Jones Lang Lasalle (Services)

LaSalle Partners reports first quarter results
Company Exceeds First Call Analyst Consensus Estimate with 61 Percent Revenue Increase

CHICAGO, April 28, 1998 -- LaSalle Partners Incorporated (NYSE: LAP) today reported a 61 percent increase in revenue to $51.1 million for the first quarter ended March 31, 1998. Consistent with historical patterns, the Company reported a net loss for the period. The Company's net loss of $3.4 million, or $.21 per share on both a primary and fully diluted basis for the first three months, is $1.3 million below the net loss of $4.7 million reported for the first quarter of 1997. These per share results exceed analyst First Call consensus estimates by $.08, reflecting a strong start to the year.

Revenue for the first quarter rose $19.4 million to $51.1 million from $31.7 million a year ago, while first quarter operating expenses increased to $56.4 million from $35.0 million in the first quarter of 1997. The resulting operating loss of $5.3 million was consistent with historical patterns, wherein the Company typically reports an operating loss in the first quarter and an operating profit in each of the succeeding periods.

Stuart L. Scott, chairman and chief executive officer of LaSalle Partners, said: "We believe that we are off to an excellent start and are confident that 1998 will be another outstanding year for the Company given the strength of the overall economy and the real estate industry. Our results for the first quarter, which is historically our slowest due in part to the seasonal conditions of the real estate business, came in above analyst expectations. We believe this bodes well for our performance for the remainder of the year."

According to Scott, LaSalle made further progress during the first quarter of 1998 towards positioning LaSalle as 'The Real Estate Services Firm of the Future™'. First quarter and key year-to-date accomplishments include:

The strategic acquisition and integration of Satulah Group in January, a leading national project and facilities management service provider, which significantly strengthens LaSalle's project and facilities management businesses.
The introduction of the Company's first mutual fund known as LaSalle Partners U.S. Real Estate Fund on February 22, 1998.
The expansion of LaSalle's international reach through new office openings in Shanghai and New Delhi, formally announced on April 15. LaSalle now has a presence in eight key international markets, which greatly enhances the Company's ability to serve clients globally.
The completion on April 24 of the initial public offering of LaSalle Hotel Properties, a real estate investment trust with a market capitalization of $329 million that owns ten high quality, full service hotel properties in convention, resort and urban business markets.

First Quarter 1998 Segment Highlights
"Our three core business segments, Management Services, Corporate and Financial Services and Investment Management, reported solid revenue growth for the period, with over $1 billion in investment banking transaction activity contributing significantly to the first quarter," added Scott.

During the first three months of 1998, the Corporate and Financial Services segment more than doubled its revenue to $9.4 million from $4.5 million in the prior year period, reflecting the strength of the U.S. economy overall and significant growth in LaSalle's investment banking business. Investment Management posted a 42 percent increase in revenue to $23.3 million, driven by increased performance fees generated on the disposition of certain assets under management. Management Services reported a 71 percent increase in revenue to $18.4 million, fueled by contributions from the Galbreath and Satulah acquisitions as well as new business generated by the Project Management and Development Management businesses.

LaSalle Partners Incorporated, founded in 1968 and headquartered in Chicago, is a leading, vertically integrated global real estate services firm providing management services, corporate and financial services and investment management services for public and private corporations and other real estate owners and investors worldwide.

Statements in this press release regarding, among other things, future financial results and performance, achievements, plans and objectives may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance, achievements, plans and objectives of the Company to be materially different from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include those discussed under "Risk Factors" and elsewhere in the Company's prospectus filed as part of its registration statement (333-25741) under "Business," "Management's Discussion and Analysis of Financial Condition and Results of Operations," and elsewhere in the Company's Annual Report or Form 10-K for the year ended December 31, 1997 and in other periodic reports filed with the Securities and Exchange Commission. Statements speak only as of the date of this release. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect any change in Company expectations or results, or any change in events.

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