Document:

EXHIBIT 10-Z
------------

                        THIRD AMENDED AND RESTATED

                       LIMITED PARTNERSHIP AGREEMENT

                                    OF

                   237/1290 UPPER TIER ASSOCIATES, L.P.

                              by and between

                       237/1290 UPPER TIER GP CORP.,

                            as General Partner,

                          CARLYLE MANAGERS, INC.,

                        as Special General Partner

                                    AND
                 JMB/NYC OFFICE BUILDING ASSOCIATES, L.P.,

                            as Limited Partner

Dated: November 19, 1999

<PAGE>

                             TABLE OF CONTENTS

                                                                     Page

ARTICLE I         DEFINITIONS . . . . . . . . . . . . . . . . . . . . . 2

ARTICLE II        ORGANIZATIONAL MATTERS. . . . . . . . . . . . . . . . 5
            2.1   Formation . . . . . . . . . . . . . . . . . . . . . . 5
            2.2   Certificates. . . . . . . . . . . . . . . . . . . . . 5
            2.3   Foreign Qualifications. . . . . . . . . . . . . . . . 5
            2.4   Name. . . . . . . . . . . . . . . . . . . . . . . . . 5
            2.5   Registered Office and Agent; Principal Office . . . . 6
            2.6   Purpose; Powers . . . . . . . . . . . . . . . . . . . 6
            2.7   Term. . . . . . . . . . . . . . . . . . . . . . . . . 6

ARTICLE III       CAPITAL CONTRIBUTIONS . . . . . . . . . . . . . . . . 6
            3.1   Capital Contributions of the General Partner. . . . . 6
            3.2   Capital Contributions . . . . . . . . . . . . . . . . 6
            3.3   Other Matters Relating to Capital Contributions . . . 6
            3.4   Capital Accounts. . . . . . . . . . . . . . . . . . . 6

ARTICLE IV        DISTRIBUTIONS OF NET CASH FLOW. . . . . . . . . . . . 7

ARTICLE V         ALLOCATIONS OF PROFITS AND LOSSES . . . . . . . . . . 7

ARTICLE VI        RIGHTS AND OBLIGATIONS OF THE GENERAL PARTNER . . . . 7
            6.1   Management. . . . . . . . . . . . . . . . . . . . . . 7
            6.2   Outside Activities of the General Partner . . . . . . 9
            6.3   Employment of Experts or Advisors . . . . . . . . . . 9

ARTICLE VII RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS. . . . . . . . . 9
            7.1   Limitation of Liability . . . . . . . . . . . . . . .10
            7.2   Management of Business. . . . . . . . . . . . . . . .10
            7.3   Outside Activities of the Special General Partner and
Limited Partners. . . . . . . . . . . . . . . . . . . . . . . . . . . .10
            7.4   Covenant of the Special General Partner and the Limited
Partners. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10
            7.5   This Section Intentionally Omitted. . . . . . . . . .10
            7.6   Exercise of Put Right . . . . . . . . . . . . . . . .10

ARTICLE VIII      AMENDMENTS OF LIMITED PARTNERSHIP AGREEMENT . . . . .11

ARTICLE IX        LIMITATION ON SUBSTITUTION AND ASSIGNMENT OF A PARTNER'S
INTEREST. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11
            9.1   Transfer. . . . . . . . . . . . . . . . . . . . . . .11
            9.2   Special General Partner and Limited Partners Right to
Transfer. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11
            9.3   Transferred Partnership Interests Subject to this
Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11
            9.4   Insolvency, Dissolution or Bankruptcy of a Limited
Partner . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12
            9.5   Transfers by the General Partner. . . . . . . . . . .12
            9.6   Admission of Successor General Partner. . . . . . . .12

ARTICLE X         ACCOUNTING PROCEDURE. . . . . . . . . . . . . . . . .12
            10.1  Books and Accounts. . . . . . . . . . . . . . . . . .12
            10.2  Choice of Accountants; Tax Information. . . . . . . .12
            10.3  Delivery of Information . . . . . . . . . . . . . . .12

ARTICLE XI        DISSOLUTION . . . . . . . . . . . . . . . . . . . . .13
            11.1  Dissolution . . . . . . . . . . . . . . . . . . . . .13
            11.2  Liquidation . . . . . . . . . . . . . . . . . . . . .13
            11.3  Rights of the Special General Partner and of the Limited
Partners. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14
            11.4  No Obligation to Contribute Deficit . . . . . . . . .14

ARTICLE XII INDEMNIFICATION . . . . . . . . . . . . . . . . . . . . . .14

<PAGE>

ARTICLE XIII      MISCELLANEOUS PROVISIONS. . . . . . . . . . . . . . .15
            13.1  Notices . . . . . . . . . . . . . . . . . . . . . . .15
            13.2  Counterparts. . . . . . . . . . . . . . . . . . . . .15
            13.3  Nature of Partnership Interest. . . . . . . . . . . .15
            13.4  Insolvency Proceedings. . . . . . . . . . . . . . . .16
            13.5  Titles and Captions . . . . . . . . . . . . . . . . .16
            13.6  Pronouns and Plurals. . . . . . . . . . . . . . . . .16
            13.7  Further Action. . . . . . . . . . . . . . . . . . . .16
            13.8  Binding Effect. . . . . . . . . . . . . . . . . . . .16
            13.9  Creditors . . . . . . . . . . . . . . . . . . . . . .16
            13.10 Waiver. . . . . . . . . . . . . . . . . . . . . . . .16
            13.11 Applicable Law. . . . . . . . . . . . . . . . . . . .16
            13.12 Invalidity of Provisions. . . . . . . . . . . . . . .16
            13.13 Entire Agreement. . . . . . . . . . . . . . . . . . .16

Exhibit A

<PAGE>

                        THIRD AMENDED AND RESTATED
                     LIMITED PARTNERSHIP AGREEMENT OF
                   237/1290 UPPER TIER ASSOCIATES, L.P.

                     (A Delaware Limited Partnership)

            THIS THIRD AMENDED AND RESTATED AGREEMENT OF LIMITED
PARTNERSHIP OF 237/1290 UPPER TIER ASSOCIATES, L.P. (the "Partnership"),
dated as of November 19, 1999 (this "Agreement") is entered into by and
between 237/1290 Upper Tier GP Corp., a Delaware corporation (the "General
Partner"), Carlyle Managers, Inc., a Delaware corporation (the "Special
General Partner"), JMB/NYC Office Building Associates, L.P., an Illinois
limited partnership (the "JMB Limited Partner" and/or the "Limited
Partner") and, solely for the purpose of agreeing to certain obligations
set forth in Section 7.6A hereof, Metropolis Realty Trust, Inc., a Maryland
corporation ("Metropolis").

            WHEREAS, in accordance with the terms and conditions of the
Joint Plan of Reorganization of 237 Park Avenue Associates, L.L.C. and 1290
Associates L.L.C. (respectively the "237 LLC" and the "1290 LLC" and
collectively the "LLCs"), each a Delaware limited liability company, filed
under title 11 of the United States Code, 11 U.S.C. Sections 101 et seq.
(the "Plan"), (i) O&Y NY Building Corp. (the "Prior General Partner"), the
JMB Limited Partner and the O&Y Equity Company, L.P. ("Equityco") entered
into a Limited Partnership Agreement dated October 10, 1996 ( the "Original
Agreement") pursuant to which they formed the Partnership in accordance
with the Revised Uniform Limited Partnership Act of the State of Delaware,
(ii) the LLCs merged into the Partnership pursuant to an Agreement and Plan
of Merger dated October 10, 1996 (the "Merger Agreement"), with the
Partnership as the surviving entity (the "Merger"), (iii) pursuant to a
Redemption and Substitution Agreement dated October 10, 1996, the Prior
General Partner and Equityco withdrew from the Partnership and the General
Partner was admitted in its place, and (iv) the General Partner and the JMB
Limited Partner amended and restated the Original LP Agreement (as so
amended and restated, the "Amended and Restated Agreement");

            WHEREAS,  the Amended and Restated Agreement was amended and
restated in its entirety as of October 14, 1997 to admit Carlyle Managers,
Inc. as a Special General Partner (as amended and restated, the "Second
Amended and Restated Agreement"); and

            WHEREAS, the Partnership has entered into an agreement (the
"Restructuring Agreement"), dated as of October 28, 1999 pursuant to which
the Partnership will, among other things, contribute its membership
interests in the entity that owns the real property known as 237 Park
Avenue, New York, New York, in exchange for Class A Partnership Interests
in Oak Hill Strategic Partners, L.P. (the "OHSP Interests").

            WHEREAS,  the parties hereto desire to amend and restate the
Second  Amended and Restated Agreement in its entirety effective as of the
Closing Date (as defined in the Restructuring Agreement) to reflect the
consummation of such transactions.

            NOW, THEREFORE, in consideration of the mutual covenants and on
the terms and conditions contained herein, and for other good, valid and
binding consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto, intending to be legally bound, hereby
agree as follows:

                                 ARTICLE I

                                DEFINITIONS

            Certain terms used in this Agreement shall have the meanings
designated below.

            (a)   "Act" means the Delaware Revised Uniform Limited
Partnership Act, as in effect on the date hereof as it may be amended from
time to time hereafter, or any successor law.

            (b)   "Adverse Transaction" means (i) any sale, disposition,
transfer or exchange of the Partnership Property, or any property owned by
the Property Owning Partnership, (ii) any release, discharge or reduction
of non-recourse indebtedness of the Property Owning Partnership (other than
through payment of scheduled amortization (so long as the non-recourse
indebtedness of the Property Owning Partnership remains at all times
greater than $129,700,000), actions taken by a secured lender such as
application of insurance proceeds or condemnation awards or the exercise of
remedies, or in the case where the released indebtedness is concurrently
being replaced with other non-recourse indebtedness complying with clause
(B) below), (iii) any distribution of Partnership assets (other than
distributions of cash and other distributions by the Partnership and the
Property Owning Partnership, in each case, in the ordinary course of
business), or (iv) any other transaction or agreement to which any of the
Partnership or the Property Owning Partnership is a party, if as a result
of any such transaction or agreement described in (i), (ii), (iii) or (iv)
above, the Limited Partner would be required to recognize a material amount
of taxable income or gain prior to the Approval Right Termination Date.
Adverse Transactions shall specifically exclude (A) Partnership income
derived in the ordinary course of the Partnership's  and the Property
Owning Partnership's business, (B) non-recourse refinancing of the property
owned by the Property Owning Partnership on commercially reasonable terms
in an aggregate amount equal to not less than $129,700,000, (C) payment of
amortization on non-recourse financing encumbering the property owned by
the Property Owning Partnership, provided that the outstanding balance of
such financing is not reduced below $129,700,000, in the aggregate and
except as otherwise provided in the parenthetical of clause (ii) above
(i.e. actions taken by a secured lender such as application of insurance
proceeds or condemnation awards or the exercise of remedies, or in the case
where released indebtedness is concurrently being replaced with other non-
recourse indebtedness complying with clause (B) above), (D) the
consummation of the transactions expressly provided for in Section 2.01 of
the Restructuring Agreement, (E) a transfer of the any property owned by
the Property Owning Partnership pursuant to an involuntary foreclosure or
similar action arising from a default by the Property Owning Partnership
with respect to its obligations under its indebtedness, (F) a transfer of
the property of the Property Owning Partnership pursuant to a consensual
foreclosure or similar action (including, without limitation, a deed in
lieu of foreclosure) arising from a default by the Property Owning
Partnership with respect to its obligations under its indebtedness;
provided that the default is a bona fide default and the foreclosure or
deed in lieu of foreclosure is not a collusive transaction between the
holders of such indebtedness and Metropolis or any shareholders or
Affiliates of Metropolis or any of their partners, members or Affiliates
attributable to any commonality of ownership between the beneficial
ownership of such indebtedness and any such Person, (G) any Metropolis Sale
or sale, exchange, transfer, encumbrance or other disposition (whether by
or through any intervening entity or entities) of Metropolis' interest as a
limited partner of the Property Owning Partnership or the property owned by
the Property Owning Partnership during the period commencing on January 1,
2000 and ending on February 28, 2001 if, simultaneous with any such
transaction, the JMB Limited Partner receives its proportionate share of
the Limited Partner Sale Distribution Amount (as defined in the Property
Owning Partnership Agreement) and (H) payment of the Limited Partner Sale
Distribution Amount (as defined in the Property Owning Partnership
Agreement) or the authorized exercise of the Purchase Right (as defined in
the Property Owning Partnership Agreement) or the Put Right (as defined in
the Property Owning Partnership Agreement) and the consummation of the
transactions incidental to the exercise of such rights.

            (c)   "Affiliate" means, (a) with respect to any individual
Person, any member of the Immediate Family of such Person or a trust
established for the benefit of such member, or (b) with respect to any
Entity, any Person which, directly or indirectly through one or more
intermediaries, controls, is controlled by, or is under common control
with, any such Entity.

            (d)   "Approval Right Termination Date" means the earliest of
(i) March 1, 2001, and (ii) the date on which the Partnership no longer
holds the Property Owning Partnership Interest as a result of the
authorized exercise of the Purchase Right or the Put Right (as such terms
are defined in the Property Owning Partnership Agreement) pursuant to
Section 12.2A or 12.2C of the Property Owning Partnership Agreement or
pursuant to such other transaction which does not constitute an Adverse
Transaction, (iii) the date on which the JMB Limited Partner no longer
holds a Partnership Interest in the Partnership, and (iv) the Default Date.

            (e)   "Capital Contribution"  means, with respect to any
Partner, any cash, cash equivalents or the gross asset value of the
Property, as determined by the General Partner in its sole and absolute
discretion (except as otherwise provided in this Agreement), which such
Partner contributes or is deemed to contribute to the Partnership pursuant
to Article III hereof.

            (f)   "Certificate" means the Certificate of Limited
Partnership of the Partnership filed in the Office of the Secretary of
State of Delaware, as such certificate may be amended and/or restated from
time to time.

            (g)   "Closing Date" shall have the meaning set forth in the
Restructuring Agreement.

            (h)   "Code"  means the Internal Revenue Code of 1986, as
amended from time to time (or any corresponding provisions of succeeding
law).

            (i)   "Default Date" shall have the meaning set forth in the
Property Owning Partnership Agreement.

            (j)   "Distribution" means any distribution pursuant to
Articles IV or XI hereof.

            (k)   "Entity" means any general partnership, limited
partnership, corporation, joint venture, trust, business trust, real estate
investment trust, limited liability company, cooperative or association.

            (l)   "Fiscal Year" means the period commencing on any
January 1 and ending on the earlier to occur of (A) the next December 31
and (B) the date on which all assets of the Partnership are distributed
pursuant to Article XI hereof and the Certificate has been cancelled
pursuant to the Act.

            (m)   "FW Strategic" means FW Strategic Management, L.P., a
Texas limited partnership.

            (n)   "General Partner" means 237/1290 Upper Tier GP Corp., a
Delaware corporation, in its capacity as General Partner hereunder and all
other Persons hereafter being or acting as General Partner of the
Partnership, individually and collectively.

            (o)   "Indemnitee" means (i) any Person made a party to a
proceeding by reason of (A) such Person's status as (1) the General
Partner, (2) a stockholder, director, trustee or officer of the Partnership
or the General Partner, or (3) a director, trustee or officer of any other
Entity, each Person (including a Limited Partner) serving in such capacity
at the request of the Partnership or the General Partner, or (B) his or its
liabilities, pursuant to a loan guarantee or otherwise, for any
indebtedness of the Partnership (including, without limitation, any
indebtedness which the Partnership has assumed or taken assets subject to);
and (ii) such other Persons (including affiliates of the General Partner to
the Partnership) as the General Partner may designate from time to time
(whether before or after the event giving rise to potential liability), in
its sole and absolute discretion.

            (p)   "JMB Indemnitors" shall mean Property Partners, L.P.,
Carlyle-XIII Associates, L.P. and Carlyle-XIV Associates, L.P.

            (q)   "JMB Limited Partner" shall have the meaning set forth in
the Preamble to this Agreement.

            (r)   "JMB Put Right" shall have the meaning set forth in
Section 7.7 of this Agreement.

            (s)   "Limited Partner" shall have the meaning set forth in the
Preamble to this Agreement and shall refer to any additional Limited
Partner admitted to the Partnership in accordance with the terms hereof.

            (t)   "LLC(s)" shall have the meanings set forth in the
Recitals to this Agreement.

            (u)   "Merger" means the merger of the LLCs with and into the
Partnership pursuant to the Merger Agreement.

            (v)   "Merger Agreement" means the Agreement and Plan of
Merger, dated as of October 10, 1996 between the Partnership and the LLCs.

            (w)   "Metropolis" means Metropolis Realty Trust, Inc., a
Maryland corporation.

            (x)   "Metropolis Sale" has the meaning given thereto in the
Property Owning Partnership Agreement.

            (y)   "Net Cash Flow" means the excess of all cash receipts of
any kind received by the Partnership over the sum of the amounts of (i)
Operating Expenses, and (ii) any reserves established by the General
Partner.

            (z)   "OHSP" means Oak Hill Strategic Partners, L.P., a
Delaware limited partnership.

            (aa)  "OHSP Interests" shall have the meaning set forth in the
Recitals to this Agreement.

            (ab)  "Operating Expenses" means all cash expenses, costs,
debts and disbursements of every kind and nature which the Partnership
shall pay or become obligated to pay in connection with the business of the
Partnership or the performance of the General Partner's duties and
obligations under this Agreement, including, without limitation, debt
service, audit and legal expenses and management fees.

            (ac)  "Partners" means the General Partner, the Special General
Partner and the Limited Partners, where no distinction is required by the
context in which the terms is used herein.  "Partner" means any one of the
Partners.

            (ad)  "Partnership" means 237/1290 Upper Tier Associates, L.P.

            (ae)  "Partnership Interest(s)" means that ownership interest
of a Partner, expressed as a percentage, in the Partnership's profits and
losses, other items of income, gain, losses, deductions, expenses and
credits, and distributions of net cash receipts at any particular time,
including the right of such Partner to any and all benefits to which a
Partner may be entitled as provided in this Agreement and under the Act,
together with the obligation of such Partner to comply with all the terms
and provisions of this Agreement and the Act.  The Partnership Interest of
each Partner is set forth on Exhibit A.

            (af)  "Partnership Property" means the Property Owning
Partnership Interest, the OHSP Interests and any other property the
Partnership may acquire after the date hereof.

            (ag)  "Person" means any individual, corporation, company,
partnership, joint venture, trust, association, unincorporated
organization, other entity or group, or any domestic or foreign national,
state or municipal or other local government or multi-national body any
subdivision, agency, commission or authority thereof.

            (ah)  "Plan" shall have the meaning set forth in the Recitals
to this Agreement.

            (ai)  "Property Owning General Partner" means 1290 GP Corp., a
Delaware corporation.

            (aj)  "Property Owning Partnership" means 1290 Partners, L.P.,
a Delaware limited partnership.

            (ak)  "Property Owning Partnership Agreement" means the Amended
and Restated Agreement of Limited Partnership of the Property Owning
Partnership, dated as of the date hereof.

            (al)  "Property Owning Partnership Interest" shall mean the
Partnership's ownership interest, as a limited partner, in the Property
Owning Partnership pursuant to the Property Owning Partnership Agreement.

            (am)  "Restructuring Agreement" shall have the meaning set
forth in the recitals.

            (an)  "Special General Partner" shall have the meaning set
forth in the Preamble to this Agreement.

            (ao)  "Tax Matters Partner" shall have the meaning set forth in
Section 10.2 of this Agreement.

                                ARTICLE II

                          ORGANIZATIONAL MATTERS

            2.1   FORMATION.  The General Partner, the Special General
Partner and the Limited Partners hereby agree to continue the Partnership
as a limited partnership pursuant and subject to the Act.  The Original
Agreement was effective from the date thereof up to, but not including, the
effective time of the Amended and Restated Agreement.  The Amended
Agreement was effective up to, but not including, the effective date of the
Second Amended and Restated Agreement.  The Second Amended and Restated
Agreement was effective from and including the date thereof up to the
Closing Date (as defined in the Restructuring Agreement).  This Agreement
shall become effective on the Closing Date. Except as expressly provided in
this Agreement, the rights and obligations of the Partners and the
administration and termination of the Partnership shall be governed by the
Act.

            2.2   CERTIFICATES   The General Partner shall file, record and
publish such certificates and other documents as may be necessary and
appropriate to comply with the requirements for the organization and
operation of a limited partnership under the Act.

            2.3   FOREIGN QUALIFICATIONS.  If the business of the
Partnership is carried on or conducted in any state other than the State of
Delaware, then the parties agree that this Partnership shall be qualified
to conduct business in accordance with the laws of each such other state in
which business is conducted by the Partnership.  The parties agree to
execute such other and further documents as may be necessary or appropriate
to permit the General Partner to qualify this Partnership, or otherwise to
comply with requirements for a limited partnership to conduct business, in
each such state.  The General Partner shall execute and file in the proper
offices such certificates as may be required by the Assumed Name Act or
similar law in effect in the counties and other governmental jurisdictions
in which the Partnership may elect to conduct business.

            2.4   NAME.  The name of the Partnership is "237/1290 Upper
Tier Associates, L.P."  The business of the Partnership shall be conducted
under the name listed above or under such other names as the General
Partner deems appropriate.  The General Partner, in its sole discretion
may, upon five days' prior written notice to the Limited Partners, change
the name of the Partnership.

            2.5   REGISTERED OFFICE AND AGENT; PRINCIPAL OFFICE.  The
address of the registered office of the Partnership in the State of
Delaware and the name and address at the registered agent for service of
process on the Partnership in the State of Delaware is The Corporation
Trust Company, 1029 Orange Street, Wilmington (New Castle County), Delaware
19801.  The principal office of the Partnership shall be c/o Victor Capital
Group, L.P., 605 Third Avenue,  26th Floor, New York, New York 10016, Attn:

John Klopp or such other place as the General Partner may from time to time
designate by notice to the Limited Partners.  The Partnership may maintain
offices at such other place or places within or outside the State of
Delaware as the General Partner deems advisable.

            2.6   PURPOSE; POWERS.  The purpose and nature of the business
to be conducted by the Partnership is to hold the Partnership Property and
serve as a limited partner of the Property Owning Partnership.  The
Partnership is empowered to do any and all acts and things necessary,
appropriate, proper, advisable, incidental to or convenient for the
furtherance and accomplishment of the purposes and business described
herein.

            2.7   TERM.  The term of the Partnership shall continue until
December 31, 2099, unless the Partnership is dissolved sooner pursuant to
any provision of this Agreement.

                                ARTICLE III

                           CAPITAL CONTRIBUTIONS

            3.1   CAPITAL CONTRIBUTIONS OF THE GENERAL PARTNER.  The
General Partner has made a Capital Contribution of $1 in cash to the
Partnership and the Special General Partner has agreed to provide services
to the Partnership as set forth in Section 10.2 hereof.  In consideration
therefor, the General Partner and the Special General Partner have received
the Partnership Interests set forth in Exhibit A hereto.

            3.2   CAPITAL CONTRIBUTIONS.  As provided in the Merger
Agreement, upon the consummation of the Merger, the Partnership succeeded
to all of the LLCs' assets and liabilities (the "LLC Net Assets").  Upon
the consummation of the Merger, the Partnership agreed that the LLC Net
Assets were deemed to be the Capital Contributions of the JMB Limited
Partner, and (ii) the LLC Net Assets had a gross fair market value of
$100,000.

            3.3   OTHER MATTERS RELATING TO CAPITAL CONTRIBUTIONS.

            A.    Except as otherwise provided by the terms of this
Agreement, no Partner shall be entitled to withdraw, or to a return of, any
part of its Capital Contribution, or to receive property or assets other
than cash in return thereof, and the General Partner shall not be liable to
the Limited Partners for a return of their Capital Contributions.

            B.    No Partner shall be entitled to priority over any other
Partner, either with respect to a return of his Capital Contribution, or to
allocations of taxable income, gains, losses or credits, or to
distributions, except as provided in this Agreement.

            C.    No interest shall be paid on Capital Contributions.

            D.    No Partner shall be obligated to make any further Capital
Contribution to the Partnership.

            3.4   CAPITAL ACCOUNTS.  A separate capital account shall be
established for each Partner on the books of the Partnership on the dates
on which such Partner makes its Capital Contributions, as provided herein.
Each such capital account will thereafter be maintained on the books of the
Partnership.  Each Partner's capital account will be increased by that
Partner's Capital Contributions, advances and allocation of income and gain
and decreased by that Partner's distributions and allocation of losses.

                                ARTICLE IV

                      DISTRIBUTIONS OF NET CASH FLOW

            Subject to Article XI, the Partnership shall distribute to the
Partners any Net Cash Flow at such times as the General Partner shall
reasonably determine to be appropriate.  Distributions of Net Cash Flow
shall be made to the Partners in accordance with their respective
Partnership Interests.  Notwithstanding the foregoing, the Partners
acknowledge that the interest of the JMB Limited Partner is subject to a
Second Amended, Restated and Consolidated Security Agreement, dated as of
October 10, 1996, executed and delivered pursuant to the Plan and the JMB
Limited Partner and the Special General Partner agree that the General
Partner shall be authorized to pay any distributions otherwise payable to
the JMB Limited Partner or the Special General Partner hereunder to or at
the direction of the holder of the Second Amended, Restated and
Consolidated Promissory Note secured thereby.

                                 ARTICLE V

                     ALLOCATIONS OF PROFITS AND LOSSES

            5.1   All items of income, gain, loss or deduction for any
Fiscal Year shall be allocated to the Partners in accordance with their
respective Partnership Interests.

            5.2   The Partnership shall use the "remedial method" described
in Treasury Regulation Section 1.704-3(b) and allocations of nonrecourse
debt shall be made in accordance therewith.  The effect of this Agreement
shall be that the JMB Limited Partner shall receive an allocation of
Partnership nonrecourse debt, as of the date hereof, that is not less than
$129,700,000.

                                ARTICLE VI

               RIGHTS AND OBLIGATIONS OF THE GENERAL PARTNER

            6.1   MANAGEMENT.

            A.    Except as otherwise expressly provided in this Agreement,
all management powers over the business and affairs of the Partnership are
and shall be exclusively vested in the General Partner, and, except as
provided in Section 6.1D hereof with respect to the JMB Limited Partner and
in Section 10.2 hereof with respect to the Special General Partner, no
Limited Partner nor the Special General Partner shall have any right to
participate in or exercise control or management power over the business
and affairs of the Partnership.  No third party shall have any right to
rely upon the authority of the Special General Partner or the Limited
Partner to take any action on behalf of the Partnership, except as
expressly set forth in this Agreement.  The General Partner may not be
removed by the Limited Partners or the Special General Partner with or
without cause.  In addition to the powers now or hereafter granted a
general partner of a limited partnership under applicable law or which are
granted to the General Partner under any other provision of this Agreement,
the General Partner shall have, subject to Section 6.1D hereof, full power
and authority to do all things deemed necessary or desirable by it to
conduct the business of the Partnership, to exercise all powers and to
effectuate the purposes set forth in Section 2.6 hereof, including, without
limitation, the power and authority to:

            1.    to acquire, sell, transfer, exchange, manage or otherwise
dispose of all or a portion of the Partnership Property upon such terms and
for such consideration as the General Partner may, in its sole and absolute
discretion determine;

            2.    to take or enter into, perform and carry out contracts
and agreements of every kind necessary or incidental to the purposes of the
Partnership;

            3.    to take or omit such other or further action in
connection with the Partnership's business as may, in the opinion of the
General Partner, be necessary or desirable to further the purposes of the
Partnership, including, without limitation, actions pursuant to the
Property Owning Partnership Agreement;

            4.    to invest such funds as are temporarily not required for
Partnership purposes; and

            5.    to carry on any other activities the General Partner may
reasonably deem necessary, in connection with or incident to any of the
foregoing.

            B.    In connection with such management and subject to any
limitations set forth elsewhere in this Agreement, the General Partner:

            1.    Shall maintain or cause to be maintained, at the expense
of the Partnership, complete and accurate records of all correspondence,
documents or instruments of any nature relating to the Partnership
business.  Such records, together with such supporting evidence thereof as
is in the control and possession of the Partnership or of the General
Partner, shall be kept in the principal office of the General Partner or of
the Partnership for such periods as the General Partner deems appropriate.
The Partners and/or their authorized representatives, shall have the right
to inspect and/or copy any or all of the above-described records during
normal business hours.

            2.    Shall execute any and all documents or instruments of any
kind which the General Partner may reasonably deem appropriate in carrying
out the purposes of the Partnership.

            3.    Shall maintain, or cause to have maintained, at the
expense of the Partnership, adequate records and accounts of all
transactions, operations and expenditures and shall furnish to or cause to
be furnished to the Partners annual statements of account as of the end of
each calendar year.

            C.    The Limited Partner and the Special General Partner agree
that the General Partner is authorized to execute, deliver and perform the
above-mentioned agreements and transactions on behalf of the Partnership
without any further act, approval or vote of the Limited Partner or the
Special General Partner (except as provided in Section 6.1D hereof).
Notwithstanding any other provision of this Agreement, to the fullest
extent permitted under the Act or other applicable law, rule or regulation,
the execution, delivery or performance by the General Partner or the
Partnership of any agreements authorized or permitted under this Agreement
shall not constitute a breach by the General Partner of any duty that the
General Partner may owe the Partnership, the Special General Partner or the
Limited Partner or any other Persons under this Agreement or of any duty
stated or implied by law or equity.

            D.    Notwithstanding anything to the contrary set forth in
this Agreement, (x) until the Approval Right Termination Date in the case
of items 1-6 of this Section 6.1D and (y) at any time in the case of item 7
of this Section 6.1D, the General Partner shall not, without the prior
written consent of the JMB Limited Partner (which may be given or withheld
in its sole and absolute discretion), have the power to take, on behalf of
the Partnership as a limited partner of the Property Owning Partnership,
the following actions:

            1.    Consent to any Adverse Transaction pursuant to Section
8.1E of the Property Owning Partnership Agreement;

            2.    Exercise the Partnership's Put Right (as such term is
defined in the Property Owning Partnership Agreement) to require the
Property Owning General Partner or Metropolis to purchase the Property
Owning Partnership Interest pursuant to Section 12.2C of the Property
Owning Partnership Agreement;

            3.    Effect the sale, disposition, exchange or transfer of the
Property Owning Partnership Interest if such transaction would constitute
an Adverse Transaction;

            4.    Consent to the amendment of the Property Owning
Partnership Agreement pursuant to Sections 15.1B and 15.1C of such
Partnership Agreement;

            5.    Consent to the dissolution of the Property Owning
Partnership pursuant to Section 14.1C of the Property Owning Partnership
Agreement;

            6.    Cause or permit (to the extent within the General
Partner's reasonable control) any Adverse Transaction; provided however
that the General Partner shall be under no obligation to commence
litigation or to incur any expense (unless the JMB Limited Partner shall
fund such expense) in order to avoid or prevent an Adverse Transaction from
occurring; and

            7.    Cause or permit the sale, disposition, exchange or
transfer of the OHSP Interests, unless FW Strategic properly exercises its
right to purchase the OHSP Interests pursuant to Section 4.02(c) of the
Restructuring Agreement.

            6.2   OUTSIDE ACTIVITIES OF THE GENERAL PARTNER.  The General
Partner shall devote such time and effort to the business of the
Partnership as the General Partner shall reasonably deem necessary to
promote adequately the interests of the Partnership and the interests of
the Partners; however, it is specifically understood and agreed that the
General Partner shall not be required to devote full time to the business
of the Partnership and that the Partners and their respective stockholders,
partners, directors, officers and affiliates may at any time and from time
to time engage in and possess interests in other business ventures of any
and every type and description including business interests and activities
that are in direct competition with the Partnership or that are enhanced by
the activities of the Partnership, and neither the Partnership nor any
Partner shall by virtue of this Agreement or otherwise have any right,
title or interest in or to such independent ventures.

            6.3   EMPLOYMENT OF EXPERTS OR ADVISORS.  The General Partner
may employ or retain such counsel, accountants, appraisers or other experts
or advisors as the General Partner may reasonably deem appropriate for the
purpose of discharging its duties hereunder, and shall be entitled to pay
the fees of any such persons from the funds of the Partnership.  The
General Partner may act, and shall be protected in acting in good faith, on
the opinion or advice of, or information obtained from, any such counsel,
accountant, appraiser or other expert or advisor, whether retained or
employed by the Partnership, the General Partner, or otherwise, in relation
to any matter connected with the administration or operation of the
business and affairs of the Partnership.

                                ARTICLE VII

                RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS
                      AND THE SPECIAL GENERAL PARTNER

            7.1   LIMITATION OF LIABILITY.  The Limited Partners and the
Special General Partner shall have no liability under this Agreement except
as expressly provided in this Agreement, or under the Act.

            7.2   MANAGEMENT OF BUSINESS.  Neither the Special General
Partner nor any Limited Partner shall take part in the operation,
management or control (within the meaning of the Act) of the Partnership's
business, transact any business in the Partnership's name or have the power
to sign documents for or otherwise bind the Partnership except as set forth
in Section 10.2 hereof.  No third party shall have any right to rely upon
the authority of the Special General Partner on behalf of the Partnership,
except as expressly set forth in this Agreement.  The transaction of any
such business by the General Partner, any of its affiliates or any officer,
director, employee, partner, agent or trustee of the General Partner, the
Partnership or any of their affiliates, in their capacity as such, shall
not affect, impair or eliminate the limitations on the liability of the
Limited Partners under this Agreement.

            7.3   OUTSIDE ACTIVITIES OF THE SPECIAL GENERAL PARTNER AND
LIMITED PARTNERS.  The Special General Partner and any Limited Partner and
any officer, director, partner, employee, agent, trustee, affiliate or
shareholder of the Special General Partner or of any Limited Partner shall
be entitled to and may have business interests and engage in business
activities in addition to those relating to the Partnership, including
business interests and activities that are in direct competition with the
Partnership or that are enhanced by the activities of the Partnership.
Neither the Partnership nor any Partners shall have any rights by virtue of
this Agreement in any business ventures of the Special General Partner or
any Limited Partner.  None of the Special General Partner or the Limited
Partners nor any other Person shall have any rights by virtue of this
Agreement or the Partnership relationship established hereby in any
business ventures of any other Person and such Person shall have no
obligation pursuant to this Agreement to offer any interest in any such
business ventures to the Partnership, the Special General Partner or any
Limited Partner or any such other Person, even if such opportunity is of a
character which, if presented to the Partnership, the Special General
Partner or any Limited Partner or such other Person, could be taken by such
Person.

            7.4   COVENANT OF THE SPECIAL GENERAL PARTNER AND THE LIMITED
PARTNERS.  The Special General Partner and each Limited Partner hereby
warrants and covenants to the Partnership, provided that any of the
following is not an Adverse Transaction, that neither it nor any of its
partners or their respective officers, directors, partners, stockholders,
agents and affiliates shall intentionally interfere with (x) the exercise
by the Property Owning General Partner of the Purchase Right (as such term
is defined in the Property Owning Partnership Agreement) pursuant to
Section 12.2A of the Property Owning Partnership Agreement, or (y) any
disposition, mortgage, pledge, encumbrance, hypothecation or exchange of
the Property Owning Partnership Interest by the Partnership or the Property
(as defined in the Property Owning Partnership Agreement) by the Property
Owning Partnership or the merger or other combination of the Property
Owning Partnership with or into another entity in accordance with the terms
of this Agreement, or the Property Owning Partnership Agreement.

            7.5   THIS SECTION INTENTIONALLY OMITTED.

            7.6   EXERCISE OF PUT RIGHT.

             A.   The General Partner shall, upon the written request of
the JMB Limited Partner, promptly cause the Partnership to exercise its Put
Right (as such term is defined in the Property Owning Partnership
Agreement) to require the Property Owning General Partner and Metropolis,
jointly and severally, to purchase the Property Owning Partnership Interest
pursuant to Section 12.2C of the Property Owning Partnership Agreement.

            B.    The General Partner shall, upon the written request of
the JMB Limited Partner, promptly cause the Partnership to exercise its
right to sell the OHSP Interests to FW Strategic or OHSP pursuant to the
proviso of Section 4.02(d)(ii) of the Restructuring Agreement.

            C.    Following (i) the exercise of the Put Right pursuant to
Section 7.6A and (ii) the receipt by the JMB Limited Partner of all amounts
to be received as a result thereof, the General Partner shall, upon receipt
of the written election of the JMB Limited Partner at any time, in the JMB
Limited Partner's sole discretion, cause its Partnership Interest to be
converted to a limited partner interest, and the Special General Partner
shall thereupon become the successor General Partner.

            D.    Following (i) the exercise of the Purchase Right (as
defined in Property Owning Partnership Agreement) the pursuant to Section
12.2A of the Property Owning Partnership Agreement and (ii) the receipt by
the JMB Limited Partner of all amounts to be received as a result thereof,
the General Partner shall, upon receipt of the written election of the JMB
Limited Partner at any time, in the JMB Limited Partner's sole discretion,
cause its Partnership Interest to be converted to a limited partner
interest, and the Special General Partner shall thereupon become the
successor General Partner.

                               ARTICLE VIII

                AMENDMENTS OF LIMITED PARTNERSHIP AGREEMENT

            This Agreement may be amended only by instrument in writing
signed by the General Partner, the Special General Partner and the Limited
Partner.

                                ARTICLE IX

                      LIMITATION ON SUBSTITUTION AND
                    ASSIGNMENT OF A PARTNER'S INTEREST

            9.1   TRANSFER.

            A.    The term "Transfer," when used in this Article IX with
respect to a Partnership Interest, shall be deemed to refer to a
transaction by which the General Partner purports to assign all or any part
of its Partnership Interest to another Person or by which the Special
General Partner or a Limited Partner purports to assign all or any part of
its Partnership Interest to another Person.

            B.    No Partnership Interest shall be Transferred, in whole or
in part, except in accordance with the terms and conditions set forth in
this Article IX.  Any Transfer or purported Transfer of a Partnership
Interest not made in accordance with this Article IX shall be null and
void.

            9.2   SPECIAL GENERAL PARTNER AND LIMITED PARTNERS RIGHT TO
TRANSFER.  Subject to the provisions of Sections 7.6, and this Section 9.2,
neither the Special General Partner nor any Limited Partner shall sell,
assign, transfer or convey all or any portion of its Partnership Interest
to any person or entity without the prior written consent of the General
Partner.  Except for the security interest created pursuant to the Second
Amended, Restated and Consolidated Promissory Note in the original
principal amount of $88,572,780, dated October 10, 1996, made by the JMB
Limited Partner in favor of Metropolis, the Second Amended, Restated and
Consolidated Security Agreement, dated October 10, 1996, between the JMB
Limited Partner and Metropolis, and the documents related thereto, neither
the Special General Partner nor any Limited Partner shall pledge, encumber,
place or suffer to exist a lien on its Partnership Interest without the
prior written consent of the General Partner.  No successor to the Special
General Partner's Partnership Interest nor the Limited Partner's
Partnership Interest shall become a substituted limited partner, as that
term is used in the Act, without the prior written consent of the General
Partner.  Any consent from the General Partner required under this Section
9.2 may be granted or withheld by the General Partner in its sole
discretion.

            9.3   TRANSFERRED PARTNERSHIP INTERESTS SUBJECT TO THIS
AGREEMENT.  Sales, assignments, transfers, conveyances and pledges of
Partnership Interests pursuant to this Article IX shall be subject to, and
the transferee or pledgee shall acquire the transferred Partnership
Interests subject to, all of the terms and provisions of this Agreement.

            9.4   INSOLVENCY, DISSOLUTION OR BANKRUPTCY OF A LIMITED
PARTNER.  The insolvency, dissolution or bankruptcy of the Special General
Partner or of a Limited Partner shall not terminate the Partnership.  In
such event, the trustee, representative, or other successor in interest of
such Limited Partner or the Special General Partner shall have only the
rights of an assignee of a Limited Partner which does not become a
substituted limited partner under the Act.

            9.5   TRANSFERS BY THE GENERAL PARTNER.

            A.    The General Partner may Transfer all or any part of its
Partnership Interest or withdraw as General Partner, in its sole discretion
and without the consent of any Limited Partners or the Special General
Partner; provided that the General Partner may withdraw as general partner
only in connection with a Transfer of its Partnership Interest and
immediately following the admission of a successor General Partner, as
general partner, in accordance with this Article IX.

            B.    If the General Partner withdraws as general partner in
accordance with clause A. above, its Partnership Interest shall immediately
be converted into a limited partner interest and the General Partner shall
be entitled to receive distributions from the Partnership and the share of
income, gain, loss, deduction and credit that were otherwise attributable
to its Partnership Interest.

            9.6   ADMISSION OF SUCCESSOR GENERAL PARTNER.  A successor to
all of the General Partner's Partnership Interest pursuant to this Article
IX who is proposed to be admitted as a successor General Partner shall be
admitted to the Partnership as the General Partner, effective immediately
prior to such Transfer.  Any such transferee shall carry on the business of
the Partnership without dissolution.  In each case, the admission shall be
subject to the successor General Partner executing and delivering to the
Partnership an acceptance of all of the terms and conditions of this
Agreement and such other documents or instruments as may be required to
effect the admission.

                                 ARTICLE X

                           ACCOUNTING PROCEDURE

            10.1  BOOKS AND ACCOUNTS.  The General Partner shall keep or
cause to be kept full, accurate, complete and proper books and accounts of
all operations of the Partnership.  Such books shall be kept in accordance
with sound accounting practices consistently applied.

            10.2  CHOICE OF ACCOUNTANTS; TAX INFORMATION.  Notwithstanding
anything to the contrary in this Agreement or any status of the General
Partner as general partner, the Special General Partner is hereby
designated as the "tax matters partner" as such term is defined in Section
6231(a)(7) of the Code.  The Special General Partner shall have full and
exclusive authority over all Partnership tax matters, including, without
limitation, with respect to those matters under Section 11.2 of the
Property Owning Partnership Agreement, reserved to the Limited Partner of
such partnership under such Section 11.2 of the Property Owning Partnership
Agreement.  The Partnership's tax returns shall be prepared by a "Big Five"
accounting firm selected by the Special General Partner.  The Special
General Partner shall sign and file tax returns prepared by the
Partnership's accountant in consultation with the General Partner.  The
Special General Partner shall annually deliver or cause to be delivered to
the Limited Partners all information forms reasonably necessary for federal
tax purposes.

            10.3  DELIVERY OF INFORMATION.  The General Partner shall
promptly deliver to the Special General Partner and the JMB Limited Partner
copies of all reports and information received from the Property Owning
Partnership, OHSP and FW Strategic.

                                ARTICLE XI

                                DISSOLUTION

            11.1  DISSOLUTION.  The Partnership shall not be dissolved by
the admission of substituted Limited Partners or additional Limited
Partners or by the admission of a successor General Partner in accordance
with the terms of this Agreement.  In the event of the withdrawal of the
General Partner, any successor General Partner shall continue the business
of the Partnership.  The Partnership shall dissolve, and its affairs shall
be wound up, only upon the first to occur of any of the following:

            A.    the expiration of its term as provided in Section 2.7
hereof;

            B.    an event of withdrawal of the General Partner, as defined
in the Act, unless, within ninety (90) days after such event of withdrawal
all of the remaining Partners agree in writing to continue the business of
the Partnership and to the appointment, effective as of the date of
withdrawal, of a successor General Partner;

            C.    (i) prior to the Approval Right Termination Date, an
election to dissolve the Partnership made by the General Partner, with the
consent of the JMB Limited Partner (which may be given or withheld in its
sole and absolute discretion), and (ii) after the Approval Right
Termination Date, an election to dissolve the Partnership made by the
General Partner, without the consent of the Limited Partner or the Special
General Partner;

            D.    entry of a decree of judicial dissolution of the
Partnership pursuant to the provisions of the Act;

            E.    the sale of all or substantially all of the assets and
properties of the Partnership.

            11.2  LIQUIDATION.  In the event of dissolution of the
Partnership pursuant to Section 11.1 where the business of the Partnership
is not reconstituted, liquidation shall occur.  The General Partner shall
supervise the liquidation of the Partnership unless a wrongful act of the
General Partner dissolved the Partnership or the Limited Partners elect
another Partner to do so.  In the event of any liquidation of the
Partnership under this Agreement or the Act, except as otherwise provided
herein, the proceeds of liquidating the Partnership shall be applied and
distributed in the following order of priority (each item to be satisfied
in full in the order listed below before any of such proceeds are allocated
to the subsequent item):

            (a)   First, to creditors, including Partners who are creditors
(to the extent not otherwise prohibited by law), in satisfaction of
liabilities of the Partnership (whether by payment or the making of
reasonable provision for payment therefor), other than liabilities for
which reasonable provision for payment has been made and liabilities for
interim distributions to Partners and distributions to Partners on
withdrawal; then

            (b)   Second, to the setting up of any reserves which the
supervising Partner (or, if applicable, the liquidating trustee) determines
to be reasonably necessary for any contingent liabilities of the
Partnership or of any Partner arising out of, or in connection with, a
Partnership liability; then

            (c)   Finally, the balance, if any, to the Partners in
accordance with Article IV hereof.

            The General Partner shall not receive any compensation for any
services performed pursuant to this Article XI.

            11.3  RIGHTS OF THE SPECIAL GENERAL PARTNER AND OF THE LIMITED
PARTNERS.  Except as otherwise provided in this Agreement, the Special
General Partner and each Limited Partner shall look solely to the assets of
the Partnership for the return of its Capital Contributions and shall have
no right or power to demand or receive property other than cash from the
Partnership.  Neither any Limited Partner nor the Special General Partner
shall have priority over one another as to the return of its Capital
Contributions, distributions, or allocations.

            11.4  NO OBLIGATION TO CONTRIBUTE DEFICIT.    If any Partner
has a deficit balance in its capital account (after giving effect to all
contributions, distributions and allocations for all taxable years,
including the year during which such liquidation occurs), such Partner
shall have no obligation to make any contribution to the capital of the
Partnership with respect to such deficit, and such deficit shall not be
considered a debt owed to the Partnership or to any other Person for any
purpose whatsoever.

                                ARTICLE XII

                              INDEMNIFICATION

            12.1  To the fullest extent permitted by Delaware law, the
Partnership shall indemnify each Indemnitee from and against any and all
losses, claims, damages, liabilities, joint or several, expenses
(including, without limitation, reasonable attorneys' fees and other legal
fees and expenses), judgments, fines, settlements, and other amounts
arising from any and all claims, demands, actions, suits or proceedings,
civil, criminal, administrative or investigative, that relate to the
operations of the Partnership, the Special General Partner or the General
Partner as set forth in this Agreement, in which such Indemnitee may be
involved, or is threatened to be involved, as a party or otherwise, except
to the extent it is finally determined by a court of competent
jurisdiction, from which no further appeal may be taken, that such
Indemnitee's action constituted intentional acts or omissions constituting
willful misconduct or fraud.  Without limitation, the foregoing indemnity
shall extend to any liability of any Indemnitee, pursuant to a loan
guaranty or otherwise for any indebtedness of the Partnership (including,
without limitation, any indebtedness which the Partnership has assumed or
taken subject to), and the General Partner is hereby authorized and
empowered, on behalf of the Partnership, to enter into one or more
indemnity agreements consistent with the provisions of this Article XII in
favor of any Indemnitee having or potentially having liability for any such
indebtedness.  Any indemnification pursuant to this Article XII shall be
made only out of the assets of the Partnership, and neither the General
Partner, the Special General Partner nor any Limited Partner shall have any
obligation to contribute to the capital of the Partnership, or otherwise
provide funds, to enable the Partnership to fund its obligations under this
Article XII.

            12.2  Reasonable expenses incurred by an Indemnitee who is a
party to a proceeding shall be paid or reimbursed by the Partnership in
advance of the final disposition of the proceeding.

            12.3  The indemnification provided by this Article XII shall be
in addition to any other rights to which an Indemnitee or any other Person
may be entitled under any agreement, pursuant to any vote of the Partners,
as a matter of law or otherwise, and shall continue as to an Indemnitee who
has ceased to serve in such capacity unless otherwise provided in a written
agreement pursuant to which such Indemnities are indemnified.

            12.4  The Partnership may, but shall not be obligated to,
purchase and maintain insurance, on behalf of the Indemnitees and such
other Persons as the General Partner shall determine, against any liability
that may be asserted against or expenses that may be incurred by such
Person in connection with the Partnership's activities, regardless of
whether the Partnership would have the power to indemnify such Person
against such liability under the provisions of this Agreement.

            12.5  In no event may an Indemnitee subject any of the Partners
to personal liability by reason of the indemnification provisions set forth
in this Agreement.

            12.6  An Indemnitee shall not be denied indemnification in
whole or in part under this Article XII because the Indemnitee had an
interest in the transaction with respect to which the indemnification
applies if the transaction was otherwise permitted by the terms of this
Agreement.

            12.7  The provisions of this Article XII are for the benefit of
the Indemnitees, their heirs, successors, assigns and administrators and
shall not be deemed to create any rights for the benefit of any other
Persons.  Any amendment, modification or repeal of this Article XII or any
provision hereof shall be prospective only and shall not in any way affect
the Partnership's liability to any Indemnitee under this Article XII, as in
effect immediately prior to such amendment, modification, or repeal with
respect to claims arising from or relating to matters occurring, in whole
or in part, prior to such amendment, modification or repeal, regardless of
when such claims may arise or be asserted.

                               ARTICLE XIII

                         MISCELLANEOUS PROVISIONS

            13.1  NOTICES.  Notices hereunder shall be in writing and shall
be deemed to be delivered upon actual receipt or 72 hours following deposit
in a regularly maintained receptacle for the United States mail, registered
or certified mail, return receipt requested, with postage prepaid, and
addressed to the address of the addressee shown below, or to such other
address of which any party shall notify the other parties hereto, in
accordance with the terms hereof.

            If to the General Partner:

                       237/1290 Upper Tier GP Corp.
                       c/o Victor Capital Group, L.P.
                       605 Third Avenue - 26th Floor
                       New York, New York 10016
                       Attn:  John Klopp

            with a copy to:

                       Battle Fowler LLP
                       75 East 55th Street
                       New York, New York 10022
                       Attn:  Louis Vitali

            If to the JMB Limited Partner or the Special General Partner:

                       900 North Michigan Avenue
                       19th Floor
                       Chicago, Illinois 60611
                       Attention:  Stuart C. Nathan
                                Gary Nickele

            13.2  COUNTERPARTS.  This Agreement may be executed in multiple
counterparts, each to constitute an original, but all in the aggregate to
constitute one agreement as executed.  This Agreement shall be binding upon
and inure to the benefit of the parties hereto, their heirs, legal
representatives, successors and permitted assigns.

            13.3  NATURE OF PARTNERSHIP INTEREST.  The interest of each
Partner in this Partnership is personal property.

            13.4  INSOLVENCY PROCEEDINGS.  No bankruptcy or insolvency
filing or proceeding in respect of the Partnership shall be made or
commenced without the consent of the General Partner, and the Partnership
shall not acquiesce, petition or otherwise invoke or cause any other person
and/or entity to invoke the process of the United States of America, any
state or other political subdivision thereof or any other jurisdiction, any
entity exercising executive, legislative, judicial, regulatory or
administrative functions of or pertaining to government for the purpose of
commencing or sustaining a case against the Partnership under a federal or
state bankruptcy, insolvency or similar law or appointing a receiver,
liquidator, assignee, trustee, custodian, sequestrator or other similar
official of the Partnership or all or any part of its property or assets or
ordering the winding-up or liquidation of the affairs of the Partnership,
if such action has not been consented to by the General Partner.

            13.5  TITLES AND CAPTIONS.  All article or section titles or
captions in this Agreement are for convenience only.  They shall not be
deemed part of this Agreement and in no way define, limit, extend or
describe the scope or intent of any provisions hereof.  Except as
specifically provided otherwise, references to "Articles" and "Sections"
are to Articles and Sections of this Agreement.

            13.6  PRONOUNS AND PLURALS.  Whenever the context may require,
any pronoun used in this Agreement shall include the corresponding
masculine, feminine or neuter forms, and the singular form of nouns,
pronouns and verbs shall include the plural and vice versa.

            13.7  FURTHER ACTION.  The parties shall execute and deliver
all documents, provide all information and take or refrain from taking
action as may be necessary or appropriate to achieve the purposes of this
Agreement.

            13.8  BINDING EFFECT.  This Agreement shall be binding upon and
inure to the benefit of the parties hereto and their heirs, executors,
administrators, successors, legal representatives and permitted assigns.

            13.9  CREDITORS.  Other than as expressly set forth herein with
respect to the Indemnitees, none of the provisions of this Agreement shall
be for the benefit of, or shall be enforceable by, any creditor of the
Partnership.

            13.10 WAIVER.  No failure by any party to insist upon the
strict performance of any covenant, duty, agreement or condition of this
Agreement or to exercise any right or remedy consequent upon a breach
thereof shall constitute waiver of any such breach or any other covenant,
duty, agreement or condition.

            13.11 APPLICABLE LAW.  This Agreement shall be construed and
enforced in accordance with and governed by the laws of the State of
Delaware, without regard to the principles of conflicts of laws thereof.

            13.12 INVALIDITY OF PROVISIONS.  If any provision of this
Agreement is or becomes invalid, illegal or unenforceable in any respect,
the validity, legality and enforceability of the remaining provisions
contained herein shall not be affected thereby.

            13.13 ENTIRE AGREEMENT.  This Agreement contains the entire
understanding and agreement among the Partners with respect to the subject
matter hereof and supersedes any other prior written or oral understandings
or agreements among them with respect thereto.

<PAGE>

            IN WITNESS WHEREOF, this Agreement is executed by the General
Partner, the Special General Partner and the JMB Limited Partner as of the
date first above written.

                             237/1290 UPPER TIER GP CORP.

                             By:
                                   Name:
                                   Title:

                             JMB/NYC OFFICE BUILDING ASSOCIATES, L.P., an
Illinois limited partnership

                             By:   Carlyle Managers, Inc., its General
Partner

                                   By:
                                         Name:
                                         Title:

                             CARLYLE MANAGERS, INC.

                             By:
                                   Name:
                                   Title:

                             Solely with respect to Section 7.6A:

                             METROPOLIS REALTY TRUST, INC.

                             By:
                                   Name:
                                   Title:

<PAGE>

                                 Exhibit A

      Entity                             Partnership Interest

237/1290 UPPER TIER GP CORP.                   0.999%

JMB/NYC OFFICE BUILDING ASSOCIATES, L.P.       98.901%

CARLYLE MANAGERS, INC.                         0.1%EXHIBIT 10-AA
-------------

                          INTERCREDITOR AGREEMENT

      THIS INTERCREDITOR AGREEMENT (the "Agreement"), made as of the 19th
day of November, 1999, is among MICHIGAN AVENUE, L.L.C., a Delaware limited
liability company (hereinafter referred to as "Seller") having an office at
c/o JMB Property Management, Inc., 900 North Michigan Avenue, Suite 900,
Chicago, Illinois 60611, and each of the following:  CARLYLE - XIII
ASSOCIATES, L.P., a Delaware limited partnership ("Carlyle XIII"); CARLYLE
- XIV ASSOCIATES, L.P., a Delaware limited partnership ("Carlyle XIV"); and
PROPERTY PARTNERS, L.P., a Delaware limited partnership ("Property
Partners"; Carlyle XIII, Carlyle XIV and Property Partners are herein
sometimes each individually called a "Buyer" and collectively called the
"Buyers").

                                 RECITALS

      A.    Seller is a participant in that certain Participation Agreement
("1996 Participation Agreement"), dated October 10, 1996, between
Metropolis Realty Trust, Inc. ("Metropolis"), a Maryland corporation, and
Seller.  Pursuant to the 1996 Participation Agreement, Metropolis assigned
to Seller and Seller assumed from Metropolis an undivided participation
interest in (i) that certain Second Amended, Restated and Consolidated
Promissory Note, dated October 10, 1996, in the principal amount of
$88,572,780.00 made by JMB/NYC Office Building Associates, L.P., an
Illinois limited partnership ("JMB/NYC"), in favor of Metropolis (as it may
be hereafter amended, hereinafter referred to as the "Restated Note") and
(ii) that certain Second Amended, Restated and Consolidated Security
Agreement that secures the Restated Note, dated October 10, 1996
(hereinafter referred to as the "Restated Security Agreement"), such that
after such assignment Seller was the holder of 100% of the outstanding
principal balance and all interest accrued on the Restated Note except that
Metropolis retained the right to receive the first $750,000 paid under the
Restated Note.

      B.    A copy of the Restated Note is attached hereto as Exhibit A and
a copy of the Restated Security Agreement is attached hereto as Exhibit B.

      C.    The Restated Note and the Restated Security Agreement represent
consolidations of certain promissory notes (the "Existing Notes") and
security agreements (the "Existing Agreements") described in Exhibit C.

      D.    Seller desires to sell and assign to each Buyer, and each Buyer
desires to purchase from Seller, as set forth in the letter agreement among
Michigan Avenue, LLC, Carlyle Managers, Inc. and Carlyle Investors, Inc.,
dated September 27, 1999, an executed copy of which is attached hereto as
Exhibit D, an interest in the first $5,425,000 of accrued interest for book
purposes only (the "$5,425,000 Interest Amount"; i.e., this accrued
interest will not have been deducted for tax purposes by JMB/NYC; that is,
it will be the first $5,425,000 of interest which is owing immediately
after the accrual of any interest which has been deducted by JMB/NYC for
tax purposes) received by Seller on or after the date hereof pursuant to
its interest in the Restated Note and the Restated Security Agreement
(including any amounts Seller would otherwise receive pursuant to any
transfer by Metropolis of its existing participation interest in the 1996
Participation Agreement to Seller after the date hereof) on the terms and
conditions hereinafter set forth.

      NOW, THEREFORE, in consideration of the mutual covenants herein
contained and for other good and valuable consideration the receipt and
sufficiency of which are hereby acknowledged, Seller and each Buyer
mutually agree as follows:

      I.    Definitions:

            As used herein,

<PAGE>

      "Percentage" shall mean:

            (A)   In the case of Carlyle XIII, 25%;

            (B)   In the case of Carlyle XIV, 50%; and

            (C)   In the case of Property Partners, 25%.

      "Payout Date" means the date when each Buyer shall have received, in
cash or cash equivalents, such Buyers' Percentage of Tranche A.

      "Tranche A" means the $5,425,000 Interest Amount received by Seller
on or after the date hereof pursuant to its interest in the Restated Note
and the Restated Security Agreement (including any amounts Seller would
otherwise receive pursuant to any transfer by Metropolis of its existing
participation interest in the 1996 Participation Agreement to Seller after
the date hereof) on the terms and conditions hereinafter set forth, and
whether made before or after the maturity or acceleration of the Restated
Note, and whether or not received as a result of enforcement of the
Restated Security Agreement or otherwise.  For purposes of this Agreement,
Seller and Buyers will treat and consider the first $5,425,000 of accrued
interest paid on or after the date hereof under the Restated Note as
representing the $5,425,000 Interest Amount.

      "Tranche B" means a subordinated interest in all amounts paid by or
received from or on behalf of JMB/NYC or its successors in respect of
Seller's interest in the Restated Note in each case paid or received on and
after the date hereof but after the Payout Date.

      2.    Sale of Senior Interests.  In consideration for the payment by
each Buyer to the Seller of the amount (the "Purchase Price") set forth by
such Buyer's name below under the heading "Purchase Price",  Seller hereby
sells and assigns to each Buyer, and each Buyer hereby purchases from
Seller, a senior interest (each, a "Tranche A Interest") in Seller's
interest (including any rights Seller might receive pursuant to any
transfer by Metropolis of its existing participation interest in the 1996
Participation Agreement to Seller after the date hereof) in the Restated
Note and the Restated Security Agreement in an amount equal to such Buyer's
Percentage of Tranche A.  Seller shall, subject to the provisions of this
Agreement, retain a subordinated interest in the Restated Note and the
Restated Security Agreement.  The Buyers' interest in Tranche A shall
entitle them as a group to receive the first $5,425,000 of accrued interest
paid on or after the date hereof under the Restated Note, which the Seller
and Buyers will consider to represent the $5,425,000 Interest Amount.  The
respective interest of the Buyers in Tranche A shall be equal in priority
and no Buyer shall have priority over any other Buyer hereunder.  All
payments made to the Buyers in respect of the Tranche A Interest shall be
made ratably according to their respective Percentages.   The purchase
price to be paid by each Buyer to Seller in respect to such Buyer's
interest hereunder is as follows:

                  BUYER                        PURCHASE PRICE
                  -----                        --------------

                  Carlyle XIII                 $106,250
                  Carlyle XIV                  $212,500
                  Property Partners            $106,250

      Each Buyer shall pay to Seller, as payment for such Buyer's purchase
of its Tranche A Interest hereunder, the Purchase Price set forth above.

      3.    Interests.  For purposes of allocating amounts between the
parties hereto, the interests of the parties herein shall be treated as
"stripped bonds" within the meaning of Section 1286 of the Internal Revenue
Code of 1986, as amended (the "Code").

<PAGE>

      4.    Subordination of Tranche B

      (a)   Tranche B Subordinate to Tranche A.

            The Seller and each Buyer hereby agree, that, to the extent and
in the manner hereinafter set forth herein, the Seller's right to payment
in respect to the Restated Note and the Restated Security Agreement is
hereby expressly made subordinate and subject in right of payment to the
prior payment in full to each Buyer of its respective Percentage of
Tranche A.

      (b)   No Payment to Seller Prior to Payment in Full of Tranche A.

      In the event that JMB/NYC shall make any payment to the Seller in
respect of the Restated Note or the Restated Security Agreement, such
payment shall be paid over and delivered forthwith by the Seller ratably to
the Buyers, to the extent necessary to pay in full each Buyer's Percentage
of Tranche A.

      No payment made to or received by or on behalf of the Seller from or
on behalf of JMB/NYC in respect of the Restated Note or the Restated
Security Agreement may be retained by the Seller until each Buyer has
received in cash or cash equivalents such Buyer's Percentage of Tranche A.

      (c)   Payment Over of Proceeds Upon Dissolution, Etc.

      In the event of (i) any insolvency or bankruptcy case or proceeding,
or any receivership, liquidation, reorganization or other similar case or
proceeding in connection therewith, relative to JMB/NYC or its creditors,
as such, or to its assets, or (ii) any liquidation, dissolution or other
winding up of JMB/NYC, whether voluntary or involuntary and whether or not
involving insolvency or bankruptcy, or (iii) any assignment for the benefit
of creditors or any other marshalling of assets and liabilities of JMB/NYC,
then and in any such event specified in (i), (ii) or (iii) above (each such
event, if any, herein sometimes referred to as a "Proceeding"), the Buyers
shall be entitled to receive payment in full of all amounts due or to
become due on or in respect of all their respective Percentages of Tranche
A, or provision shall be made for such payment in cash or cash equivalents
or otherwise in a manner satisfactory to each of the Buyers, before the
Seller shall be entitled to receive any payment on account of accrued
interest on the Restated Note, the Restated Security Agreement or Tranche B
or on account of purchase or redemption or other acquisition of the
Restated Note, the Restated Security Agreement or Tranche B by JMB/NYC or
any subsidiary of JMB/NYC, and to that end the Buyers shall be entitled to
receive, for application to the payment of their senior interests in
Tranche A, any payment or distribution of accrued interest, whether in
cash, property or securities which may be payable or deliverable in respect
of the Restated Note, the Restated Security Agreement or Tranche B in any
such Proceeding.

      In the event that, notwithstanding the foregoing provisions of this
Section 4(c), the Seller shall have received any payment or distribution of
assets of JMB/NYC of any kind or character, in respect of the Restated
Note, the Restated Security Agreement or Tranche B, then and in such event
such payment or distribution shall be paid over or delivered forthwith to
the Buyers ratably for application to the payment of all their respective
Percentages of Tranche A remaining unpaid, to the extent necessary to pay
each of their respective interests in Tranche A in full, after giving
effect to any concurrent payment or distribution to or for the Buyers.

<PAGE>

      (d)   Provisions Solely to Define Relative Rights.

      The provisions of this Section 4 are and are intended solely for the
purpose of defining the relative rights of Seller on the one hand and the
Buyers on the other hand.  Nothing contained in this Section 4 or elsewhere
in this Agreement is intended to or shall impair the obligation of JMB/NYC
to pay the principal of (and premium, if any) and interest and other
amounts on the Restated Note and to perform its obligations under the
Restated Security Agreement as and when the same shall become due and
payable and performable in accordance with their respective terms.

      (e)   No Waiver of Subordination Provisions.

      No right of any present or future Buyer to enforce the provisions in
respect of subordination as herein provided shall at any time in any way be
prejudiced or impaired by any act or failure to act on the part of JMB/NYC
or the Seller or by any act or failure to act, in good faith, by any such
Buyer, or by any noncompliance by the Seller with the terms, provisions and
covenants of this Agreement, regardless of any knowledge thereof any such
Buyer may have to be otherwise charged with.

      5.    Obligations of Seller.

      (a)   Seller shall, in its capacity as holder of its interest in the
Restated Note and Restated Security Agreement and until the Buyers' senior
interests in the Restated Note have been paid in full, (i) hold its
interest in the Restated Security Agreement and the collateral for the
Restated Note for the benefit of itself and the Buyers (each Buyer shall be
deemed to have a senior interest therein in proportion to its Percentage in
Tranche A), (ii) receive all payments of interest, principal and other sums
on account of or with respect to its interest in the Restated Note, and
(iii) promptly remit to each Buyer its share of interest received by Seller
on account of or with respect to such Buyer's percentage of Tranche A in
accordance with the provisions of this Agreement.

      (b)   Except as specifically provided to the contrary in this Section
5 or in Section 7 of this Agreement, until the Payout Date, Seller shall
not without the prior consent of each Buyer (i) agree to modify or amend
the interest rate provisions set forth in the Restated Note and Restated
Security Agreement, (ii) agree to extend the maturity date of the Restated
Note, other than in accordance with the express provisions of the Restated
Note and the Restated Security Agreement, (iii) agree to make or consent to
any materially adverse amendment to the Buyers, modification or waiver of
any of the terms, covenants, provisions or conditions of the Restated Note
and Restated Security Agreement, (iv) agree to waive, compromise or settle
any material claim under the Restated Note or the Restated Security
Agreement against JMB/NYC or for the observance and performance by JMB/NYC
of any of the terms, covenants, provisions and conditions of the Restated
Note and the Restated Security Agreement, or release the maker from any
material obligation or liability under the Restated Note and the Restated
Security Agreement, (v) waive any material default under the Restated Note
or the Restated Security Agreement, or (vi) release, reconvey or change in
any material respect, any collateral or security interest held under the
Restated Note and the Restated Security Agreement other than in accordance
with the express provisions of the Restated Note and the Restated Security
Agreement.

      (c)   Except as set forth in Section 5(b) above or as provided in
Section 7, Seller, in its capacity as holder of its interest in the
Restated Note, may, without obtaining the prior consent of any Buyer, (i)
extend for reasonable periods of time the time for the observance or
performance by JMB/NYC of the terms and conditions of the Restated Note and
the Restated Security Agreement, (ii) agree or consent to any non-material
amendment, modification or waiver of the terms, covenants, provisions or
conditions of the Restated Note and the Restated Security Agreement, (iii)
waive, compromise or settle any non-material claim under the Restated Note

<PAGE>

or the Restated Security Agreement against JMB/NYC under the Restated Note
or the Restated Security Agreement, or release JMB/NYC from any non-
material obligation or liability under the Restated Note and the Restated
Security Agreement, (iv) waive any non-material default under the Restated
Note and the Restated Security Agreement, (vi) release, reconvey or change,
in whole or in part, any collateral or security interest held under the
Restated Note and the Restated Security Agreement which is required to be
released or reconveyed in accordance with the express provisions of the
Restated Note and the Restated Security Agreement, and (vii) do or perform
any act or thing which in the reasonable judgment of Seller is necessary to
enable Seller to discharge and perform its duties under this Agreement or
which in the reasonable judgment of Seller is necessary or required to
preserve and protect the liens and security interests created by the
Restated Note and the Restated Security Agreement and the priority thereby
and the collateral for the Restated Note and the interest of Seller and the
Buyers therein.  Each Buyer shall from time to time, upon request of
Seller, execute and deliver such documents and instruments as may be
reasonably necessary to enable Seller to effectively administer and service
its interest in the Restated Note in its capacity as holder of such
interest and in the manner contemplated by the provisions of this
Agreement.

      (d)   In giving or withholding its consent to any action or inaction
hereunder, or in taking or not taking any action hereunder, each Buyer may
act only in its own self interest and in its sole discretion and shall have
no obligation to consider the interests of the Seller or any other Buyer.

      (e)   Each Buyer hereby acknowledges that Seller has made no
representations or warranties with respect to the Restated Note and that
Seller shall have no responsibility for (i) the collectibility of the
Restated Note, (ii) the validity, enforceability or legal effect of the
Restated Note or the Restated Security Agreement, (iii) the validity,
sufficiency or effectiveness of the lien created or to be created by the
Restated Note and the Restated Security Agreement, or (iv) the financial
condition of JMB/NYC or the accuracy of any information supplied by or to
be supplied in connection with JMB/NYC or otherwise with respect to the
Restated Note or the collateral for the Restated Note.  Each Buyer assumes
all risk of loss in connection with its undivided interest in Tranche A to
the full extent of its Percentage in such Tranche A.  Seller assumes all
risk of loss in connection with its undivided interest in Tranche B to the
full extent of its interest in such Tranche B.

      (f)   Seller, in its capacity as holder of its interest in the
Restated Note, shall retain all rights under the Restated Note and Restated
Security Agreement with respect to enforcement, collection and
administration of the Restated Note and the security for the Restated Note,
which rights of Seller shall be subject to the provisions of this Section 5
and of Section 7 of this Agreement.  At all times and until such time as
the Restated Note has been paid in full Seller shall act as the holder of
its interest in the Restated Note on behalf of itself and, prior to the
Payout Date, the Buyers, in accordance with the provisions of this
Agreement.

      6.    Expenses.  Seller and the Buyers shall be responsible for
enforcement expenses and costs sustained or incurred in connection with the
Restated Note in proportion to the relative amounts of payments thereunder
received by such parties in accordance with their interests under this
Agreement.

      7.    Default by JMB/NYC.  (a) Except as provided in Section 7(b)
below, if a default shall occur under the Restated Note or the Restated
Security Agreement, the decision of Seller shall control, which decision
may include the taking of any action not otherwise prohibited under this
Agreement.  Seller shall, after Seller's having knowledge thereof, inform

<PAGE>

the Buyers of any material default under the Restated Note and/or the
Restated Security Agreement and of all material facts relating to such
default or relating to any other aspect which facts could or might have a
materially adverse effect on the value of the security for the Restated
Note or on the ability of JMB/NYC to perform its obligations under the
Restated Note and Restated Security Agreement.

      (b)   If a default shall occur under the Restated Note or the
Restated Security Agreement or if JMB/NYC has not repaid all amounts due
and owing under the Restated Note within one year after the Maturity Date
(as defined in the Restated Note), the Seller will take the appropriate
steps necessary to foreclose upon and obtain any partnership interests
owned by JMB/NYC that serve as collateral under the Restated Note in lieu
of seeking any other damages it may otherwise be entitled to receive.

      8.    Approval of Documents.  Each Buyer has examined and approved
the Existing Notes, the Existing Security Agreements, the Restated Note and
the Restated Security Agreement and such other documents as such Buyer has
deemed necessary or appropriate.

      9.    Files and Records.  Seller shall keep and maintain at its
offices, complete and accurate files and records of all matters pertaining
to the Restated Note and the Restated Security Agreement, which files and
records shall be available for inspection and copying by each Buyer and its
employees and agents, at their own expense, during normal business hours
upon reasonable prior notice to Seller.

      10.   Assignments and Subparticipations.  Seller shall, subject to
the terms of this Section herein set forth, have the right after the date
of this Agreement to sell one or more additional interests in Seller's
retained interest in Tranche B to any person, party or investor selected by
Seller and on terms satisfactory to Seller.  Without implying the necessity
therefor, each Buyer shall, upon request of Seller, and at Seller's
expense, enter into an amended and restated intercreditor agreement to
reflect any such additional interest in the Restated Note so sold and
assigned by Seller, which amended and restated intercreditor agreement
shall be identical to this Agreement other than for (i) modifications
necessary to reflect any such additional interest in the Restated Note so
sold and assigned by Seller, and (ii) modifications requested by the
purchaser of any such additional interest in the Restated Note and which
are of a nonmaterial nature or are generally more favorable to each Buyer.
Each Buyer shall have the right to assign or subparticipate its undivided
interest in Tranche A, in whole or in part, without the prior consent of
Seller or any other Buyer.  If any Buyer shall subparticipate its interest
in the Restated Note in accordance with the provisions of this Section,
Seller shall not have any obligation to look to any person, party or entity
(including, without limitation, any such person, party or entity to whom
such Buyer has subparticipated its interest in the Restated Note in
accordance with the provisions of this Section) other than such Buyer for
the observance and performance by such Buyer of its obligations under this
Agreement.

      11.   Withholding Taxes.  In the event Seller or JMB/NYC shall be
required by law to deduct and withhold Taxes (as hereinafter defined) from
interest, fees or other amounts payable to any Buyer with respect to the
Restated Note as a result of the Buyer constituting a Non-Exempt Person (as
hereinafter defined), Seller, in its capacity as holder of its interest,
shall be entitled to do so with respect to such Buyer's interest in such
payment (all withheld amounts being deemed paid to such Buyer), provided
Seller shall furnish such Buyer a statement setting forth the amount of
Taxes withheld, the applicable rate and other information which may
reasonably be requested for the purposes of assisting such Buyer to seek
any allowable credits or deductions for the Taxes so withheld in each
jurisdiction in which such Buyer is subject to tax.  A "Non-Exempt Person"
is any "Person" (i.e., an individual, corporation, partnership, business
trust, trust, unincorporated association or other entity, or a governmental

<PAGE>

entity of any country) other than a Person who is either (i) a United
States Person (as defined under the Code) or (ii) has on file with Seller
for the year involved such duly executed form(s) or statements) which may,
from time to time, be prescribed by law and which, pursuant to applicable
provisions of (a) an income tax treaty between the United States and the
country of residence of such Person, (b) the Code and as such may hereafter
be amended, or (c) any applicable rules or regulations in effect under (a)
or (b) above, permit Seller to make such payments free of any obligation or
liability for withholding.  For the purposes of this paragraph, "Taxes"
shall mean any income or other taxes, levies, imposts, duties, fees,
assessments or other charges of whatever nature, now or hereafter imposed
by any jurisdiction or by any department, agency, state or other political
subdivision thereof or therein.  Each Buyer, severally and for itself
alone, agrees to indemnify Seller against and to hold Seller harmless from
any Taxes, interests, penalties and reasonable counsel fees arising from
any failure of Seller or JMB/NYC to withhold Taxes from payments made to
such Buyer in reliance upon any representation, certificate, statement,
document or instrument made or provided by such Buyer to Seller or JMB/NYC
in connection with the obligation of Seller or JMB/NYC to withhold Taxes
from payments made to such Buyer, it being expressly understood and agreed
that (i) Seller shall be absolutely and unconditionally entitled to accept
any such representation, certificate, statement, document or instrument as
being true and correct in all respects and to fully rely thereon without
any obligation or responsibility to investigate or to make any inquiries
with respect to the accuracy, veracity, conclusory correctness, or validity
of the same, and (ii) each Buyer upon request of Seller shall, at such
Buyer's sole cost and expense, defend any claim relating to the foregoing
indemnification obligations of such Buyer by counsel selected by such Buyer
and reasonably satisfactory to Seller.  Each Buyer, severally and for
itself alone, represents to Seller that it is not a Non-Exempt Person and
that neither Seller or JMB/NYC is obligated under applicable law to
withhold Taxes on sums paid to it with respect to the Restated Note or
otherwise pursuant to this Agreement.    Contemporaneously with the
execution of this Agreement, and from time to time as necessary during the
term of this Agreement, each Buyer shall deliver to Seller evidence
reasonably satisfactory to Seller substantiating that such Buyer is not a
Non-Exempt Person and that Seller is not obligated under applicable law to
withhold Taxes on sums paid to it with respect to the Restated Note or
otherwise.

      12.   Notices.  Except as otherwise provided to the contrary herein,
any notice, request, demand, statement, authorization, direction, approval
or consent given or made hereunder shall be in writing and shall either be
hand delivered or sent by fax (with a duplicate copy being sent by another
form of delivery permitted hereunder), reputable courier service or
registered or certified mail, return receipt requested, and shall be deemed
given in the case of hand delivery, fax or reputable courier service when
delivered to or received at the following addresses, and in the case of
registered or certified mail three (3) business days after being postmarked
and addressed as follows:

      If to the Seller:

            Michigan Avenue, L.L.C.
            c/o JMB Property Management, Inc.
            900 North Michigan Avenue, Suite 900
            Chicago, Illinois 60611
            Attention: Gary Nickele
            Telephone No.: (312) 915-1977
            Fax No.: (312) 915-1275

      If to Carlyle XIII:

            900 North Michigan Avenue, Suite 1900
            Chicago, Illinois 60611
            Attention: Stuart C. Nathan
            Telephone No.: (312) 915-1040
            Fax No.: (312) 915-1043

<PAGE>

      If to Carlyle XIV:

            900 North Michigan Avenue, Suite 1900
            Chicago, Illinois 60611
            Attention: Stuart C. Nathan
            Telephone No.: (312) 915-1040
            Fax No.: (312) 915-1043

      If to Property Partners:

            900 North Michigan Avenue, Suite 1900
            Chicago, Illinois 60611
            Attention: Stuart Nathan
            Telephone No.: (312) 915-1040
            Fax No.: (312) 915-1043

Each party may designate a change of address, telephone number or fax
number by notice to the other parties given at least 15 days before such
change of address, telephone number or Fax number is to become effective.

      13.   Interests Not Securities or Loan.  The respective interests in
the Restated Note sold by Seller to the Buyers shall not be deemed to be
(a) securities within the meaning of the Securities Act of 1933 or the
Securities Exchange Act of 1934 or (b) loans from any Buyer to the Seller
or from the Seller to any Buyer.  No representations with respect to the
Existing Notes and the Restated Note or JMB/NYC have been made by Seller to
any Buyer except those, if any, contained herein.  Each Buyer acknowledges
that the Restated Note is a non-recourse obligation of JMB/NYC and is
payable only to the extent of distributions made to JMB/NYC from certain
entities described in the Restated Security Agreement.

      14.   Parties' Intent.  It is the intent and purpose of the parties
hereto that this Agreement represent a sale by Seller to each Buyer of a
senior interest in Seller's interest in the Restated Note and the Restated
Security Agreement in an amount equal to such Buyer's Percentage of Tranche
A and the rights, benefits and obligations arising therefrom.  The parties
hereto do not intend to be and shall not be treated or considered joint
venturers or partners.

      15.   Captions.  The titles and headings of the Sections of this
Agreement have been inserted for convenience of reference only and are not
intended to summarize or otherwise describe the subject matter of such
Sections and shall not be given any consideration in the construction of
this Agreement.

      16.   Counterparts.  This Agreement may be executed in one or more
counterparts by some or all of the parties hereto, each of which
counterparts shall be an original and all of which together shall
constitute a single agreement.

      17.   Severability.  If any term, covenant or provision of this
Agreement shall be held to be invalid, illegal or unenforceable in any
respect, this Agreement shall be construed without such term, covenant or
provision.

      18.   Modification.  This Agreement constitutes the entire agreement
of the parties hereto with respect to the subject matter of this Agreement.

This Agreement shall not be modified, amended or terminated, except by an
agreement in writing signed by the parties hereto.

      19.   Due Execution.

      (a)   Seller and each Buyer respectively represents and warrants for
itself that this Agreement has been duly authorized, executed and delivered
by it and constitutes its legal, valid, binding and enforceable obligation
in accordance with its terms.

<PAGE>

      (b)   Seller represents and warrants to each Buyer that as of the
date on which such Buyer purchases such Tranche A Interest, Seller owns its
interest in the Restated Note free and clear of all liens and encumbrances,
and Seller has the right, power and authority to sell such interest to such
Buyer.

      (c)   Each Buyer hereby represents and warrants to Seller that the
purchase of the Tranche A Interest (i) is not prohibited under the laws and
regulations under which such Buyer is organized and operates, and (ii) is
made for such Buyer's own account and with no present intention of
disposing of the same.

      20.   Liability of Seller.  Neither Seller nor any of its directors,
officers, agents or employees shall be liable to any Buyer for any action
taken or not taken by it in good faith in accordance with this Agreement or
with the consent or at the request of the requisite number of Buyers.
Seller shall not have any fiduciary duty to any Buyer hereunder.  Seller
may rely upon any notice, consent, certificate, statement or other writing
believed by it in good faith to be genuine or to be signed by the proper
party or parties.

      21.   Payment Returns and Adjustments.

      (a)   If, as a result of a miscalculation or other mistake, Seller
disburses an amount to any Buyer that is less than or in excess of the
amount then due to such Buyer in respect of its interest in Tranche A,
then, promptly upon becoming aware of such discrepancy, Seller shall
disburse to such Buyer the amount of the deficiency or such Buyer shall
return to Seller the amount of the excess, as the case may be.

      (b)   If Seller determines at any time that any amount received or
collected by Seller in respect of the Restated Note must be returned to
JMB/NYC or paid to any other person or entity pursuant to any insolvency
law or otherwise, then, notwithstanding any other provision of this
Agreement, Seller shall not be required to distribute any portion thereof
to the Buyers and each Buyer shall promptly, on demand by Seller, repay any
portion thereof that Seller has distributed to such Buyer, together with
interest thereon at such rate and for such period, if any, as and in
respect of which Seller is required to pay interest to JMB/NYC or such
other person or entity.

      (c)   The obligations of the Buyer and Seller under this Section
shall survive the termination of this Agreement.

      22.   Place and Manner of Payments.  All payments pursuant hereto
shall be made by wire transfer of immediately available funds to such
account as any Buyer or Seller, as the case may be, may designate in
writing to the other from time to time.

      23.   GOVERNING LAW;  SUBMISSION TO JURISDICTION.

      (a)   THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED UNDER THE
LAWS OF THE STATE OF ILLINOIS.

      (b)   SELLER AND EACH BUYER HEREBY IRREVOCABLY SUBMITS TO THE
JURISDICTION OF ANY ILLINOIS STATE OR FEDERAL COURT SITTING IN CHICAGO,
ILLINOIS IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS
AGREEMENT AND IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION
OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH ILLINOIS STATE OR FEDERAL
COURT.  EACH PARTY TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES, TO THE
FULLEST EXTENT IT MAY EFFECTIVELY DO SO, THE DEFENSE OF AN INCONVENIENT
FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

      24.   Successors and Assigns.  This Agreement and all its provisions
shall be binding upon and inure to the benefit of the parties and their
respective legal representatives, successors, and permitted assigns, and
shall not benefit any person or entity other than those enumerated above.

<PAGE>

      25.   Entire Agreement.  This Agreement constitutes the entire
agreement between the parties, integrates all the terms and conditions
mentioned herein or incidental hereto, and supersedes all oral negotiations
and prior writings with respect to the subject matter hereof, including,
without limitation, any summary of terms and conditions, information
memorandum, presentation, financial statement or any other communication.

      26.   WAIVER OF JURY TRIAL.  SELLER AND EACH BUYER HEREBY KNOWINGLY,
VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHTS THEY MAY HAVE TO A TRIAL BY
JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER,
OR IN CONNECTION WITH THIS AGREEMENT, THE RESTATED NOTE, ANY RELATED
DOCUMENTS AND AGREEMENTS OR ANY COURSE OF CONDUCT, COURSE OF DEALING OR
STATEMENTS (WHETHER VERBAL OR WRITTEN).

<PAGE>

      IN WITNESS WHEREOF, Seller and each Buyer have caused this Agreement
to be duly executed as of the day and year first above written.

                       MICHIGAN AVENUE, L.L.C.

                       By:   JMB Property Managers, Inc.,
                             Managing Member

                             By:    ___________________________________
                             Name:  Gary Nickele
                             Title: Vice President

                       CARLYLE - XIII ASSOCIATES, L.P.

                       By:   Carlyle Investors, Inc., General Partner

                             By:    ___________________________________
                             Name:  Stuart C. Nathan
                             Title: President

                       CARLYLE - XIV ASSOCIATES, L.P.

                       By:   Carlyle Investors, Inc., General Partner

                             By:    ___________________________________
                             Name:  Stuart C. Nathan
                             Title: President

                       PROPERTY PARTNERS, L.P.,

                       By:   Carlyle Investors, Inc., General Partner

                             By:    ___________________________________
                             Name:  Stuart C. Nathan
                             Title: President

<PAGE>

                                 Exhibit A

<PAGE>

                                 Exhibit B

<PAGE>

                                 Exhibit C

<PAGE>

                                 Exhibit D

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00005-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00005-of-00352.parquet"}]]