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

     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, 37th 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
August 18, 1997 is 1,010,776 shares.

<PAGE>

                                        
                           CORPORATE REALTY INCOME TRUST I
                                        
                                        Index


                                                   Page No.

Part I    Financial information                        3

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

     Statements of Income --
     For the three months ended June 30, 1997 and 1996 5
     
     Statements of Income -
     For the six months ended June 30, 1997 and 1996   6
     
     Statements of Cash Flows --
     For the six months ended June 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
                         June 30, 1997 and December 31, 1996

<TABLE>
<CAPTION>
                                                June 30,      December 31,
                                                   1997           1996   
                                               -----------    -----------       
<S>                                           <C>            <C>
ASSETS:                                        (Unaudited)

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             5,453,098      5,054,542
                                               -----------    -----------       
                                                27,146,902     27,545,458
Cash and cash equivalents                          946,623        834,489
Rent receivable                                     39,375          -       
Prepaid expenses                                    98,935        102,525
Deferred rent receivable                         2,093,715      2,020,078
Deferred financing costs, net of
     accumulated amortization of $155,027 in
     1997 and $143,594 in 1996                      71,131         82,564
                                               -----------    -----------       
          Total assets                         $30,396,681    $30,585,114
                                               ===========    ===========       


LIABILITIES AND SHAREHOLDERS' EQUITY:

Liabilities:
Mortgage loans payable                         $15,368,610    $15,404,146
Accrued expenses                                   181,458         78,436
Due to affiliates                                   20,004         13,941
Rent received in advance                           206,510              0      
Dividends payable                                  353,772        353,772
                                               -----------    -----------       
          Total liabilities                     16,130,354     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                      14,165,249     14,633,741
Retained earnings                                    -              -       
                                               -----------    -----------       
          Total shareholder's equity           14 ,266,327     14,734,819
                                               -----------    -----------       

          Total liabilities and 
          shareholders' equity                 $30,396,681    $30,585,114
                                               ===========    ===========       
</TABLE>

     See accompanying notes to financial statements.

<PAGE>     
                           CORPORATE REALTY INCOME TRUST I
                                STATEMENTS OF INCOME
                  For the three months ended June 30, 1997 and 1996
                                     (Unaudited)

<TABLE>
<CAPTION>

                                        1997        1996     
                                      --------   ---------
<S>                                  <C>        <C>
Income:
     Rental                          $ 855,816  $  855,817
     Dividend and interest               7,866       9,455
                                      --------   ---------
                                       863,682     865,272
                                      --------   ---------

Expenses:
     Interest                          350,265     352,043
     Depreciation                      199,278     199,279
     General and administrative         44,710      40,661
     Annual advisor fee                 20,004      43,381
     Proposed merger expenses          237,567           0
                                      --------   ---------      

                                       851,824     635,364
                                      --------   ---------

Net income                           $  11,858  $  229,908
                                      ========   =========

Net income per share                 $     .01  $      .23
                                      ========   =========

Dividend per share                   $     .35  $      .35
                                      ========   =========
     
</TABLE>

     See accompanying notes to financial statements 
<PAGE>
                                        
                           CORPORATE REALTY INCOME TRUST I
                                STATEMENTS OF INCOME
                   For the six months ended June 30, 1997 and 1996
                                     (Unaudited)

<TABLE>
<CAPTION>

                                        1997        1996  
                                     ---------    ---------   
<S>                                 <C>          <C>
Income:
     Rental                         $1,711,633   $1,711,633
     Dividend and interest              14,759       13,624
                                     ---------    ---------
                                     1,726,392    1,725,257
                                     ---------    ---------

Expenses:
     Interest                          701,094      704,469
     Depreciation                      398,556      398,557
     General and administrative         86,189       79,524
     Annual advisor fee                 63,934       86,899
     Proposed merger expenses          237,567            0
                                     ---------    ---------     
 
                                     1,487,340    1,269,449
                                     ---------    ---------

Net income                          $  239,052   $  455,808
                                     =========    =========

Net income per share                $      .24   $      .45
                                     =========    =========

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


     See accompanying notes to financial statements 

<PAGE>
                                        
                           CORPORATE REALTY INCOME TRUST I
                              STATEMENTS OF CASH FLOWS
                   For the six months ended June 30, 1997 and 1996
                                     (Unaudited)


</TABLE>
<TABLE>
<CAPTION>
                                                         1997         1996      
                                                      --------      --------
<S>                                                 <C>           <C>
Cash flows from operating activities:
  Net income                                         $ 239,052     $ 455,808  
  Adjustments to reconcile net income to net
   cash provided by operating activities:
     Depreciation and amortization of 
      deferred financing costs                         409,989       409,987  
     Changes in assets and liabilities:
       (Increase) decrease in rent receivable          (39,375)      206,510  
       Decrease (increase) in prepaid expenses           3,590       (16,477) 
       Increase in deferred rent receivable            (73,637)      (78,376)
       Increase (decrease) in accrued expenses         103,022       (31,016)
       Increase in amount due to affiliate               6,063        44,041  
       Increase in rent received in advance            206,510             0
                                                      --------      --------   
   
         Total adjustments                             616,162       534,669
                                                      --------      --------  
          
       Net cash provided by operating activities       855,214       990,477
                                                      --------      --------  

Cash flows from financing activities:
  Principal payments on mortgage                       (35,536)      (32,327)
  Dividends paid to shareholders                      (707,544)     (707,543)
                                                      --------      --------
       Net cash used in financing activities          (743,080)     (739,870)
                                                      --------      --------

  Net increase in cash and cash equivalents            112,134       250,607  
  Cash and cash equivalents at beginning of period     834,489       531,435  
                                                      --------      --------
  Cash and cash equivalents at end of period         $ 946,623      $782,042
                                                      ========      ========  

</TABLE>

Supplemental disclosure of cash flow information:
  Cash paid for interest during the six months ended June 30, 1997 and 1996
amounted to $812,711 and $628,508, respectively.

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



     See accompanying notes to financial statements.


<PAGE>

                           CORPORATE REALTY INCOME TRUST I
                            NOTES TO FINANCIAL STATEMENTS
                                    June 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 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 June 30, 1997 and 1996. 
Dividends declared as of June 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
six months ended June 30, 1997 and 1996.

<TABLE>
<CAPTION>
                           For the three months     For the six months
                             ended  June 30,         ended  June 30, 
                             1997       1996         1997        1996            
                            -------    -------    ---------    ---------
<S>                        <C>        <C>        <C>          <C>

Rental income received     $818,998   $816,629   $1,637,996   $1,633,257
Deferred rent                36,818     39,188       73,637       78,376 
                            -------    -------    ---------    ---------
Rental income recognized   $855,816   $855,817   $1,711,633   $1,711,633
                            =======    =======    =========    =========

</TABLE>
<PAGE>

                           CORPORATE REALTY INCOME TRUST I
                       NOTES TO FINANCIAL STATEMENTS (Cont'd)
                                    June 30, 1997
                                     (Unaudited)

3.   Transactions with Affiliates

     The Company maintains an interest-bearing customer account with Smith
Barney Inc.  For the three and six months ended June 30, 1997 and 1996, the
Company earned interest on this account of $7,866 and $14,759, respectively and
$9,455 and $13,624, respectively.  For purposes of these financial statements,
the Company considers this account to be cash. 

     The Company incurred expenses of $22,000 for the six months ended June 30,
1997 for administrative services performed by Corporate Realty Advisors, Inc.
(the "Advisor") which was paid at June 30, 1997.  The Advisor earned $63,934 of
the annual advisor fee for the six months ended June 30, 1997,  of which $20,004
was unpaid as of such date.     


4.   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 September 1997.  

     In connection with the proposed merger, the Company has incurred expenses
of approximately $238,000.


<PAGE>

Item 2.   Management's Discussion and Analysis of Financial Condition and
          Results of Operations for the six months ended June 30, 1997


Liquidity and Capital Resources
-------------------------------

     At June 30, 1997, the Company had cash of approximately $947,000 which was
invested in an interest bearing account, and prepaid expenses and receivables
totalling approximately $138,000.  Of these amounts, approximately $323,000
represented a working capital reserve, $353,772 was reserved to pay the
quarterly dividend in August 1997 and the balance was reserved for operations. 
The working capital reserve decreased by approximately $190,000 from the
previous quarter due to incurring approximately $238,000 of expenses in
connection with a proposed merger.

     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 September.

     The Company's only significant liabilities are mortgages aggregating
approximately $15,386,610, 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 $120,000 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 six months ended June 30, 1997 decreased by
approximately $218,000 from each of the corresponding periods in 1996 due to
expenses incurred in 1997 in connection with the proposed merger.  The Company
incurred approximately $238,000 of such merger expenses.  These additional
expenses were offset by a decrease in the annual advisor fee, which is based on
cash flow, by approximately $20,000.  

     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  June 30, 1997 and 1996.   


<PAGE>

                             Part II.  Other Information

Item 6.  Exhibits and Reports on Form 8-K

(a) Exhibits
    
   (10.1)  Agreement and Plan of Merger dated May 29, 1997 between the Company
           and Lexington Corporate Properties, Inc. incorporated by reference
           to Exhibit (1) to the Company's Form 8-K Current Report dated 
           May 29, 1997.  

   (27.1)  Financial Data Schedule


(b) Reports on Form 8-K

    The Company filed a report on Form 8-K with the Commission dated 
    May 29,1997 to report under Item 5, Other Events, that the Company had
    entered into an Agreement and Plan of Merger with Lexington Corporate
    Properties, Inc.     


<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:    August 18, 1997               By: James C. Cowles          
                                            Chairman, President, and Treasurer






Dated:    August 18, 1997               By: Valerie A. St. John        
                                            Controller


<PAGE>
<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:    August 18, 1997               By: /s/ James C. Cowles              
                                            James C. Cowles                  
                                            Chairman, President, and Treasurer






Dated:    August 18, 1997               By: /s/ Valerie A. St. John          
                                            Valerie A. St. John              
                                            Controller