of



                    LASALLE INVESTMENT MANAGEMENT, INC.

                    -----------------------------------



                           A Maryland Corporation





                          Effective April 23, 1997









































                          TABLE OF CONTENTS



                                                                   PAGE



ARTICLE I - OFFICES...............................................  1

      Section 1.  Principal Office................................  1

      Section 2.  Other Offices...................................  1



ARTICLE II - MEETINGS OF STOCKHOLDERS.............................  1

      Section 1.  Place of Meetings...............................  1

      Section 2.  Annual Meetings.................................  1

      Section 3.  Special Meetings................................  2

      Section 4.  Quorum............................................2

      Section 5.  Voting..........................................  3

      Section 6.  Record Date.  ..................................  3

      Section 7.  Informal Action.................................. 3



ARTICLE III - DIRECTORS...........................................  4

      Section 1.  Number and Election of Directors................  4

      Section 2.  Vacancies.......................................  4

      Section 3.  Duties and Powers...............................  4

      Section 4.  Organization....................................  4

      Section 5.  Resignations and Removals

                        of Directors..............................  5

      Section 6.  Meetings........................................  5

      Section 7.  Quorum..........................................  5

      Section 8.  Actions of Board................................  6

      Section 9.  Meetings by Means of Conference

                        Telephone.................................  6

      Section 10. Committees......................................  6

      Section 11. Compensation....................................  7

      Section 12. Interested Directors............................  7



ARTICLE IV - OFFICERS.............................................  8

      Section 1.  General.........................................  8

      Section 2.  Election........................................  8

      Section 3.  Voting Securities Owned by

                        the Corporation...........................  9

      Section 4.  Chairman of the Board of

                        Directors.................................  9

      Section 5.  President.......................................  9

      Section 6.  Vice Presidents................................. 10

      Section 7.  Secretary....................................... 10

      Section 8.  Treasurer....................................... 11

      Section 9.  Assistant Secretaries........................... 11

      Section 10. Assistant Treasurers............................ 12

      Section 11. Other Officers.................................. 12



ARTICLE V - STOCK................................................. 12

      Section 1.  Form of Certificates............................ 12

      Section 2.  Signatures...................................... 13

      Section 3.  Lost, Destroyed, Stolen or

                        Mutilated Certificates.................... 13

      Section 4.  Transfers....................................... 13

      Section 5.  Beneficial Owners............................... 14



ARTICLE VI - NOTICES.............................................. 14

      Section 1.  Notices......................................... 14

      Section 2.  Waivers of Notice............................... 14



ARTICLE VII - GENERAL PROVISIONS.................................. 15

      Section 1.  Dividends....................................... 15

      Section 2.  Disbursements................................... 15

      Section 3.  Fiscal Year..................................... 15

      Section 4.  Corporate Seal.................................. 15



ARTICLE VIII - INDEMNIFICATION.................................... 15

      Section 1.  Power to Indemnify in Actions,

                        Suits or Proceedings...................... 15

      Section 2.  Authorization of Indemnification................ 16

      Section 3.  Directors' Reliance On Reports.................. 17

      Section 4.  Indemnification by a Court...................... 17

      Section 5.  Expenses Payable in Advance..................... 18

      Section 6.  Nonexclusivity of Indemnification

                        and Advancement of Expenses............... 18

      Section 7.  Insurance....................................... 18

      Section 8.  Certain Definitions............................. 19

      Section 9.  Survival of Indemnification and

                        Advancement of Expenses................... 19

      Section 10. Limitation on Indemnification................... 20

      Section 11. Indemnification of Employees and

                        Agents.................................... 20



ARTICLE IX - AMENDMENTS........................................... 20

      Section 1.  Amendments...................................... 20

      Section 2.  Entire Board of Directors....................... 20











                                   BYLAWS



                                     OF



                    LASALLE INVESTMENT MANAGEMENT, INC.

                    -----------------------------------



                   (hereinafter called the "Corporation")







                                 ARTICLE I



                                  OFFICES



            Section 1. Principal Office. The principal office of the

Corporation within the State of Maryland shall be in the City of Baltimore,

State of Maryland.



            Section 2. Other Offices. The Corporation may also have offices

at such other places, both within and without the State of Maryland, as the

Board of Directors may from time to time determine.





                                 ARTICLE II



                          MEETINGS OF STOCKHOLDERS



            Section 1. Place of Meetings. Meetings of the stockholders for

the election of directors or for any other purpose shall be held at such

time and place, either within or without the State of Maryland, as shall be

designated from time to time by the Board of Directors and stated in the

notice of the meeting or in a duly executed waiver of notice thereof.



            Section 2. Annual Meetings. The annual meetings of stockholders

shall be held on such date and at such time as shall be designated from

time to time by the Board of Directors and stated in the notice of the

meeting, at which meetings the stockholders shall elect directors, and

transact such other business as may properly be brought before the meeting.

Written notice of the annual meeting stating the place, date and hour of

the meeting shall be given to each stockholder entitled to vote at such

meeting and each other stockholder entitled to notice of such meeting not

less than ten nor more than ninety days before the date of the meeting.

Failure to hold an annual meeting does not invalidate the Corporation's

existence or affect any otherwise valid corporate acts.



            Section 3. Special Meetings. Unless otherwise prescribed by law

or by the Charter, special meetings of stockholders, for any purpose or

purposes, may be called by either (i) the Chairman of the Board of

Directors, if there be one, (ii) the President, (iii) the Board of

Directors or (iv) the Secretary at the request in writing of stockholders

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