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                                                                   Exhibit 10.48

                           SEVENTH AMENDMENT TO LEASE

1.0   PARTIES

1.1   THIS AGREEMENT made the 16th day of June, 1995, by and between GROVE
      STREET ASSOCIATES OF JERSEY CITY LIMITED PARTNERSHIP ("Landlord") whose
      address is c/o Cali Realty Corporation, 11 Commerce Drive, Cranford, New
      Jersey 07016 and DONALDSON, LUFKIN & JENRETTE SECURITIES CORPORATION
      ("Tenant") whose address is 1 Pershing Plaza, Jersey City, New Jersey
      07399.

2.0   STATEMENT OF FACTS

2.1   The parties have previously entered into a Lease, First Amendment of Lease
      and Side Letter Agreement executed in connection therewith, all dated July
      1, 1987, a Side Letter Agreement dated June 19, 1989, a Second Amendment
      to Lease dated March 12, 1992, a Third Amendment to Lease dated December
      27, 1992, a Side Letter Agreement dated September 29, 1993, a Fourth
      Amendment to Lease dated December 23, 1993, a Fifth Amendment to Lease
      dated May 1, 1994 and a Sixth Amendment to Lease dated March 9, 1995
      (collectively, the "Lease") applicable to 338,954 of gross rentable square
      feet of office space and 14,535 rentable square feet of storage space (the
      "Premises") at 1 Pershing Plaza, New Jersey ("Building").

2.2   Tenant wishes to lease, on a temporary basis, approximately 112 rentable
      square feet of storage space on the Fourteen (14th) floor of the Building.

2.3   The parties desire to amend certain terms of the Lease to reflect this
      leasing of Temporary Space as set forth below.

3.0   AGREEMENTS

      NOW, THEREFORE, in consideration of the Premises and the covenants
      hereinafter set forth, Landlord and Tenant agree as follows:

3.1   All capitalized and non-capitalized terms used in this Agreement which are
      not separately defined herein but are defined in the Lease shall have the
      meaning given to any such term in the Lease.

3.2   Landlord hereby leases to Tenant and Tenant hereby hires from Landlord,
      112 rentable s.f. of storage space in its "AS-IS" condition on the
      Fourteenth (14th) floor of the Building as shown shaded on the attached
      Exhibit A (the "Second Temporary Storage Space").

3.3   The term applicable to the Second Temporary Storage Space shall be
      Month-To-Month (the "Second Temporary Storage Space Term"). The Second
      Temporary Storage Space Term shall commence on the earlier of (i) the date
      Landlord delivers possession of the Second Temporary Storage Space to
      Tenant or (ii) June 1, 1995. The Second Temporary Storage Space Term shall
      be deemed terminated effective midnight on the last day of a calendar
      month following at least thirty (30) days advanced written notice to one
      party by the other party.

3.4   In addition to the fixed rent to be paid to Landlord by Tenant applicable
      to the Premises as set forth in the Lease, Tenant shall pay Landlord
      during the Second Temporary Storage Space Term fixed rent applicable to
      the Second Temporary Storage Space at the monthly rate of ONE HUNDRED
      SIXTEEN AND 67/100 DOLLARS ($116.67). The fixed rent is payable in
      advance, on the first day of each calendar month during the Second
      Temporary Space Term. The first month's rent shall be prorated if the
      Commencement Date falls on a day other than the first day of the month.

3.5   There shall be no increase in Tenant's Proportionate Share or Tenant's
      Operational Proportionate Share as a result of Tenant's leasing of the
      Second Temporary Storage Space.

3.6   Landlord makes no representation that the Second Temporary Storage Space
      is fit for a particular purpose or use other than for storage of papers,
      boxes, small business equipment, etc. Landlord shall give Tenant a key to
      the Second Temporary Storage Space on the Commencement Date.

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3.7   Tenant's use and occupancy of the Second Temporary Storage Space during
      the Second Temporary Storage Space Term shall be governed by all terms and
      conditions of the Lease except where superseded by this Agreement or are
      inapplicable.

      EXCEPT as modified herein, the Lease dated July 1, 1987 and all amendments
and side letters applicable thereto covering the Premises shall remain in full
force and effect and Tenant and Landlord hereby ratify and confirm all of the
terms and conditions thereof as if the same had been set forth in full herein.

      THIS AGREEMENT shall be binding upon and inure to the benefit of the
parties hereto and their respective legal representatives, successors and
permitted assigns.

      IN WITNESS THEREOF, Landlord and Tenant have hereunto set their hands and
seals the date and year first above written and acknowledge one to the other
they possess the requisite authority to enter into this transaction and to sign
this Agreement.

GROVE STREET ASSOCIATES OF                   DONALDSON, LUFKIN & JENRETTE
JERSEY CITY LIMITED PARTNERSHIP              SECURITIES CORPORATION
(Landlord)                                   (Tenant)

By: Cali Sub IV, Inc.,
    General Partner


By: /s/ Brant Cali                           By: /s/ Robert A. Yurman
    -----------------------------------          -------------------------------
    Brant Cali, Chief Operating Officer
                                             Its: Vice President
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                                    EXHIBIT-A

                              [FLOOR PLAN OMITTED]