<PAGE>   1
                                                                    EXHIBIT 21.1


                                      -37-
<PAGE>   2
                           SUBSIDIARIES OF REGISTRANT

                  Walsafe (CA) QRS 11-1, Inc., a wholly-owned subsidiary of
Registrant incorporated under the laws of the State of California and doing
business under the name Walsafe (CA) QRS 11-1, Inc.

                  QRS 11-2 (AR), Inc., a wholly-owned subsidiary of Registrant
incorporated under the laws of the State of Arkansas and doing business under
the name QRS 11-2 (AR), Inc.

                  QRS 11-3 (MD), Inc., a wholly-owned subsidiary of Registrant
incorporated under the laws of the State of Maryland and doing business under
the name ORS 11-3 (MD), Inc.

                  QRS 11-5 (TX), Inc., a wholly-owned subsidiary of Registrant
incorporated under the laws of the State of Texas and doing business under the
name of QRS II-5 (TX), Inc.

                  Plano (TX) ORS 11-7, Inc., a wholly-owned subsidiary of
Registrant incorporated under the laws of the State of Texas and doing business
under the name Plano (TX) QRS 11-7, Inc.

                  Neoserv (CO) ORS 11-8, Inc., a wholly-owned subsidiary of
Registrant incorporated under the laws of the State of Colorado and doing
business under the name Neoserv (CO) QRS 11-8, Inc.

                  Belmet (IL) ORS 11-9, Inc., a wholly-owned subsidiary of
Registrant incorporated under the laws of the State of Illinois and doing
business under the name Belmet (IL) QRS 11-9, Inc.

                  BVS (NY) QRS 11-10, Inc., a wholly-owned subsidiary of
Registrant incorporated under the laws of the State of New York and doing
business under the name BVS (NY) ORS 11-10, Inc.

                  MMI (SC) QRS 11-11, Inc., a wholly-owned subsidiary of
Registrant incorporated under the laws of the State of South Carolina and doing
business under the name MMI (SC) QRS 11-11, Inc.

                  QRS 11-12 (FL), Inc., a wholly-owned subsidiary of Registrant
incorporated under the laws of the State of Florida and doing business under the
name QRS 11-12 (FL), Inc.

                  DDI (NE) ORS 11-13, Inc., a wholly-owned subsidiary of
Registrant incorporated under the laws of the State of Nebraska and doing
business under the name DDI (NE) QRS 11-13, Inc.

                  QRS 11-14 (NC), Inc., a wholly-owned subsidiary of Registrant
incorporated under the laws of the State of North Carolina and doing business
under the name QRS 11-14, (NC), Inc.

                  Books (CT) QRS 11-16, Inc., a wholly-owned subsidiary of
Registrant incorporated under the laws of the State of Connecticut and doing
business under the name Books (CT) QRS 11-15, Inc.

                  QRS 11-17 (NY), Inc., a wholly-owned subsidiary of Registrant
incorporated under the laws of the State of New York and doing business under
the name QRS 11-17 (NY), Inc.

                  BBC (NE) QRS 11-18, Inc., a wholly-owned subsidiary of
Registrant incorporated under the laws of the State of Nebraska and doing
business under the name BBC (NE) QRS 11-18, Inc.

                  Unitech (IL) QRS 11-19, Inc., a wholly-owned subsidiary of
Registrant incorporated under the laws of the State of Illinois and doing
business under the name Unitech (IL) QRS 11-19, Inc.

                  QRS 11-20 (UT), Inc., a wholly-owned subsidiary of Registrant
incorporated under the laws of the State of Utah and doing business under the
name QRS 11-20. (UT), Inc.

                  SFC (TN) QRS 11-21, Inc., a wholly-owned subsidiary of
Registrant incorporated under the laws of the State of Tennessee and doing
business under the name SFC (TN) QRS 11-21, Inc.

                  PETS (TX) QRS 11-23, Inc., a wholly-owned subsidiary of
Registrant incorporated under the laws of the State of Texas and doing business
under the name PETS (TX) QRS 11-23, Inc.

                  ELWA-BV (NY) QRS 11-24, Inc., a wholly-owned subsidiary of
Registrant incorporated under the laws of the State of New York and doing
business under the name ELWA-BV (NY) QRS 11-24, Inc.

                  GENA (CA) QRS 11-25, Inc., a wholly-owned subsidiary of
Registrant incorporated under the laws of the State of California and doing
business under the name GENA (CA) QRS 11-25, Inc.

                  BN (MA) QRS 11-26, Inc., a wholly-owned subsidiary of
Registrant incorporated under the laws of the State of Massachusetts and doing
business under the name BN (MA) QRS 11-26, Inc.

                  QRS 11-27 (OH), Inc., a wholly-owned subsidiary of Registrant
incorporated under the laws of the State of Ohio and doing business under the
name QRS 11-27 (OH), Inc.

                  ALP (TX) QRS 11-28, Inc., a wholly-owned subsidiary of
Registrant incorporated under the laws of the State of Texas and doing business
under the name ALP (TX) QRS 11-28, Inc.


                                      -38-
<PAGE>   3
                           SUBSIDIARIES OF REGISTRANT
                                   (continued)

                  QRS 11-29 (TX), Inc., a wholly-owned subsidiary of Registrant
incorporated under the laws of the State of Texas and doing business under the
name QRS 11-29 (TX), Inc.

                  CFP (MD) ORS 11-30, Inc., a wholly-owned subsidiary of
Registrant incorporated under the laws of the State of Maryland and doing
business under the name CFP (MD) QRS 11-30, Inc.

                  Neenah (WI) QRS 11-31, Inc., a wholly-owned subsidiary of
Registrant incorporated under the laws of the State of Wisconsin and doing
business under the name Neenah (WI) QRS 11-31, Inc.

                  CTC (VA) QRS 11-32, Inc., a wholly-owned subsidiary of
Registrant incorporated under the laws of the State of Virginia and doing
business under the name CTC (VA) QRS 11-32, Inc.

                  CFP (MD) QRS 11-33, Inc., a wholly-owned subsidiary of
Registrant incorporated under the laws of the State of Maryland and doing
business under the name CFP (MD) ORS 11-33, Inc.

                  ADS (CA) QRS 11-34, Inc., a wholly-owned subsidiary of
Registrant incorporated under the laws of the State of California and doing
business under the name ADS (CA) QRS 11-34, Inc.

                  DELMO (PA) QRS 11-36, Inc., a wholly-owned subsidiary of
Registrant incorporated under the laws of the State of Pennsylvania and doing
business under the name DELMO (PA) QRS 11-36, Inc.

                  CARDS (CA) QRS 11-37, Inc., a wholly-owned subsidiary of
Registrant incorporated under the laws of the State of California and doing
business under the name CARDS (CA) QRS 11-37, Inc.

                  SFC (TX) QRS 11-38, Inc., a wholly-owned subsidiary of
Registrant incorporated under the laws of the State of Texas and doing business
under the name SFC (TX) QRS 11-38, Inc.

                  QRS 12-14 (AL), Inc., a wholly-owned subsidiary of Registrant
incorporated under the laws of the State of Alabama and doing business under the
name QRS 12-14 (AL), Inc.

                  AUTO (FL) QRS 11-39, Inc., a wholly-owned subsidiary of
Registrant incorporated under the laws of the State of Florida and doing
business under the name AUTO (FL) QRS 11-39, Inc.

                  CPFLOAN (MD) QRS 11-40, Inc., a wholly-owned subsidiary of
Registrant incorporated under the laws of the State of Maryland and doing
business under the name CPFLOAN (MD) QRS 11-40, Inc.

                  QRS 11-Paying Agent, Inc., a wholly-owned subsidiary of
Registrant incorporated under the laws of the State of New York and doing
business under the name QRS 11-Paying Agent, Inc.

                  ADS2 (CA) QRS 11-41, Inc., a wholly-owned subsidiary of
Registrant incorporated under the laws of the state of California and doing
business under the name ADS2 (CA) QRS 11-41, Inc.

                  MICRO (CA) QRS 11-43, Inc., a wholly-owned subsidiary of
Registrant incorporated under the laws of the state of Delaware and doing
business under the name MICRO (CA) QRS 11-43, Inc.

                  HUM (DE) QRS 11-45, Inc. a wholly-owned subsidiary of
Registrant incorporated under the laws of the state of Delaware and doing
business under the name HUM (DE) QRS 11-45, Inc.

                  COMP (TX) QRS 11-42, Inc. a wholly-owned subsidiary of
Registrant incorporated under the laws of the state of Delaware and doing
business under the name COMP (TX) QRS 11-42, Inc.

                  OVEN (DE) QRS 11-46, Inc. a wholly-owned subsidiary of
Registrant incorporated under the laws of the state of Delaware and doing
business under the name OVEN (DE) QRS 11-46, Inc.

                  SCAN (OR) QRS 11-47, Inc. a wholly-owned subsidiary of
Registrant incorporated under the laws of the state of Delaware and doing
business under the name SCAN (OR) QRS 11-47, Inc.

                  TSR (TX) QRS 11-48, Inc. a wholly-owned subsidiary of
Registrant incorporated under the laws of the state of Delaware and doing
business under the name TSR (TX) QRS 11-48, Inc.

                  LOGIC (UK) QRS 11-49, Inc. a wholly-owned subsidiary of
Registrant incorporated under the laws of the state of Delaware and doing
business under the name LOGIC (UK) QRS 11-49, Inc.

                  CIP FINANCE COMPANY (UK) QRS 11-50, Inc. a wholly-owned
subsidiary of Registrant incorporated under the laws of the state of Delaware
and doing business under the name CIP FINANCE COMPANY (UK) QRS 11-50, Inc.

                  ISA JERSEY QRS 11-51, Inc. a wholly-owned subsidiary of
Registrant incorporated under the laws of the state of Delaware and doing
business under the name ISA JERSEY QRS 11-51, Inc.


                                      -39-
<PAGE>   4
                           SUBSIDIARIES OF REGISTRANT
                                   (continued)

                  PACK (UK) QRS 11-52, Inc., a wholly-owned subsidiary of
Registrant Incorporated under the laws of the state of Delaware and doing
business under the name PACK (UK) QRS 11-52, Inc.

                  UK PACK LLC., a wholly-owned subsidiary of Registrant
Incorporated under the laws of the state of Delaware and doing business under
the name UK PACK LLC.

                  LEARN (IL) QRS 11-53 Inc., a wholly-owned subsidiary of
Registrant Incorporated under the laws of the state of Delaware and doing
business under the name LEARN (IL) QRS 11-53 Inc.


                                      -40-