EXHIBIT 21     


                         LIST OF SUBSIDIARIES

     The Partnership is a partner of the following joint ventures:  1090
Vermont Ave., N.W. Associates Limited Partnership, a limited partnership,
which holds title to the 1090 Vermont Avenue Building in Washington, D.C.;
Mariners Pointe Associates, a limited partnership, which holds title to the
Mariners Pointe Apartments in Stockton, California until its sale in
October 1996; Carlyle-XIV Associates, L.P., an Illinois limited partnership
which is a partner of JMB/NYC Office Building Associates, L.P., an Illinois
limited partnership, which has an indirect limited partnership interest
which equals approximately 4.9% of the reorganized and restructured
ventures owning 237 Park Avenue and 1290 Avenue of the Americas (the
"Properties").  The new ownership structure gives control of the Properties
to a newly-organized real estate investment trust which is owned primarily
by holders of the first mortgage debt which encumbered the Properties prior
to the bankruptcy.  Prior to the restructuring, JMB/NYC was a member or
partner in (i) 237 Park Avenue Associates, L.L.C., a New York limited
liability company, (formerly 237 Park Avenue Associates, a New York general
partnership) which holds title to the 237 Park Avenue Building, (ii) 1290
Associates, L.L.C., a New York limited liability company, (formerly 1290
Associates, a New York general partnership) which holds title to the 1290
Avenue of the Americas Building, (all of these office buildings are in New
York, New York).  JMB/Piper Jaffray Tower Associates, a general
partnership, which is a partner in (i) OB Joint Venture II, a general
partnership, which is a partner of 222 South Ninth Street Limited
Partnership, a limited partnership, which holds title to the Piper Jaffray
Tower office building in Minneapolis, Minnesota, and (ii) OB Joint Venture,
a general partnership, which holds title to the land underlying the Piper
Jaffray Tower office building; JMB/Piper Jaffray Tower Associates II, a
general partnership, which also is a partner in OB Joint Venture, a general
partnership, which holds title to the land underlying the Piper Jaffray
Tower office building; 900 3rd Avenue Associates, a general partnership,
which is a partner of Progress Partners, a general partnership, which holds
title to 900 Third Avenue Building located in New York, New York; Maguire
Thomas Partners-South Tower, a limited liability company, which holds title
to Wells Fargo Center-IBM Tower located in Los Angeles, California; Old
Orchard Associates a general partnership which recently held an interest in
the Old Orchard Shopping Center in Skokie (Chicago), Illinois.  Generally,
the developer of the property is a partner in the joint ventures, however,
the partners in the JMB/NYC Office Building Associates, L.P. JMB/Piper
Jaffray Tower Associates, JMB/Piper Jaffray Tower Associates II, 900 3rd
Avenue Associates and Orchard Associates are affiliates of the General
Partners of the Partnership.  Reference is made to the Notes for a
description of the terms of such joint venture partnerships.  The
Partnership is a 40% shareholder in Carlyle Managers, Inc. and a 40%
shareholder in Carlyle Investors, Inc., both of which are Illinois
corporations.