BYLAWS



                                     of



                   JONES LANG LASALLE CO-INVESTMENT, 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..................................14

 Section 1.  Dividends.............................................14

 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.........................19

 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



                   JONES LANG LASALLE CO-INVESTMENT, 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

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