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, 1998
                                        --------------

                                    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 5, 1998 was
91,550,173.

<PAGE>

                      DUKE REALTY LIMITED PARTNERSHIP
                                     
                                   INDEX
                                     
PART I - FINANCIAL INFORMATION                                   PAGE
------------------------------                                   ----
ITEM 1.  FINANCIAL STATEMENTS

     Condensed Consolidated Balance Sheets as of
        March 31, 1998 (Unaudited) and December 31, 1997           2

     Condensed Consolidated Statements of Operations for
      the three months ended March 31, 1998 and 1997
      (Unaudited)                                                  3

     Condensed Consolidated Statements of Cash Flows for the
       three months ended March 31, 1998  and 1997 (Unaudited)     4

     Condensed Consolidated Statement of Partners' Equity for
       the three months ended March 31, 1998 (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                      9-15


Part II - Other Information


     Item 1.        Legal Proceedings                             16
     Item 2.        Changes in Securities                         16
     Item 3.        Defaults Upon Senior Securities               16
     Item 4.        Submission of Matters to a Vote
                     of Security Holders                          16
     Item 5.        Other Information                             16
     Item 6.        Exhibits and Reports on Form 8-K              16
                                     
<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,
                                                   1998          1997
                                                 --------     ------------
     ASSETS                                            (Unaudited)
     ------
<S>                                           <C>             <C>
Real estate investments:
 Land and improvements                        $  243,417      $  231,614
 Buildings and tenant improvements             1,695,001       1,591,604
 Construction in progress                        100,203         107,242
 Investments in unconsolidated companies         115,909         106,450
 Land held for development                       138,889         139,817
                                               ---------       ---------
                                               2,293,419       2,176,727
                                               ---------       ---------
Accumulated depreciation                        (131,629)       (116,264)
                                               ---------       ---------
   Net real estate investments                 2,161,790       2,060,463

Cash                                              28,764          10,372
Accounts receivable from tenants, net
 of allowance of $528 and $420                     5,603           5,932
Straight-line rent receivable,
 net of allowance of $841                         16,033          14,746
Receivables on construction contracts             20,724          22,700
Deferred financing costs, net of
 accumulated amortization of $9,763 
 and $9,101                                       10,457          12,289
Deferred leasing and other costs, net
 of accumulated amortization of 
 $10,732 and $9,251                               37,588          34,369
Escrow deposits and other assets                  18,424          16,303
                                               ---------       ---------
                                              $2,299,383      $2,177,174
                                               =========       =========

  LIABILITIES AND PARTNERS' EQUITY
  --------------------------------
Indebtedness:
  Secured debt                                $  363,898      $  367,119
  Unsecured notes                                440,000         340,000
  Unsecured line of credit                             -          13,000
                                               ---------       ---------
                                                 803,898         720,119

Construction payables and amounts 
 due subcontractors                               33,675          40,786
Accounts payable                                   1,315           1,342
Accrued expenses:
 Real estate taxes                                27,997          25,203
 Interest                                          4,372           6,883
 Other expenses                                   10,702          13,851
Other liabilities                                 14,479          11,720
Tenant security deposits and prepaid rents        17,050          14,268
                                               ---------       ---------
Total liabilities                               913,488          834,172
                                               ---------       ---------
Minority interest                                     29             222
                                               ---------       ---------
Partners' equity
 General partner:
  Common equity                                1,059,217      1,016,733
  Preferred equity (liquidation 
   preference of $225,000)                       218,906        218,906
                                               ---------      ---------
                                               1,278,123      1,235,639
 Limited partners' common equity                 107,743        107,141
                                               ---------      ---------
  Total partners' equity                       1,385,866      1,342,780
                                               ---------      ---------      
                                              $2,299,383     $2,177,174
                                               =========      =========     
</TABLE>
   See accompanying Notes to Condensed Consolidated Financial Statements
                                     
<PAGE>
                                   - 2 -

             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>

                                             1998        1997
                                           --------    --------
<S>                                        <C>         <C>
RENTAL OPERATIONS:
 Revenues:
  Rental income                             $76,835     $49,058
  Equity in earnings of
   unconsolidated companies                   2,841       1,860
                                             ------      ------
                                             79,676      50,918
                                             ------      ------
 Operating expenses:
  Rental expenses                            13,845       9,229
  Real estate taxes                           7,834       4,442
  Interest expense                           12,879       8,946
  Depreciation and amortization              14,260       9,499
                                             ------      ------
                                             48,818      32,116
                                             ------      ------
     Earnings from rental operations         30,858      18,802
                                             ------      ------
SERVICE OPERATIONS:
 Revenues:
  Property management, maintenance
   and leasing fees                           3,037       2,641
  Construction management and 
   development fees                           1,559       1,066
  Other income                                  304         232
                                             ------      ------
                                              4,900       3,939
                                             ------      ------
 Operating expenses:
  Payroll                                     2,883       2,340
  Maintenance                                   604         388
  Office and other                              518         749
                                             ------      ------
                                              4,005       3,477
                                             ------      ------
     Earnings from service operations           895         462
                                             ------      ------
General and administrative expense          (2,340)      (1,109)
                                             ------      ------
      Operating income                       29,413      18,155

OTHER INCOME (EXPENSE):
 Interest income                                177         251
 Earnings from property sales                   586         280
 Other expense                                  (31)        (43)
 Minority interest in earnings
  of subsidiaries                                -           15
                                             ------      ------
Net income                                   30,145      18,658
Dividends on  preferred units                (4,703)     (1,706)
                                             ------      ------
Net income available for common units       $25,442     $16,952
                                             ======      ======
Net income per common unit:
 Basic                                      $   .29     $   .25
                                             ======      ======
 Diluted                                    $   .29     $   .24
                                             ======      ======
Weighted average number of common
 units outstanding                           87,650      68,756
                                             ======      ======
Weighted average number of common
 and dilutive potential common units         88,596      69,579
                                             ======      ======
</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>


                                               1998        1997
                                            ---------    --------
<S>                                         <C>         <C>
Cash flows from operating activities:
  Net income                                $  30,145    $ 18,658
  Adjustments to reconcile net income
   to net cash provided by operating
   activities:
   Depreciation of buildings and
    tenant improvements                        12,650       8,386
   Amortization of deferred
    financing costs                               354         344
   Amortization of deferred leasing
    and other costs                             1,610       1,113
   Minority interest in earnings                    -         (15)
   Straight-line rental income                 (1,416)       (765)
   Earnings from property sales                  (586)       (280)
   Construction contracts, net                 (5,135)      3,119
   Other accrued revenues and expenses, net     3,083        (141)
   Equity in earnings in excess of
    distributions received from
    unconsolidated companies                   (2,085)     (1,540)
                                               ------      ------
    Net cash provided by operating activities  38,620      28,879
                                               ------      ------
Cash flows from investing activities:
  Rental property development costs           (48,522)    (29,168)
  Acquisition of rental properties            (36,573)          -
  Acquisition of land held for development
   and infrastructure costs                    (8,310)     (5,634)
  Recurring costs:
   Tenant improvements                         (2,106)     (2,168)
   Leasing commissions                         (1,197)     (1,295)
   Building improvements                         (692)       (116)
  Other deferred leasing costs                 (3,370)     (4,123)
  Other deferred costs and other assets        (2,588)     (1,321)
  Proceeds from property sales, net             1,177       1,280
  Net investment in and advances to
   unconsolidated companies                    (6,870)      1,369
                                              -------      ------
    Net cash used by investing activities    (109,051)    (41,176)
                                              -------      ------

Cash flows from financing activities:
  Contributions from general partner           42,560      59,390
  Payments on indebtedness including
   principal amortization                      (4,021)       (759)
  Proceeds from indebtedness                  100,000           -
  Repayments on lines of credit, net          (20,000)    (19,000)
  Distributions to partners                   (26,176)    (17,692)
  Distributions to preferred unitholders       (4,703)     (1,706)
  Distributions to minority interest             (193)       (336)
  Deferred financing costs                      1,356         (44)
                                              -------      ------
    Net cash provided by financing activities  88,823      19,853
                                              -------      ------
     Net increase in cash                      18,392       7,556
                                              -------      ------
Cash and cash equivalents at beginning
 of period                                     10,372       5,346
                                              -------      ------
Cash and cash equivalents at end of period   $ 28,764     $12,902
                                              =======      ======
</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, 1998
                              (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, 1997  $1,016,733   $218,906     $107,141     $1,342,780

 Net income                       22,250      4,703        3,192        30,145

 Capital contribution from
  General Partner                 43,113          -            -        43,113

 Acquisition of property in
  exchange for Limited
  Partner Units                        -          -          707           707

 Distributions to preferred
  unitholders                          -     (4,703)           -        (4,703)

 Distributions to partners
  ($.30 per Common Unit)         (22,879)         -       (3,297)      (26,176)
                               ---------    -------      -------     ---------
BALANCE AT MARCH 31, 1998     $1,059,217   $218,906     $107,743    $1,385,866
                               =========    =======      =======     =========
COMMON UNITS OUTSTANDING
 AT MARCH 31, 1998                78,068                  11,018        89,086
                               =========                 =======     =========
</TABLE>

   See accompanying Notes to Condensed Consolidated Financial Statements
                                   - 5 -
                                     
<PAGE>
                                     
                      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. The General Partner is the
sole general partner of the Partnership and owns 87.6% of the
Partnership at March 31, 1998. 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 $200 million unsecured revolving credit
facility which is available to fund the development and acquisition
of additional rental properties and to provide working capital. The
revolving line of credit matures in April 2001 and bears interest at
the 30-day London Interbank Offered Rate ("LIBOR") plus .80%. The
Partnership also has a demand $7 million secured revolving
                                     
<PAGE>
                                   - 6 -
credit facility which is available to provide working capital. This
facility bears interest at the 30-day LIBOR rate plus .65%.

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 $600,000 and $750,000 for such services for the three months ended 
March 31, 1998 and 1997, 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.  NET INCOME PER COMMON UNIT

Basic net income per common unit is computed by dividing net income
available for common units by the weighted average number of common
units outstanding for the period. Diluted net income per unit is
computed by dividing net income available for common units by the
sum of the weighted average number of common units and dilutive
potential common units outstanding for the period.

The following table reconciles the components of basic and diluted
net income per unit as of March 31:

     <TABLE>
     <CAPTION>
                                                1998     1997
                                              ------    ------
     <S>                                      <C>       <C>
     Basic and diluted net income available
      for Common Units                        $25,442   $16,952
                                               ======    ======
     Weighted average partnership units
      outstanding                              87,650    68,756
     Dilutive units for long-term
      compensation plans                          946       823
                                               ------    ------
     Weighted average number of common
      units and dilutive
      potential common units                   88,596    69,579
                                               ======    ======
     
5.  SUBSEQUENT EVENTS

On April 23, 1998, a quarterly distribution of $.30 per Common Unit
was declared, payable on May 29, 1998 to Common Unitholders of record
on May 13, 1998.

On April 23, 1998, a quarterly distribution was declared of $.56875
per depositary unit of Series A Preferred Units which is payable on
May 29, 1998 to preferred unitholders of record on May 15, 1998.

On April 23, 1998, a quarterly distribution was declared of $.99875
per depositary unit of Series B Preferred Units payable on June 30,
1998 to preferred unitholders of record on June 17, 1998.

                                   - 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, 1998,
  the related condensed consolidated statements of operations and
  cash flows for the three months ended March 31, 1998 and 1997,
  and the related condensed consolidated statement of partners'
  equity for the three months ended March 31, 1998. 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, 1997, 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, 1998, 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, 1997 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, 1998
  
                                   - 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 94% the last two
  years and was at 94% at March 31, 1998. 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, 1998 and 1997 (in thousands, except percentages):
   
</TABLE>
<TABLE>
   <CAPTION>
   
                       Total             Percent of
                     Square Feet      Total Square Feet     Percent Occupied
                   --------------     -----------------     ---------------- 
Type               1998     1997        1998      1997        1998     1997
--------------     -----    -----     --------  -------     -------  -------
<S>                <C>      <C>       <C>       <C>         <C>      <C>
INDUSTRIAL
 Service Ctrs.      3,761    3,051      8.59%     11.03%     91.71%  93.04%
 Bulk              26,878   15,531     61.37%     56.15%     92.88%  95.95%
OFFICE
 Suburban          10,129    6,319     23.13%     22.84%     96.30%  96.53%
 CBD                  699      699      1.60%      2.53%     95.20%  87.55%
 Medical              289      369       .65%      1.34%     98.38%  95.18%
RETAIL              2,041    1,690      4.66%      6.11%     95.30%  94.52%
                   ------   ------    -------    -------
 Total             43,797   27,659    100.00%    100.00%     93.75%  95.45%
                   ======   ======    =======    =======
     </TABLE>
     
  Management expects occupancy of the in-service property portfolio
  to remain stable because (i) only 8.6% and 12.3% of the
  Partnership's occupied square footage is subject to leases
  expiring in the remainder of 1998 and in 1999, respectively, and
  (ii) the Partnership's renewal percentage averaged 81%, 80% and
  65% in 1997, 1996 and 1995, respectively.
                                   - 9 -
  
  <PAGE>
  The following table reflects the Partnership's in-service
  portfolio lease expiration schedule as of March 31, 1998 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-
Yr.of   Square     tual     Square tual     Square  tual      Square   tual
Exp.    Feet       Rent     Feet   Rent     Feet    Rent      Feet     Rent
-----   -----    ---------  ------ -------- -----   --------  -------  ---------
<S>     <C>      <C>        <C>    <C>      <C>     <C>       <C>      <C>
1998     2,734   $ 10,641      759 $  8,393     29  $  345      3,522  $ 19,379
1999     3,558     15,034    1,365   15,153    119   1,254      5,042    31,441
2000     2,909     12,358    1,011   13,167    128   1,555      4,048    27,080
2001     3,162     12,901    1,473   17,798     91   1,084      4,726    31,783
2002     3,795     15,399    1,480   16,986    157   1,740      5,432    34,125
2003     1,997      8,125      696    8,567     87     925      2,780    17,617
2004       842      3,872      302    3,746     17     178      1,161     7,796
2005     1,814      5,824      955   13,241    181   1,562      2,950    20,627
2006     2,052      7,212      647    9,837      5      67      2,704    17,116
2007     2,319      7,160      362    4,635     76     760      2,757    12,555
2008
and
There-
after    3,230     11,746    1,654   22,785  1,055   8,512      5,939    43,043
        ------     ------   ------  -------  -----  ------     ------   -------
Total
Leased  28,412   $110,272   10,704 $134,308  1,945 $17,982     41,061  $262,562
        ======    =======   ======  =======  =====  ======     ======   =======
Total
Portfolio
Sq.Ft.  30,639              11,117           2,041             43,797
        ======              ======           =====             ======
Annualized
net effective
rent per
sq. ft.          $  3.88           $ 12.55         $  9.25             $   6.39
                  ======            ======          ======              =======
   </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 4.3 million
  square feet of properties under development at March 31, 1998 over
  the next four quarters. The 4.3 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 1998  2,218          69%       $ 70,045        11.2%
  3rd Quarter 1998    442          41%         39,541        12.0%
  4th Quarter 1998    811          15%         91,231        11.5%
  1st Quarter 1999    823          85%        110,402        10.0%
                    -----                     -------
                    4,294          59%       $311,219        11.0%
                    =====                     =======
  </TABLE>
  
  RESULTS OF OPERATIONS
     
  Following is a summary of the Partnership's operating results and
  property statistics for the three months ended March 31, 1998 and
  1997 (in thousands, except number of properties and per share
  amounts):
  
                                  - 10 -
   
   <PAGE>
   <TABLE>
   <CAPTION>
                                      Three months ended March 31,
                                      ----------------------------
                                        1998                1997
                                      ---------           ---------
     <S>                               <C>                <C>
     Rental Operations revenue          $79,676            $50,918
     Service Operations revenue           4,900              3,939
     Earnings from Rental
      Operations                         30,858             18,802
     Earnings from Service
      Operations                            895                462
     Operating income                    29,413             18,155
     Net income available for 
      common Units                      $25,442            $16,952
     Weighted average common
      Units outstanding                  87,650             68,756
     Weighted average common
      and dilutive potential
      common Units                       88,596             69,579
     Basic income per common Unit       $   .29            $   .25
     Diluted income per common Unit     $   .29            $   .24
   
     Number of in-service properties
      at end of period                      381                250
     In-service square footage at
      end of period                      43,797             27,659
     Under development square
      footage at end of period            4,294              5,079
   </TABLE>
   
  COMPARISON OF THREE MONTHS ENDED MARCH 31, 1998 TO THREE MONTHS ENDED
  MARCH 31, 1997
  ---------------------------------------------------------------------
  
  Rental Operations
  -----------------

  The Partnership increased its in-service portfolio of rental
  properties from 250 properties comprising 27.7 million square
  feet at March 31, 1997 to 381 properties comprising 43.8 million
  square feet at March 31, 1998 through the acquisition of 100
  properties totaling 9.5 million square feet and the completion of
  36 properties and two building expansions totaling 7.1 million
  square feet developed by the Partnership. The Partnership also
  disposed of 5 properties totaling approximately 400,000 square
  feet. These 131 net additional rental properties primarily
  account for the $28.8 million increase in revenues from Rental
  Operations from 1997 to 1998. The Partnership also received $3.4
  million of net lease termination payments which is included in
  rental income for the three months ended March 31, 1998. Included
  in rental income for the three months ended March 31, 1997 is
  $1.2 million of net lease termination payments. The increase from
  1997 to 1998 in rental expenses, real estate taxes and
  depreciation and amortization expense is also a result of the
  additional 131 in-service rental properties.
   
  Interest expense increased by approximately $4.3 million from
  $8.6 million for the three months ended March 31, 1997 to $12.9
  million for the three months ended March 31, 1998 due to
  additional unsecured debt issued in the Partnership's medium-term
  note program in the third quarter of 1997 to fund the development
  and acquisition of additional rental properties.
  
  As a result of the above-mentioned items, earnings from rental
  operations increased $12.1 million from $18.8 million for the
  three months ended March 31, 1997 to $30.9 million for the three
  months ended March 31, 1998.
  
  Service Operations
  ------------------

  Service Operations revenues increased to $4.9 million for the
  three months ended March 31, 1998 as compared to $3.9 million for
  the three months ended March 31, 1997 primarily as a result of
  increases in construction management fee revenue because of an
  increase in third-party construction volume. Service Operations
  operating expenses increased from $3.5 million
  
                                  - 11 -
  <PAGE>
  to  $4.0  million for the three months ended March  31,  1998  as
  compared to the three months ended March 31, 1997 primarily as  a
  result  of an increase in operating expenses resulting  from  the
  overall growth of the Partnership.
  
  As a result of the above-mentioned items, earnings from Service
  Operations increased from $462,000 for the three months ended
  March 31, 1997 to $895,000 for the three months ended March 31,
  1998.
  
  General and Administrative Expense
  -----------------------------------

  General and administrative expense increased from $1.1 million
  for the three months ended March 31, 1997 to $2.3 million for the
  three months ended March 31, 1998 primarily as a result of the
  growth in revenues and net income of the Partnership.
  
  Other Income (Expense)
  ----------------------

  Interest income decreased from $251,000 for the three months
  ended March 31, 1997 to $177,000 for the three months ended March
  31, 1998 primarily as a result of interest income which was
  earned on short-term investments during the three months ended
  March 31, 1997. Other expense consists of costs incurred in
  pursuit of unsuccessful development on acquisition opportunities.
  
  Net Income Available for Common Units
  -------------------------------------

  Net income available for common units for the three months ended
  March 31, 1998 was $25.4 million compared to net income available
  for common units of $17.0 million for the three months ended
  March 31, 1997. 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 $38.6 million
  and $28.9 million for the three months ended March 31, 1998 and
  1997, 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 $109.1 million and
  $41.2 million for the three months ended March 31, 1998 and 1997,
  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.
  In 1998, $93.4 million was invested in the development and
  acquisition of additional rental properties and the acquisition
  of land held for development. In 1997, the investment in the
  development and acquisition of additional rental
  
                                  - 12 -
  
  <PAGE>
  properties and land held for development was $34.8 million.
  Included in the $93.4 million of net cash used by investing
  activities for the development and acquisition of rental
  properties for the three months ended March 31, 1998 are
  acquisitions of two portfolios consisting of fourteen industrial
  buildings and one office building.
  
  Net cash provided by financing activities totaling $88.8 million
  and $19.9 million for the three months ended March 31, 1998 and
  1997, respectively, represents funds from equity and debt
  offerings and borrowings under the lines of credit to fund the
  Partnership's investing activities. Also included in financing
  activities is the distribution of funds to unitholders and
  minority interests. 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. In 1998, the Partnership received $33.1 million of net
  proceeds from the General Partner's Common Stock offerings which
  was used to pay down amounts outstanding on the unsecured line of
  credit and to fund current development and acquisition activity.
  During the three months ended March 31, 1998, the Partnership
  received $7.4 million of net proceeds from the issuance of common
  stock under the General Partner's Direct Stock Purchase and
  Dividend Reinvestment Plan. In the first quarter of 1998, the
  Partnership received $100.0 million of net proceeds from the
  offering of 7.05% Puttable Reset Securities due March 1, 2006.
  
  The Partnership has a $200 million unsecured line of credit which
  matures in April 2001 and bears interest at the 30-day LIBOR rate
  plus .80%. The Partnership also has a demand $7 million secured
  revolving credit facility which is available to provide working
  capital. This facility bears interest at the 30-day LIBOR rate
  plus .65%.
  
  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 May 5, 1998 of approximately $1.4 billion 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, 1998 consists of notes
  totaling $803.9 million with a weighted average interest rate of
  7.50% maturing at various dates through 2025. The Partnership has
  $440.0 million of unsecured debt and $363.9 million of secured
  debt outstanding at March 31, 1998. Scheduled principal
  amortization of such debt totaled $1.7 million for the three
  months ended March 31, 1998.
  
  Following is a summary of the scheduled future amortization and
  maturities of the Partnership's indebtedness at March 31, 1998
  (in thousands):
                                  - 13 -
  
   
   <PAGE>
   <TABLE>
   <CAPTION>
   
   
                         Repayments
            ---------------------------------------  Weighted Average
            Scheduled                                Interest Rate of
Year        Amortization    Maturities      Total    Future Repayments
-----       ------------    -----------   ---------  ------------------
<S>         <C>             <C>           <C>            <C>
1998        $  5,140        $  40,659     $  45,799       7.16%
1999           5,827           30,450        36,277       6.68%
2000           6,204           64,850        71,054       7.15%
2001           5,864           74,560        80,424       8.33%
2002           6,366           50,000        56,366       7.40%
2003           4,415           66,141        70,556       8.47%
2004           3,398          177,035       180,433       7.41%
2005           3,681          100,000       103,681       7.49%
2006           3,989          100,000       103,989       7.07%
2007           3,516           14,939        18,455       7.77%
Thereafter    36,864                -        36,864       6.84%
              ------          -------       -------
 Total       $85,264         $718,634      $803,898       7.50%
              ======          =======       =======
  </TABLE>
  
  The Partnership intends to pay regular quarterly distributions
  from net cash provided by operating activities. A quarterly
  distribution of $.30 per common unit was declared on April 23,
  1998 payable on May 29, 1998, which represents an annualized
  dividend of $1.20 per common unit. A quarterly distribution of
  $.56875 per depositary unit of Series A Preferred Units was
  declared on April 23, 1998 which is payable on May 29, 1998. A
  quarterly Distribution of $.99875 per depositary unit on the
  Series B Cumulative Preferred Units was declared on April 23,
  1998 which is payable on June 30, 1998.
  
  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,
                                                ------------------
                                                  1998      1997
                                                --------  --------
   <S>                                          <C>       <C>
   Net income available for common Units        $25,442   $16,952
   Add back:
    Depreciation and amortization                14,260     9,499
    Share of joint venture adjustments              582       523
    Earnings from property sales                   (586)     (280)
                                                 ------    ------
   FUNDS FROM OPERATIONS                        $39,698   $26,694
                                                 ======    ======
   CASH FLOW PROVIDED BY (USED BY):
    Operating activities                      $  38,620   $28,879
    Investing activities                       (109,051)  (41,176)
    Financing activities                         88,823    19,853
   </TABLE>
                                   - 14 -
  
  <PAGE>
  The increase in FFO for the three months ended March 31, 1998
  compared to the three months ended March 31, 1997 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.
  
  RECENTLY ENACTED ACCOUNTING PRONOUNCEMENTS
  
  In March 1998, the Emerging Issues Task Force of the Financial
  Accounting Standards Board reached a consensus on Issue No. 97-11
  "Accounting for Internal Costs Relating to Real Estate Property
  Acquisitions" which requires the internal cost of pre-acquisition
  activities incurred in connection with the acquisition of an
  operating property be expensed as incurred. During the first
  quarter of 1998, the Partnership capitalized approximately
  $275,000 of internal costs of pre-acquisition activities which
  under Issue No. 97-11 would have been expensed.
  
                                  - 15 -
                                     
                                     
<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, 1997 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)
                                     
                                  - 16 -
                                     
<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 14, 1998                      /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
                                         --------------------------------
                                         Executive Vice President and
                                          Chief Administrative Officer
                                     
                                  - 17 -