CHICAGO, October 22, 1998 - LaSalle Partners Incorporated (NYSE: LAP) today reported net earnings for the third quarter ended September 30, 1998 of $4.8 million, or $0.29 per share on a diluted basis, an increase of 38 percent over 1997 pro forma net earnings of $3.5 million, or $0.21 per share on a diluted basis. In 1997, LaSalle reported actual net earnings of $7.6 million, or $.51 per share on a diluted basis, of which $.31 per share was attributable to the one-time tax benefit recorded upon LaSalle's conversion from partnership to corporate form.

Revenue for the third quarter of 1998 totaled $64.8 million compared with revenue on a pro forma basis of $51.9 for the prior-year period. Revenue for the first nine months of 1998 totaled $190.1 million, compared with pro forma revenue of $149.7 million for the comparable prior-year period. Pro forma results presented for 1997 give effect to LaSalle's acquisition of Galbreath, conversion to corporate form, initial public offering and application of offering proceeds to repay long-term notes payable as if these events occurred on January 1, 1997. Net earnings for the first nine months of 1998 totaled $8.7 million, or $0.53 per share on a diluted basis. This compared with net earnings on a pro forma basis of $6.5 million, or $0.40 per share in the prior-year period.

"Despite recent volatility in the global economy, we are pleased with our financial results for the quarter and the exciting initiatives that we have recently announced and completed," said Stuart L. Scott, Chairman and Chief Executive Officer of LaSalle Partners.

"Since our initial public offering 15 months ago, we have focused intently on achieving the globalization, consolidation and co-investment goals outlined to our investors," added Scott. "We announced today a definitive agreement to merge our operations with Jones Lang Wootton, a premier global real estate services firm. This, together with our recent acquisition of COMPASS Management and Leasing and the U.S. retail property management business of Lend Lease and an increase in co-investment activity of more than $36 million since our IPO, demonstrates our commitment to accomplishing our key strategies."

Third Quarter 1998 Segment Highlights
Commenting on the quarter, Scott said, "We are pleased with our results for the period, particularly the activity within the Corporate and Financial Services segment and the revenue gains generated by the Management Services business."

For the third quarter, Corporate and Financial Services reported revenue of $20.5 million versus revenue of $13.0 million in the third quarter of 1997. The revenue gain was attributable to increased transaction volumes experienced by each of the segment's operating units. Operating income for the segment posted a healthy increase to $5.9 million, compared with $3.1 million in the year-earlier period.

Investment Management revenue for the third quarter of 1998 totaled $15.9 million, compared with $16.8 million in the year-earlier period. Operating income totaled $1.8 million, compared with $3.3 million in the prior-year comparable period. These year-over-year decreases were primarily due to lower performance-based fees generated in the current quarter versus the prior-year period.

Management Services posted revenue of $29.0 million in the third quarter of 1998, an increase from the 1997 results of $22.1 million. This positive revenue growth was a result of strong leasing activity and an increase in Project Management revenue resulting from the Satulah acquisition and increased Property and Facility Management fees. Segment operating income for the quarter totaled $0.5 million, compared to an operating loss of $0.5 million in the third quarter of 1997.

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 institutions 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 LaSalle Partners 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 LaSalle Partners' 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 LaSalle Partners' 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. LaSalle Partners expressly disclaims any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect any change in LaSalle Partners' expectations or results, or any change in events. Statements in this press release regarding parties other than LaSalle Partners are based upon representations of such other parties.

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