------------------------------------------------
      1996                           5               29,204               $247,644                        21%
-----------------------------------------------------------------------------------------------------------------
      1997                           1                1,836                $15,491                         1%
-----------------------------------------------------------------------------------------------------------------
      1998                           3               22,184               $230,501                        20%
-----------------------------------------------------------------------------------------------------------------
      1999                           1               32,400               $180,667                        16%
-----------------------------------------------------------------------------------------------------------------
      2000                           2               19,864               $118,442                        10%
-----------------------------------------------------------------------------------------------------------------
   Thereafter                        1               27,360               $373,557                        32%
=================================================================================================================


</TABLE>



                                                                 7

<PAGE>



     The following list compares approximate occupancy levels by quarter for the
Partnership's investment properties during 1991, 1992, 1993, 1994 and 1995:
<TABLE>
<CAPTION>
<S>                 <C>                        <C>                      <C>                         <C>              
==========================================================================================================================
                    WOODLANDS PLAZA II         WESTSIDE IND. PARK       LAKE POINT I, II, III           WESTFORD
                       OFFICE BLDG.              PHOENIX, AZ (A)            SERVICE CENTER          CORPORATE CENTER
                      ST. LOUIS, MO                                          ORLANDO, FL            WESTFORD, MA (B)
==========================================================================================================================
--------------------------------------------------------------------------------------------------------------------------
     1991
-----------------
AT 03/31                   75%                         93%                       96%                       10%

AT 06/30                   75%                         96%                       96%                       10%

AT 09/30                   82%                         93%                       91%                       10%

AT 12/31                   82%                         93%                       91%                       10%
--------------------------------------------------------------------------------------------------------------------------
     1992
-----------------
AT 03/31                   77%                         97%                       86%                       60%

AT 06/30                   73%                         97%                       86%                       60%

AT 09/30                   84%                         97%                       85%                       60%

AT 12/31                   84%                         97%                       85%                       60%
--------------------------------------------------------------------------------------------------------------------------
     1993
-----------------
AT 03/31                   87%                         97%                       88%                       60%

AT 06/30                   80%                         74%                       88%                       60%

AT 09/30                   90%                         67%                       94%                       60%

AT 12/31                   81%                         67%                       93%                       75%
--------------------------------------------------------------------------------------------------------------------------
     1994
-----------------
AT 03/31                   81%                         67%                       90%                       75%

AT 06/30                   78%                        100%                       83%                       85%

AT 09/30                   84%                         85%                       89%                      100%

AT 12/31                   92%                         80%                       89%                      100%
--------------------------------------------------------------------------------------------------------------------------
     1995
-----------------
AT 03/31                   94%                         80%                       100%                     100%

AT 06/30                   90%                        100%                       100%                     100%

AT 09/30                   79%                        100%                       100%                     100%

AT 12/31                   75%                         N/A                       98%                      100%
==========================================================================================================================

</TABLE>

An "N/A" indicates that the property was not owned by the Partnership at the end
of the quarter.
[FN]
(a)  Two of six buildings at Westside  Industrials  were sold on April 15, 1994,
     representing  42,480 of the 105,560  square feet. An  additional  building,
     representing  12,600 square feet was sold on April 27, 1995.  The remaining
     three buildings were sold on December 26, 1995.
[FN]
(b)  See the  Notes to  Financial  Statements  for a  description  of the  joint
     venture  partnership  through  which  the  Partnership  has made  this real
     property  investment.  The Partnership  owns a 26.08% interest in the joint
     venture which owns the property.

                                                                 8

<PAGE>



ITEM 3.  LEGAL PROCEEDINGS

     Neither the Partnership nor its properties are party to, or the subject of,
any legal proceedings involving any material exposure.

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

     No matters were  submitted to a vote of security  holders during the fourth
quarter of the fiscal year covered by this report.

                                     PART II

ITEM 5.  MARKET FOR  REGISTRANT'S  COMMON  EQUITY AND  RELATED  SECURITY  HOLDER
     MATTERS

     As of  December  31,  1995,  there were  approximately  3,858  record  Unit
Holders.  There is no established  public trading market for Units.  The General
Partner will not redeem or repurchase Units.

     The Revenue Act of 1987 adopted  provisions which have an adverse impact on
investors in a "publicly  traded  partnership"  ("PTP").  A PTP is a partnership
whose  interests  are  traded on an  established  securities  market or  readily
tradable on a secondary market (or the substantial  equivalent thereof).  If the
Partnership  were  classified  as a PTP, (i) the  Partnership  may be taxed as a
corporation  and (ii) the  passive  activity  rules of section  469 are  applied
separately   with  respect  to  items   attributable  to  each  publicly  traded
partnership.  On November 29, 1995, the Internal  Revenue Service ("IRS") issued
the Final PTP Regulations under section 1.7704-1.  The Final PTP Regulations are
effective  for the tax years  beginning  after  December  31, 1995.  However,  a
transition rule exists for partnerships  that were engaged in an activity before
December 4, 1995 and that do not add a  substantial  new line of business  after
that date. The Partnership qualifies for the transition rule and may continue to
rely on Notice 88-75 for guidance  through the end of 2005. In Notice 88-75, the
IRS established  alternative  safe harbors that allow interests in a partnership
to be  transferred  or redeemed  in certain  circumstances  without  causing the
partnership  to be  characterized  as a PTP.  Units of the  Partnership  are not
listed or quoted for trading on an  established  securities  exchange.  However,
CIGNA Financial  Partners ("CFP") will, upon request,  provide a Limited Partner
desiring to sell or transfer  Units with a list of secondary  market firms which
may provide a means for  matching  potential  sellers with  potential  buyers of
Units,  if available.  Frequent  sales of Units  utilizing  these services could
cause the  Partnership to be deemed a PTP. The  Partnership has adopted a policy
prohibiting   transfers  of  Units  in  secondary  market  transactions  unless,
notwithstanding such transfers, the Partnership will satisfy at least one of the
safe harbors.  Although such a restriction could impair the ability of investors
to liquidate  their  investment,  the service  provided by CFP  described  above
should allow a certain  number of transfers  to be made in  compliance  with the
safe harbor.

     The Partnership  declared  quarterly cash distributions to Limited Partners
for 1995 and 1994 as set forth in the following table:
<TABLE>
<CAPTION>
                             <S>                 <C>                         <C>                   <C>            
                                                                                 Cash Distribution per Unit
                             Quarter             Date Paid (a)                 1995                    1994
                             --------            -------------                 ----                    ----

                               1st               May 15                      $   5.01              $   7.50
                               2nd               August 15                      13.71  (c)            32.01  (b)
                               3rd               November 15                    10.02  (d)             5.01
                               4th               February 15                    37.31  (e)             3.12
                                                                             --------              --------
                                                                             $  66.05              $  47.64
                                                                             ========              ========
<FN>
(a)  Quarterly distributions are paid 45 days following the end of the calendar quarter.
<FN>
(b)  Includes $27.00 per Unit from a partial sale of Westside Industrials.
<FN>
(c)  Includes $8.70 per Unit from a partial sale of Westside Industrials.
<FN>
(d)  Includes $4.84 per Unit from a lease termination fee received at Woodlands Plaza II.
<FN>
(e)  Includes $28.31 per Unit from the sale of the remainder of Westside Industrials.

</TABLE>
                                                                 9

<PAGE>




     Reference is made to Item 6 for information on cash  distributions  paid to
Limited Partners during 1995, 1994, 1993, 1992, and 1991.

     There are no material legal restrictions upon the Partnership's  ability to
make  distributions  in  accordance  with  the  provisions  of  the  Partnership
Agreement.  The Partnership  intends to continue its policy of making  quarterly
distributions of distributable cash from operations.  Reference is made to Notes
to  Financial  Statements  for  a  description  of  payments  to  the  State  of
Connecticut on behalf of Limited Partners and charged to Limited Partner capital
accounts.

<TABLE>
<CAPTION>

ITEM 6.  SELECTED FINANCIAL DATA (A)

                                     CONNECTICUT GENERAL EQUITY PROPERTIES-I LIMITED PARTNERSHIP
                                                 (A CONNECTICUT LIMITED PARTNERSHIP)

                                              DECEMBER 31, 1995, 1994, 1993, 1992, 1991
                                         (NOT COVERED BY REPORT OF INDEPENDENT ACCOUNTANTS)

<S>                                   <C>                 <C>                <C>                 <C>                 <C>         
                                             1995               1994                1993                1992                1991
                                             ----               ----                ----                ----                ----

Total assets (b)                      $    15,779,061     $    15,886,403    $     18,116,233    $    18,841,802     $    23,231,572
Total income                                2,761,823           2,338,050           2,600,369          2,649,750           2,736,543

Net income (loss) (c)                       1,173,396            (232,492)            406,434         (2,651,499)            230,926
Net income (loss) per Unit (c)                  29.34               (7.08)              10.26             (66.90)               5.83

Cash distributions to
 limited partners (d)                       1,250,072           1,890,411           1,174,738          1,727,963           1,040,549
Cash distributions per Unit (d)                 31.86               48.18               29.94              44.04               26.52

<FN>
(a)  The above selected  financial  data should be read in conjunction  with the
     financial  statements and the related notes appearing herein.  Reference is
     made to Notes to Financial  Statements for a description of payments to the
     State of  Connecticut  on behalf of limited  partners.  These  payments are
     charged to limited partner  capital  accounts and have not been included as
     part of the above presentation.
<FN>
(b)  Total assets includes Partnership's equity investment in joint venture. See
     the Notes to Financial Statements for a description of the joint venture.
<FN>
(c)  Included in 1995 is a gain on sale of property  of  $464,957  ($449,775  to
     limited partners or $11.46 per unit).  Included in 1994 and 1992 are losses
     due to  impairment of assets of $835,000  ($21.07 per Unit) and  $2,791,040
     ($70.42  per  Unit),  respectively.  Included  in 1994 is a gain on sale of
     property of $245,873 ($195,721 to limited partners or $4.99 per Unit).
<FN>
(d)  Quarterly  distributions are paid 45 days following the end of the calendar
     quarter.  Cash  distributions  to limited partners in 1995 include proceeds
     from the sale of Building #6 of Westside Industrials.  Included in 1994 are
     the proceeds from the sale of Buildings #1 and #2 of Westside Industrials.

</TABLE>

                                                                 10

<PAGE>



ITEM 7. MANAGEMENT'S  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
     OF OPERATIONS


LIQUIDITY AND CAPITAL RESOURCES

     On January 31, 1984, the  Partnership  commenced an offering of $50,000,000
(subject  to an  increase  to  $65,000,000)  of  limited  partnership  interests
pursuant to a  Registration  Statement on Form S-11 under the  Securities Act of
1933.  The  offering  terminated  on December  31, 1985 and a total of 39,236.25
Units were issued by the  Partnership  and  assigned to the public at $1,000 per
interest. Subsequent to the termination of the offering, no Unit Holder has made
any additional  capital  contribution.  The Partnership  does not expect to seek
additional capital contributions.

     After  deduction  of  selling   expenses  and  other  offering  costs,  the
Partnership had $35,602,279  with which to make  investments in real properties,
to pay legal fees and other costs (including  acquisition  fees) related to such
investments,  for working  capital  reserves and to fund extra lease-up costs. A
portion of the proceeds was utilized to acquire the properties described in Item
1  herein.  The  Partnership  did not  incur  any  debt in  connection  with the
acquisition of the properties. The Partnership does not intend to incur mortgage
indebtedness  relative  to the  properties  at any time  during  the term of the
Partnership.

     At December 31, 1995, the  Partnership's  cash and cash equivalents and the
Partnership's  share of cash  and cash  equivalents  from  the  Westford  Office
Venture totalled $2,052,475 and $275,388, respectively, which were available for
working  capital  requirements,  cash  reserves and  distributions  to partners.
Reference is made to Item 5 for  information  on cash  distributions  to Limited
Partners for 1995. Cash  distributions for 1995 included sales proceeds from the
two partial sales of Westside  Industrials  during 1995 and a lease  termination
fee received  from a  significant  vacating  tenant at  Woodlands  Plaza II. The
remainder of the cash  distributed for 1995 was equivalent to the  Partnership's
adjusted cash from operations. The Partnership's cash distributions for 1996 are
expected to reflect actual operating  results subject to changes in reserves for
liabilities or leasing risk. Based on property  operational  plans for 1996, the
General Partner  estimates that the Partnership  will produce positive cash flow
from operations, net of capital improvements and Partnership expenses.

     Reference  is  made  to  Item  1 for a  description  of  the  Partnership's
investment  properties  and a description of the markets in which the properties
operate.  Reference is made to Item 2 for  significant  tenant  information  and
lease information.

     Early in 1995,  a  potential  user/owner  approached  the  manager  for the
Westside  property  and offered to buy vacant  building #6 (12,600  square feet,
representing  100% of the vacant space at December 31, 1994) at a gross price of
$29 per square foot. On April 27, 1995, the  Partnership  sold building #6 for a
gross sales price of $365,400. After closing costs and expenses, the Partnership
netted  approximately  $341,000 which was distributed to Limited  Partners along
with the second quarter  distribution  on August 15, 1995. On December 26, 1995,
the  Partnership  sold  the  remainder  of  the  Westside  Industrials  property
(buildings #3, 4 & 5) to Zimmerman  Properties,  Inc. for a gross sales price of
$1,175,000.   After  closing  costs  and  expenses,   the   Partnership   netted
approximately  $1,110,600  which was distributed to Limited  Partners along with
the fourth quarter distribution on February 15, 1996. Reference is made to Notes
to Financial  Statements  for a  description  of the book and tax effects of the
sales.

     Lake  Point's   adjusted  cash  from   operations  for  the  year  totalled
approximately  $537,000 in 1995  compared  with  $505,000 in 1994. A significant
amount of leasing led to tenant improvements and leasing commissions of $327,000
for 1995. Lake Point ended 1995 at 98% occupancy,  up from 89% at year-end 1994.
During 1995, an early renewal was executed with a tenant occupying 27,360 square
feet, 20% of total space,  extending the original maturity date of 1997 to 2007.
Additionally,  14,988 square feet of vacant space was leased and lease  renewals
representing   22,120  square  feet  were  executed.   For  1996,   five  leases
representing  29,204 square feet are set to expire, of which 23,799 is scheduled
to be  renewed.  Of the  renewals  scheduled,  52% is from one tenant  currently
occupying  12,278  square  feet.  Negotiations  to renew the  lease are  already
underway and are expected to be concluded well in advance

                                                                 11

<PAGE>



of the current  expiration  date of August 1996.  New leasing or expansions  are
scheduled to total 7,565 square feet.  Based on the leasing planned during 1996,
tenant  improvements and leasing  commissions have been estimated to approximate
$312,000, to be funded by cash from operations.  Additionally roof repairs and a
plumbing project have been estimated at $68,000,  also to be funded by cash from
operations.

     Woodlands Plaza  generated  adjusted cash from operations of $487,000 after
$148,000 of leasing commissions,  tenant improvements and capital  expenditures,
versus a deficit  of $9,000  for  1994.  An  extensive  amount  of  leasing  was
completed  during 1994  (16,608  square  feet of space was leased) and  included
approximately  $305,000  of  leasing  costs and  capital  improvements.  Leasing
exposure for 1995  included  24,168  square feet,  or 34% of net rentable  area,
including  an  early  termination  of a  10,319  square  foot  tenant.  Physical
occupancy  of 92% at the  beginning  of the year  dropped to 75% by December 31,
1995.  During  the  second  quarter  of  1995,  a lease  was  signed  with Dun &
Bradstreet  for 11,101  square feet to replace the 10,319 square feet vacated by
Magnum  Mortgage.  The  Partnership  benefited from an early  termination fee of
$190,000 collected from Magnum Mortgage. Two leases, accounting for 3,522 square
feet,  were renewed  during 1995, one new lease for 2,040 square feet was signed
and  leases   representing   11,741  square  feet  expired  without  renewal  or
replacement.  A new five year lease for 14,048  square  feet,  not  included  in
year-end 1995 occupancy,  was signed during December 1995 by Mosby Year Book for
occupancy by the second quarter of 1996.  Rent will  approximate  $16 per square
foot with $11 per square foot in tenant improvements. Leasing exposure for 1996,
two tenants  representing  16,590  square feet,  23% of total space,  and 30% of
gross annual  rent,  is minimal as both leases are expected to renew with slight
increases in base rent. Commissions and tenant improvements for the two renewals
are estimated to  approximate  $198,000.  In addition,  costs for the Mosby Year
Book lease and the two December 1995 renewals are estimated to be funded in 1996
at a total cost of $255,860.  Based on current estimates,  leasing costs will be
funded by cash from property operations.

     Westford Corporate Center is owned by a joint venture  partnership in which
the Partnership owns a 26.08% equity  investment.  Adjusted cash from operations
at Westford Corporate Center for 1995 was $1,155,000  ($301,000  attributable to
the Partnership's  interest) after capital  expenditures of $44,000.  During the
year one of the two existing  tenants  expanded  into space  vacated by a former
tenant.  The property  remains at 100%  occupancy.  Cash flow from operations in
1996 is expected to be similar to 1995, with no capital expenditures planned.

     The  Partnership's  strategy  includes property sales in two to three years
for each of the Partnership's  wholly owned properties.  The Westford  property,
26.08%  owned  through a joint  venture,  may have to be held until the existing
tenants'  leases reach  expiration and are renewed or the space is leased to new
tenants in 1999 or 2000.

RESULTS OF OPERATIONS

     Partnership net operating  income,  (total revenue less property  operating
expenses,  general and  administrative  expenses and fees and  reimbursements to
affiliates  and  exclusive  of the  Partnership's  share of the joint  venture),
increased in 1995 to approximately $1,407,000 versus approximately $1,024,000 in
1994.

     At Lake Point,  net operating income  increased  approximately  $150,000 in
1995.  The  increase  was  primarily  attributable  to a rise in  rental  income
resulting from new leasing activity.

     Woodlands  Plaza's net operating  income increased in 1995 by approximately
$338,000  over  1994,  due to a rise in rental  income  from  extensive  leasing
activity in the latter half of 1994,  and  $230,000  of lease  termination  fees
collected in 1995.

     At Westside  Industrials,  net operating income was lower in 1995 than 1994
by  approximately  $66,000.  Revenues  declined  in 1995  because of the sale of
buildings  #1 and #2 in April 1994 and the loss of three  unreplaced  tenants in
the second half of 1994 occupying 12,600 square feet. In addition,  1994 revenue
included the residual of a 1993 lease termination fee. Offsetting the decline in
revenue was a reduction in property  operating  expenses because of the property
sale and because of the nonrecurring  exterior painting and landscaping projects
completed in 1994.


                                                                 12

<PAGE>



     A majority of the balance of the change in net  operating  income from 1994
to 1995 represents Partnership  management fees and interest income.  Management
fees are based on adjusted cash from operations, which increased in 1995.

RESULTS - 1995 COMPARED WITH 1994

     Rental  income  increased  by  approximately  $360,000  for the year  ended
December 31, 1995, as compared  with 1994, as a result of the tenant  changes at
each of the  Partnership's  properties.  Rental  income at  Woodlands  increased
approximately  $348,000  for the year due to  revenues  generated  by  extensive
leasing  activity at the property during 1994 and three lease  termination  fees
totalling  $230,000  received during 1995. At Westside,  rental income decreased
approximately  $104,000 due to the sale of buildings #1 and #2 in April 1994 and
the loss of unreplaced  tenants  occupying 12,600 square feet in the latter half
of 1994. In addition,  Westside's  1994 revenue  included the residual of a 1993
lease  termination  fee.  Rental  income at Lake Point  increased  approximately
$116,000  for the year due to an  increase  in  scheduled  rent  resulting  from
leasing activity.

     The  increase in other  income for the year ended  December  31,  1995,  as
compared with 1994, was primarily the result of expense charge-back  billings to
the new tenants at Lake Point as allowed by the negotiated lease terms.

     The increase in interest  income for the year ended  December 31, 1995,  as
compared  with 1994,  was the result of an increase  in interest  rates on short
term investments combined with higher average cash balances.

     Property operating expenses decreased for the year ended December 31, 1995,
as  compared  with  1994,  as a result  of the  partial  sales of  Westside.  In
addition,  Westside incurred  nonrecurring repairs and maintenance costs in 1994
due to exterior  painting  and  landscaping  projects.  An increase in operating
expenses at Woodlands was primarily due to property management fees (earned as a
percentage of revenues) coupled with expenses for one-time maintenance and space
planning  projects.  In addition,  Woodland's  incurred  additional  utility and
janitorial expenses due to a higher level of occupancy. Woodlands recorded lower
property tax  expenses as a result of a successful  property tax appeal in 1995.
Property  operating  expenses  increased  slightly at Lake Point due to property
management fees (earned as a percentage of revenues).

     The increase in fees and  reimbursements  to affiliates  for the year ended
December  31,  1995,  as  compared  to  1994,  was  primarily  due to  increased
partnership  management  fees as a result of an increase  in adjusted  cash from
operations.

     Depreciation  and  amortization  increased for the year ended  December 31,
1995,  as compared  with 1994,  due primarily to  accelerated  depreciation  and
amortization  of assets  associated  with vacated  tenants at Woodlands and as a
result of new  tenant  improvements  at Lake  Point.  Partially  offsetting  the
increase was a decrease in depreciation and amortization expense at Westside due
to the sale of buildings #1 and #2 in April 1994 and building #6 in April 1995.

     The gains on sale were the result of the  Westside  sales of building #6 in
April 1995 and buildings #3, #4 and #5 in December  1995.  The sale of buildings
#1 and #2 occurred in April 1994.

     The joint venture operations improved for the year ended December 31, 1995,
as  compared  with 1994,  due to a tenant's  expansions  in the second and third
quarters of 1994.


RESULTS - 1994 COMPARED WITH 1993

     Rental  income  decreased  by  approximately  $203,000  for the year  ended
December  31, 1994,  as compared  with 1993,  as a result of the tenant  changes
which have  decreased  rental  income at each of the  Partnership's  properties.
Rental  income  at  Woodlands  Plaza  decreased  approximately  $37,000  due  to
decreased  average  occupancy at the  property.  In addition,  during the second
quarter of 1993, a tenant at Woodlands paid a premium to extend their  occupancy
beyond  the lease  expiration  date.  At  Westside  Industrials,  rental  income
decreased approximately $118,000, due to the loss of income from a lease buy-out
negotiated as part of an early  termination  in 1993, the loss of 7,560 occupied
square feet from the sale of buildings #1 and #2 in April 1994,  and the loss of
tenants occupying

                                                                 13

<PAGE>



12,600  square  feet in the  latter  half of 1994.  Rental  income at Lake Point
decreased  approximately  $48,000 due to decreased average occupancy and renewal
of several tenants at lower rates in the second quarter of 1994.

     Other income  decreased  approximately  $75,000 for the year ended December
31,  1994,  as compared  with 1993.  The  decrease  was due  primarily  to lower
recoveries  of operating  expenses and taxes at  Woodlands  and Lake Point.  The
decrease was expected at Woodlands as base years have taken the place of expense
stops on new and renewed  leases in  addition to an overall  drop in expenses at
the property. The decrease at Lake Point was due to decreased average occupancy.
In addition, 1993 includes a $10,000 forfeited security deposit from the buy-out
agreement at Westside.

     The increase in interest  income for the year ended  December 31, 1994,  as
compared with 1993, was the result of an increase in the  Partnership's  average
cash balance  attributable to the net proceeds from the sale of buildings #1 and
#2 of the Westside property and an increase in rates during the year.

     Property  operating  expenses decreased overall as a result of decreases at
Westside and  Woodlands  for the year ended  December 31, 1994, as compared with
1993.  The total  decrease at Westside was due to lower repairs and  maintenance
and  property  tax  costs  resulting  from the sale of  buildings  #1 and #2. In
addition,  Westside's 1993 results  included  plumbing  expenses and parking lot
lighting. The decrease was partially offset by exterior painting expenditures at
Westside  incurred  in 1994.  The  decrease at  Woodlands  was  attributable  to
nonrecurring parking lot repairs made during 1993 and decreased utility usage as
a result  of  occupancy  changes  in 1994.  At Lake  Point,  real  estate  taxes
increased  in 1994 as a result of an  increase in the  assessment  value and the
mill rate.

     Depreciation  and  amortization  decreased for the year ended  December 31,
1994,  as  compared  with 1993,  due to the  expiration  of the useful  lives of
certain assets.

     In 1994 the Partnership  recorded  impairment  losses relative to Woodlands
Plaza and  Westside  due to  estimated  future cash flow  declines  reflecting a
change in the estimated  holding period of the Woodlands  property and increased
capital expenditures and leasing costs at Westside.

     The improvement in operating  results by the joint venture property for the
year ended  December 31, 1994, as compared with 1993,  was due to the new tenant
which took occupancy in October 1993 and its subsequent  expansions in April and
September 1994.

     The gain on sale was the result of the sale of  buildings  #1 and #2 of the
Westside property in April 1994.

INFLATION

     With  inflation at a low rate during 1995,  1994,  and 1993,  the effect of
inflation and changing  prices on current revenue and income from operations has
been minimal.

     Any significant inflation in future periods may increase rental rates (from
leases to new tenants or renewals  of leases to  existing  tenants)  assuming no
major changes in market  conditions.  At the same time, it is  anticipated  that
property  operating  expenses  will be  similarly  affected.  Assuming  no major
changes in occupancy  levels,  increases in rental  income are expected to cover
inflation  driven  increases  in the cost of  operating  the  properties  and in
property taxes.

     Inflation may also contribute to capital  appreciation of the Partnership's
investment  properties  over a period  of time as rental  rates and  replacement
costs of properties increase.

     The recapture and escalation clauses that exist on certain of the leases at
each of the  Partnership's  properties  offer the  Partnership  some  protection
against inflation. Escalation clauses offset the increases in operating expenses
under  inflation.  As operating  expenses  increase due to inflation so will the
escalation revenues due to the Partnership,

                                                                 14

<PAGE>



offsetting,  at least in part,  the increase in total  expenses.  The  recapture
provisions  protect the Partnership from rising costs of common area maintenance
as well as taxes  and  other  operating  expenses  by  passing  these  increases
through, at least partially, to the lessees.


                                                                 15

<PAGE>

<TABLE>
<CAPTION>

ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

                                     CONNECTICUT GENERAL EQUITY PROPERTIES-I LIMITED PARTNERSHIP
                                                 (A CONNECTICUT LIMITED PARTNERSHIP)

                                                                INDEX
<S>                                                                                                                        <C>
                                                                                                                           PAGE
                                                                                                                       
Report of Independent Accountants                                                                                           17
Financial Statements:
     Balance Sheets, December 31, 1995 and 1994                                                                             18
     Statements of Operations, For the Years Ended December 31, 1995, 1994 and 1993                                         19
     Statements of Partners' Capital (Deficit), For the Years Ended December 31, 1995, 1994 and 1993                        20
     Statements of Cash Flows, For the Years Ended December 31, 1995, 1994 and 1993                                         21
     Notes to Financial Statements                                                                                          22

Schedules:
     III - Real Estate and Accumulated Depreciation, December 31, 1995                                                      28


Schedules not filed:
     All schedules  other than those indicated in the index have been omitted as
the required  information is inapplicable or the information is presented in the
financial statements or related notes.
</TABLE>

<TABLE>
<CAPTION>
                                     CONNECTICUT GENERAL EQUITY PROPERTIES-I LIMITED PARTNERSHIP
                                                       UNCONSOLIDATED VENTURE

                                                       WESTFORD OFFICE VENTURE

                                                                INDEX
<S>                                                                                                                        <C>
                                                                                                                           PAGE

Report of Independent Accountants                                                                                           30
Financial Statements:
     Balance Sheets, December 31, 1995 and 1994                                                                             31
     Statements of Operations, For the Years Ended December 31, 1995, 1994 and 1993                                         32
     Statements of Partners' Capital, For the Years Ended December 31, 1995, 1994 and 1993                                  33
     Statements of Cash Flows, For the Years Ended December 31, 1995, 1994 and 1993                                         34
     Notes to Financial Statements                                                                                          35

Schedules:
     III - Real Estate and Accumulated Depreciation, December 31, 1995                                                      39


Schedules not filed:
     All schedules  other than those indicated in the index have been omitted as
the required  information is inapplicable or the information is presented in the
financial statements or related notes.

</TABLE>
                                                                 16

<PAGE>



                        REPORT OF INDEPENDENT ACCOUNTANTS


To the Partners of
 Connecticut General Equity Properties-I
 Limited Partnership

In our  opinion,  the  financial  statements  listed in the  accompanying  index
present fairly, in all material respects,  the financial position of Connecticut
General Equity  Properties-I  Limited Partnership at December 31, 1995 and 1994,
and the results of its operations and its cash flows for each of the three years
in the period ended  December 31, 1995, in conformity  with  generally  accepted
accounting principles.  These financial statements are the responsibility of the
Partnership's  management;  our responsibility is to express an opinion on these
financial  statements  based on our  audits.  We  conducted  our audits of these
statements  in accordance  with  generally  accepted  auditing  standards  which
require that we plan and perform the audit to obtain reasonable  assurance about
whether the financial  statements  are free of material  misstatement.  An audit
includes  examining,  on a test  basis,  evidence  supporting  the  amounts  and
disclosures in the financial  statements,  assessing the  accounting  principles
used and  significant  estimates made by management,  and evaluating the overall
financial  statement  presentation.   We  believe  that  our  audits  provide  a
reasonable basis for the opinion expressed above.




Price Waterhouse LLP
Hartford, Connecticut
February 21, 1996


                                                                 17

<PAGE>

<TABLE>
<CAPTION>

                                     CONNECTICUT GENERAL EQUITY PROPERTIES-I LIMITED PARTNERSHIP
                                                 (A CONNECTICUT LIMITED PARTNERSHIP)

                                                           BALANCE SHEETS

                                                     DECEMBER 31, 1995 AND 1994

<S>                                                                               <C>                       <C>    
                                                               ASSETS                   1995                       1994
                                                               ------                   ----                       ----

Property and improvements, at cost:
     Land and improvements                                                        $     2,533,388           $     2,810,237
     Buildings                                                                         11,904,091                13,002,842
     Tenant improvements                                                                2,872,782                 2,879,677
                                                                                  ---------------           ---------------
                                                                                       17,310,261                18,692,756
     Less accumulated depreciation                                                      6,783,301                 6,686,953
                                                                                  ---------------           ---------------
              Net property and improvements                                            10,526,960                12,005,803

Equity investment in unconsolidated joint venture                                       2,679,392                 3,043,024
Cash and cash equivalents                                                               2,052,475                   368,015
Accounts receivable (net of allowance of $6,535 in 1995
 and $1,684 in 1994)                                                                      107,677                    97,349
Prepaid expenses and other assets                                                          27,971                    76,872
Deferred charges, net                                                                     384,586                   295,340
                                                                                  ---------------           ---------------
              Total                                                               $    15,779,061           $    15,886,403
                                                                                  ===============           ===============

                                             LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)

Liabilities:
     Accounts payable and accrued expenses (including $32,837
       in 1995 and $9,324 in 1994 due to affiliates)                              $       161,220           $       220,449
     Tenant security deposits                                                              86,457                   102,076
     Unearned income                                                                       61,649                     6,269
                                                                                  ---------------           ---------------
              Total liabilities                                                           309,326                   328,794
                                                                                  ---------------           ---------------

Partners' capital (deficit):
     General Partner:
         Capital contributions                                                              1,000                     1,000
         Cumulative net income                                                            165,478                   143,212
         Cumulative cash distributions                                                   (167,140)                 (156,705)
                                                                                  ---------------           ----------------
                                                                                             (662)                  (12,493)
                                                                                  ---------------           ---------------
     Limited partners (39,236.25 Units):
         Capital contributions, net of offering costs                                  35,602,279                35,602,279
         Cumulative net income                                                          3,700,536                 2,549,406
         Cumulative cash distributions                                                (23,832,418)              (22,581,583)
                                                                                  ---------------           ---------------
                                                                                       15,470,397                15,570,102
                                                                                  ---------------           ---------------
              Total partners' capital                                                  15,469,735                15,557,609
                                                                                  ---------------           ---------------
              Total                                                               $    15,779,061           $    15,886,403
                                                                                  ===============           ===============



                             The Notes to Financial  Statements  are an integral
part of these statements.
</TABLE>

                                                                 18

<PAGE>

<TABLE>
<CAPTION>

                                     CONNECTICUT GENERAL EQUITY PROPERTIES-I LIMITED PARTNERSHIP
                                                 (A CONNECTICUT LIMITED PARTNERSHIP)

                                                      STATEMENTS OF OPERATIONS

                                        FOR THE YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993


<S>                                                                          <C>                 <C>                <C>       
                                                                                  1995                1994                  1993
                                                                                  ----                ----                  ----

Income:
     Base rental income                                                      $   2,435,302       $   2,075,169      $    2,278,062
     Other operating income                                                        257,244             209,731             284,251
     Interest income                                                                69,277              53,150              38,056
                                                                             -------------       -------------      --------------
                                                                                 2,761,823           2,338,050           2,600,369
                                                                             -------------       -------------      --------------
Expenses:
     Property operating expenses                                                   964,050             981,864           1,024,209
     General and administrative                                                    142,119             151,281             143,965
     Fees and reimbursements to affiliates                                         249,135             181,076             186,304
     Depreciation and amortization                                                 856,048             769,621             859,774
     Loss due to impairment of assets                                                   --             835,000                  --
                                                                             -------------       -------------      --------------
                                                                                 2,211,352           2,918,842           2,214,252
                                                                             -------------       -------------      --------------

         Net partnership operating income (loss)                                   550,471            (580,792)            386,117

Other income:
     Gain on sale of property                                                      464,957             245,873                  --
     Equity interest in joint venture net income                                   157,968             102,427              20,317
                                                                             -------------       -------------      --------------

         Net income (loss)                                                   $   1,173,396       $    (232,492)     $      406,434
                                                                             =============       =============      ==============


Net income (loss):
     General Partner                                                         $      22,266       $      45,368      $        4,064
     Limited partners                                                            1,151,130            (277,860)            402,370
                                                                             -------------       -------------      --------------
                                                                             $   1,173,396       $    (232,492)     $      406,434
                                                                             =============       =============      ==============

Net income (loss) per Unit                                                   $       29.34       $       (7.08)     $        10.26
                                                                             =============       =============      ==============

Cash distributions per Unit                                                  $       31.88       $       48.19      $        29.95
                                                                             =============       =============      ==============










                             The Notes to Financial  Statements  are an integral
part of these statements.
</TABLE>

                                                                 19

<PAGE>

<TABLE>
<CAPTION>

                                     CONNECTICUT GENERAL EQUITY PROPERTIES-I LIMITED PARTNERSHIP
                                                 (A CONNECTICUT LIMITED PARTNERSHIP)

                                              STATEMENTS OF PARTNERS' CAPITAL (DEFICIT)

                                        FOR THE YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993

<S>                                                         <C>                      <C>                     <C>            
                                                               General                      Limited
                                                               Partner                     partners                  Total

Balance (deficit) at December 31, 1992                      $     (40,015)           $   18,511,626          $   18,471,611

Cash distributions                                                (13,573)               (1,175,062)             (1,188,635)

Net income                                                          4,064                   402,370                 406,434
                                                            -------------            --------------          --------------

Balance (deficit) at December 31, 1993                            (49,524)               17,738,934              17,689,410

Cash distributions                                                 (8,337)               (1,890,972)             (1,899,309)

Net income (loss)                                                  45,368                  (277,860)               (232,492)
                                                            -------------            --------------          --------------

Balance (deficit) at December 31, 1994                            (12,493)               15,570,102              15,557,609

Cash distributions                                                (10,435)               (1,250,835)             (1,261,270)

Net income                                                         22,266                 1,151,130               1,173,396
                                                            -------------            --------------          --------------

Balance (deficit) at December 31, 1995                      $        (662)           $   15,470,397          $   15,469,735
                                                            =============            ==============          ==============





















                             The Notes to Financial  Statements  are an integral
part of these statements.
</TABLE>

                                                                 20

<PAGE>

<TABLE>
<CAPTION>

                                     CONNECTICUT GENERAL EQUITY PROPERTIES-I LIMITED PARTNERSHIP
                                                 (A CONNECTICUT LIMITED PARTNERSHIP)

                                                      STATEMENTS OF CASH FLOWS

                                        FOR THE YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993

<S>                                                               <C>                     <C>                       <C>        
                                                                           1995                    1994                     1993
                                                                           ----                    ----                     ----
Cash flows from operating activities:
     Net income (loss)                                            $      1,173,396        $       (232,492)         $      406,434
     Adjustments to reconcile net income (loss) to net
      cash provided by operating activities:
       Loss due to impairment of assets                                         --                 835,000                      --
       Gain on sale of property                                           (464,957)               (245,873)                     --
       Deferred rent credits                                                50,990                  43,252                  63,085
       Depreciation and amortization                                       856,048                 769,621                 859,774
       Equity interest in joint venture net income                        (157,968)               (102,427)                (20,317)
       Accounts receivable                                                 (10,328)                 38,272                 (69,517)
       Accounts payable and accrued expenses                               (18,216)                (66,507)                 21,423
       Other, net                                                           88,662                 (35,936)                 28,531
                                                                  ----------------        ----------------          --------------
         Net cash provided by operating activities                       1,517,627               1,002,910               1,289,413
                                                                  ----------------        ----------------          --------------

Cash flows from investing activities:
     Purchases of property and improvements                               (283,499)               (412,099)               (170,503)
     Payment of leasing commissions                                       (265,056)                (79,587)                (62,376)
     Proceeds from sale of property                                      1,540,400               1,115,100                      --
     Payment of closing costs related to sale of property                  (85,544)                (53,100)                     --
     Distribution from joint venture partnership                           521,600                      --                      --
                                                                  ----------------        ----------------          --------------
         Net cash provided by (used in) investing activities             1,427,901                 570,314                (232,879)
                                                                  ----------------        ----------------          --------------

Cash flows from financing activities:
     Cash distributions to limited partners                             (1,250,633)             (1,890,735)             (1,175,156)
     Cash distributions to General Partner                                 (10,435)                 (8,337)                 (4,604)
                                                                  ----------------        ----------------          --------------
         Net cash used in financing activities                          (1,261,068)             (1,899,072)             (1,179,760)
                                                                  ----------------        ----------------          --------------

Net increase (decrease) in cash and cash equivalents                     1,684,460                (325,848)               (123,226)
Cash and cash equivalents, beginning of year                               368,015                 693,863                 817,089
                                                                  ----------------        ----------------          --------------
Cash and cash equivalents, end of year                            $      2,052,475        $        368,015          $      693,863
                                                                  ================        ================          ==============

Supplemental disclosure of non-cash information:
     Accrued purchase of property and improvements                $          1,804        $         43,019          $       32,000
                                                                  ================        ================          ==============









                             The Notes to Financial  Statements  are an integral
part of these statements.
</TABLE>

                                                                 21

<PAGE>




           CONNECTICUT GENERAL EQUITY PROPERTIES-I LIMITED PARTNERSHIP
                       (A CONNECTICUT LIMITED PARTNERSHIP)

                          NOTES TO FINANCIAL STATEMENTS

1.   ORGANIZATION AND BASIS OF ACCOUNTING

     The General  Partner of  Connecticut  General Equity  Properties-I  Limited
Partnership  (the   "Partnership")  is  Connecticut  General  Realty  Resources,
Inc.-Third  (the "General  Partner"),  an indirect,  wholly owned  subsidiary of
CIGNA Corporation.  The Partnership is a Delaware limited partnership which owns
and operates three  commercial  properties  (including one owned through a joint
venture)  located in  Missouri,  Florida and  Massachusetts.  In  addition,  the
Partnership  owned and  operated a  commercial  property  located in Arizona,  a
portion of which was sold in 1994 with the remainder sold in 1995.

     The  preparation  of financial  statements  in  conformity  with  generally
accepted  accounting  principles  requires  management  to  make  estimates  and
assumptions  that  affect the  reported  amounts of assets and  liabilities  and
disclosure of  contingent  assets and  liabilities  at the date of the financial
statements  and the  reported  amounts  of  revenues  and  expenses  during  the
reporting period. Actual results could differ from those estimates.

     The Partnership's records are maintained on the accrual basis of accounting
for  financial  reporting  purposes  and are  adjusted  for  federal  income tax
reporting.  The net effect of the  adjustments as of December 31, 1995, 1994 and
1993,   principally   relating  to  the  classification  of  syndication  costs,
differences in  depreciation  methods and impairment  losses,  are summarized as
follows:
<TABLE>
<capiton>
                                                 1995                             1994                             1993
                                                 ----                             ----                             ----
<S>                                <C>             <C>             <C>              <C>             <C>              <C>       
                                      Financial           Tax          Financial           Tax          Financial           Tax
                                      Reporting        Reporting       Reporting        Reporting       Reporting       Reporting
     Total assets                  $   15,779,061  $   24,096,319  $    15,886,403  $   24,728,396  $    18,116,233  $   26,239,834
     Partners' capital (deficit):
         General Partner                     (662)        (28,026)         (12,493)        (24,632)         (49,524)        (20,733)
         Limited partners              15,470,397      23,876,718       15,570,102      24,430,553       17,738,934      25,882,197
     Net income (loss) (a):
         General Partner                   22,266           7,041           45,368           4,438            4,064           6,503
         Limited partners               1,151,130         697,000         (277,860)        439,328          402,370         643,807
     Net income (loss) per Unit (a):        29.34           17.76            (7.08)          11.20            10.26           16.41

<FN>
(a)  Included in 1995 is a gain on sale of property  of  $464,957  ($449,775  or
     $11.46 per Unit to limited partners) for financial reporting purposes and a
     loss of $328,484  ($8.29 per Unit) for tax  reporting.  Included in 1994 is
     $835,000 of loss due to impairment of assets for financial  reporting  only
     ($21.07 per Unit) and a gain on sale of property of $245,873  ($195,721  or
     $4.99 per Unit to limited  partners) for financial  reporting and a loss of
     $80,448 ($2.03 per Unit) for tax reporting.
</TABLE>

2.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

A)   PROPERTY AND  IMPROVEMENTS:  Property and  improvements are carried at cost
     less  accumulated  depreciation.  The cost represents the initial  purchase
     price,  subsequent  capitalized  costs and adjustments,  including  certain
     acquisition  expenses and impairment losses.  Amounts received under master
     lease agreements have been treated as a reduction of the related property's
     purchase price. Depreciation on the property and improvements is calculated
     on  the  straight-line  method  based  on the  estimated  useful  lives  of
     buildings and land improvements (15 to 39 years) and tenant  improvements
     (the respective  lease terms).  Maintenance and repair expenses are charged
     to operations as incurred.


                                                                 22

<PAGE>


           CONNECTICUT GENERAL EQUITY PROPERTIES-I LIMITED PARTNERSHIP
                       (A CONNECTICUT LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED




     As a result of inherent  changes in market  values of real estate  property
     and improvements,  the Partnership reviews potential  impairment  annually.
     The undiscounted  future cash flows for each property,  as estimated by the
     Partnership,  is compared to the carrying  value.  If the carrying value is
     greater than the sum of the estimated future  undiscounted  cash flows, and
     deemed other than temporary, an impairment loss is recorded.

     In 1995,  the  Financial  Accounting  Standards  Board issued  Statement of
     Financial  Accounting  Standards No. 121, "Accounting for the Impairment of
     Long-Lived  Assets  and for  Long-Lived  Assets  to be  Disposed  Of"  (the
     "Statement").  Under the Statement, entities should continue to compare the
     sum of the  expected  undiscounted  future net cash  flows to the  carrying
     value of the asset.  If an  impairment  exists,  the  Statement  requires a
     writedown to the fair value. Long-lived assets to be disposed of, including
     real  estate  held for sale,  must be  carried at the lower of cost or fair
     value less costs to sell. In addition, the Statement prohibits depreciation
     of  long-lived  assets to be  disposed.  The  Partnership  will  adopt this
     Statement  in the first  quarter of 1996;  the effect on the  Partnership's
     results of operations, liquidity and financial condition is not expected to
     be material.

B)   EQUITY INVESTMENT IN UNCONSOLIDATED JOINT VENTURE: The Partnership uses the
     equity method of  accounting  with respect to its interest in the Westford
     Office  Venture  (the  "Venture"),  a  joint  venture  partnership  with an
     affiliated limited partnership.

C)   CASH AND CASH EQUIVALENTS:  Short-term investments with a maturity of three
     months  or less at the time of  purchase  are  generally  reported  as cash
     equivalents.

D)   PREPAID EXPENSES AND OTHER ASSETS: Other assets include a receivable from a
     tenant at Lake  Point for  reimbursement  of  tenant  improvement  costs of
     $27,177 and $56,480 at December 31, 1995 and 1994, respectively.

E)   DEFERRED  CHARGES:  Deferred  charges  consist of leasing  commissions  and
     rental  concessions,  which are  being  amortized  using the  straight-line
     method over the respective lease terms.

F)   PARTNERS' CAPITAL:  Offering costs comprised of sales commissions and other
     issuance  expenses have been charged to the partners'  capital  accounts as
     incurred.

G)   INCOME TAXES:  No provision for income taxes has been made as the liability
     for such taxes is that of the partners rather than the Partnership.

H)   BASIS OF  PRESENTATION:  Certain  amounts  in the  1993 and 1994  Financial
     Statements have been reclassified to conform to the 1995 presentation.

3.   INVESTMENT PROPERTIES

     At December 31,  1995,  the  Partnership  owned two  commercial  properties
directly  and a 26.08%  interest  in  another  through a joint  venture  with an
affiliated  partnership.  The  properties  are located in Missouri,  Florida and
Massachusetts.  At December 31, 1995, the properties  were operating with leases
in effect  generally  for a term of three to ten  years.  No  mortgage  debt was
incurred in the purchase of the Partnership's properties.



                                                                 23

<PAGE>


           CONNECTICUT GENERAL EQUITY PROPERTIES-I LIMITED PARTNERSHIP
                       (A CONNECTICUT LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED




     On January 11, 1990, the Partnership sold the Courtyard Shopping Center for
$6,445,363. The carrying value of the center at the time of sale was $5,666,874.
After deducting  closing costs of $233,808,  the Partnership  recorded a gain on
the sale of $544,681.

     On April 15, 1994,  the  Partnership  sold  buildings #1 and #2  (totalling
42,480 square feet) of Westside Industrials for $1,115,100.  The net proceeds to
the Partnership were $1,062,000 after deducting closing costs. The two buildings
had a  carrying  value  of  $816,127  and  the  Partnership  recorded  a gain of
$245,873.

     With  respect to the  Partnership's  accounting  policy for  impairment  of
assets, the Partnership  recognized impairment of asset losses in 1994 and 1992.
In 1994, the Partnership  recorded impairments of $600,000 and $235,000 relative
to Woodlands Plaza and Westside,  respectively. In 1994, the impairment loss for
Westside was the result of an anticipated  decline in estimated future cash flow
resulting from budgeted  increases in capital  expenditures and leasing costs to
cure current and future  vacancies.  For Woodlands Plaza, the estimated  holding
period  of the  property  was  shortened.  In  1992,  the  Partnership  recorded
impairments of $1,100,000 and $700,000 relative to Woodlands Plaza and Westside,
respectively.  Additionally,  in 1992, the Partnership recorded an impairment of
asset loss relative to its joint venture  interest in Westford  Corporate Center
of $991,040.  In 1992,  estimated  future cash flows  declined at Woodlands  and
Westside  reflecting changes in estimated potential revenue from future leasing.
As a result of the  oversupply of space and the continued  downward  pressure on
rental rates in the markets in which these properties  operate,  expected future
rental rates would be renewed and/or negotiated to lower rates. At Westford, the
estimated holding period was reduced.

4.   VENTURE AGREEMENT

     The Partnership has a 26.08% interest in the Westford Office Venture, which
owns the Westford Corporate Center, an office and research/development facility.
The Venture is a joint venture between the Partnership and CIGNA Income Realty-I
Limited Partnership, an affiliated limited partnership.

     Summary financial information for the Venture as of and for the years ended
December 31, 1995, 1994 and 1993 follows:
<TABLE>
<CAPTION>
     <S>                                                          <C>                     <C>                      <C>        
                                                                           1995                    1994                     1993
                                                                           ----                    ----                     ----

     Total assets                                                 $     11,280,276        $     12,671,892         $    12,343,992
     Total liabilities                                                     751,999                 749,320                 814,161

     Total income                                                        1,911,290               1,686,829               1,280,650
     Net income                                                            605,705                 392,741                  77,904
</TABLE>

     Pursuant  to  the  Joint  Venture  Agreement,  net  income  or  loss,  cash
distributions  from operations,  net income and distributable cash from the sale
or  disposition  of the property  are  generally  allocated to the  venturers in
accordance with their percentage capital contributions. Percentage interests are
subject  to change in the  future if any  additional  contributions  made by the
venturers  to the  Venture  are  disproportionate  to their  present  percentage
interests.

     The Venture paid a distribution  to the venturers of $2,000,000 in 1995, of
which the Partnership's  share was $521,600.  No distributions  were made by the
Venture in 1994 or 1993.


                                                                 24

<PAGE>


           CONNECTICUT GENERAL EQUITY PROPERTIES-I LIMITED PARTNERSHIP
                       (A CONNECTICUT LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED





5.   DEFERRED CHARGES

     Deferred charges at December 31, 1995 and 1994 consist of the following:
<TABLE>
<CAPTION>
     <S>                                                                             <C>                       <C>          
                                                                                        1995                       1994
                                                                                        ----                       ----

     Deferred leasing commissions                                                    $    988,388              $    880,435
     Accumulated amortization                                                            (628,194)                 (660,477)
                                                                                     ------------              ------------
                                                                                          360,194                   219,958
     Deferred rent credits                                                                 24,392                    75,382
                                                                                     ------------              ------------
                                                                                     $    384,586              $    295,340
                                                                                     ============              ============
</TABLE>

6.   LEASES

     All of the properties  have leases  currently in effect which are accounted
for as operating leases.  The majority have terms which range from three to five
years.  Following  is a schedule of minimum  annual  future  rentals  based upon
non-cancelable  leases  currently  in effect,  assuming  no  exercise  of tenant
renewal options (does not include leases relative to the Partnership's  interest
in the Westford Office Venture).

         Year ending December 31:

              1996                             $   1,784,170
              1997                                 1,451,156
              1998                                 1,296,565
              1999                                   912,899
              2000                                   672,855
              Thereafter                           3,280,357

     Certain of the leases contain provisions whereby tenants pay their pro rata
share of any increases in common area maintenance,  taxes and operating expenses
over base period amounts.  Pursuant to such provisions,  the Partnership  earned
$244,671 in 1995,  $202,036  in 1994 and  $248,679  in 1993.  These  amounts are
included in other income on the Statement of Operations.

     Generally,  a portion of the net leasable area for  commercial  real estate
properties is occupied by significant  tenants (occupying ten percent or more of
net  leasable  area).  Significant  tenant  information  for  the  Partnership's
investment properties,  including the property owned through a joint venture, is
as follows:  Woodlands  Plaza - two tenants  occupy 31% of net leasable area and
account for 41% of gross rental  revenue;  Lake Point - three tenants occupy 55%
of net leasable area and account for 54% of gross rental revenue; Westford - two
tenants  occupy  100% of the net  leasable  area and  account  for 100% of gross
rental revenue.  Any loss of a significant  tenant could have a material adverse
effect on the  Partnership's  results of  operations.  Although  an  uncertainty
exists  relative  to the  replacement  of a tenant upon early  termination,  the
revenue effect of an early  termination  of a significant  tenant is tempered by
the potential for  termination  fees, and is therefore not likely to be material
to the Partnership's liquidity or financial condition.


                                                                 25

<PAGE>


           CONNECTICUT GENERAL EQUITY PROPERTIES-I LIMITED PARTNERSHIP
                       (A CONNECTICUT LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED




7.   TRANSACTIONS WITH AFFILIATES

     Fees and other expenses incurred by the Partnership  related to the General
Partner or its affiliates  during the periods ended December 31, 1995,  1994 and
1993 are:
<TABLE>
<CAPTION>
     <S>                                                              <C>                     <C>                     <C>      
                                                                           1995                    1994                     1993
                                                                           ----                    ----                     ----

     Partnership management fee(a)                                    $    124,050            $     80,512            $     88,709
     Property management fees(b)(c)                                         55,633                  45,019                  53,197
     Printing                                                               13,504                  11,407                  13,036
     Reimbursement (at cost) for
      out of pocket expenses                                                55,948                  44,138                  31,362
                                                                      ------------            ------------            ------------
                                                                      $    249,135            $    181,076            $    186,304
                                                                      ============            ============            ============
</TABLE>

[FN]
(a)  Includes management fees attributable to the Partnership's  26.08% interest
     in the Westford Office Venture.
[FN]
(b)  Does not include property management fees earned by independent  management
     companies  of  $112,749,  $95,063  and  $105,292  for 1995,  1994 and 1993,
     respectively.  Certain property management services have been contracted by
     an affiliate of the General  Partner on behalf of the  Partnership  and are
     paid directly by the Partnership to the third party companies.
[FN]
(c)  Does not include management fees earned by an affiliate of $14,577, $13,210
     and  $9,351  attributable  to  the  Partnership's  26.08%  interest  in the
     Westford  Office  Venture for the years ended  December 31, 1995,  1994 and
     1993, respectively.

8.   PARTNERS' CAPITAL

     During 1991, the State of Connecticut  enacted  income tax  legislation,  a
part of which affects partnerships. The portfolio income allocations made by the
Partnership to the limited partners are considered  Connecticut based income and
subject to Connecticut  tax. The  Partnership  has elected to pay the tax due on
the limited partners' share of portfolio income and, therefore,  paid tax due of
$561 directly to the State of  Connecticut  in April 1995 for the 1994 Form CT-G
Connecticut  Group  Income Tax Return.  The  Partnership  also  accrued the 1995
estimated payment of $763 as of December 31, 1995. These amounts were treated as
reductions  of  partners'   capital  and  reported  as   distributions   in  the
accompanying financial statements.

9.   SALE OF INVESTMENT PROPERTY

     The sale of the remaining  buildings of Westside  Industrials was completed
through  two  separate  sales in 1995.  On April 27, 1995 the  Partnership  sold
building #6 (totalling  12,600 square feet) for a gross sales price of $365,400.
The carrying  value of the property was  $257,629 for  financial  reporting  and
$373,010  for tax  reporting.  After  deducting  closing  costs of $24,372,  the
Partnership  recorded a gain of $83,399 for  financial  reporting  and a loss of
$31,982  for tax  reporting.  On  December  26,  1995 the  Partnership  sold the
remaining three  buildings,  #3, 4 and 5 (totalling  50,480 square feet),  for a
gross sales price of $1,175,000. The carrying value of the property was $729,032
for financial  reporting  and  $1,407,091  for tax  reporting.  After  deducting
closing costs of $61,173 and leasing  commissions paid at closing of $3,237, the
Partnership recorded a gain of $381,558 for financial reporting

                                                                 26

<PAGE>


           CONNECTICUT GENERAL EQUITY PROPERTIES-I LIMITED PARTNERSHIP
                       (A CONNECTICUT LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED



and a loss of $296,502 for tax reporting.

10.  FAIR VALUE OF FINANCIAL INSTRUMENTS

     Statement of Financial  Accounting  Standards No. 107,  "Disclosures  about
Fair Value of  Financial  Instruments,"  defines  the fair value of a  financial
instrument as the amount at which the instrument could be exchanged in a current
transaction  between willing parties.  The carrying amounts of the Partnership's
financial  instruments,  cash, accounts  receivable,  other assets, and accounts
payable and accrued  liabilities,  approximate  fair value  because of the short
maturity of such instruments.

11.   PARTNERSHIP AGREEMENT

      Pursuant to the terms of the Partnership Agreement, net income or loss and
cash distributions  from operations,  as well as any net losses arising from the
sale or  disposition  of  investment  properties  are to be  allocated 1% to the
General  Partner  and  99% to  the  Limited  Partners.  Cash  distributions  are
allocated to the Partners  following  the receipt by an affiliate of the General
Partner  of  a  partnership   management  fee  of  9%  of  "Adjusted  Cash  From
Operations", as defined in the Partnership Agreement.

      Distributable  cash from the sale or disposition of investment  properties
is to be generally allocated in the following order:

      o  To the Limited Partners up to the amount of their Original Invested 
         Capital;

      o  To the  Limited  Partners  in an  amount  which,  when  added  to prior
         distributions from operations,  equals a 10% cumulative  non-compounded
         return on their Adjusted Invested Capital;

      o  To an affiliate of the General Partner as a Subordinated Disposition 
         Fee; and

      o  With respect to the remainder, 85% to the Limited Partners and 15% to
         the General Partner.

      Net income from the sale or disposition of investment  properties is to be
generally allocated as follows:

      o  To each Partner having a deficit  balance in his capital account in the
         same ratio as such deficit  balance  bears to the  aggregate of deficit
         balances of all Partners;

      o  To the Partners in an amount equal to that distributed to them in 
         respect of such sale or disposition; and

      o  With respect to the remainder, 99% to the Limited Partners and 1% to 
         the General Partner.

12.   SUBSEQUENT EVENTS

      On  February  15,  1996,  the  Partnership  paid  a cash  distribution  of
$1,463,905 to the limited partners and $2,108 to the General Partner.

                                                                 27

<PAGE>

<TABLE>
<CAPTION>

                                     CONNECTICUT GENERAL EQUITY PROPERTIES-I LIMITED PARTNERSHIP                        SCHEDULE III
                                                 (A CONNECTICUT LIMITED PARTNERSHIP)

                                              REAL ESTATE AND ACCUMULATED DEPRECIATION

                                                          DECEMBER 31, 1995


===========================================================================================================
                                                                                           Costs
                                                                                  Capitalized Subsequent
                                       Initial Cost to Partnership (A)(B)            to Acquisition (C)
                               ----------------------------------------------------------------------------
<S>                                  <C>                        <C>                 <C>                   
                                     Land and Land                                  Land, Building and
          Description                 Improvements              Buildings               Improvements
-----------------------------------------------------------------------------------------------------------
Woodlands Plaza II                           $ 1,252,294              $ 6,436,730             $  (154,380)
Office Building
St Louis, MO

Lake Point I, II, III                          1,413,971                6,615,761                1,745,885
Service Center
Orlando, FL
-----------------------------------------------------------------------------------------------------------
Totals                                       $ 2,666,265             $ 13,052,491              $ 1,591,505
===========================================================================================================
</TABLE>

<TABLE>
<CAPTION>


===========================================================================================================

                                         Gross Amount at Which Carried at Close of Period (E)(F)
                               ----------------------------------------------------------------------------
<S>                                <C>                <C>              <C>                     <C>        
                                   Land and Land      Building and
          Description              Improvements       Improvements     Tenant Improvements     Total
-----------------------------------------------------------------------------------------------------------
Woodlands Plaza II                        $ 980,294        $ 5,438,878        $ 1,115,472      $ 7,534,644
Office Building
St Louis, MO

Lake Point I, II, III                     1,553,094          6,465,213          1,757,310        9,775,617
Service Center
Orlando, FL
-----------------------------------------------------------------------------------------------------------
Totals                                  $ 2,533,388       $ 11,904,091        $ 2,872,782     $ 17,310,261
===========================================================================================================
</TABLE>


                                                                 28

<PAGE>

<TABLE>
<CAPTION>

                                     CONNECTICUT GENERAL EQUITY PROPERTIES-I LIMITED PARTNERSHIP                        SCHEDULE III
                                                 (A CONNECTICUT LIMITED PARTNERSHIP)

                                        REAL ESTATE AND ACCUMULATED DEPRECIATION (CONTINUED)

                                                          DECEMBER 31, 1995

======================================================================================================================
<S>                            <C>                     <C>                   <C>               <C>                  
                                                                                                   Life on Which
                                                                                               Depreciation in Latest
                                 Accumulated             Date of                               Statement of Operations
        Description            Depreciation (G)        Construction          Date Acquired          is Computed
----------------------------------------------------------------------------------------------------------------------
Woodlands Plaza II                     $ 3,249,907         1983                 10/15/84            2-39 years
Office Building
St Louis, MO

Lake Point I, II, III                    3,533,394         1985                 07/31/86            2-39 years
Service Center
Orlando, FL
----------------------------------------------------------------------------------------------------------------------
Totals                                 $ 6,783,301
======================================================================================================================
</TABLE>

[FN]
(A)  The cost to the  Partnership  represents the initial  purchase price of the
     properties  including certain acquisition fees and expenses.  In accordance
     with the  Partnership  Agreement,  all  properties  were  acquired  without
     incurring any mortgage debt.
[FN]
(B)  The  Partnership  received  $475,617  and  $1,294,910  from the  sellers of
     Woodlands  Plaza II and Lake Point I, II, III,  respectively,  under master
     lease agreements,  which were treated as a reduction of initial cost to the
     Partnership.
[FN]
(C)  Included in Costs  Capitalized  Subsequent to Acquisition are impairment of
     assets losses for Woodlands Plaza II in the amount of $600,000 for 1994 and
     $1,100,000  for 1992.
[FN]
(D)  Includes the sale of two of the six buildings at
     Westside  Industrials  during  1994  and  the  sale of the  remaining  four
     buildings  in 1995.
[FN]
(E)  The  aggregate  cost of the real  estate  owned at December  31, 1995 for 
     federal  income tax  purposes  is  $19,999,715.
[FN]
(F)  Reconciliation of real estate owned:

<TABLE>
<CAPTION>
<S>                                   <C>                   <C>                    <C>            
=================================================================================================
         Description                  1995                  1994                   1993
=================================================================================================
Balance at beginning of period         $ 18,692,756          $ 20,221,872            $20,019,369

Additions during period                     242,284               423,118                202,503

Reductions during period (C)(D)         (1,624,779)           (1,952,234)                     --
-------------------------------------------------------------------------------------------------
Balance at end of period               $ 17,310,261          $ 18,692,756           $ 20,221,872
=================================================================================================
<FN>
(G) Reconciliation of accumulated depreciation:

=================================================================================================
         Description                  1995                  1994                   1993
=================================================================================================
Balance at beginning of period          $ 6,686,953           $ 6,296,738             $5,532,115

Additions during period                     736,049               692,861                764,623

Reductions during period (D)              (639,701)             (302,646)                     --
-------------------------------------------------------------------------------------------------
Balance at end of period                $ 6,783,301            $6,686,953            $ 6,296,738
=================================================================================================


                                                                 29
</TABLE>
<PAGE>



                        REPORT OF INDEPENDENT ACCOUNTANTS


To the Partners of
 Connecticut General Equity Properties-I
 Limited Partnership


In our opinion,  the financial  statements listed in the accompanying index (see
page 16) present fairly,  in all material  respects,  the financial  position of
Westford  Office  Venture at December 31, 1995 and 1994,  and the results of its
operations  and its cash flows for each of the three  years in the period  ended
December 31, 1995, in conformity with generally accepted accounting  principles.
These  financial   statements  are  the   responsibility  of  the  Partnership's
management;  our  responsibility  is to express  an  opinion on these  financial
statements  based on our audits.  We conducted our audits of these statements in
accordance with generally accepted auditing standards which require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement.  An audit includes examining, on a
test basis,  evidence  supporting  the amounts and  disclosures in the financial
statements,  assessing the accounting  principles used and significant estimates
made by management, and evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for the opinion  expressed
above.




Price Waterhouse LLP
Hartford, Connecticut
February 21, 1996

                                                                 30

<PAGE>

<TABLE>
<CAPTION>

                                     CONNECTICUT GENERAL EQUITY PROPERTIES-I LIMITED PARTNERSHIP
                                                       UNCONSOLIDATED VENTURE

                                                       WESTFORD OFFICE VENTURE

                                                           BALANCE SHEETS

                                                     DECEMBER 31, 1995 AND 1994

<S>                                                                                <C>                       <C>               
                                                               ASSETS                    1995                      1994
                                                               ------                    ----                      ----

Property and improvements, at cost:
     Land and improvements                                                         $    2,546,078            $    2,501,875
     Buildings                                                                         10,716,382                10,716,382
     Tenant improvements                                                                1,492,102                 1,492,102
                                                                                   --------------            --------------
                                                                                       14,754,562                14,710,359
     Less accumulated depreciation                                                      4,726,178                 4,209,052
                                                                                   --------------            --------------
              Net property and improvements                                            10,028,384                10,501,307

Cash and cash equivalents                                                               1,055,936                 1,901,019
Accounts receivable                                                                           608                       885
Prepaid expenses and other assets                                                           2,600                    16,401
Deferred charges, net                                                                     192,748                   252,280
                                                                                   --------------            --------------
              Total                                                                $   11,280,276            $   12,671,892
                                                                                   ==============            ==============

                                                  LIABILITIES AND PARTNERS' CAPITAL


Liabilities:
     Accounts payable and accrued expenses (including $8,731
       in 1995 and $9,317 in 1994 due to affiliates)                               $       27,327            $       24,648
     Deferred acquisition fees payable to affiliate                                       724,672                   724,672
                                                                                   --------------            --------------
              Total liabilities                                                           751,999                   749,320
                                                                                   --------------            --------------

Partners' capital:
     CGEP:
         Capital contributions                                                          4,718,527                 4,718,527
         Cumulative cash distributions                                                 (2,347,200)               (1,825,600)
         Cumulative net income                                                            308,065                   150,097
                                                                                   --------------            --------------
                                                                                        2,679,392                 3,043,024
                                                                                   --------------            --------------
     CIR:
         Capital contributions                                                         13,439,197                13,439,197
         Cumulative cash distributions                                                 (6,652,800)               (5,174,400)
         Cumulative net income                                                          1,062,488                   614,751
                                                                                   --------------            --------------
                                                                                        7,848,885                 8,879,548
                                                                                   --------------            --------------
              Total partners' capital                                                  10,528,277                11,922,572
                                                                                   --------------            --------------
              Total                                                                $   11,280,276            $   12,671,892
                                                                                   ==============            ==============




                             The Notes to Financial  Statements  are an integral
part of these statements.
</TABLE>

                                                                 31

<PAGE>

<TABLE>
<CAPTION>

                                     CONNECTICUT GENERAL EQUITY PROPERTIES-I LIMITED PARTNERSHIP
                                                       UNCONSOLIDATED VENTURE

                                                       WESTFORD OFFICE VENTURE

                                                      STATEMENTS OF OPERATIONS

                                        FOR THE YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993

<S>                                                                  <C>                     <C>                    <C>       
                                                                           1995                    1994                     1993
                                                                           ----                    ----                     ----
Income:
     Base rental income                                              $   1,481,811           $   1,342,969          $    1,121,765
     Other income                                                          376,258                 288,888                 130,370
     Interest income                                                        53,221                  54,972                  28,515
                                                                     -------------           -------------          --------------
                                                                         1,911,290               1,686,829               1,280,650
                                                                     -------------           -------------          --------------

Expenses:
     Property operating expenses                                           597,935                 633,601                 608,323
     General and administrative                                             75,097                  57,198                  54,125
     Fees and reimbursements to affiliates                                  55,895                  50,651                  35,855
     Depreciation and amortization                                         576,658                 552,638                 504,443
                                                                     -------------           -------------          --------------
                                                                         1,305,585               1,294,088               1,202,746
                                                                     -------------           -------------          --------------

         Net income                                                  $     605,705           $     392,741          $       77,904
                                                                     =============           =============          ==============


Net income:
     CGEP                                                            $     157,968           $     102,427          $       20,317
     CIR                                                                   447,737                 290,314                  57,587
                                                                     -------------           -------------          --------------
                                                                     $     605,705           $     392,741          $       77,904
                                                                     =============           =============          ==============





















                             The Notes to Financial  Statements  are an integral
part of these statements.
</TABLE>

                                                                 32

<PAGE>

<TABLE>
<CAPTION>


                                     CONNECTICUT GENERAL EQUITY PROPERTIES-I LIMITED PARTNERSHIP
                                                       UNCONSOLIDATED VENTURE

                                                       WESTFORD OFFICE VENTURE

                                                   STATEMENTS OF PARTNERS' CAPITAL

                                        FOR THE YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993

<S>                                                         <C>                      <C>                     <C>             
                                                                CGEP                          CIR                    Total

Balance at December 31, 1992                                $   2,920,280            $    8,531,647          $   11,451,927

Net income                                                         20,317                    57,587                  77,904
                                                            -------------            --------------          --------------

Balance at December 31, 1993                                    2,940,597                 8,589,234              11,529,831

Net income                                                        102,427                   290,314                 392,741
                                                            -------------            --------------          --------------

Balance at December 31, 1994                                    3,043,024                 8,879,548              11,922,572

Net income                                                        157,968                   447,737                 605,705

Cash distributions                                               (521,600)               (1,478,400)             (2,000,000)
                                                            -------------            --------------          --------------

Balance at December 31, 1995                                $   2,679,392            $    7,848,885          $   10,528,277
                                                            =============            ==============          ==============
























                             The Notes to Financial  Statements  are an integral
part of these statements.
</TABLE>

                                                                 33

<PAGE>

<TABLE>
<CAPTION>


                                     CONNECTICUT GENERAL EQUITY PROPERTIES-I LIMITED PARTNERSHIP
                                                       UNCONSOLIDATED VENTURE

                                                       WESTFORD OFFICE VENTURE

                                                      STATEMENTS OF CASH FLOWS

                                        FOR THE YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993

<S>                                                                  <C>                     <C>                     <C>     
                                                                           1995                    1994                     1993
                                                                           ----                    ----                     ----

Cash flows from operating activities:
     Net income                                                      $     605,705           $     392,741           $      77,904
     Adjustments to reconcile net income to
      net cash provided by operating activities:
         Depreciation and amortization                                     576,658                 552,638                 504,443
         Accounts receivable                                                   277                 117,497                (118,382)
         Accounts payable and accrued expenses                               2,679                 (33,616)                 (1,742)
         Other, net                                                         13,801                 (13,463)                 10,017
                                                                     -------------           -------------           -------------
              Net cash provided by operating activities                  1,199,120               1,015,797                 472,240
                                                                     -------------           -------------           -------------

Cash flows from investing activities:
     Purchases of property and improvements                                (44,203)               (248,005)               (119,429)
     Payment of leasing commissions                                             --                 (39,758)                (41,715)
                                                                     -------------           -------------           -------------
              Net cash used in investing activities                        (44,203)               (287,763)               (161,144)
                                                                     -------------           -------------           -------------

Cash flows from financing activities:
     Cash distribution to venture partners                              (2,000,000)                     --                      --
                                                                     -------------           -------------           -------------
              Net cash used in financing activities                     (2,000,000)                     --                      --
                                                                     -------------           -------------           -------------

Net increase (decrease) in cash and cash equivalents                      (845,083)                728,034                 311,096
Cash and cash equivalents, beginning of year                             1,901,019               1,172,985                 861,889
                                                                     -------------           -------------           -------------
Cash and cash equivalents, end of year                               $   1,055,936           $   1,901,019           $   1,172,985
                                                                     =============           =============           =============


Supplemental disclosure of non-cash information:
     Accrued purchase of property and improvements                   $          --           $          --           $      31,225
                                                                     =============           =============           =============













                             The Notes to Financial  Statements  are an integral
part of these statements.
</TABLE>

                                                                 34

<PAGE>




           CONNECTICUT GENERAL EQUITY PROPERTIES-I LIMITED PARTNERSHIP
                             UNCONSOLIDATED VENTURE

                             WESTFORD OFFICE VENTURE

                          NOTES TO FINANCIAL STATEMENTS


1.   ORGANIZATION

     Westford Office Venture (the  "Venture") is a joint venture  partnership in
which Connecticut General Equity Properties-I  Limited Partnership ("CGEP") owns
a 26.08%  interest.  The  remaining  73.92%  interest  is held by  CIGNA  Income
Realty-I Limited  Partnership  ("CIR"), an affiliated limited  partnership.  The
Venture   owns   and   operates   a   commercial   property,   an   office   and
research/development facility located in Westford, Massachusetts.

     The  preparation  of financial  statements  in  conformity  with  generally
accepted  accounting  principles  requires  management  to  make  estimates  and
assumptions  that  affect the  reported  amounts of assets and  liabilities  and
disclosure of  contingent  assets and  liabilities  at the date of the financial
statements  and the  reported  amounts  of  revenues  and  expenses  during  the
reporting period. Actual results could differ from those estimates.

2.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

A)   PROPERTY AND  IMPROVEMENTS:  Property and  improvements are carried at cost
     less  accumulated  depreciation.  The cost represents the initial  purchase
     price,  subsequent  capitalized  costs and adjustments,  including  certain
     acquisition expenses and impairment loss. Amounts received under the master
     lease  agreement  from the seller of the  Westford  Corporate  Center  were
     treated as a reduction  of the property  purchase  price.  Depreciation  on
     property and improvements is calculated on the  straight-line  method based
     on the  estimated  useful lives of  buildings  and  improvements  (15 to 39
     years) and tenant  improvements  (the respective lease terms).  Maintenance
     and repair expenses are charged to operations as incurred.

     As a result of  inherent  changes in market  values of real  property,  the
     Partnership reviews potential impairment annually.  The undiscounted future
     cash flows for each property, as estimated by the Partnership,  is compared
     to the carrying value. If the carrying value is greater than the sum of the
     estimated future  undiscounted cash flows, and deemed other than temporary,
     an impairment loss is recognized currently.

     In 1995,  the  Financial  Accounting  Standards  Board issued  Statement of
     Financial  Accounting  Standards No. 121, "Accounting for the Impairment of
     Long-Lived  Assets  and for  Long-Lived  Assets  to be  Disposed  Of"  (the
     "Statement").  Under the Statement, entities should continue to compare the
     sum of the  expected  undiscounted  future net cash  flows to the  carrying
     value of the asset.  If an  impairment  exists,  the  Statement  requires a
     writedown to the fair value. Long-lived assets to be disposed of, including
     real  estate  held for sale,  must be  carried at the lower of cost or fair
     value less costs to sell. In addition, the Statement prohibits depreciation
     of long-lived assets to be disposed.  The Venture will adopt this Statement
     in the first  quarter  of 1996;  the  effect on the  Venture's  results  of
     operations,  liquidity  and  financial  condition  is  not  expected  to be
     material.

B)   CASH AND CASH EQUIVALENTS:  Short-term investments with a maturity of three
     months  or less at the time of  purchase  are  generally  reported  as cash
     equivalents.

C)   DEFERRED  CHARGES:  Deferred  charges  consist of leasing  costs  which are
     amortized using the straight-line method over the respective lease terms.

D)   INCOME TAXES:  No provision for income taxes has been made as the liability
     for such taxes is that of the limited partners of the partnership  involved
     in the Venture.

                                                                 35

<PAGE>




E)   BASIS OF  PRESENTATION:  Certain  amounts  in the  1993 and 1994  Financial
     Statements have been reclassified to conform to the 1995 presentation.

3.   INVESTMENT PROPERTY

     The  Venture  purchased  Westford  Corporate  Center  located in  Westford,
Massachusetts, without incurring any long-term debt.

     The Venture  recognized  an  impairment of asset loss in 1992 of $3,800,000
principally due to a reduction in the estimated holding period.

4.   DEFERRED CHARGES

     Deferred charges at December 31, 1995 and 1994 consist of the following:
<TABLE>
<CAPTION>
     <S>                                                                     <C>                    <C>         
                                                                                  1995                  1994
                                                                                  ----                  ----

     Deferred leasing costs                                                  $   441,543            $  441,543
     Accumulated amortization                                                   (248,795)             (189,263)
                                                                             -----------            ----------
                                                                             $   192,748            $  252,280
                                                                             ===========            ==========
</TABLE>

5.   LEASES

     The property is leased under  leases which are  accounted  for as operating
leases,  having  remaining  lease terms of less than four years.  Following is a
schedule of minimum annual future rentals based upon  non-cancelable  commercial
leases currently in effect, assuming no exercise of tenant renewal options:

     Year ending December 31:

                           1996                        $ 1,425,303
                           1997                          1,425,303
                           1998                          1,425,303
                           1999                            356,326
                           2000 and Thereafter                  --

     Leases  generally  include  provisions for tenants to pay pro rata share of
increases in operating expenses over base period amounts.  During 1995, 1994 and
1993 the Venture earned  $376,258,  $288,888 and $130,370,  respectively,  under
such provisions.  These amounts are included in other income on the Statement of
Operations.

     Generally,  a portion of the net leasable area for  commercial  real estate
properties is occupied by significant  tenants (occupying ten percent or more of
net leasable area).  Significant tenant information for the Venture's investment
property is as follows:  Two tenants  occupy 100% of the net  leasable  area and
account for 100% of gross rental revenue. Any loss of a significant tenant could
have a material adverse effect on the Venture's results of

                                                                 36

<PAGE>


           CONNECTICUT GENERAL EQUITY PROPERTIES-I LIMITED PARTNERSHIP
                             Unconsolidated Venture

                             Westford Office Venture

                    Notes to Financial Statements - Continued


operations.  Although an  uncertainty  exists  relative to the  replacement of a
tenant upon early  termination,  the revenue effect of an early termination of a
significant  tenant is tempered by the potential for  termination  fees,  and is
therefore  not likely to be material to the  Venture's  liquidity  or  financial
condition.

6.   TRANSACTIONS WITH AFFILIATES

     An affiliate of the  venturers  provided  investment  property  acquisition
services in 1986. Fees for such services  totalled  approximately  $1,000,000 in
1986 of which $724,672 will be payable from sales proceeds.

     During 1995,  1994 and 1993,  an  affiliate of the general  partners of the
venturers provided property management services at Westford Corporate Center for
fees totalling  $55,895,  $50,651 and $35,855,  respectively.  In addition,  the
affiliate   contracted  for  on-site  property   management   services  with  an
unaffiliated  third party company on behalf of the Venture.  For the years ended
1995, 1994 and 1993, $52,957,  $50,646 and $35,949 of fees were paid directly by
the Venture to an unaffiliated on-site property manager.

7.   FAIR VALUE OF FINANCIAL INSTRUMENTS

     The following table presents the carrying amounts and estimated fair values
of the  Venture's  financial  instruments  at December  31,  1995.  Statement of
Financial  Accounting  Standards  No.  107,  "Disclosures  about  Fair  Value of
Financial Instruments",  defines the fair value of a financial instrument as the
amount at which  the  instrument  could be  exchanged  in a current  transaction
between willing parties.

<TABLE>
<CAPTION>

<S>                                                                        <C>                     <C>        
                                                                           Carrying                Fair
                                                                           Amount                  Value
ASSETS:
Cash and cash equivalents                                                   1,055,936              1,055,936
Accounts receivable                                                               608                    608
Other assets                                                                    2,600                  2,600

LIABILITIES:
Accounts payable and accrued expenses                                          27,327                 27,327
Deferred acquisition fees due to affiliates                                   724,672                493,200

</TABLE>

     The carrying  amounts  shown in the table are included in the balance sheet
under the indicated captions.

     The following  methods and assumptions were used to estimate the fair value
of each class of financial instruments:

     Cash, Accounts  receivable,  Other assets, and Accounts payable and accrued
     expenses:  The carrying amounts approximate fair value because of the short
     maturity of those instruments.

     Deferred  acquisition fees due to affiliates:  The fair value was estimated
     by  discounting  cash  flows  over  the  estimated  holding  period  of the
     investment property using a market rate.

                                                                 37

<PAGE>


           CONNECTICUT GENERAL EQUITY PROPERTIES-I LIMITED PARTNERSHIP
                             Unconsolidated Venture

                             Westford Office Venture

                    Notes to Financial Statements - Continued





8.   JOINT VENTURE AGREEMENT

     Pursuant to the Joint Venture Agreement,  results of operations,  including
net income or loss and cash  distributions,  shall generally be allocated to the
venturers in  proportion to their  percentage  capital  contributions.  However,
certain  acquisition-related  expenses  incurred  by  each  venture  partner  in
acquiring its interest in the Venture have been recorded in the Venture's books.
The related  expense or  depreciation  of such amounts has been allocated to the
respective venture partner who incurred the expense.

     Net income and distributable  cash from the sale or disposition of property
shall be allocated in the following order:

     o   To the venturers  having negative  capital account balances pro rata in
         proportion to their negative capital accounts; and

     o   To the  venturers in an amount  necessary  so that the capital  account
         balances of the venturers  shall be in  proportion to their  respective
         percentage interests.

                                                                 38

<PAGE>

<TABLE>
<CAPTION>

                                     CONNECTICUT GENERAL EQUITY PROPERTIES-I LIMITED PARTNERSHIP                        SCHEDULE III
                                                      (UNCONSOLIDATED VENTURE)

                                                       WESTFORD OFFICE VENTURE

                                              REAL ESTATE AND ACCUMULATED DEPRECIATION

                                                          DECEMBER 31, 1995

=============================================================================================================

                                                  Initial Cost                    Costs Capitalized Subsequent
                                                to Venture (A)(B)                     to Acquisition (C)

          
                               ------------------------------------------------------------------------------
<S>                                  <C>                        <C>                   <C>                    
                                     Land and Land                                    Land, Building and
             Description             Improvements              Buildings                Improvements
=============================================================================================================
Westford Corporate Center                     $3,223,875              $13,759,689              $ (2,229,002)
Westford, MA
=============================================================================================================
</TABLE>

<TABLE>
<CAPTION>

==============================================================================================================

                                           Gross Amount at Which Carried at Close of Period (D)(E)
                               -------------------------------------------------------------------------------
<S>                                <C>                <C>              <C>                       <C>        
                                   Land and Land      Building and
          Description              Improvements       Improvements     Tenant Improvements       Total
--------------------------------------------------------------------------------------------------------------
Westford Corporate Center               $ 2,546,078       $ 10,716,382        $ 1,492,102        $ 14,754,562
Westford, MA
==============================================================================================================
</TABLE>

<TABLE>
<CAPTION>
==============================================================================================================
<S>                              <C>                  <C>                <C>              <C>                
                                                                                             Life on Which
                                                                                            Depreciation in
                                                                                          Latest Statement of
                                    Accumulated          Date of                             Operations is
          Description            Depreciation (F)     Construction       Date Acquired         Computed
--------------------------------------------------------------------------------------------------------------
Westford Corporate Center               $ 4,726,178       1986              09/11/86         2-39 years
Westford, MA
==============================================================================================================
</TABLE>

[FN]
(A)  The  cost to the  Venture  represents  the  initial  purchase  price of the
     properties  including certain acquisition fees and expenses.  In accordance
     with the  Joint  Venture  Agreement,  the  property  was  acquired  without
     incurring any mortgage debt.
[FN]
(B)  The Venture  received  $245,531  under a Master Lease  Agreement, which was
     treated as a  reduction  of  initial  cost to  Venture.
[FN]
(C)  Included  in  Costs  Capitalized   Subsequent  to  Acquisition  is  an
     impairment of assets loss in the amount of $3,800,000.
[FN]
(D)  The aggregate cost of the real estate  owned at December  31, 1995 for
     federal  income tax purposes is $18,554,563.
[FN]
(E)  Reconciliation of real estate owned:

<TABLE>
<CAPTION>
<S>                                   <C>                   <C>                    <C>            
=================================================================================================
         Description                  1995                  1994                   1993
=================================================================================================
Balance at beginning of period         $ 14,710,359          $ 14,493,579           $ 14,342,925

Additions during period                      44,203               216,780                150,654
-------------------------------------------------------------------------------------------------
Balance at end of period               $ 14,754,562          $ 14,710,359           $ 14,493,579
=================================================================================================
<FN>
(F) Reconciliation of accumulated depreciation:

=================================================================================================
         Description                  1995                  1994                   1993
=================================================================================================
Balance at beginning of period          $ 4,209,052           $ 3,712,142            $ 3,254,267

Additions during period                     517,126               496,910                457,875
-------------------------------------------------------------------------------------------------
Balance at end of period                $ 4,726,178           $ 4,209,052            $ 3,712,142
=================================================================================================
</TABLE>

                                                                 39

<PAGE>



ITEM 9. CHANGES  IN  AND  DISAGREEMENTS  WITH  ACCOUNTANTS  ON  ACCOUNTING  AND
     FINANCIAL DISCLOSURE

         Not Applicable.


                                                              PART III

ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

     The  General  Partner  of  the  Partnership,   Connecticut  General  Realty
Resources,  Inc.-Third,  a Delaware  corporation,  is an indirect,  wholly owned
subsidiary  of CIGNA  Corporation,  a publicly held  corporation  whose stock is
traded on the New York Stock Exchange.  The General  Partner has  responsibility
for and control over the affairs of the Partnership.

     The directors and executive  officers of the General Partner as of February
15, 1996 are as follows:
<TABLE>
<CAPTION>

     <S>                                         <C>                                             <C>              
     Name                                        Office                                          Served Since

     R. Bruce Albro                              Director                                        May 2, 1988

     J. Robert Andrews                           Director                                        April 2, 1990

     David Scheinerman                           Director                                        July 25, 1995

     John D. Carey                               President, Controller                           September 7, 1993
                                                                                                 September 4, 1990

     Verne E. Blodgett                           Vice President, Counsel                         April 2, 1990

     Joseph W. Springman                         Vice President, Assistant Secretary             September 7, 1993

     David C. Kopp                               Secretary                                       September 29, 1989

     Marcy F. Blender                            Treasurer                                       August 1, 1994

</TABLE>

     There is no family  relationship  among any of the  foregoing  directors or
officers.  There are no  arrangements  or  understandings  between or among said
officers  or  directors  and any other  person  pursuant to which any officer or
director was selected as such.

     The foregoing  directors and officers are also officers and/or directors of
various   affiliated   companies  of  Connecticut   General  Realty   Resources,
Inc.-Third,  including CIGNA Financial Partners, Inc. (the parent of Connecticut
General  Realty  Resources,   Inc.-Third),   CIGNA   Investments,   Inc.,  CIGNA
Corporation  (the  parent  of  CIGNA  Investments,  Inc.),  Connecticut  General
Corporation (the parent of CIGNA Financial Partners, Inc.).


                                                                 40

<PAGE>



     The business  experience of each of the directors and executive officers of
the General Partner of the Partnership is as follows:


                            R. BRUCE ALBRO - DIRECTOR

     Mr.  Albro,  age  53,  a  Senior  Managing  Director  of  CIGNA  Investment
Management (CIM), joined Connecticut  General's Investment Operations in 1971 as
a  Securities  Analyst  in  Paper,  Forest  Products,  Building  and  Machinery.
Subsequently,  he served as a Research  Department  Unit Head,  as an  Assistant
Portfolio  Manager,  then as  Director  of Equity  Research  and a member of the
senior staff of CIGNA Investment  Management  Company and as a Portfolio Manager
in the Fixed Income area. He then headed the Marketing and Merchant Banking area
for CII. Prior to his current assignment of Division Head,  Portfolio Management
Division,  he was an  insurance  portfolio  manager,  and prior to that,  he was
responsible for Individual Investment Product Marketing.  In addition, Mr. Albro
currently  serves  as  President  of the  CIGNA  Funds  Group  and  other  CIGNA
affiliated mutual funds. Mr. Albro received a Master of Arts degree in Economics
from the  University  of California at Berkeley and a Bachelor of Arts degree in
Economics from the University of Massachusetts at Amherst.

                          J. ROBERT ANDREWS - DIRECTOR

     Mr. Andrews, age 51, is a Managing Director of CIGNA Investment  Management
and is one of seven  senior  managers  in the Real Estate  Investment  Division,
heading the Real  Estate  Acquisition  and  Dispositions  Department.  He joined
CIGNA's Real Estate Division in 1983.  Prior to his current  assignment,  he was
the Head of the Tax Advantaged  Investment  Department;  a Vice President - Real
Estate  Portfolio  Manager for  Pension  Accounts;  one of six Vice  President -
Territorial  Managers in the  Mortgage and Real Estate  Acquisition  unit and an
Assistant  Vice  President in the Real Estate Asset  Management  unit.  Prior to
coming  to  CIGNA,  he was  the  principal  of a  real  estate  consulting  firm
specializing in domestic and international multi-family residential construction
and  development.  Prior  to  forming  his  own  business,  Mr.  Andrews  was an
Acquisition  Director and Regional  Director of Operations  for a publicly owned
(NYSE) real estate development company. He received a Bachelor of Arts degree in
Architecture and a Master of Business  Administration degree in Finance and Real
Estate from The Pennsylvania State University.

                          DAVID SCHEINERMAN - DIRECTOR

     Mr.  Scheinerman,  age 35, was appointed Chief  Financial  Officer of CIGNA
Individual Insurance, a division with more than $77 billion of life insurance in
force,  in July of 1995.  Mr.  Scheinerman  has served in various  actuarial and
business  management  capacities  with  CIGNA.  In  1991 he was  appointed  Vice
President and Pricing Actuary for CIGNA HealthCare. He has more than 12 years of
financial  management  experience and has served as Chief  Financial  Officer of
Crusader  Insurance PLC, a CIGNA  subsidiary life company in the United Kingdom.
Mr.  Scheinerman  holds a BA in Mathematics from Rice University and an MBA from
the University of Pennsylvania Wharton School of Business. He is a fellow of the
Society of Actuaries and a member of the American Academy of Actuaries.


                      JOHN D. CAREY - PRESIDENT, CONTROLLER

     Mr.  Carey,  age 32,  joined  CIGNA  Investment  Management-Real  Estate as
Controller of Tax Advantaged  Investments in 1990. In September  1993, Mr. Carey
was appointed President.  Prior to joining CIGNA Investment Management,  he held
the position of manager at KPMG Peat Marwick LLP in the audit department and was
a member of the Real Estate Focus Group. His experiences  include accounting and
financial  reporting  for public and  private  real estate  limited  partnership
syndications.  Mr. Carey is a graduate of Central  Connecticut  State University
with a Bachelor of Science Degree and is a Certified Public Accountant.


                                                                 41

<PAGE>



                   VERNE E. BLODGETT - VICE PRESIDENT, COUNSEL

     Mr. Blodgett, age 58, is an Assistant General Counsel of CIGNA Corporation.
He joined  Connecticut  General Life Insurance  Company in 1975 as an investment
attorney and has held various  positions  in the Legal  Division of  Connecticut
General Life Insurance  Company prior to his  appointment  as Assistant  General
Counsel in 1981.  Mr.  Blodgett  received a Bachelor  of Arts  degree  from Yale
University and graduated  with honors from the University of Connecticut  School
of Law. He is a member of the Connecticut and the American Bar Associations.


            JOSEPH W. SPRINGMAN - VICE PRESIDENT, ASSISTANT SECRETARY

     Mr. Springman, age 54, is Managing Director and department head responsible
for asset  management.  He joined CIGNA's Real Estate operations in 1970. He has
held  positions as an officer or director of several real estate  affiliates  of
CIGNA.  His  past  real  estate   assignments  have  included   Development  and
Engineering,  Property Management,  Director, Real Estate Operations,  Portfolio
Management and Vice  President,  Real Estate  Production.  Prior to assuming his
asset  management  post, Mr.  Springman was  responsible  for production of real
estate and mortgage  investments.  He received a Bachelor of Science degree from
the U.S. Naval Academy.


                            DAVID C. KOPP - SECRETARY

     Mr. Kopp, age 50, is Secretary of CII,  Corporate  Secretary of Connecticut
General Life Insurance Company and Assistant  Corporate  Secretary and Assistant
General  Counsel,  Insurance and  Investment Law of CIGNA  Corporation.  He also
serves as an officer of various  other CIGNA  Companies.  In August of 1995,  he
also assumed responsibility as chief compliance officer for CIGNA HealthCare,  a
division of CIGNA  Corporation.  He joined  Connecticut  General Life  Insurance
Company in 1974 as a commercial real estate attorney and held various  positions
in the Legal Department of Connecticut  General Life Insurance  Company prior to
his  appointment as Corporate  Secretary in 1977. Mr. Kopp is an honors graduate
of Northern  Illinois  University and served on the law review at the University
of Illinois  College of Law. He is a member of the  Connecticut  Bar Association
and is Past  President of the Hartford  Chapter,  American  Society of Corporate
Secretaries.


                          MARCY F. BLENDER - TREASURER

     Marcy F. Blender,  age 39, is Assistant Vice  President,  Bank Resources of
CIGNA  Corporation.  In this capacity she is responsible  for bank  relationship
management,  bank products and services, bank compensation and control, and bank
exposure  management.  Marcy joined Insurance  Company of North America (INA) in
1979. She has held a variety of financial and investment  positions with INA and
later  with  the  merged   CIGNA   Corporation   before   assuming  her  current
responsibilities in 1992. She received a B.A. degree from Rutgers University and
an M.B.A. from Drexel University.  She is a Certified Public Accountant.


ITEM 11.  EXECUTIVE COMPENSATION

     Officers  and  directors  of the  General  Partner  receive  no  current or
proposed direct  compensation from the Partnership in such capacities.  However,
certain officers and directors of the General Partner received compensation from
the General  Partner and/or its affiliates  (but not from the  Partnership)  for
services performed for various affiliated  entities,  which may include services
performed for the  Partnership,  but such  compensation  was not material in the
aggregate.




                                                                 42

<PAGE>



ITEM 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

     No person or group is known by the  Partnership  to own  beneficially  more
than 5% of the outstanding Units of interest of the Partnership.

     As of February 15, 1996,  the  individual  directors  and the directors and
officers,  as a group, of the General  Partner  beneficially  owned  Partnership
Units and shares of the common stock of CIGNA, parent of the General Partner, as
set forth in the following table:
<TABLE>
<CAPTION>
     <S>                                   <C>                   <C>                    <C>           
                                               Units                Shares
                                           Beneficially          Beneficially           Percent of
     Name                                    Owned(a)              Owned(b)                Class

     R. Bruce Albro (c)                           0                   6,653                   *
     J. Robert Andrews (d)                        0                   1,885                   *
     David Scheinerman                            0                       0                   *

     All directors and officers
     Group (8) (e)                                0                  15,388                   *

     * Less than 1% of class
<FN>
(a)  No officer or director of the General Partner  possesses a right to acquire
     beneficial ownership of additional Units of interest of the Partnership.
<FN>
(b)  The directors and officers have sole voting and  investment  power over all
     the shares of CIGNA common stock they own beneficially.
<FN>
(c)  Shares beneficially owned includes options to acquire 4,487 shares and 1,432 shares which are restricted as to
     disposition.
<FN>
(d)  Shares beneficially owned includes 1,885 shares which are restricted as to disposition.
<FN>
(e)  Shares beneficially owned by directors and officers include 6,492 shares of CIGNA common stock which may be
     acquired  upon  exercise  of stock  options  and  7,611  shares  which  are
     restricted as to disposition.
</TABLE>

ITEM 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

     The General Partner of the Partnership is generally  entitled to receive 1%
of cash  distributions,  when and as cash  distributions are made to the Limited
Partners,  and is  generally  allocated  1% of profits or  losses.  The  General
Partner  was  entitled to receive  distributable  cash from 1995  operations  of
$10,435.  The General Partner was allocated a share of the Partnership income in
the amount of $22,266 for 1995. Reference is also made to the Notes to Financial
Statements   included  in  this  annual  report  for  a   description   of  such
distributions and allocations.  The relationship of the General Partner (and its
directors and officers) to its affiliates is set forth in Item 10.

     CII provided asset management  services to the Partnership  during 1995 for
the Woodlands  Plaza II Office  Building,  Westside  Industrials  and Lake Point
Service Center for fees  calculated at 6% of gross  revenues  collected from the
properties  less amounts earned by independent  third party property  management
companies  contracted by CII on behalf of the  Partnership.  In 1995, CII earned
asset  management  fees amounting to $55,633 for such services,  of which $7,877
was unpaid as of December 31, 1995.  Independent  third party property  managers
earned  $112,749 of  management  fees, of which $7,622 was unpaid as of December
31, 1995. In 1995, CII provided asset management  services for the Partnership's
investment  in the Westford  Office  Venture for fees  calculated at 6% of gross
revenues  collected.  CII earned  $14,577 for such services.  Independent  third
party property managers earned $13,811 of fees relating to Westford.



                                                                 43

<PAGE>



     CFP provided  partnership  management  services for the Partnership at fees
calculated at 9% of adjusted cash from  operations in any one year. In 1995, CFP
earned partnership  management fees amounting to $124,050 for such services,  of
which $18,910 was unpaid as of December 31, 1995.

     The General  Partner and its  affiliates may be reimbursed for their direct
expenses incurred in the administration of the Partnership. In 1995, the General
Partner and its affiliates were entitled to reimbursement for such out of pocket
administrative  expenses in the amount of $69,452 of which  $6,050 was unpaid as
of December 31, 1995.

                                                               PART IV

ITEM 14.  EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K

     (a) 1.  Financial Statements.  See Index to Financial Statements in Item 8.

         2.   Financial Statement Schedules

              (a) Real Estate and Accumulated Depreciation.  See Index to 
                  Financial Statements in Item 8.

         3.   Exhibits

              3(a)Partnership Agreement, incorporated by reference to Exhibit A
                  to the Prospectus of Registrant, dated January 31, 1984, File
                  No. 2-87976.

              3(b)    First Amendment to Partnership  Agreement,  dated March 1,
                      1985,   incorporated  by  reference  to  Exhibit  3(b)  to
                      Registrant's  Annual  Report on Form  10-K for the  fiscal
                      year ended December 31, 1985.

              4       Certificate of Limited Partnership dated November 9, 1983,
                      incorporated  by  reference  to  Exhibit  4 to  Form  S-11
                      Registration  Statement  under the Securities Act of 1933,
                      File No. 2-87976.

              10(a)   Acquisition and Disposition  Services Agreement,  dated as
                      of January 31, 1984,  between  Connecticut  General Equity
                      Properties-I   Limited   Partnership   and  CIGNA  Capital
                      Advisers, Inc., incorporated by reference to Exhibit 10(a)
                      to Registrant's  Annual Report on Form 10-K for the fiscal
                      year ended December 31, 1987.

              (b)     Supervisory  Property  Management  Agreement,  dated as of
                      January  31,  1984,  between  Connecticut  General  Equity
                      Properties-I   Limited   Partnership   and  CIGNA  Capital
                      Advisors, Inc., incorporated by reference to Exhibit 10(b)
                      to Registrant's  Annual Report on Form 10-K for the fiscal
                      year ended December 31, 1987.

              (c)     Agreement concerning Certain Capital Contributions, dated
                      as of December 30, 1983, between Connecticut General
                      Management Resources, Inc. and Connecticut General Realty
                      Resources, Inc.-Third, incorporated by reference to
                      Exhibit 10(c) to Registrant's Annual Report on Form 10-K 
                      for the fiscal year ended December 31, 1987.

              (d)     Real Estate Purchase Agreement, dated as of July 25, 1984,
                      relating to the  acquisition of Woodlands  Plaza II Office
                      Building,  incorporated  by reference to Exhibit  10(d) to
                      Registrant's  Annual  Report on Form  10-K for the  fiscal
                      year ended December 31, 1985.

              (e)     Bill of Sale  and  Assignment,  dated  October  15,  1984,
                      relating to the  acquisition of Woodlands  Plaza II Office
                      Building,  incorporated  by reference to Exhibit  10(e) to
                      Registrant's  Annual  Report on Form  10-K for the  fiscal
                      year ended December 31, 1985.

                                                                 44

<PAGE>




              (f)     Assignment and Assumption  Agreement,  dated as of January
                      17,  1985,   relating  to  the  acquisition  of  Interpark
                      Industrial  Park,  incorporated  by  reference  to Exhibit
                      10(f) to  Registrant's  Annual Report on Form 10-K for the
                      fiscal year ended December 31, 1985.

              (g)     Real Estate Purchase  Agreement  between LaSalle  National
                      Bank and Connecticut  General Resources,  Inc.-Third dated
                      May 8, 1985,  relating to the acquisition of the Courtyard
                      Shopping  Center,  incorporated  by  reference  to Exhibit
                      10(g) to  Registrant's  Annual Report on Form 10-K for the
                      fiscal year ended December 31, 1985.

              (h)     Real Estate Purchase  Agreement between  Crow-Vista #2 and
                      Connecticut    General   Equity    Properties-I    Limited
                      Partnership  dated as of July 31,  1986,  relating  to the
                      acquisition  of Lake  Point I, II,  III,  incorporated  by
                      reference to Exhibit  10(b) to Current  Report on Form 8-K
                      dated July 31, 1986.

              (i)     Management  and Leasing  Agreement  between  Trammel  Crow
                      Realty  Associates,  Inc. and  Connecticut  General Equity
                      Properties-I  Limited  Partnership  dated  as of July  31,
                      1986,  relating to Lake Point I, II, III,  incorporated by
                      reference to Exhibit  10(d) to Current  Report on Form 8-K
                      dated July 31, 1986.

              (j)     Joint  Venture  Agreement  between  CIGNA Income  Realty-I
                      Limited   Partnership  and   Connecticut   General  Equity
                      Properties-I  Limited  Partnership dated as of November 1,
                      1986,   relating  to  the   acquisition  of  the  Westford
                      Corporate  Center,  incorporated  by  reference to Exhibit
                      10(k) to  Registrant's  Annual Report on Form 10-K for the
                      fiscal year ended December 31, 1986.

              (k)     Real Estate Purchase Agreement between Robert M. Doyle and
                      Ian S.  Gillespie,  as trustees of Westford  Office Center
                      Trust, and Westford Office Venture,  dated as of September
                      10,  1986,  relating to the  acquisition  of the  Westford
                      Corporate  Center,  incorporated  by  reference to Exhibit
                      10(l) to  Registrant's  Annual Report on Form 10-K for the
                      fiscal year ended December 31, 1986.

              (l)     Management  Agreement  between the Westford Office Venture
                      and Codman Management Co., dated as of September 10, 1986,
                      relating to the Westford Corporate Center, incorporated by
                      reference to Exhibit 10(n) to  Registrant's  Annual Report
                      on Form 10-K for the fiscal year ended December 31, 1986.

              (m)     Real Estate Purchase  Contract between Solman Brothers 
                      Leasing and Connecticut General Equity Properties-I 
                      Limited Partnership  dated as of February  22,  1994, 
                      relating to the sale of Westside Industrial Buildings 1
                      and 2.

              (n)     Deposit Receipt and Real Estate Purchase  Contract between
                      JACLS  Holding  Company  and/or  Nominee  and  Connecticut
                      General Equity  Properties-I  Limited Partnership dated as
                      of  February  20,  1995,  relating to the sale of Westside
                      Industrial Building #6 closed on April 27, 1995.

              (o)     Deposit Receipt and Real Estate Purchase  Contract between
                      Zimmerman Properties,  Inc. and Connecticut General Equity
                      Properties-I  Limited  Partnership  dated as of  August 2,
                      1995,   relating  to  the  sale  of  Westside   Industrial
                      Buildings #3, #4 and #5 closed on December 26, 1995.

              27      Financial Data Schedules

     (b) No reports on Form 8-K were filed during the last quarter of the fiscal
year.


                                                                 45

<PAGE>




                                   SIGNATURES


     Pursuant  to the  requirements  of  Section  13 or 15(d) of the  Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.

                                      CONNECTICUT GENERAL EQUITY PROPERTIES-I
                                      LIMITED PARTNERSHIP

                                      By:      Connecticut General Realty 
                                               Resources, Inc.-Third,
                                               General Partner


Date:  March 25, 1996                 By:      /s/   John D. Carey
                                               -------------------
                                               John D. Carey, President


     Pursuant to the  requirements of the Securities  Exchange Act of 1934, this
report has been signed by the following  persons on behalf of the Registrant and
in  the  capacities  (with  respect  to the  General  Partner)  and on the  date
indicated.


     /s/   R. Bruce Albro                              Date:    March 25, 1996
     ------------------------------------------
     R. Bruce Albro, Director



     /s/   J. Robert Andrews                           Date:    March 25, 1996
     ------------------------------------------
     J. Robert Andrews, Director



     /s/   David Scheinerman                           Date:    March 25, 1996
     ------------------------------------------
     David Scheinerman, Director



     /s/   John D. Carey                               Date:    March 25, 1996
     ------------------------------------------
     John D. Carey, President, Controller
     (Principal Executive Officer)
     (Principal Accounting Officer)



     /s/   Marcy F. Blender                            Date:    March 25, 1996
     ------------------------------------------
     Marcy F. Blender, Treasurer
     (Principal Financial Officer)







<PAGE>