8-K

                   SECURITIES AND EXCHANGE COMMISSION

                         Washington, D.C. 20549



                                FORM 8-K

                             CURRENT REPORT



                 Pursuant to Section 13 or 15(d) of the 
                     Securities Exchange Act of 1934



   Date of Report (Date of earliest event reported):  January 7, 1998




                      BANYAN STRATEGIC REALTY TRUST
         ------------------------------------------------------
         (Exact name of Registrant as specified in its charter)



  Massachusetts                 0-15465                  36-3375345    
(State of or other         (Commission File            (I.R.S. Employer
 jurisdiction of                Number)                Identification  
 incorporation)                                            Number)     



150 South Wacker Drive, Suite 2900, Chicago, IL             60606      
(Address of principal executive offices)                  (Zip Code)   



Registrant's telephone number, including area code      (312) 553-9800 



This document consists of 4 pages.













                                  - 1 -






ITEM 5.    OTHER INFORMATION

      On January 7, 1998, the Trust issued a Press Release, a copy of which
is attached hereto as Exhibit (99.5) and is incorporated herein by
reference.


ITEM 7.  FINANCIAL STATEMENTS AND EXHIBITS.

      (a)  Financial Statements.  Not applicable.

      (b)  Pro Forma Financial Information.  Not applicable.

      (c)  Exhibits

           EXHIBIT NUMBER         DESCRIPTION

           Exhibit (99.5)         Press Release dated January 7, 1998



















































                                  - 2 -





                               SIGNATURES


      Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.



Date:  January 13, 1998           BANYAN STRATEGIC REALTY TRUST
                                        (Registrant)




                                  By:   /s/ JOEL L. TEGLIA
                                        ---------------------
                                        Joel L. Teglia
                                        Vice President, 
                                        Chief Financial and 
                                        Accounting Officer

















































                                  - 3 -

EX-99.5

EXHIBIT (99.5)
- --------------


AT THE COMPANY:  AT THE FINANCIAL RELATIONS BOARD:

Karen Dickelman  Dennis Waite     Laura Kuhlmann   Susan Steidle
Director of      General InquiriesMedia Inquiries  Analyst Inquiries
Investor         312 640-6674     312 640-6727     312-640-6774
Relations
312 683-3671


     BANYAN STRATEGIC REALTY TRUST DECLARES FOURTH QUARTER 1997 CASH
DISTRIBUTION 


FOR IMMEDIATE RELEASE

CHICAGO, JANUARY 7, 1998-- BANYAN STRATEGIC REALTY TRUST (Nasdaq: VLANS)
today declared a quarterly cash distribution of $0.10 per share for the
fourth quarter ended December 31, 1997.  The distribution is payable
February 20, 1998, to shareholders of record as of January 22, 1998.  The
Trust has declared and paid distributions for 31 consecutive quarters and
will continue to pay distributions based upon projected funds from
Operations provided by its rental income, investments and cash reserves.

Banyan Strategic Realty Trust is a diversified equity Real Estate
Investment Trust (REIT) with a portfolio that includes primarily light
industrial/warehouse and suburban office buildings, as well as retail and
residential properties.  The properties are located in major metropolitan
areas and mid-to-small second tier markets primarily in the Midwest and
Southeast United States.  As of December 31, 1997, the Trust has 13,239,202
shares of beneficial interest outstanding.


See Banyan's Website at http://www.banyanreit.com for complete company
information.  

    For further information regarding Banyan free of charge via fax, 
                 dial 1-800-PRO-INFO and enter "VLANS."





























                                  - 4 -