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               UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                                      
                            WASHINGTON, D.C. 20549


                                  FORM 10-Q

(X)  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
     ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 1997
(  ) Transition report pursuant to Section 13 or 15(d) of the Securities
     Exchange Act of 1934
                              __________________

                      Commission File Number 33-97014-01




                      FIRST INDUSTRIAL SECURITIES, L.P.
            (Exact name of registrant as specified in its charter)


                  DELAWARE                                 36-4036965      
       (State or other jurisdiction of                  (I.R.S. Employer   
       incorporation or organization)                   Identification No.)




           311 S. WACKER DRIVE, SUITE 4000, CHICAGO, ILLINOIS 60606
                   (Address of principal executive offices)


                                (312) 344-4300
             (Registrant's telephone number, including area code)



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, and (2) has been subject to such filing
requirements for the past 90 days.    Yes  /X/   No .
                                         -------



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                      FIRST INDUSTRIAL SECURITIES, L.P.
                                  FORM 10-Q
                      FOR THE PERIOD ENDED JUNE 30, 1997

                                    INDEX
                                      

PART I:   FINANCIAL INFORMATION                                           PAGE
                                                                          ----
     Item 1.    Financial Statements

     Balance Sheets of First Industrial Securities, L.P. as of June 30,
     1997 and December 31, 1996..........................................   2

     Statements of Operations of First Industrial Securities, L.P. for
     the Six Months Ended June 30, 1997 and June 30, 1996................   3

     Statements of Operations of First Industrial Securities, L.P. for
     the Three Months Ended June 30, 1997 and June 30, 1996..............   4

     Statements of Cash Flows of First Industrial Securities, L.P. for
     the Six Months Ended June 30, 1997 and June 30, 1996................   5

     Notes to Financial Statements.......................................  6-7

     Item 2.  Management's Discussion and Analysis of Financial 
               Condition and Results of Operations.......................  8-9


PART II:   OTHER INFORMATION

       Item 1.  Legal Proceedings........................................   10
       Item 2.  Changes in Securities....................................   10
       Item 3.  Defaults Upon Senior Securities..........................   10
       Item 4.  Submission of Matters to a Vote of Security Holders......   10
       Item 5.  Other Information........................................   10
       Item 6.  Exhibits and Reports on Form 8-K.........................   10


SIGNATURE................................................................   11

EXHIBIT INDEX............................................................   12




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                        PART I.  FINANCIAL INFORMATION
                        ITEM 1.  FINANCIAL STATEMENTS

                      FIRST INDUSTRIAL SECURITIES, L.P.
                                BALANCE SHEETS
                                (IN THOUSANDS)
                                 (UNAUDITED)




<TABLE>
<CAPTION>                                            
                                                        June 30,    December 31,
                                                          1997          1996
                                    ASSETS              ---------   ------------
<S>                                                     <C>         <C>
Assets:
 Investment in Real Estate:
  Land..............................................    $  11,626     $  11,626
  Buildings and Improvements........................       64,959        64,629
  Less:  Accumulated Depreciation...................       (4,518)       (3,673)
                                                        ---------   ------------
      Net Investment in Real Estate.................       72,067        72,582

 Cash and Cash Equivalents..........................        1,758         1,428
 Restricted Cash....................................          411           411
 Tenant Accounts Receivable, Net....................          462           568
 Deferred Rent Receivable...........................          933           717
 Prepaid Expenses and Other Assets, Net.............          493           631
                                                        ---------   ------------
      Total Assets..................................    $  76,124     $  76,337
                                                        =========   ============

                       LIABILITIES AND PARTNERS' CAPITAL
Liabilities:
 Accounts Payable and Accrued Expenses..............          999           858
 Rents Received in Advance and Security Deposits....          555           582
                                                        ---------   ------------
      Total Liabilities.............................        1,554         1,440
                                                        ---------   ------------

Commitments and Contingencies.......................          ---           ---

Partners' Capital:
 General Partner and Preferred Limited Partner......       41,250        41,254
 Limited Partner....................................       33,320        33,643
                                                        ---------   ------------
      Total Partners' Capital.......................       74,570        74,897
                                                        ---------   ------------
      Total Liabilities and Partners' Capital.......    $  76,124     $  76,337
                                                        =========   ============
</TABLE>








   The accompanying notes are an integral part of the financial statements.


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                      FIRST INDUSTRIAL SECURITIES, L.P.
                           STATEMENTS OF OPERATIONS
                                (IN THOUSANDS)
                                 (UNAUDITED)




<TABLE>                             
<CAPTION>
                                                   Six               Six
                                               Months Ended      Months Ended
                                               June 30, 1997     June 30, 1996
                                               -------------     -------------
<S>                                            <C>               <C>
Revenues:                                                    
 Rental Income.............................     $    4,166       $    4,396
 Tenant Recoveries and Other Income........          1,390            1,351
                                               -------------     -------------
      Total Revenues.......................          5,556            5,747
                                               -------------     -------------

Expenses:
 Real Estate Taxes.........................          1,122              938
 Repairs and Maintenance...................            270              220
 Property Management.......................            179              165
 Utilities.................................             99               55
 Insurance.................................             18               49
 Other.....................................             45               28
 Depreciation and Amortization.............            890              878
                                               -------------     -------------
      Total Expenses.......................          2,623            2,333
                                               -------------     -------------

 Net Income................................     $    2,933       $    3,414
                                               =============     =============
</TABLE> 















   The accompanying notes are an integral part of the financial statements.


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                      FIRST INDUSTRIAL SECURITIES, L.P.
                           STATEMENTS OF OPERATIONS
                                (IN THOUSANDS)
                                 (UNAUDITED)





<TABLE>
<CAPTION>
                                                Three            Three
                                             Months Ended     Months Ended
                                             June 30, 1997    June 30, 1996
                                             -------------    -------------
<S>                                          <C>              <C>
Revenues:
 Rental Income.............................   $   2,008        $   2,308
 Tenant Recoveries and Other Income........         669              697
                                             -------------    -------------
      Total Revenues.......................       2,677            3,005
                                             -------------    -------------

Expenses:
 Real Estate Taxes.........................         550              516
 Repairs and Maintenance...................          96              101
 Property Management.......................          93               78
 Utilities.................................          45               31
 Insurance.................................           8               27
 Other.....................................          37               22
 Depreciation and Amortization.............         443              439
                                             -------------    -------------
      Total Expenses.......................       1,272            1,214
                                             -------------    -------------

Net Income.................................   $   1,405        $   1,791
                                             =============    =============
</TABLE>













   The accompanying notes are an integral part of the financial statements.



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                      FIRST INDUSTRIAL SECURITIES, L.P.
                           STATEMENTS OF CASH FLOWS
                                (IN THOUSANDS)
                                 (UNAUDITED)





<TABLE>
<CAPTION>
                                                                            Six                           Six                
                                                                        Months Ended                  Months Ended           
                                                                        June 30, 1997                 June 30, 1996          
                                                                        -------------                 --------------         
<S>                                                                     <C>                           <C>                    
CASH FLOWS FROM OPERATING ACTIVITIES:                                                                                        
 Net Income.................................................             $      2,933                 $        3,414         
 Adjustments to Reconcile Net Income to Net Cash Provided                                                                    
 by Operating Activities:                                                                                                    
  Depreciation and Amortization.............................                      890                            878         
  Decrease in Tenant Accounts Receivable....................                      106                              2         
  Increase in  Deferred Rent Receivable and Prepaid                                                                          
    Expenses and Other Assets...............................                     (123)                          (172)        
  Increase in Restricted Cash...............................                      ---                             (4)        
  Increase (Decrease)  in Total Liabilities.................                      114                            (61)        
                                                                        -------------                 --------------         
      Net Cash Provided by Operating Activities.............                    3,920                          4,057         
                                                                        -------------                 --------------         
                                                                                                                             
CASH FLOWS FROM INVESTING ACTIVITIES:                                                                                        
 Purchase of and Additions to Investment in Real Estate.....                     (330)                          (717)        
                                                                        -------------                 --------------         
      Net Cash Used in Investing Activities.................                     (330)                          (717)        
                                                                        -------------                 --------------         
                                                                                                                             
CASH FLOWS FROM FINANCING ACTIVITIES:                                                                                        
 Distributions..............................................                   (3,260)                        (2,667)        
                                                                        -------------                 --------------         
      Net Cash Used In Financing Activities.................                   (3,260)                        (2,667)        
                                                                        -------------                 --------------         
                                                                                                                             
Net Increase in Cash and Cash Equivalents...................                      330                            673         
Cash and Cash Equivalents, Beginning of Period..............                    1,428                          1,112         
                                                                        -------------                 --------------         
Cash and Cash Equivalents, End of Period....................             $      1,758                 $        1,785         
                                                                        =============                 ==============         
</TABLE>











   The accompanying notes are an integral part of the financial statements.



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                      FIRST INDUSTRIAL SECURITIES, L.P.
                        NOTES TO FINANCIAL STATEMENTS
                            (DOLLARS IN THOUSANDS)


1.   ORGANIZATION

     First Industrial Securities, L.P. (the "Company") is a Delaware limited
partnership formed on August 14, 1995, the 1% general partner of which is First
Industrial Securities Corporation ("Securities Corporation"), a wholly owned
subsidiary of First Industrial Realty Trust, Inc. ("FI"), and the 99% limited
partner of which is First Industrial, L.P. ("the "Operating Partnership"), of
which FI is the sole general partner.  Securities Corporation also owns a
preferred limited partnership interest in the Company.

2.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

     The accompanying interim financial statements have been prepared in
accordance with the accounting policies described in the financial statements
and related notes included in the Company's 1996 Form 10-K.  These interim
financial statements should be read in conjunction with the December 31, 1996
audited financial statements and notes thereto included in the Company's 1996
Form 10-K.  The following notes to these interim financial statements
highlights changes to the notes included in the December 31, 1996 audited
financial statements included in the Company's 1996 Form 10-K and present
interim disclosures as required by the Securities and Exchange Commission.

     In order to conform with generally accepted accounting principles,
management, in preparation of the Company's financial statements, is required
to make estimates and assumptions that affect the reported amounts of assets
and liabilities and disclosure of contingent assets and liabilities as of June
30, 1997 and December 31, 1996, and reported amounts of revenues and expenses
for the six months and three months ended June 30, 1997 and 1996.  Actual
results could differ from these estimates.

     In the opinion of management, all adjustments consisting only of normal
recurring adjustments necessary to present fairly the financial position of the
Company as of June 30, 1997 and the results of operations for the six months
and three months ended June 30, 1997 and 1996 and the cash flows for the six
months ended June 30, 1997 and 1996 have been included.

     The Company evaluates and, if applicable, provides for an allowance for
doubtful accounts against the portion of tenant accounts receivable which is
estimated to be uncollectible.  Tenant accounts receivable in the balance
sheets are shown net of an allowance for doubtful accounts of $50 as of June
30, 1997 and December 31, 1996.

3.   RELATED PARTY TRANSACTIONS

     The 19 properties owned by the Company are managed by the Operating
Partnership.  Management fees incurred are based on 3.25% of gross receipts.
Such fees totaled $179 and $165 for the six months ended June 30, 1997 and
1996, respectively.  At June 30, 1997  and December 31, 1996, $0 and $42 of
accrued management fees were due to the Operating Partnership, respectively.

4.   COMMITMENTS AND CONTINGENCIES

     In the normal course of business, the Company is involved in legal actions
arising from the ownership of its properties.  In management's opinion, the
liabilities, if any, that may ultimately result from such legal actions are not
expected to have a materially adverse effect on the financial position,
operations or liquidity of the Company.
     


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5.   PARTNERS' CAPITAL

     On March 27, 1997, the Company paid a pro rata general and limited
partnership distribution to Securities Corporation and the Operating
Partnership, respectively, in the aggregate amount of $1,300.

     On March 31, 1997, the Company distributed $980 to Securities Corporation
in respect of its preferred limited partnership interest in the Company, and
Securities Corporation paid a preferred stock dividend of $980 to FI, in each
case, the amount equal to the aggregate dividend payable on FI's Series A
Preferred Stock.

     On June 30, 1997, the Company distributed $980 to Securities Corporation
in respect of its preferred limited partnership interest in the Company, and
Securities Corporation paid a preferred stock dividend of $980 to FI, in each
case, the amount equal to the aggregate dividend payable on FI's Series A
Preferred Stock.

6.   SUBSEQUENT EVENTS

     On July 18, 1997, the Company paid a pro rata general and limited
partnership distribution to Securities Corporation and the Operating
Partnership, respectively, in the aggregate amount of $1,000.











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                      FIRST INDUSTRIAL SECURITIES, L.P.
               ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                FINANCIAL CONDITION AND RESULTS OF OPERATIONS
                                      

     The following discussion and analysis of First Industrial Securities,
L.P.'s (the "Company")  financial condition and the results of operations
should be read in conjunction with the financial statements and notes thereto
appearing elsewhere in this Form 10-Q.


RESULTS OF OPERATIONS

     At June 30, 1997 and 1996, the Company owned 19 properties with
approximately 2.2 million square feet.

COMPARISON OF SIX MONTHS ENDED JUNE 30, 1997 TO SIX MONTHS ENDED JUNE 30, 1996

     Total revenues decreased by $.2 million, or 3.3%, due primarily to a
slight decrease in occupancy.

     Property expenses, which include real estate taxes, repairs and
maintenance, property management, utilities, insurance and other expenses,
increased by $.3 million, or 19.1%.  This increase is due primarily to
additional snow removal expenses incurred in the Minneapolis and Harrisburg
metropolitan areas, and an increase in repair and maintenance expense and real
estate taxes in the majority of the Company's geographical markets.

COMPARISON OF THREE MONTHS ENDED JUNE 30, 1997 TO THREE MONTHS ENDED JUNE 30,
1996

     Total revenues decreased by $.3 million, or 10.9%, due primarily to a
slight decrease in occupancy.

     Property expenses, which include real estate taxes, repairs and
maintenance, property management, utilities, insurance and other expenses,
increased by $.1 million, or 7.0%.  This increase is due primarily to an
increase in real estate taxes in the majority of the Company's geographical
markets.

LIQUIDITY AND CAPITAL RESOURCES

     Net cash provided by operating activities was $3.9 million for the six
months ended June 30, 1997 compared to $4.1 million for the six months ended
June 30, 1996.  The decrease is primarily due to the operations of the
properties as discussed in the results of operations above.

     Net cash used in investing activities was $.3 million for the six months
ended June 30, 1997 compared to $ .7 million for the six months ended June 30,
1996.  The majority of the cash used in investing activities was for capital
improvements of the Company's properties.

     Net cash used in financing activities for the six months ended June 30,
1997 consisted of preferred limited partner distributions of $2.0 million and a
general and limited partner distribution of $1.3 million.  Net cash used in
financing activities for the six months ended June 30, 1996 consisted of
preferred limited partner distributions of $2.0 million and a general limited
partner distribution of $.7 million.


     The Company has considered its short-term (less than one year) liquidity
requirements and the adequacy of its estimated cash flows from operations.  The
Company believes that its liquidity needs are to fund normal recurring
expenses, and pay the preferred limited partnership distribution and other
partnership distributions.  The Company anticipates that these needs will be
met with cash flows provided by operating activities.


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     The Company expects to fund its long-term (greater than one year)
liquidity requirements for non-recurring capital improvements with its cash
flows from operations and in part with a deferred maintenance escrow
established in connection with the issuance of First Industrial Realty Trust,
Inc.'s Series A Preferred Stock which is included in restricted cash on the
balance sheet.















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                         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
        Not applicable.


ITEM 5.  OTHER INFORMATION
        Not applicable.


ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

        Exhibit No.  Description
        -----------  -----------
            27       Financial Data Schedule

        No reports on Form 8-K were filed during the quarter ended June 30,
        1997.









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                                  SIGNATURE


     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.




                                 FIRST INDUSTRIAL SECURITIES, L.P.,
                                 BY:   FIRST INDUSTRIAL SECURITIES CORPORATION,
                                       ITS SOLE GENERAL PARTNER


Date:  August 12, 1997           By:  /s/ Michael J. Havala      
                                    -------------------------------------------
                                    Michael J. Havala                           
                                    Chief Financial Officer                     
                                    (Principal Financial and Accounting Officer)












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                                EXHIBIT INDEX



Exhibit No.         Description
-----------         -----------
  EX-27             Financial Data Schedule
























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