UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                   WASHINGTON, D.C.  20549
                          FORM 10-Q
                              
(Mark One)
/X/  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
     SECURITIES EXCHANGE ACT OF 1934
                              
     For the quarterly period ended  March 31, 1997
                                     --------------

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

     For the transition period from          to        .
                                   ---------    -------
------------------------------------------------------------------------
                              
     Commission File Number: 0-20625
                             -------

               DUKE REALTY LIMITED PARTNERSHIP
                              
State of Incorporation:                IRS Employer ID Number:

     Indiana                                 35-1898425
-----------------------                ----------------------

           Address of principal executive offices:
                              
             8888 Keystone Crossing, Suite 1200
             ----------------------------------
               Indianapolis, Indiana    46240
                -----------------------------

                 Telephone:  (317) 846-4700
                 --------------------------

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
                    ---       ---

The number of Limited Partnership Units outstanding as of
May 8, 1997 was 34,870,000.
                              
<PAGE>
               DUKE REALTY LIMITED PARTNERSHIP
                              
                            INDEX
                              
PART I - FINANCIAL INFORMATION                                PAGE
------------------------------                                ----

ITEM 1.  FINANCIAL STATEMENTS

     Condensed Consolidated Balance Sheets as of
        March 31, 1997 (Unaudited) and December 31, 1996        2

     Condensed Consolidated Statements of Operations for
        the three months ended March 31, 1997 and 1996          
        (Unaudited)                                             3

     Condensed Consolidated Statements of Cash Flows for the
       three months ended March 31, 1997  and 1996
       (Unaudited)                                              4

     Condensed Consolidated Statement of Partners' Equity
       for the three months ended March 31, 1997 (Unaudited)    5

     Notes to Condensed Consolidated Financial Statements
        (Unaudited)                                             6-7

     Independent Accountants' Review Report                     8

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
         CONDITION AND RESULTS OF OPERATIONS                    9-14


PART II - OTHER INFORMATION
---------------------------


     Item 1.        Legal Proceedings                           15
     Item 2.        Changes in Securities                       15
     Item 3.        Defaults Upon Senior Securities             15
     Item 4.        Submission of Matters to a Vote of          
                     Security Holders                           15
     Item 5.        Other Information                           15
     Item 6.        Exhibits and Reports on Form 8-K            15

     <PAGE>
                    PART I - FINANCIAL INFORMATION
                     ITEM 1. FINANCIAL STATEMENTS
                                   
           DUKE REALTY LIMITED PARTNERSHIP AND SUBSIDIARIES
                                   
                 CONDENSED CONSOLIDATED BALANCE SHEETS
                            (IN THOUSANDS)
                                   
<TABLE>
<CAPTION>
                                                    MARCH 31,    December 31,
                                                      1997          1996
                                                    ---------    -----------
     ASSETS                                         (UNAUDITED)
     ------
<S>                                                <C>           <C>
Real estate investments:
   Land and improvements                           $  144,208    $  140,391
   Buildings and tenant improvements                1,061,084     1,041,040
   Construction in progress                            75,814        44,060
   Land held for development                           63,454        65,185
                                                    ---------     ---------
                                                    1,344,560     1,290,676
   Accumulated depreciation                           (90,075)      (82,207)
                                                    ---------     ---------

      Net real estate investments                   1,254,485     1,208,469

Cash                                                   12,902         5,346
Accounts receivable from tenants, net of 
 allowance of $536 and $709                             4,124         5,255
Straight-line rent receivable, net of 
 allowance of $841                                     11,721        10,956
Receivables on construction contracts                  10,843        12,859
Investments in unconsolidated companies                79,294        79,362
Deferred financing costs, net of accumulated 
 amortization of $3,952 and $3,529                      7,747         8,127
Deferred leasing and other costs, net of 
 accumulated amortization of $9,425 and $8,276         28,577        24,293
Escrow deposits and other assets                        9,053         7,732
                                                    ---------     ---------
                                                   $1,418,746    $1,362,399
                                                    =========     =========


  LIABILITIES AND PARTNERS' EQUITY
  --------------------------------

Indebtedness:
   Secured debt                                    $  261,056    $  261,815
   Unsecured notes                                    240,000       240,000
   Unsecured line of credit                             5,000        24,000
                                                    ---------     ---------
                                                      506,056       525,815

Construction payables and amounts due 
 subcontractors                                        24,270        23,167
Accounts payable                                        1,651         1,585
Accrued real estate taxes                              14,800        14,888
Accrued interest                                        3,089         4,437
Other accrued expenses                                  5,692         6,935
Other liabilities                                       7,691         8,312
Tenant security deposits and prepaid rents              9,188         7,611
                                                    ---------     ---------
    Total liabilities                                 572,437       592,750
                                                    ---------     ---------

Minority interest                                          29           380
                                                    ---------     ---------

Partners' equity:
   General partner
     Common equity                                    758,046       683,710
     Preferred equity                                  72,856        72,856
                                                    ---------     ---------
                                                      830,902       756,566
   Limited partners' common equity                     15,378        12,703
                                                    ---------     ---------
  Total partners' equity                              846,280       769,269
                                                    ---------     ---------
                                   
                                                   $1,418,746    $1,362,399
                                                    =========     =========
</TABLE>

 See accompanying Notes to Condensed Consolidated Financial Statements
                                   
                                 - 2 -
<PAGE>

                                   
           DUKE REALTY LIMITED PARTNERSHIP AND SUBSIDIARIES
                                   
            CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                 FOR THE THREE MONTHS ENDED MARCH 31,
                (IN THOUSANDS, EXCEPT PER UNIT AMOUNTS)
                              (UNAUDITED)
                                   
<TABLE>
<CAPTION>

                                                1997            1996
                                               ------        --------
<S>                                            <C>           <C>
RENTAL OPERATIONS:
 Revenues:
  Rental income                                $49,058       $ 35,335
  Equity in earnings of unconsolidated 
   companies                                     1,860          1,202
                                                ------        -------
                                                50,918         36,537
                                                ------        -------
 Operating expenses:
  Rental expenses                                9,272          7,144
  Real estate taxes                              4,442          3,208
  Interest expense                               8,602          7,967
  Depreciation and amortization                  9,843          7,046
                                                ------        -------
                                                32,159         25,365
                                                ------        -------
  
     Earnings from rental operations            18,759         11,172
                                                ------        -------

SERVICE OPERATIONS:
 Revenues:
  Property management, maintenance and 
   leasing fees                                  2,641          2,714
  Construction management and development 
   fees                                          1,066          1,317
  Other income                                     232            315
                                                ------        -------
                                                 3,939          4,346
                                                ------        -------
 Operating expenses:
  Payroll                                        2,340          2,235
  Maintenance                                      388            296
  Office and other                                 749            632
                                                ------        -------
                                                 3,477          3,163
                                                ------        -------

     Earnings from service operations              462          1,183
                                                ------        -------

General and administrative expense              (1,109)          (921)
                                                ------        -------

      Operating income                          18,112         11,434

OTHER INCOME (EXPENSE):
 Interest income                                   251            344
 Earnings (loss) from property sales               280            (14)
 Minority interest in earnings of subsidiaries      15           (187)
                                                ------        -------

  Net income                                    18,658         11,577
Dividend on  preferred units                    (1,706)             -
                                                ------        -------

Net income available for common units           16,952       $ 11,577
                                                ======         =======

Net income per common unit                     $   .49       $    .40
                                                ======        =======

                                   
Weighted average number of common units 
 outstanding                                    34,378         28,686
                                                ======        =======
</TABLE>



 See accompanying Notes to Condensed Consolidated Financial Statements

<PAGE>

                                 - 3 -
                                   
                                   
                                   
           DUKE REALTY LIMITED PARTNERSHIP AND SUBSIDIARIES
                                   
            CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                 FOR THE THREE MONTHS ENDED MARCH 31,
                            (IN THOUSANDS)
                              (UNAUDITED)
                                   

<TABLE>
<CAPTION>

                                                1997         1996
                                              --------    --------

<S>                                            <C>        <C>
Cash flows from operating activities:
  Net income                                   $18,658   $ 11,577
  Adjustments to reconcile net income to 
   net cash provided by operating 
   activities:
   Depreciation of buildings and 
    tenant improvements                          8,386      5,936
   Amortization of deferred financing costs        344        285
   Amortization of deferred leasing and  
    other costs                                  1,113        825
   Minority interest in earnings                   (15)       187
   Straight-line rental income                    (765)      (831)
   (Earnings) loss  from property sales           (280)        14
   Construction contracts, net                   3,119     (1,624)
   Other accrued revenues and expenses, net       (141)    (1,879)
   Equity in earnings in excess of 
    distributions received from
    unconsolidated companies                    (1,540)      (185)
                                                ------     ------
    Net cash provided by operating activities   28,879     14,305
                                                ------     ------      


Cash flows from investing activities:
  Rental property development costs            (29,168)   (28,752)
  Acquisition of rental properties                  -     (55,038)
  Acquisition of land held for development      
   and infrastructure costs                     (5,634)      (408)
  Recurring costs:
   Tenant improvements                          (2,168)    (1,762)
   Leasing commissions                          (1,295)      (632)
   Building improvements                          (116)       (32)
  Other deferred costs and other assets         (5,444)     4,048
  Proceeds from property sales, net              1,280      2,926
  Net investment in and advances to 
   unconsolidated companies                      1,369       (215)
                                               -------     ------
    Net cash used by investing activities      (41,176)   (79,865)
                                                ------     ------


Cash flows from financing activities:
  Contributions from general partner            59,390    113,835
  Payments on indebtedness including 
   principal amortization                         (759)      (532)
  Borrowings (repayments) on lines of 
   credit, net                                 (19,000)   (27,000)
  Distributions to partners                    (19,398)   (14,069)
  Distributions to minority interest              (336)      (193)
  Deferred financing costs                         (44)      (282)
                                               -------    -------
    Net cash provided by financing activities   19,853     71,759
                                               -------    -------

     Net  increase in cash                       7,556      6,199
                                               -------    -------

Cash at beginning of period                      5,346      5,682
                                               -------    -------    
        
Cash at end of period                          $12,902    $11,881
                                                ======     ======
</TABLE>


 See accompanying Notes to Condensed Consolidated Financial Statements
                                   
                                   
                                 - 4 -
                                   

<PAGE>

           DUKE REALTY LIMITED PARTNERSHIP AND SUBSIDIARIES
                                   
         CONDENSED CONSOLIDATED STATEMENT OF PARTNERS' EQUITY
               FOR THE THREE MONTHS ENDED MARCH 31, 1997
                            (IN THOUSANDS)
                              (UNAUDITED)


<TABLE>
<CAPTION>


                               General Partner            Limited
                         ---------------------------      Partners'
                          Common         Preferred        Common
                          Equity          Equity          Equity        Total
                         --------        ---------        ---------   ---------

      <S>                <C>             <C>              <C>         <C>
      BALANCE AT 
       DECEMBER 31, 
       1996              $683,710        $72,856          $12,703     $769,269

        Net income         15,194          1,706            1,758       18,658

        Capital 
        contribution 
        from Duke Realty 
        Investments, Inc.  59,435              -                -       59,435

        Acquisition of 
        partnership
        interest for 
        Common Stock
        of Duke Realty 
        Investments, Inc.  15,514              -                -       15,514

        Acquisition of 
        property in
        exchange for 
        Limited Partner 
        Units                   -              -            2,802        2,802

        Distributions to 
        preferred
        unitholders             -         (1,706)               -       (1,706)

        Distributions to 
        partners ($.51 per 
        Common Unit)      (15,807)             -           (1,885)     (17,692)
                         --------         ------           ------      -------

      BALANCE AT 
      MARCH 31, 1997     $758,046        $72,856          $15,378     $846,280
                          =======         ======           ======      ========

      COMMON UNITS 
      OUTSTANDING
      AT MARCH 31, 1997    31,442                           3,378       34,820
                          =======                          ======      =======
</TABLE>


                                   
 See accompanying Notes to Condensed Consolidated Financial Statements
                                   
<PAGE>
                                   
                                 - 5 -
                                   
                    DUKE REALTY LIMITED PARTNERSHIP
   NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

1. FINANCIAL STATEMENTS

The  interim  condensed consolidated financial statements  included
herein  have been prepared by Duke Realty Limited Partnership  (the
"Partnership") without audit. The statements have been prepared  in
accordance  with  generally  accepted  accounting  principles   for
interim  financial information and the instructions for  Form  10-Q
and  Rule 10-01 of Regulation S-X. Accordingly, they do not include
all of the information and footnotes required by generally accepted
accounting  principles for complete financial  statements.  In  the
opinion  of  management,  all  adjustments  (consisting  of  normal
recurring adjustments) considered necessary for a fair presentation
have  been included. These financial statements should be  read  in
conjunction  with the consolidated financial statements  and  notes
thereto    included   in   the   Partnership's   Annual   Financial
Statements.

THE  PARTNERSHIP

Duke  Realty  Limited  Partnership  (the "Partnership")  was  formed 
on October 4, 1993, when Duke Realty Investments, Inc. (the "Predecessor  
Company" or the "General Partner") contributed all of its properties 
and related assets and liabilities along with the net proceeds from the  
issuance of an additional 14,000,833 units through a common stock 
offering to the Partnership. Simultaneously, the Partnership completed   
the acquisition of Duke Associates, a full-service  commercial real
estate  firm  operating  in the Midwest. The  General  Partner  was
formed  in  1985  and qualifies as a real estate  investment  trust
under  provisions of the Internal Revenue Code. In connection  with
the  Common  Stock,  the  formation  of  the  Partnership  and  the
acquisition  of Duke Associates, the General Partner effected  a  1
for  4.2  reverse  stock split of its existing  common  units.  The
General Partner is the sole general partner of the Partnership  and
owns  90.3%  of  the Partnership at March 31, 1997.  The  remaining
limited  partnership interest ("Limited Partner  Units")  (together
with  the units of general partner interests, the ("Common Units"))
are  mainly owned by the previous partners of Duke Associates.  The
Limited  Partner Units are exchangeable for units  of  the  General
Partner's common stock on a one-for-one basis subject generally  to
a   one-year  holding  period.  The  General  Partner  periodically
acquires  a  portion  of the minority interest in  the  Partnership
through the issuance of shares of common stock for a like number of
Common Units. The acquisition of the minority interest is accounted
for  under the purchase method with assets acquired recorded at the
fair market value of the General Partner's common stock on the date
of acquisition.

The  service operations are conducted through Duke Realty Services
Limited Partnership and Duke Construction Limited Partnership,  in
which  the Partnership has an 89% profits interest (after  certain
preferred  returns  on partners' capital accounts)  and  effective
control of their operations. The consolidated financial statements
include the accounts of the Partnership and its majority-owned  or
controlled subsidiaries.  The equity interests in these  majority-
owned or controlled subsidiaries not owned by the Partnership  are
reflected  as  minority  interests in the  consolidated  financial
statements.

2. LINES OF CREDIT

The  Partnership  has  a $150 million unsecured  revolving  credit
facility   which   is  available  to  fund  the  development   and
acquisition of additional rental properties and to provide working
capital. The
                                 - 6 -
  
<PAGE>
  
revolving line of credit matures in April 1998 and bears  interest
payable at the 30-day London Interbank Offered Rate ("LIBOR") plus
1.00%.  The  Partnership  also has a demand  $10  million  secured
revolving  credit facility which is available to  provide  working
capital. This facility bears interest payable monthly at  the  30-
day LIBOR rate plus .75%.

3. RELATED PARTY TRANSACTIONS

The Partnership provides management, maintenance, leasing, 
construction, and other tenant related services to properties in 
which certain executive officers have continuing ownership interests. 
The Partnership was paid fees totaling $750,000 and $681,000 for 
such services for the three months ended March 31, 1997 and 1996, 
respectively.  Management believes the terms for such services are  
equivalent to those available in the market. The Partnership has an 
option to purchase the executive officers' interest in each of these 
properties which expires October 2003. The option price of each 
property  was established at the date the option was granted.

4. FORWARD TREASURY LOCK AGREEMENT

In  April  1997,  the Partnership entered into a Forward  Treasury
Lock  Agreement  in order to hedge its exposure to  interest  rate
fluctuations  on  an  anticipated  $100  million  unsecured   debt
financing  expected to close by June 30, 1997. Any  gain  or  loss
under the agreement will be amortized to interest expense over the
term of the financing.

5. SUBSEQUENT EVENTS

On  April 24, 1997, a quarterly distribution of $.51 per  Common
Unit was declared payable on May 30, 1997, to Common Unitholders
of record on May 16, 1997.

On  April  24,  1997, a quarterly distribution was  declared  of
$.56875  per depositary Preferred Unit which is payable  on  May
30, 1997 to the Preferred Unitholders of record on May 16, 1997.
                                   
                                 - 7 -
  
  
  <PAGE>
  
  INDEPENDENT ACCOUNTANTS' REVIEW REPORT
  -------------------------------------
  
  The Partners
  DUKE REALTY LIMITED PARTNERSHIP:
  
  We  have reviewed the condensed consolidated balance sheet  of
  Duke  Realty Limited Partnership and subsidiaries as of  March
  31,  1997,  the  related condensed consolidated statements  of
  operations  and  cash flows for the three months  ended  March
  31,  1997  and  1996,  and the related condensed  consolidated
  statement  of  partners'  equity for the  three  months  ended
  March   31,   1997.  These  condensed  consolidated  financial
  statements   are  the  responsibility  of  the   Partnership's
  management.
  
  We   conducted   our  review  in  accordance  with   standards
  established  by  the  American Institute of  Certified  Public
  Accountants.   A  review  of  interim  financial   information
  consists  principally  of  applying analytical  procedures  to
  financial  data  and  making inquiries of persons  responsible
  for  financial  and  accounting matters. It  is  substantially
  less  in  scope  than  an audit conducted in  accordance  with
  generally accepted auditing standards, the objective of  which
  is  the  expression  of  an  opinion regarding  the  financial
  statements  taken as a whole. Accordingly, we do  not  express
  such an opinion.
  
  Based  on  our  review,  we  are not  aware  of  any  material
  modifications   that   should  be  made   to   the   condensed
  consolidated financial statements referred to above  for  them
  to   be  in  conformity  with  generally  accepted  accounting
  principles.
  
  We  have  previously  audited, in  accordance  with  generally
  accepted  auditing standards, the consolidated  balance  sheet
  of  Duke  Realty  Limited Partnership and subsidiaries  as  of
  December 31, 1996, and the related consolidated statements  of
  operations, partners' equity and cash flows for the year  then
  ended  (not presented herein); and in our report dated January
  29,  1997,  we  expressed  an  unqualified  opinion  on  those
  consolidated   financial  statements.  In  our  opinion,   the
  information   set   forth   in  the   accompanying   condensed
  consolidated balance sheet as of December 31, 1996  is  fairly
  presented,  in  all  material respects,  in  relation  to  the
  consolidated balance sheet from which it has been derived.
  
  
  
  
  KPMG Peat Marwick LLP
  Indianapolis, Indiana
  May 5, 1997
                                 - 8 -
  
  
  <PAGE>
  ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND 
           RESULTS OF OPERATIONS
  
  OVERVIEW
  --------
  
  The  Partnership's  operating results depend primarily  upon  income
  from  the  rental  operations of its industrial, office  and  retail
  properties  located in its primary markets. This income from  rental
  operations is substantially influenced by the supply and demand  for
  the  Partnership's rental space in its primary markets. In addition,
  the Partnership's continued growth is dependent upon its ability  to
  maintain  occupancy  rates and increase  rental  rates  of  its  in-
  service  portfolio  and to continue development and  acquisition  of
  additional rental properties.
  
  The  Partnership's primary markets in the Midwest have continued  to
  offer   strong   and  stable  local  economies  and  have   provided
  attractive  new development opportunities because of  their  central
  location,  established manufacturing base, skilled  work  force  and
  moderate  labor  costs.  Consequently, the  Partnership's  occupancy
  rate  of  its  in-service portfolio has exceeded 92%  the  last  two
  years  and  was at 95.5% at March 31, 1997. The Partnership  expects
  to  continue to maintain its overall occupancy levels at  comparable
  levels  and  also  expects to be able to increase  rental  rates  as
  leases  are  renewed  or  new  leases  are  executed.   This  stable
  occupancy  as  well  as increasing rental rates should  improve  the
  Partnership's results of operations from its in-service  properties.
  The  Partnership's  strategy  for  continued  growth  also  includes
  developing  and  acquiring  additional  rental  properties  in   its
  primary  markets  and  expanding into  other  attractive  Midwestern
  markets.
  
  The   following   table   sets  forth  information   regarding   the
  Partnership's in-service portfolio of rental properties as of  March
  31, 1997 and 1996 (in thousands, except percentages):

   <TABLE>
   <CAPTION>
   
                         Total           Percent of
                      Square Feet     Total Square Feet    Percent Occupied
                   ----------------  -------------------  ------------------
   Type              1997     1996     1997       1996      1997       1996
   ----            -------  -------  -------    -------   -------    -------
  <S>               <C>      <C>     <C>        <C>       <C>        <C>
  INDUSTRIAL
   Service Centers   3,051    2,970   11.03%     13.32%    93.04%     94.60%
   Bulk             15,531   12,155   56.15%     54.51%    95.95%     92.33%
  OFFICE
   Suburban          6,319    4,684   22.84%     21.01%    96.53%     96.26%
   CBD                 699      699    2.53%      3.14%    87.55%     93.62%
   Medical             369      333    1.34%      1.49%    95.18%     89.64%
  RETAIL             1,690    1,456    6.11%      6.53%    94.52%     93.73%
                    ------   ------  -------    -------   
                    
  Total             27,659   22,297  100.00%    100.00%    95.45%     93.55%
                    ======   ======  =======    =======
     
  </TABLE>
  Management expects occupancy of the in-service  property  portfolio 
  to remain stable  because  (i)  only 8.1%  and  12.1%  of  the 
  Partnership's occupied square  footage  is subject  to  leases expiring
  in the remainder of 1997 and  in  1998, respectively, and (ii) the 
  Partnership's  renewal   percentage averaged 80%, 65% and 73% in 1996, 
  1995 and 1994, respectively.
  
                                 - 9 -
  
  <PAGE>
  The  following table reflects the Partnership's in-service portfolio
  lease  expiration  schedule as of March 31,  1997  by  product  type
  indicating  square footage and annualized net effective rents  under
  expiring leases (in thousands, except per square foot amounts):
  <TABLE>
  <CAPTION>
  
              Industrial          Office          Retail       Total Portfolio
           ----------------  ---------------  --------------  -----------------
                   Contrac-         Contrac-        Contrac-           Contrac-
  Year of  Sq.      tual      Sq.     tual    Sq.     tual    Sq.        tual
  Exp.     Feet     Rent      Feet    Rent    Feet    Rent    Feet       Rent  
  -------  ------ ---------  -----  --------  ----  --------  ------   --------
  <S>      <C>     <C>       <C>     <C>     <C>    <C>      <C>       <C>
  1997      1,605 $  6,435     495   $ 5,003    48  $   528    2,148   $ 11,966
  1998      2,332    8,740     750     8,123   107    1,115    3,189     17,978
  1999      2,218    9,619     908     9,798   120    1,233    3,246     20,650
  2000      2,165    8,841     840    10,200   103    1,244    3,108     20,285
  2001      2,512    9,891     865     9,546    88    1,062    3,465     20,499
  2002      1,023    4,032     848     9,071   134    1,401    2,005     14,504
  2003        292    1,766     217     2,489    35      317      544      4,572
  2004        865    3,221     195     2,386    13      126    1,073      5,733
  2005      1,256    4,069     535     6,770   177    1,505    1,968     12,344
  2006      2,038    6,457     352     4,359     5       67    2,395     10,883
  2007 
   and
   There-
   after    1,435    4,722   1,058    13,775   767    6,506    3,260     25,003
           ------   ------   -----    ------ -----   ------   ------    -------
  Total 
  Leased   17,741  $67,793   7,063   $81,520 1,597  $15,104   26,401   $164,417
           ======   ======   =====    ====== =====   ======  =======    =======
  
  Total 
  Portfolio
  Square 
  Feet     18,582            7,387           1,690           27,659
           ======            =====           =====           ======
  
  Annualized net
   effective rent
   per square foot  $  3.82          $ 11.54        $  9.46            $   6.23
                     ======           ======         ======             =======
   </TABLE>
   
                                   
  This  stable occupancy, along with stable rental rates  in  each  of
  the  Partnership's markets, will allow the in-service  portfolio  to
  continue  to  provide a comparable or increasing level  of  earnings
  from  rental  operations. The Partnership also  expects  to  realize
  growth   in  earnings  from  rental  operations  through   (i)   the
  development and acquisition of additional rental properties  in  its
  primary   markets;   (ii)  the  expansion  into   other   attractive
  Midwestern  markets; and (iii) the completion  of  the  5.1  million
  square  feet of properties under development at March 31, 1997  over
  the  next  four quarters. The 5.1 million square feet of  properties
  under   development  should  provide  future  earnings  from  rental
  operations growth for the Partnership as they are placed in  service
  as  follows  (in  thousands, except percent  leased  and  stabilized
  returns):
  <TABLE>
  <CAPTION>
  
  Anticipated
  In-Service          Square       Percent     Project      Stabilized
  Date                 Feet        Leased      Costs        Return
  ----------------    ------       -------     -------     -----------
                                             
  <S>                 <C>          <C>         <C>           <C>
  2nd Quarter 1997    1,650        81%         $ 50,332      11.9%
  3rd Quarter 1997    1,931        69%           65,067      11.1%
  4th Quarter 1997      668        72%           44,004      11.7%
  1st Quarter 1998      830        79%           37,833      11.5%
                      -----                     -------
                      5,079        75%         $197,236      11.5%
                      =====                     =======
  </TABLE>
  
  RESULTS OF OPERATIONS
  ---------------------
     
  Following  is a summary of the Partnership's operating  results  and
  property  statistics for the three  months ended March 31, 1997  and
  1996  (in  thousands,  except  number of  properties  and  per  unit
  amounts):
  
                                - 10 -
  
  <PAGE>
  <TABLE>
  <CAPTION>
  
  
                                       Three months ended March 31,
                                       ----------------------------
                                          1997             1996
                                       ----------       -----------
     <S>                               <C>              <C>
     Rental Operations revenue         $50,918          $36,537
     Service Operations revenue          3,939            4,346
     Earnings from Rental Operations    18,759           11,172
     Earnings from Service Operations      462            1,183
     Operating income                   18,112           11,434
     Net income available for common 
      units                            $16,952          $11,577
     Weighted average common units 
      outstanding                       34,378           28,686
     Net income per common unit        $   .49          $   .40
   
     Number of in-service properties 
      at end of period                     250              214
     In-service square footage at 
      end of period                     27,659           22,297
     Under development square footage 
      at end of period                   5,079            2,891
   
  </TABLE>
  
  COMPARISON OF THREE MONTHS ENDED MARCH 31,1997 TO THREE MONTHS 
  --------------------------------------------------------------
  ENDED MARCH 31,1996
  -------------------
  
  Rental Operations
  -----------------
  
  The   Partnership  increased  its  in-service  portfolio  of  rental
  properties  from 214 properties comprising 23.0 million square  feet
  at  March 31, 1996 to 250 properties comprising 27.7 million  square
  feet  at  March  31, 1997 through the acquisition of  23  properties
  totaling  2.1  million  square  feet  and  the  completion   of   15
  properties  and  three  building  expansions  totaling  3.5  million
  square  feet  developed by the Partnership.   The  Partnership  also
  disposed  of two properties totaling 226,000 square feet.  These  36
  net  additional rental properties primarily account  for  the  $14.4
  million  increase in revenues from Rental Operations  from  1996  to
  1997.  The  Partnership  also received  a  $1.2  million  net  lease
  termination  payment  made by a tenant in one of  the  Partnership's
  office  properties which is included in rental income for the  three
  months  ended  March 31, 1997. The increase from  1996  to  1997  in
  rental   expenses,   real   estate  taxes   and   depreciation   and
  amortization  expense  is also a result of  the  additional  36  in-
  service rental properties.
   
  Interest  expense  increased  by approximately  $600,000  from  $8.0
  million  for  the three months ended March 31, 1996 to $8.6  million
  for  the  three  months  ended  March 31,  1997  due  to  additional
  unsecured  debt issued in its medium-term note program in  the  last
  two  quarters  of  1996 to fund the development and  acquisition  of
  additional rental properties.
  
  As  a  result  of  the above-mentioned items, earnings  from  rental
  operations increased $7.6 million from $11.2 million for  the  three
  months  ended  March 31, 1996 to $18.8 million for the three  months
  ended March 31, 1997.
  
  Service Operations
  ------------------
  
  Service  Operation revenues decreased to $3.9 million for the  three
  months  ended  March 31, 1997 as compared to $4.3  million  for  the
  three  months ended March 31, 1996. This decrease was primarily  the
  result  of  a  decrease in construction management  fees  caused  by
  unfavorable  weather conditions during the three months ended  March
  31,  1997. Service Operation operating expenses increased from  $3.2
  million  to $3.5 million for the three months ended March  31,  1997
  as compared to the three months ended March 31, 1996 primarily as  a
  result  of  an  increase in operating expenses  resulting  from  the
  overall growth of the Partnership.
                                - 11 -
  
  <PAGE>
  As  a  result  of the above-mentioned items, earnings  from  Service
  Operations  decreased from $1.2 million for the three  months  ended
  March  31,  1996  to $462,000 for the three months ended  March  31,
  1997.
  
  General and Administrative Expense
  ----------------------------------
  
  General  and administrative expense increased from $921,000 for  the
  three  months  ended March 31, 1996 to $1.1 million  for  the  three
  months  ended  March  31, 1997 primarily as a  result  of  increased
  state  and local taxes due to the growth in revenues and net  income
  of the Partnership.
  
  Other Income (Expense)
  ----------------------
  
  Interest  income decreased from $344,000 for the three months  ended
  March  31,  1996  to $251,000 for the three months ended  March  31,
  1997  primarily as a result of interest income which was  earned  on
  certain  escrows during the three months ended March 31, 1996  which
  were refunded later in 1996.
  
  Net Income Available for Common Units
  -------------------------------------
  
  Net  income  available for common units for the three  months  ended
  March  31,  1997 was $17.0 million compared to net income  available
  for  common units of $11.6 million for the three months ended  March
  31,  1996. This increase results primarily from the operating result
  fluctuations in rental and service operations explained above.
  
  LIQUIDITY AND CAPITAL RESOURCES
  
  Net  cash  provided by operating activities totaling  $29.0  million
  and  $14.3  million for the three months ended March  31,  1997  and
  1996,  respectively, represents the primary source of  liquidity  to
  fund  distributions to unitholders and the other minority  interests
  and  to fund recurring costs associated with the renovation and  re-
  letting  of the Partnership's properties. This increase is primarily
  a  result  of,  as discussed above under "Results of  Operations,"
  the  increase in net income resulting from the expansion of the  in-
  service   portfolio   through  development   and   acquisitions   of
  additional rental properties.
   
  Net  cash  used by investing activities totaling $41.2  million  and
  $79.9  million for the three months ended March 31, 1997  and  1996,
  respectively, represents the investment of funds by the  Partnership
  to   expand   its  portfolio  of  rental  properties   through   the
  development and acquisition of additional rental properties  net  of
  proceeds  received from property sales. In 1997, $34.8  million  was
  invested in the development of additional rental properties and  the
  acquisition  of  land held for development. In 1996, the  investment
  in  the  development and acquisition of additional rental properties
  and  land  held for development was $84.2 million. Included  in  the
  $84.2  million  of  net cash used by investing  activities  for  the
  development  and  acquisition of rental  properties  for  the  three
  months  ended  March  31,  1996  is $44.5  million  related  to  the
  acquisition  of  eight  suburban office buildings  totaling  782,000
  gross  square feet in Cleveland, Ohio. The purchase price  of  these
  eight  buildings was approximately $76.0 million which included  the
  assumption  of  $23.1 million of mortgage debt and the  issuance  of
  $8.4 million of
  
  
                                - 12 -
  
  <PAGE>
  
  Common  Units.  In  March  1996,  the  Partnership  received  $113.8
  million  of  net  proceeds from the General Partner's  common  stock
  offering  which  was  used to pay down amounts  outstanding  on  the
  unsecured  line  of  credit  and  to fund  current  development  and
  acquisition  activity.  In  January 1997, the  Partnership  received
  $56.7  million  of  net proceeds from the General  Partner's  common
  stock  offering  which was used to pay down amounts  outstanding  on
  the  unsecured  line  of  credit and  to  fund  current  development
  activity.  During  the  three  months  ended  March  31,  1997,  the
  Partnership  also  received $2.7 million of net  proceeds  from  the
  issuance  of  common stock under the General Partner's Direct  Stock
  Purchase and Dividend Reinvestment Plan.
  
  The  Partnership has a $150 million unsecured line of  credit  which
  matures  in  April  1998. In January 1996, the  borrowing  rate  was
  LIBOR  plus  1.625%.  In  September 1996,  the  borrowing  rate  was
  reduced  to  LIBOR plus 1.25%. On March 27, 1997 the borrowing  rate
  was further reduced to LIBOR plus 1.00%. The Partnership also has  a
  demand  $10  million  secured revolving  credit  facility  which  is
  available  to provide working capital. This facility bears  interest
  payable at the 30-day LIBOR rate plus .75%.
  
  The  General Partner and the Partnership currently have on file Form
  S-3   Registration  Statements  with  the  Securities  and  Exchange
  Commission  ("Shelf Registrations") which had remaining availability
  as  of  April 29, 1997 of approximately $410 million to issue common
  stock,  preferred  stock or unsecured debt securities.  The  General
  Partner  and  the Partnership intend to issue additional  equity  or
  debt  under these Shelf Registrations as capital needs arise to fund
  the development and acquisition of additional rental properties.
  
  The  total debt outstanding at March 31,  1997  consists  of
  notes totaling $506.1 million with a weighted average interest  rate
  of  7.58%  maturing at various dates through 2017.  The  Partnership
  has  $245.0 million of unsecured debt and $261.1 million of  secured
  debt   outstanding   at   March   31,  1997.   Scheduled   principal
  amortization  of such  debt totaled $759,000  for  the  three
  months ended March 31, 1997.
                                   
  Following  is  a  summary of the scheduled future  amortization  and
  maturities of the Partnership's indebtedness at March 31,  1997  (in
  thousands):
  <TABLE>
  <CAPTION>
  
   
                            Repayments
              ----------------------------------------    Weighted Average
              Scheduled                                   Interest Rate of
   Year       Amortization      Maturities      Total     Future Repayments
   ----       ------------      ----------    --------    ------------------
   <S>        <C>               <C>           <C>              <C>
   1997       $ 2,629           $ 10,000      $ 12,629         6.66%
   1998         4,410             51,590        56,000         7.26%
   1999         5,146             28,470        33,616         6.15%
   2000         3,227             44,853        48,080         7.38%
   2001         2,930             59,954        62,884         8.72%
   2002         3,189             50,000        53,189         7.36%
   2003           902             68,216        69,118         8.48%
   2004           978             50,000        50,978         7.14%
   2005         1,064            100,000       101,064         7.48%
   2006         1,160                  -         1,160         7.38%
   Thereafter  17,338                  -        17,338         7.54%
               ------            -------       -------
       Total  $42,973           $463,083      $506,056         7.58%
               ======            =======       =======
   
  </TABLE>
  
  The  1997  maturities  consist of the  outstanding  balance  on  the
  Partnership's $10 million demand secured line of credit.
  
                                - 13 -
  
  <PAGE>
  The  Partnership intends to pay regular quarterly distributions from
  net  cash provided by operating activities. A quarterly distribution
  of  $.51  per common unit was declared on April 24, 1997 payable  on
  May  30,  1997 which represents an annualized distribution of  $2.04
  per  common unit. A quarterly distribution of $.56875 per depositary
  preferred  unit was declared on April 24, 1997 which is  payable  on
  May 30, 1997.
  
  FUNDS FROM OPERATIONS
  
  Management  believes that Funds From Operations  ("FFO"),  which  is
  defined  by  the  National  Association of  Real  Estate  Investment
  Trusts  as  net income or loss excluding gains or losses  from  debt
  restructuring   and   sales  of  property  plus   depreciation   and
  amortization,   and   after  adjustments  for   minority   interest,
  unconsolidated  partnerships  and joint  ventures  (adjustments  for
  minority  interest, unconsolidated partnerships and  joint  ventures
  are  calculated to reflect FFO on the same basis), is  the  industry
  standard  for  reporting  the operations of real  estate  investment
  trusts.
  
  The  following  table reflects the calculation of the  Partnership's
  FFO for the three months ended March 31 as follows (in thousands):
  <TABLE>
  <CAPTION>
  
  
                                          Three  months  ended
                                                March 31,
                                          --------------------
   (in thousands)                           1997        1996
                                          --------    --------
   
   <S>                                     <C>        <C>
   Net income available for common 
    units                                  $16,952    $11,577
   Add back:
    Depreciation and amortization            9,499      6,761
    Share of joint venture depreciation 
     and amortization                          523        440
    (Earnings) loss from property sales       (280)        14
                                            ------     ------
   FUNDS FROM OPERATIONS                   $26,694    $18,792
                                            ======     ======
   CASH FLOW PROVIDED BY (USED BY):
    Operating activities                   $28,879    $14,305
    Investing activities                   (41,176)   (79,865)
    Financing activities                    19,853     71,759
                                   
  </TABLE>
  The  increase  in  FFO  for the three months ended  March  31,  1997
  compared  to the three months ended March 31, 1996 results primarily
  from   the   increased  in-service  rental  property  portfolio   as
  discussed above under "Results of Operations."
                                   
  While  management believes that FFO is the most relevant and  widely
  used  measure  of  the  Partnership's  operating  performance,  such
  amount  does not represent cash flow from operations as  defined  by
  generally  accepted accounting principles, should not be  considered
  as   an   alternative  to  net  income  as  an  indicator   of   the
  Partnership's operating performance, and is not indicative  of  cash
  available to fund all cash flow needs.
  
                                - 14 -
                                   


<PAGE>
Part II - Other Information

Item 1.  Legal Proceedings
---------------------------
None


Item 2.  Changes in Securities
------------------------------
None


Item 3.  Defaults upon Senior Securities
----------------------------------------
None

Item 4.  Submission of Matters to a Vote of Security Holders
------------------------------------------------------------
None

Item 5.  Other Information
--------------------------
When  used  in  this  Form 10-Q, the words "believes,"  "expects,"
"estimates"  and  similar  expressions are  intended  to  identify
forward looking-statements. Such statements are subject to certain
risks and uncertainties which could cause actual results to differ
materially.  In  particular, among the factors  that  could  cause
actual results to differ materially are continued qualification of
the  General  Partner as a real estate investment  trust,  general
business and economic conditions, competition, increases  in  real
estate  construction costs, interest rates, accessibility of  debt
and  equity capital markets and other risks inherent in  the  real
estate  business  including tenant defaults,  potential  liability
relating  to environmental matters and illiquidity of real  estate
investments. Readers are cautioned not to place undue reliance  on
these forward-looking statements, which speak only as of the  date
hereof.  The  Partnership  undertakes no  obligation  to  publicly
release  the  results  of any revisions to  these  forward-looking
statements  which  may be made to reflect events or  circumstances
after   the   date  hereof  or  to  reflect  the   occurrence   of
unanticipated  events. Readers are also advised to  refer  to  the
General  Partner's  Form  8-K  Report  as  filed  with  the   U.S.
Securities  and  Exchange  Commission  on  March  29,   1996   for
additional information concerning these risks.
 
Item 6.  Exhibits and Reports on Form 8-K
-----------------------------------------

Exhibit 15.  Letter regarding unaudited interim financial information

Exhibit 27.  Financial Data Schedule (EDGAR Filing Only)

                                - 15 -
                                   
<PAGE>
                                   
                               SIGNATURES
Pursuant  to the requirements 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.     

DUKE REALTY LIMITED PARTNERSHIP
-------------------------------      
By:  Duke Realty  Investments, Inc.,          
General Partner                     

                                                Registrant     


Date:   May 12, 1997                    /s/  Thomas L. Hefner
       --------------                   ---------------------
                                        President and                          
                                         Chief Executive Officer
                                        
                                        
                                        /s/   Darell E. Zink, Jr.
                                        ------------------------
                                        Executive Vice President and 
                                         Chief Financial Officer           
                                         
                                         
                                        /s/   Dennis D. Oklak
                                        ---------------------
                                        Vice President and Treasurer    
                                         (Chief Accounting Officer)
                                   
                                - 16 -