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 SEPTEMBER 30, 1997

___      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 33-29987

             CORPORATE REALTY INCOME TRUST I
         (Exact name of registrant as specified in its charter)


   MASSACHUSETTS                                  13-6931017
(State of organization)                       (I.R.S. Employer
                                              identification No.)


388 GREENWICH STREET, 33TH FLOOR, NEW YORK, NEW YORK     10013
(Address of principal executive offices)               (Zip Code)


Registrant's telephone number, including area code (212) 816-8237



Former name, former address and former fiscal year, if changed since last
report.


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 shares of beneficial interest of the Registrant outstanding
as of November 11, 1997 is 1,010,776 shares.


<PAGE>

                  CORPORATE REALTY INCOME TRUST I

                               Index


                                                         PAGE NO.

Part I      Financial information                                     3

            Balance Sheets --
            September 30, 1997 and December 31, 1996                  4

            Statements of Income --
            For the three months ended September 30, 1997 and 1996    5

            Statements of Income -
            For the nine months ended September 30, 1997 and 1996     6 

            Statements of Cash Flows --
            For the nine months ended September 30, 1997 and 1996     7

            Notes to the Financial Statements                         8

            Management's Discussion and Analysis of
            Financial Condition and Results of Operations            10


Part II     Other information                                        11

            Signatures                                               12


<PAGE>
                  PART I.  FINANCIAL INFORMATION


Item I.  Financial Statements


The  summarized  financial  information  contained  herein  is unaudited;
however,  in the opinion of management, all adjustments necessary  for  a
fair presentation of such financial information have been included.

<PAGE>

                  CORPORATE REALTY INCOME TRUST I
                          BALANCE SHEETS
             SEPTEMBER 30, 1997 AND DECEMBER 31, 1996


                                              SEPTEMBER 30,       DECEMBER 31,
<TABLE>
<CAPTION>
                                                  1997                1996
ASSETS:                                        (Unaudited)
<S>                                            <C>                <C>         

Real estate, at cost:
 Land                                           $   715,400        $   715,400
 Buildings                                       31,884,600         31,884,600
                                                -----------        -----------
                                                 32,600,000         32,600,000
 Less:  accumulated depreciation                  5,652,376          5,054,542
                                                -----------        -----------
                                                 26,947,624         27,545,458
Cash and cash equivalents                         1,005,219            834,489
Rent receivable                                      39,375              -
Prepaid expenses                                     98,935            102,525
Deferred rent receivable                          2,130,533          2,020,078
Deferred financing costs, net of
 accumulated amortization of $160,742 in
 1997 and $143,594 in 1996                           65,416             82,564
                                                -----------        -----------
   Total assets                                 $30,287,102        $30,585,114
                                                ===========        ===========


LIABILITIES AND SHAREHOLDERS' EQUITY:

Liabilities: 
Mortgage loans payable                          $15,350,200        $15,404,146
Accrued expenses                                    253,030             78,436
Due to affiliates                                    65,824             13,941
Rent received in advance                            206,510               0
Dividends payable                                   353,772            353,772
                                                -----------        -----------
   Total liabilities                             16,229,336         15,850,295
                                                -----------        -----------

Shareholders' equity:
Shares of beneficial interest $.10 par value;
20,000,000 shares authorized; 1,010,776
shares issued and outstanding                       101,078            101,078
Additional paid-in-capital                       13,956,688         14,633,741
Retained earnings                                      -                  -
                                                -----------        -----------
   Total shareholder's equity                   14 ,057,766         14,734,819
                                                -----------        -----------

   Total liabilities and shareholders' equity   $30,287,102        $30,585,114
                                                ===========        ===========
</TABLE>

          See accompanying notes to financial statements.
<PAGE>
                  CORPORATE REALTY INCOME TRUST I
                       STATEMENTS OF INCOME
      FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
                            (Unaudited)

<TABLE>
<CAPTION>
                                            1997          1996
                                          ========      ========
<S>                                      <C>           <C>         
Income:
  Rental                                 $ 855,817     $ 855,818
  Dividend and interest                      7,353        12,811
                                          --------      --------
                                           863,170       868,629
                                          --------      --------

Expenses:
  Interest                                 349,971       352,032
  Depreciation                             199,278       199,279
  General and administrative                50,340        47,696
  Annual advisor fee                        34,820        44,312
  Proposed merger expenses                  83,550          0
                                          --------      --------

                                           717,959       643,319
                                          --------      --------

Net income                               $ 145,211     $ 225,310
                                          ========      ========

Net income per share                     $     .14     $     .22
                                          ========      ========

Dividend per share                       $     .35     $     .35
                                          ========      ========



</TABLE>
<PAGE>


          See accompanying notes to financial statements
                  CORPORATE REALTY INCOME TRUST I
                       STATEMENTS OF INCOME
       FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
                            (Unaudited)


<TABLE>
<CAPTION>
                                            1997          1996
                                          ========      ========
<S>                                     <C>           <C>         
Income:
  Rental                                $2,567,450    $2,567,451
  Dividend and interest                     22,112        26,435
                                         ---------     ---------
                                         2,589,562     2,593,886
                                         ---------     ---------
Expenses:
  Interest                               1,051,065     1,056,501
  Depreciation                             597,834       597,836
  General and administrative               136,529       127,220
  Annual advisor fee                        98,754       131,211
  Proposed merger expenses                 321,117        0
                                         ---------     ---------

                                         2,205,299     1,912,768
                                         ---------     ---------

Net income                               $ 384,263     $ 681,118
                                          ========      ========

Net income per share                     $     .38     $     .67
                                          ========      ========

Dividend per share                       $    1.05     $    1.05
                                          ========      ========


</TABLE>

          See accompanying notes to financial statements

<PAGE>

                  CORPORATE REALTY INCOME TRUST I
                     STATEMENTS OF CASH FLOWS
       FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
                            (Unaudited)
<TABLE>
<CAPTION>

                                                          1997           1996
                                                        ---------     ---------
<S>                                                   <C>           <C>

Cash flows from operating activities:
  Net income                                            $ 384,263    $  681,118
  Adjustments to reconcile net income to net
    cash provided by operating activities:
      Depreciation and amortization of
        deferred financing costs                          614,982       614,981
      Changes in assets and liabilities:
         (Increase) decrease in rent receivable           (39,375)      206,510
          Decrease in prepaid expenses                      3,590        93,688
          Increase in deferred rent receivable           (110,455)     (115,195)
          Increase (decrease) in accrued expenses         174,594        (8,634)
          Increase in amount due to affiliate              51,883        89,996
          Increase in rent received in advance            206,510          -
                                                        ---------     ---------
          Total adjustments                               901,729       881,346
                                                        ---------     ---------

        Net cash provided by operating activities       1,285,992     1,562,464
                                                        ---------     ---------

Cash flows from financing activities:
  Principal payments on mortgage                          (53,946)      (49,075)
  Dividends paid to shareholders                       (1,061,316)   (1,061,316)
                                                        ---------     ---------
        Net cash used in financing activities          (1,115,262)   (1,110,391)
                                                        ---------     ---------

  Net increase in cash and cash equivalents               170,730       452,073
  Cash and cash equivalents at beginning of period        834,489       531,435
                                                        ---------     ---------
  Cash and cash equivalents at end of period          $ 1,005,219      $983,508
                                                        =========     =========

</TABLE>

Supplemental disclosure of cash flow information:
  Cash paid for interest during the nine months ended  September 30, 1997
and 1996 amounted to $1,137,585 and $934,605, respectively.

Non-cash transactions:
  Dividends  declared  and  unpaid  as  of  September 30, 1997  and  1996
  amounted to $353,772.




          See accompanying notes to financial statements.

<PAGE>


                  CORPORATE REALTY INCOME TRUST I
                   NOTES TO FINANCIAL STATEMENTS
                        SEPTEMBER 30, 1997
                            (Unaudited)


1.   GENERAL

     The accompanying financial statements and related notes of Corporate
Realty Income Trust I (the "Company") have been  prepared  in  accordance
with  generally  accepted  accounting  principles  for  interim financial
reporting  and  with  the  instructions  to Form 10-Q and Rule  10-01  of
Regulation   S-X.    Accordingly,   certain  information   and   footnote
disclosures  normally  included in financial  statements  prepared  under
generally accepted accounting  principles  have been condensed or omitted
pursuant  to  such  regulations.   In  the  opinion  of  management,  all
adjustments   (consisting   of  normal  recurring  accruals)   considered
necessary for a fair presentation  of  the  Company's financial position,
results of operations and cash flows have been included.  These financial
statements should be read in conjunction with the Company's Form 10-K, as
amended, for the year ended December 31, 1996.

     The amount of net income per share was calculated  using  the number
of  shares  outstanding of 1,010,776 for the periods ended September  30,
1997 and 1996.   Dividends  declared  as  of  September 30, 1997 and 1996
amounted to $.35 per share.


2.   RENTAL INCOME

     In  accordance  with  the  Financial  Accounting   Standards   Board
Statement  No. 13, "Accounting for Leases," the Company recognizes rental
income on a  straight-line basis over the fixed term of the lease period.
Rental income  is  net of the rent due to Circuit City under the terms of
the ground lease.  Deferred  rent  receivable  represents unbilled future
rentals.   The  following  reconciles rental income  received  to  rental
income recognized for the three  and nine months ended September 30, 1997
and 1996.
<TABLE>
<CAPTION>
                          For the three months     For the nine months
                          ended September 30,      ended  September 30,
                             1997       1996          1997         1996
                            -------    -------      ---------    ---------
<S>                        <C>        <C>          <C>          <C> 

Rental income received     $818,998   $818,999     $2,456,995   $2,452,256
Deferred rent                36,819     36,819        110,455      115,195
                            -------    -------      ---------    ---------
Rental income recognized   $855,817   $855,818     $2,567,450   $2,567,451
                            =======    =======      =========    =========
</TABLE>
<PAGE>
                  CORPORATE REALTY INCOME TRUST I
              NOTES TO FINANCIAL STATEMENTS (CONT'D)
                        SEPTEMBER 30, 1997
                            (Unaudited)

3. TRANSACTIONS WITH AFFILIATES

   The Company maintains an interest-bearing  customer account with Smith
Barney Inc.  For the three and nine months ended  September  30, 1997 and
1996, the Company earned interest on this account of $7,353 and  $22,112,
respectively  and  $12,811  and  $26,435, respectively.  For purposes  of
these financial statements, the Company  considers  this  account  to  be
cash.

   The  Company  incurred  expenses  of $33,000 for the nine months ended
September 30, 1997 for administrative  services  performed  by  Corporate
Realty  Advisors,  Inc.  (the  "Advisor") of which $11,000 was unpaid  at
September 30, 1997.  The Advisor earned $98,754 of the annual advisor fee
for the nine months ended September  30,  1997,   of  which  $54,824  was
unpaid as of such date.


1. PROPOSED MERGER AGREEMENT

    On May 29, 1997 the Company entered into a definitive merger
agreement with a publicly traded real estate investment trust, Lexington
Corporate Properties, Inc., ("Lexington") whereby the Company would be
merged into Lexington.  In the merger, Lexington would assume all of the
mortgage debt of the Company and would issue to the Company shareholders
between approximately 1.272 and 1.481 shares of Lexington common stock
for each outstanding share of Company stock.  The number of shares to be
issued by Lexington will be based upon the closing price of Lexington's
stock during the twenty trading days immediately preceding the fifth
business day prior to the date of the Company's shareholders' meeting.
The transaction, subject to approval by the Company's shareholders and
certain other customary conditions, is expected to close in December
1997.

    In connection with the proposed merger, the Company has incurred
expenses of approximately $321,000.

<PAGE>

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
         RESULTS  OF OPERATIONS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1997


LIQUIDITY AND CAPITAL RESOURCES

   On  May  29,  1997, the  Company  entered  into  a  definitive  merger
agreement with a publicly  traded real estate investment trust, Lexington
Corporate Properties, Inc. ("Lexington")  whereby  the  Company  would be
merged with and into Lexington.  Under the terms of the merger agreement,
the  shareholders  of  the  Company would receive between 1.272 and 1.481
shares of common stock of Lexington in exchange for each share of Company
stock.  The merger is subject to Company shareholder approval and certain
other customary conditions.  The transaction, if approved, is expected to
close in December.

   At  September  30,  1997,  the   Company  had  cash  of  approximately
$1,005,000 which was invested in an interest bearing account, and prepaid
expenses  and  receivables  totalling approximately  $138,000.  Of  these
amounts, approximately $264,000  represented  a  working capital reserve,
$353,772 was reserved to pay the quarterly dividend  in November 1997 and
the  balance  was reserved for operations.  The working  capital  reserve
decreased by approximately  $59,000  from  the  previous  quarter  due to
incurring  additional  expenses  in  connection with a proposed merger of
approximately $83,000.

   The Company's only significant liabilities  are  mortgages aggregating
approximately  $15,350,200,  maturing at various dates  in  approximately
three to five years. The Company  anticipates  satisfying these mortgages
with the proceeds of refinancings or sales of the  underlying properties.
In  the proposed  merger, all of the mortgage debt would  be  assumed  by
Lexington.

   The  Company  expects  sufficient  cash  flow  to  be  generated  from
operations to meet its current operating and debt service requirements on
a  short-term  and  long-term  basis.   The  Company  expects to incur an
additional $75,000 in proposed merger expenses which would  be  paid from
working  capital  reserves and would, therefore, not affect the Company's
current dividend rate paid to shareholders.


RESULTS OF OPERATIONS

   Net income for the  three  and  nine  months  ended September 30, 1997
decreased  by  approximately  $80,000  and  $297,000  from  each  of  the
corresponding  periods  in  1996  due  to expenses incurred  in  1997  in
connection with the proposed merger.  The  Company incurred approximately
$83,000 and  $321,000 of such merger expenses during the respective three
and  nine  month  periods in 1997.  General and  administrative  expenses
during the nine months  ended  September  30  increased  by approximately
$9,000 in 1997 due to an increase in legal expenses.  The  annual advisor
fee, which is based on cash flow, decreased by approximately  $9,000  and
$32,000  for  the  three  and nine month periods, respectvely, due to the
decreased  cash flow from expenses  incurred  relating  to  the  proposed
merger.

   The Company completed the property acquisition stage of its life cycle
in 1992 and  has  been  in  the  portfolio  management  stage  since  the
beginning  of  1993.   As  a  result, rental income, interest expense and
depreciation are comparable for the periods ended  September 30, 1997 and
1996.
<PAGE>
                    PART II.  OTHER INFORMATION

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

(a) Exhibits
    (27.1)   Financial Data Schedule

(b) No reports on Form 8-K were  filed  during  the quarter in which this
    report is filed.

<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.



                               CORPORATE REALTY INCOME TRUST I
                                     (Registrant)




Dated:    November 12, 1997    By:  JAMES C. COWLES
                                    Chairman, President, and Treasurer






Dated:    November 12, 1997    By:  VALERIE A. ST. JOHN

                                    Controller
<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.




                                             CORPORATE REALTY INCOME TRUST I
                                                     (Registrant)




Dated:    November 12, 1997             By: /s/ James C. Cowles              
                                            James C. Cowles                  
                                            Chairman, President, and Treasurer






Dated:    November 12, 1997             By: /s/ Valerie A. St. John          
                                            Valerie A. St. John              
                                            Controller