U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
[ ] Check box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
Rasley, Richard L.
1219 Forest Avenue
Oak Park, IL USA 60302
2. Issuer Name and Ticker or Trading Symbol
Great Lakes REIT GL
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
06/30/98
If Amendment, Date of Original (Month/Year)
Relationship of Reporting Person to Issuer (Check all applicable)
( ) Director ( ) 10% Owner (x) Officer (give title below)
( ) Other (specify below)
Executive Vice President
<TABLE>
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Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
| Transaction | or Disposed of (D) | Securities |ect | Beneficial Ownership |
| | | | Beneficially |(D)or | |
| | | | | A/| | Owned at |Indir | |
| Date |Code|V| Amount | D | Price | End of Year |ect(I)| |
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<S> <C> <C> <C><C> <C> <C> <C> <C> <C>
Common stock |6/23/9|M | |79000 |A |16.00 |198679 |D | |
|8 | | | | | | | | |
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Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
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1.Title of Derivative |2.Con- |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction | rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|Price of| | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva- | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu- | | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity |Date |Code|V| Amount | |ble | | | |Year |(I)| |
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<S> <C> <C> <C> <C><C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Feb 1997 stock options|16.00 |6/23/|M | | |790| [1] | |Common stock| |16.00 |79000 |D | |
(right to buy) | |98 | | | |00 | | | | | | | | |
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Dec 1997 stock options| | | | | | | | |Common stock| | |14000 |D | |
(right to buy) | | | | | | | | | | | | | | |
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1996 ISO stock options| | | | | | | | |Common stock| | |9334 |D | |
(right to buy) | | | | | | | | | | | | | | |
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Explanation of Responses:
1. Options to purchase 158,000 shares of common stock were granted to Mr. Rasley
on 2/27/97. The options have a ten year term. Fifty percent of the options
vested on the date of grant and fifty percent vest on 8/27/98.
/s/ Richard L. Rasley
SIGNATURE OF REPORTING PERSON
/Signature/
Richard L. Rasley
DATE
7/29/98
