As filed with the Securities and Exchange Commission on September 30, 1997
                                                   Registration No. 333-

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                      -----------------------------------
                                    FORM S-8
                             REGISTRATION STATEMENT
                                      UNDER
                           THE SECURITIES ACT OF 1933

                      -----------------------------------

                       FIRST INDUSTRIAL REALTY TRUST, INC.
             (Exact name of registrant as specified in its charter)

        Maryland                                      36-395116
(State of incorporation)                (I.R.S. Employer Identification Number)

                         311 S. Wacker Drive, Suite 4000
                             Chicago, Illinois 60606
                                 (312) 344-4300
          (Address, including zip code, of principal executive offices)

          FIRST INDUSTRIAL REALTY TRUST, INC. 1997 STOCK INCENTIVE PLAN
                            (Full title of the plan)

                      -----------------------------------

                                Michael T. Tomasz
                      President and Chief Executive Officer
                       First Industrial Realty Trust, Inc.
                         311 S. Wacker Drive, Suite 4000
                             Chicago, Illinois 60606
                                 (312) 344-4300
                 (Name, address, and telephone number, including
                        area code, of agent for service)


                      -----------------------------------

CALCULATION OF REGISTRATION FEE ================================================================================================================= Proposed Maximum Proposed Maximum Title of Amount to be Offering Price Aggregate Offering Amount of Securities to be Registered(1) Per Share Price Registration Fee Registered - ----------------------------------------------------------------------------------------------------------------- Common Stock, 368,000 shares $30.375(2) $11,178,000 $3,388 $.01 par value 60,000 shares $30.50(2) $1,830,000 $555 1,072,000 shares $32.75(3) $35,108,000 $10,639 =================================================================================================================
(1) Plus such additional number of shares as may be required pursuant to the 1997 Stock Incentive Plan and the Deferred Income Plan in the event of a stock dividend, reverse stock split, split-up, recapitalization or other similar event. (2) This estimate is made pursuant to Rule 457(h) under the Securities Act of 1933, as amended (the "Securities Act"), solely for purposes of determining the registration fee and is based upon the price at which outstanding options may be exercised. (3) This estimate is made pursuant to Rule 457(c) and (h) under the Securities Act, solely for purposes of determining the registration fee and is based on the average of the reported high and low sales prices on the New York Stock Exchange on September 26, 1997. =============================================================================== PART II INFORMATION REQUIRED IN THE REGISTRATION STATEMENT Item 3. Incorporation of Documents by Reference. First Industrial Realty Trust, Inc. (the "Company") hereby incorporates by reference the documents listed in (a) through (k) below, which have previously been filed with the Securities and Exchange Commission (the "Commission"): (a) the Company's Annual Report on Form 10-K for the year ended December 31, 1996, filed with the Commission (File No. 1-13102) pursuant to the Securities Exchange Act of 1934, as amended (the "Exchange Act"); (b) the Company's Quarterly Reports on Form 10-Q for the quarter ended March 31, 1997, as amended by the Company's Form 10-Q/A No. 1 filed May 30, 1997 (c) the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 1997, as amended by Form 10-Q/A No.1 filed August 26, 1997; (d) the Company's Current Report on Form 8-K filed February 12, 1997, as amended by Form 8-K/A No. 1 filed April 10, 1997; (e) the Company's Current Report on Form 8-K filed May 13, 1997; (f) the Company's Current Report on Form 8-K filed June 6, 1997; (g) the Company's Current Report on Form 8-K filed July 15, 1997, as amended by Form 8-K/A No. 1 filed September 4, 1997; (h) the Company's Current Report on Form 8-K filed September 11, 1997; (i) the Company's Current Report on Form 8-K filed September 19, 1997; (j) the Company's Current Report on Form 8-K filed September 29, 1997; and (k) the description of the Company's Common Stock contained in its Registration Statement on Form 8-A dated June 23, 1994. In addition, all documents subsequently filed with the Commission by the Company pursuant to Section 13(a), 13(c), 14 and 15(d) of the Exchange Act prior to the filing of a post-effective amendment hereto that indicates that all securities offered hereunder have been sold or that de-registers all securities then remaining unsold, shall be deemed to be incorporated by reference in this registration statement and to be a part hereof from the date of filing of such documents. Item 4. Description of Securities. Not applicable. II-1 Item 5. Interests of Named Experts and Counsel. Not applicable. Item 6. Indemnification of Directors and Officers. The Company's Articles of Incorporation and Bylaws provide certain limitations on the liability of the Company's Directors and officers of monetary damages to the Company. The Articles of Incorporation and Bylaws obligate the Company to indemnify its Directors and officers, and permit the Company to indemnify its employees and other agents, against certain liabilities incurred in connection with their service in such capacities. These provisions could reduce the legal remedies available to the Company and its stockholders against these individuals. The provisions of Maryland law provide for the indemnification of officers and directors of a company under certain circumstances. Item 7. Exemption from Registration Claimed. Not applicable. Item 8. Exhibits. The following is a complete list of exhibits filed or incorporated by reference as part of this registration statement. Exhibit 4.1 First Industrial Realty Trust, Inc. 1997 Stock Incentive Plan. 5.1 Opinion of Cahill Gordon & Reindel as to the legality of the securities being registered. 23.1 Consent of Coopers & Lybrand L.L.P., Independent Accountants. 23.2 Consent of Cahill Gordon & Reindel (included in their opinion filed as Exhibit 5.1). 24.1 Powers of Attorney (included on signature page). Item 9. Undertakings. (a) The undersigned Registrant hereby undertakes: (1) To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement: (i) to include any prospectus required by Section 10(a)(3) of the Securities Act of 1933; (ii) to reflect in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a II-2 fundamental change in the information set forth in this Registration Statement; and (iii) to include any material information with respect to the plan of distribution not previously disclosed in this Registration Statement or any material change to such information in this Registration Statement; provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) shall not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed by the Company pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in this Registration Statement; (2) That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered herein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. (3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering. (b) The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant's annual report pursuant to Section 13(a) or 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered herein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. (c) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue. II-3 SIGNATURES Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Chicago, State of Illinois, on September 29, 1997. FIRST INDUSTRIAL REALTY TRUST, INC. By: /s/ Michael T. Tomasz ------------------------------------ Name: Michael T. Tomasz Title: President and Chief Executive Officer POWER OF ATTORNEY KNOW ALL MEN BY THESE PRESENTS, that we, the undersigned officers and directors of First Industrial Realty Trust, Inc. hereby severally constitute and appoint Michael T. Tomasz, Michael W. Brennan and Michael J. Havala, and each of them singly, our true and lawful attorneys with full power to them, and each of them singly, to sign for us and in our names in the capacities indicated below, any and all amendments to this Registration Statement, and generally to do all such things in our names and in our capacities as officers and directors to enable First Industrial Realty Trust, Inc. to comply with the provisions of the Securities Act of 1933 and all requirements of the Securities and Exchange Commission, hereby ratifying and confirming our signatures as they may be signed by our said attorneys, or any of them, to any and all amendments to this Registration Statement. Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.
Signature Title Date --------- ----- ---- /s/Michael J. Tomasz Principal Executive September 29, 1997 - ------------------------------------------ Michael T. Tomasz Officer and Director /s/Michael J. Havala Principal Financial and September 29, 1997 - ------------------------------------------ Michael J. Havala Accounting Officer /s/Michael W. Brennan Chief Operating September 29, 1997 - ------------------------------------------ Michael W. Brennan Officer and Director /s/Michael G. Damone Director September 29, 1997 - ------------------------------------------ Michael G. Damone /s/John L. Lesher Director September 29, 1997 - ------------------------------------------ John L. Lesher /s/ Kevin W. Lynch Director September 29, 1997 - ------------------------------------------ Kevin W. Lynch II-4 /s/John E. Rau Director September 29, 1997 - ------------------------------------------ John E. Rau /s/Jay H. Shidler Chairman of the Board September 29, 1997 - ------------------------------------------ Jay H. Shidler of Directors /s/Robert J. Slater Director September 29, 1997 - ------------------------------------------ Robert J. Slater /s/J. Steven Wilson Director September 29, 1997 - ------------------------------------------ J. Steven Wilson
II-5 EXHIBIT INDEX Exhibit Number Description Page - ------ ----------- ---- 4.1 First Industrial Realty Trust, Inc. 1997 Stock Incentive Plan. 5.1 Opinion of Cahill Gordon & Reindel, counsel to Registrant, as to the legality of the shares being registered. 23.1 Consent of Coopers & Lybrand L.L.P., Independent Accountants. 23.2 Consent of Cahill Gordon & Reindel (included in their opinions filed as Exhibit 5.1). 24.1 Power of Attorney (included on signature page). II-6


                                                                     Exhibit 4.1















                       FIRST INDUSTRIAL REALTY TRUST, INC.








                            1997 STOCK INCENTIVE PLAN







                                TABLE OF CONTENTS


                                                                            Page

SECTION 1.  General Purpose of the Plan; Definitions...........................1

SECTION 2.  Administration of Plan; Committee Authority to Select
                 Participants and Determine Awards.............................2

SECTION 3.  Shares Issuable Under the Plan; Mergers; Substitution..............3

SECTION 4.  Eligibility .......................................................4

SECTION 5.  Stock Options......................................................4

SECTION 6.  Restricted Stock Awards............................................6

SECTION 7.  Performance Share Awards...........................................7

SECTION 8.  Stock Appreciation Rights..........................................7

SECTION 9.  Dividend Equivalents...............................................8

SECTION 10. Tax Withholding....................................................8

SECTION 11. Transfer, Leave of Absence, Etc....................................9

SECTION 12. Amendments and Termination.........................................9

SECTION 13. Status of Plan.....................................................9

SECTION 14. Change of Control Provisions.......................................9

SECTION 15. General Provisions................................................10

SECTION 16. Effective Date of Plan............................................11

SECTION 17. Governing Law.....................................................11


                                      -i-




                       FIRST INDUSTRIAL REALTY TRUST, INC.
                            1997 STOCK INCENTIVE PLAN


SECTION 1. General Purpose of the Plan; Definitions.

     The name of the plan is the First Industrial Realty Trust, Inc. 1997 Stock
Incentive Plan (the "Plan"). The purpose of the Plan is to encourage and enable
the officers, employees and Directors of First Industrial Realty Trust, Inc.
(the "Company") and its Affiliates upon whose judgment, initiative and efforts
the Company largely depends for the successful conduct of its business to
acquire a proprietary interest in the Company. It is anticipated that providing
such persons with a direct stake in the Company's welfare will assure a closer
identification of their interests with those of the Company, thereby stimulating
their efforts on the Company's behalf and strengthening their desire to remain
with the Company.

     The following terms shall be defined as set forth below:

          "Act" means the Securities Exchange Act of 1934, as amended.

          "Affiliate" means any entity other than the Company and its
     Subsidiaries that is designated by the Board or the Committee as a
     participating employer under the Plan, provided that the Company directly
     or indirectly owns at least 20% of the combined voting power of all classes
     of stock of such entity or at least 20% of the ownership interests in such
     entity.

          "Award" or "Awards", except where referring to a particular category
     of grant under the Plan, shall include Incentive Stock Options,
     Non-Qualified Stock Options, Restricted Stock Awards, Performance Share
     Awards and Dividend Equivalents.

          "Board" means the Board of Directors of the Company.

          "Cause" means and shall be limited to a vote of the Board to the
     effect that the participant should be dismissed as a result of (i) any
     material breach by the participant of any agreement to which the
     participant and the Company or an Affiliate are parties, (ii) any act
     (other than retirement) or omission to act by the participant, including
     without limitation, the commission of any crime (other than ordinary
     traffic violations), which may have a material and adverse effect on the
     business of the Company or any Affiliate or on the participant's ability to
     perform services for the Company or any Affiliate, or (iii) any material
     misconduct or neglect of duties by the participant in connection with the
     business or affairs of the Company or any Affiliate.

          "Change of Control" is defined in Section 14.

          "Code" means the Internal Revenue Code of 1986, as amended, and any
     successor Code, and related rules, regulations and interpretations.

          "Committee" means any Committee of the Board referred to in Section 2.

          "Director" means a member of the Board.

          "Disability" means disability as set forth in Section 22(e)(3) of the
     Code.

          "Dividend Equivalent" means a right, granted under Section 9, to
     receive cash, Stock, or other property equal in value to dividends paid
     with respect to a specified number of shares of Stock or the excess of
     dividends paid over a specified rate of return. Dividend Equivalents may be
     awarded on a free-standing basis or in connection with another Award, and
     may be paid currently or on a deferred basis.



                                      -2-

          "Effective Date" means the date on which the Plan is approved by the
     Board as set forth in Section 16.

          "ERISA" means the Employee Retirement Income Security Act of 1974, as
     amended, and the related rules, regulations and interpretations.

          "Fair Market Value" on any given date means the last reported sale
     price at which Stock is traded on such date or, if no Stock is traded on
     such date, the most recent date on which Stock was traded, as reflected on
     the New York Stock Exchange or, if applicable, any other national stock
     exchange which is the principal trading market for the Stock.

          "Incentive Stock Option" means any Stock Option designated and
     qualified as an "incentive stock option" as defined in Section 422 of the
     Code.

          "Non-Employee Director" means a member of the Board who: (i) is not
     currently an officer of the Company or any Affiliate; (ii) does not receive
     compensation for services rendered to the Company or any Affiliate in any
     capacity other than as a Director; (iii) does not possess an interest in
     any transaction with the Company for which disclosure would be required
     under the securities laws; or (iv) is not engaged in a business
     relationship with the Company for which disclosure would be required under
     the securities laws.

          "Non-Qualified Stock Option" means any Stock Option that is not an
     Incentive Stock Option.

          "Option" or "Stock Option" means any option to purchase shares of
     Stock granted pursuant to Section 5.

          "Parent" means a "parent corporation" as defined in Section 424(e) of
     the Code.

          "Performance Share Award" means Awards granted pursuant to Section 7.

          "Restricted Stock Award" means Awards granted pursuant to Section 6.

          "Stock" means the Common Stock, $.01 par value per share, of the
     Company, subject to adjustment pursuant to Section 3.

          "Subsidiary" means any corporation (other than the Company) in an
     unbroken chain of corporations, beginning with the Company if each of the
     corporations (other than the last corporation in the unbroken chain) owns
     stock possessing 50% or more of the total combined voting power of all
     classes of stock in one of the other corporations in the chain.

SECTION 2. Administration of Plan; Committee Authority to Select Participants
           and Determine Awards.

     (a) Committee. The Plan shall be administered by a committee of not less
than two Non-Employee Directors, as appointed by the Board from time to time
(the "Committee").

     (b) Powers of Committee. The Committee shall have the power and authority
to grant Awards consistent with the terms of the Plan, including the power and
authority:

          (i) to select the officers, employees and Directors of the Company and
     Affiliates to whom Awards may from time to time be granted;



                                      -3-

          (ii) to determine the time or times of grant, and the extent, if any,
     of Incentive Stock Options, Non-Qualified Stock Options, Restricted Stock,
     Performance Shares and Dividend Equivalents, or any combination of the
     foregoing, granted to any officer, employee or Director;

          (iii) to determine the number of shares to be covered by any Award
     granted to an officer, employee or Director;

          (iv) to determine and modify the terms and conditions, including
     restrictions, not inconsistent with the terms of the Plan, of any Award
     granted to an officer, employee or Director, which terms and conditions may
     differ among individual Awards and participants, and to approve the form of
     written instruments evidencing the Awards;

          (v) to accelerate the exercisability or vesting of all or any portion
     of any Award granted to a participant;

          (vi) subject to the provisions of Section 5(ii), to extend the period
     in which Stock Options granted may be exercised;

          (vii) to determine whether, to what extent and under what
     circumstances Stock and other amounts payable with respect to an Award
     granted to a participant shall be deferred either automatically or at the
     election of the participant and whether and to what extent the Company
     shall pay or credit amounts equal to interest (at rates determined by the
     Committee) or dividends or deemed dividends on such deferrals; and

          (viii) to adopt, alter and repeat such rules, guidelines and practices
     for administration of the Plan and for its own acts and proceedings as it
     shall deem advisable; to interpret the terms and provisions of the Plan and
     any Award (including related written instruments) granted to a participant;
     and to decide all disputes arising in connection with and make all
     determinations it deems advisable for the administration of the Plan.

     All decisions and interpretations of the Committee shall be binding on all
persons, including the Company and Plan participants.

SECTION 3.  Shares Issuable Under the Plan; Mergers; Substitution.

     (a) Shares Issuable. The maximum number of shares of Stock reserved and
available for issuance under the Plan shall be 1,500,000. For purposes of this
limitation, the shares of Stock underlying any Awards which are forfeited,
canceled, reacquired by the Company, satisfied without the issuance of Stock or
otherwise terminated (other than by exercise) shall be added back to the shares
of Stock available for issuance under the Plan so long as the participants to
whom such Awards had been previously granted received no benefits of ownership
of the underlying shares of Stock to which the Award related. Shares issued
under the Plan may be authorized but unissued shares or shares reacquired by the
Company.

     (b) Stock Dividends, Mergers, etc. In the event of any recapitalization,
reclassification, split-up or consolidation of shares of Stock, separation
(including a spin-off), dividend on shares of Stock payable in capital stock, or
other similar change in capitalization of the Company or a merger or
consolidation of the Company or sale by the Company of all or a portion of its
assets or other similar event, the Committee shall make such appropriate
adjustments in the exercise prices of Awards, including Awards then outstanding,
in the number and kind of securities, cash or other property which may be issued
pursuant to Awards under the Plan, including Awards then outstanding, and in the
number of shares of Stock with respect to which Awards may be granted (in the
aggregate and to individual participants) as the Committee deems equitable with
a view toward maintaining the proportionate interest of the participant and
preserving the value of the Awards.




                                      -4-

     (c) Substitute Awards. The Committee may grant Awards under the Plan in
substitution for stock and stock based awards held by employees of another
corporation who concurrently become employees of the Company or an Affiliate as
the result of a merger or consolidation of the employing corporation with the
Company or an Affiliate or the acquisition by the Company or an Affiliate of
property or stock of the employing corporation. The Committee may direct that
the substitute awards be granted on such terms and conditions as the Committee
considers appropriate in the circumstances.

SECTION 4. Eligibility.

     Participants in the Plan will be Directors and such full or part-time
officers and other employees of the Company and its Affiliates who are
responsible for or contribute to the management, growth or profitability of the
Company and its Affiliates and who are selected from time to time by the
Committee, in its sole discretion.

SECTION 5. Stock Options.

     Any Stock Option granted under the Plan shall be in such form as the
Committee may from time to time approve.

     Stock Options granted under the Plan may be either Incentive Stock Options,
subject to required stockholder approval, or Non-Qualified Stock Options. To the
extent that any option does not qualify as an Incentive Stock Option, it shall
constitute a Non-Qualified Stock Option.

     No Incentive Stock Option may be granted under the Plan after the tenth
anniversary of the Effective Date.

     The Committee in its discretion may grant Stock Options to employees of the
Company or any Affiliate. Stock Options granted to Directors and employees
pursuant to this Section 5 shall be subject to the following terms and
conditions and shall contain such additional terms and conditions, not
inconsistent with the terms of the Plan, as the Committee shall deem desirable:

          (i) Exercise Price. The per share exercise price of a Stock Option
     granted pursuant to this Section 5 shall be determined by the Committee at
     the time of grant. The per share exercise price of an Incentive Stock
     Option shall not be less than 100% of Fair Market Value on the date of
     grant. If an employee owns or is deemed to own (by reason of the
     attribution rules applicable under Section 424(d) of the Code) more than
     10% of the combined voting power of all classes of stock of the Company or
     any Subsidiary or Parent corporation and an Incentive Stock Option is
     granted to such employee, the option price shall be not less than 110% of
     Fair Market Value on the grant date.

          (ii) Option Term. The term of each Stock Option shall be fixed by the
     Committee, but no Incentive Stock Option shall be exercisable more than ten
     years after the date the option is granted. If an employee owns or is
     deemed to own (by reason of the attribution rules of Section 424(d) of the
     Code) more than 10% of the combined voting power of all classes of stock of
     the Company or any Subsidiary or Parent corporation and an Incentive Stock
     Option is granted to such employee, the term of such option shall be no
     more than five years from the date of grant.

          (iii) Exercisability; Rights of a Shareholder. Stock Options shall
     become exercisable at such time or times, whether or not in installments,
     as shall be determined by the Committee at or after the grant date. The
     Committee may at any time accelerate the exercisability of all or any
     portion of any Stock Option. An optionee shall have the rights of a
     shareholder only as to shares acquired upon the exercise of a Stock Option
     and not as to unexercised Stock Options.



                                      -5-

          (iv) Method of Exercise. Stock Options may be exercised in whole or in
     part, by giving written notice of exercise to the Company, specifying the
     number of shares to be purchased. Payment of the purchase price may be made
     by one or more of the following methods:

               (A) In cash, by certified or bank check or other instrument
          acceptable to the Committee;

               (B) In the form of shares of Stock that are not then subject to
          restrictions under any Company plan, if permitted by the Committee in
          its discretion. Such surrendered shares shall be valued at Fair Market
          Value on the exercise date; or

               (C) By the optionee delivering to the Company a properly executed
          exercise notice together with irrevocable instructions to a broker to
          promptly deliver to the Company cash or a check payable and acceptable
          to the Company to pay the purchase price; provided that in the event
          the optionee chooses to pay the purchase price as so provided, the
          optionee and the broker shall comply with such procedures and enter
          into such agreements of indemnity and other agreements as the
          Committee shall prescribe as a condition of such payment procedure.
          Payment instruments will be received subject to collection.

     The delivery of certificates representing shares of Stock to be purchased
     pursuant to the exercise of the Stock Option will be contingent upon
     receipt from the Optionee (or a purchaser acting in his stead in accordance
     with the provisions of the Stock Option) by the Company of the full
     purchase price for such shares and the fulfillment of any other
     requirements contained in the Stock Option or applicable provisions of
     laws.

          (v) Non-transferability of Options. No Stock Option shall be
     transferable by the optionee otherwise than by will or by the laws of
     descent and distribution, except that a Non-Qualified Stock Option may be
     transferred by gifting for the benefit of a participant's descendants for
     estate planning purposes or pursuant to a certified domestic relations
     order, and all Stock Options shall be exercisable, during the optionee's
     lifetime, only by the optionee.

          (vi) Termination by Death. If any optionee's service with the Company
     and its Affiliates terminates by reason of death, the Stock Option may
     thereafter be exercised, to the extent exercisable at the date of death, by
     the legal representative or legatee of the optionee, for a period of six
     months (or such longer period as the Committee shall specify at any time)
     from the date of death, or until the expiration of the stated term of the
     Option, if earlier.

          (vii) Termination by Reason of Disability.

               (A) Any Stock Option held by an optionee whose service with the
          Company and its Affiliates has terminated by reason of Disability may
          thereafter be exercised, to the extent it was exercisable at the time
          of such termination, for a period of twelve months (or such longer
          period as the Committee shall specify at any time) from the date of
          such termination of service, or until the expiration of the stated
          term of the Option, if earlier.

               (B) The Committee shall have sole authority and discretion to
          determine whether a participant's service has been terminated by
          reason of Disability.

               (C) Except as otherwise provided by the Committee at the time of
          grant or otherwise, the death of an optionee during a period provided
          in this Section 5(vii) for the exercise of a Non-Qualified Stock
          Option, shall extend such period for six months from the date of
          death, subject to termination on the expiration of the stated term of
          the Option, if earlier.

          (viii) Termination for Cause. If any optionee's service with the
     Company and its Affiliates has been terminated for Cause, any Stock Option
     held by such optionee shall immediately termi-


                                      -6-

     nate and be of no further force and effect; provided, however, that the
     Committee may, in its sole discretion, provide that such Stock Option can
     be exercised for a period of up to 30 days from the date of termination of
     service or until the expiration of the stated term of the Option, if
     earlier.

          (ix) Other Termination. Unless otherwise determined by the Committee,
     if an optionee's service with the Company and its Affiliates terminates for
     any reason other than death, Disability, or for Cause, any Stock Option
     held by such optionee may thereafter be exercised, to the extent it was
     exercisable on the date of termination of service, for three months (or
     such longer period as the Committee shall specify at any time) from the
     date of termination of service or until the expiration of the stated term
     of the Option, if earlier.

          (x) Annual Limit on Incentive Stock Options. To the extent required
     for "incentive stock option" treatment under Section 422 of the Code, the
     aggregate Fair Market Value (determined as of the time of grant) of the
     Stock with respect to which Incentive Stock Options granted under this Plan
     and any other plan of the Company or its Subsidiaries become exercisable
     for the first time by an optionee during any calendar year shall not exceed
     $100,000.

          (xi) Form of Settlement. Shares of Stock issued upon exercise of a
     Stock Option shall be free of all restrictions under the Plan, except as
     otherwise provided in this Plan.

SECTION 6. Restricted Stock Awards.

     (a) Nature of Restricted Stock Award. The Committee may grant Restricted
Stock Awards to Directors and employees of the Company or any Affiliate. A
Restricted Stock Award is an Award entitling the recipient to acquire, at no
cost or for a purchase price determined by the Committee, shares of stock
subject to such restrictions and conditions as the Committee may determine at
the time of grant ("Restricted Stock"). Conditions may be based on continuing
service and/or achievement of pre-established performance goals and objectives.
In addition, a Restricted Stock Award may be granted to a Director or employee
by the Committee in lieu of any compensation due to such Director or employee.

     (b) Acceptance of Award. A participant who is granted a Restricted Stock
Award shall have no rights with respect to such Award unless the participant
shall have accepted the Award within 60 days (or such shorter date as the
Committee may specify) following the award date by making payment to the
Company, if required, by certified or bank check or other instrument or form of
payment acceptable to the Committee in an amount equal to the specified purchase
price, if any, of the shares covered by the Award and by executing and
delivering to the Company a written instrument that sets forth the terms and
conditions of the Restricted Stock in such form as the Committee shall
determine.

     (c) Right as a Shareholder. Upon complying with Section 6(b) above, a
participant shall have all the rights of a shareholder with respect to the
Restricted Stock including voting and dividend rights, subject to
transferability restrictions and Company repurchase or forfeiture rights
described in this Section 6 and subject to such other conditions contained in
the written instrument evidencing the Restricted Stock Award. Unless the
Committee shall otherwise determine, certificates evidencing shares of
Restricted Stock shall remain in the possession of the Company until such shares
are vested as provided in Section 6(e) below.

     (d) Restrictions. Shares of Restricted Stock may not be sold, assigned,
transferred, pledged or otherwise encumbered or disposed of except as
specifically provided herein.

     (e) Vesting of Restricted Stock. The Committee at the time of grant shall
specify the date or dates and/or the attainment of pre-established performance
goals, objectives and other conditions on which the non-transferability of the
Restricted Stock and the Company's right of repurchase or forfeiture shall
lapse. Subsequent to such date or dates and/or the attainment of such
pre-established performance goals, objectives and other conditions, the shares
on which all restrictions have lapsed shall no longer be Restricted Stock and
shall be deemed "vested."




                                      -7-

     (f) Waiver, Deferral and Reinvestment of Dividends. The written instrument
evidencing the Restricted Stock Award may require or permit the immediate
payment, waiver, deferral or investment of dividends paid on the Restricted
Stock.

SECTION 7. Performance Share Awards.

     (a) Nature of Performance Shares. A Performance Share Award is an award
entitling the recipient to acquire shares of Stock upon the attainment of
specified performance goals. The Committee may make Performance Share Awards
independent of or in connection with the granting of any other Award under the
Plan. Performance Share Awards may be granted under the Plan to Directors and
employees of the Company or any Affiliate, including those who qualify for
awards under other performance plans of the Company. The Committee in its sole
discretion shall determine whether and to whom Performance Share Awards shall be
made, the performance goals applicable under each such Award, the periods during
which performance is to be measured, and all other limitations and conditions
applicable to the awarded Performance Shares; provided, however, that the
Committee may rely on the performance goals and other standards applicable to
other performance based plans of the Company in setting the standards for
Performance Share Awards under the Plan.

     (b) Restrictions on Transfer. Performance Share Awards and all rights with
respect to such Awards may not be sold, assigned, transferred, pledged or
otherwise encumbered.

     (c) Rights as a Shareholder. A participant receiving a Performance Share
Award shall have the rights of a shareholder only as to shares actually received
by the participant under the Plan and not with respect to shares subject to the
Award but not actually received by the participant. A participant shall be
entitled to receive a stock certificate evidencing the acquisition of shares of
Stock under a Performance Share Award only upon satisfaction of all conditions
specified in the written instrument evidencing the Performance Share Award (or
in a performance plan adopted by the Committee).

     (d) Termination. Except as may otherwise be provided by the Committee at
any time prior to termination of service, a participant's rights in all
Performance Share Awards shall automatically terminate upon the participant's
termination of service with the Company and its Affiliates for any reason
(including, without limitation, death, Disability and for Cause).

     (e) Acceleration, Waiver, Etc. At any time prior to the participant's
termination of service with the Company and its Affiliates, the Committee may in
its sole discretion accelerate, waive or, subject to Section 12, amend any or
all of the goals, restrictions or conditions imposed under any Performance Share
Award; provided, however, that in no event shall any provision of the Plan be
construed as granting to the Committee any discretion to increase the amount of
compensation payable under any Performance Share Award to the extent such an
increase would cause the amounts payable pursuant to the Performance Share Award
to be nondeductible in whole or in part pursuant to Section 162(m) of the Code
and the regulations thereunder, and the Committee shall have no such discretion
notwithstanding any provision of the Plan to the contrary.

SECTION 8. Stock Appreciation Rights.

     (a) Notice of Stock Appreciation Rights. A Stock Appreciation Right ("SAR")
is a right entitling the participant to receive cash or Stock having a fair
market value equal to the appreciation in the Fair Market Value of a stated
number of shares from the date of grant, or in the case of rights granted in
tandem with or by reference to an Option granted prior to the grant of such
rights, from the date of grant of the related Option to the date of exercise.
SARs may be granted to Directors and employees of the Company or any Affiliate.

     (b) Terms of Awards. SARs may be granted in tandem with or with reference
to a related Option, in which event the participant may elect to exercise either
the Option or the SAR, but not both, as to the same share subject to the Option
and the SAR, or the SAR may be granted independently. In the event of


                                      -8-

an Award with a related Option, the SAR shall be subject to the terms and
conditions of the related Option. In the event of an independent Award, the SAR
shall be subject to the terms and conditions determined by the Committee.

     (c) Restrictions on Transfer. SARs shall not be transferred, assigned or
encumbered, except that SARs may be exercised by the executor, administrator or
personnel representative of the deceased participant within six months of the
death of the participant (or such longer period as the Committee shall specify
at any time) and transferred pursuant to a certified domestic relations order.

     (d) Payment Upon Exercise. Upon exercise of an SAR, the participant shall
be paid the excess of the then Fair Market Value of the number of shares to
which the SAR relates over the Fair Market Value of such number of shares at the
date of grant of the SAR, or of the related Option, as the case may be. Such
excess shall be paid in cash or in Stock having a Fair Market Value equal to
such excess or in such combination thereof as the Committee shall determine.

SECTION 9. Dividend Equivalents.

     The Committee is authorized to grant Dividend Equivalents to Directors and
employees of the Company or any Affiliate. The Committee may provide, at the
date of grant or thereafter, that Dividend Equivalents shall be paid or
distributed when accrued or shall be deemed to have been reinvested in
additional Shares, or other investment vehicles as the Committee may specify,
provided that Dividend Equivalents (other than freestanding Dividend
Equivalents) shall be subject to all conditions and restrictions of the
underlying Awards to which they relate.

SECTION 10. Tax Withholding.

     (a) Payment by Participant. Each participant shall, no later than the date
as of which the value of an Award or of any Stock or other amounts received
thereunder first becomes includible in the gross income of the participant for
Federal income tax purposes, pay to the Company, or make arrangements
satisfactory to the Committee regarding payment of, any Federal, state, or local
taxes of any kind required by law to be withheld with respect to such income.
The Company and its Affiliates shall, to the extent permitted by law, have the
right to deduct any such taxes from any payment of any kind otherwise due to the
participant.

     (b) Payment in Shares. A participant may elect to have such tax withholding
obligation satisfied, in whole or in part, by (i) authorizing the Company to
withhold from shares of Stock to be issued pursuant to any Award a number of
shares with an aggregate Fair Market Value (as of the date the withholding is
effected) that would satisfy the withholding amount due, or (ii) transferring to
the Company shares of Stock owned by the participant with an aggregate Fair
Market Value (as of the date the withholding is effected) that would satisfy the
withholding amount due with respect to any participant who is subject to Section
16 of the Act, the following additional restrictions shall apply:

          (A) the election to satisfy tax withholding obligations relating to an
     Award in the manner permitted by this Section 10(b) and the actual tax
     withholding shall be made during the period beginning on the third business
     day following the date of release of quarterly or annual summary statements
     of revenues and earnings of the Company and ending on the twelfth business
     day following such date. Alternatively, such election may be made at least
     six months prior to the date as of which the receipt of such an Award first
     becomes a taxable event for Federal income tax purposes;

          (B) such election shall be irrevocable;

          (C) such election shall be subject to the consent or disapproval of
     the Committee; and




                                      -9-

          (D) the Stock withheld to satisfy tax withholding, if granted at the
     discretion of the Committee, must pertain to an Award which has been held
     by the participant for at least six months from the date of grant of the
     Award.

SECTION 11. Transfer, Leave of Absence, Etc.

     For purposes of the Plan, the following events shall not be deemed a
termination of service;

          (a) a transfer to the employment of the Company from an Affiliate or
     from the Company to an Affiliate, or from one Affiliate to another; and

          (b) an approved leave of absence for military service or sickness, or
     for any other purpose approved by the Company, if the employee's right to
     re-employment is guaranteed either by a statute or by contract or under the
     policy pursuant to which the leave of absence was granted or if the
     Committee otherwise so provides in writing.

SECTION 12. Amendments and Termination.

     The Board may at any time amend or discontinue the Plan and the Committee
may at any time amend or cancel any outstanding Award (or provide substitute
Awards at the same or reduced exercise or purchase price or with no exercise or
purchase price, but such price, if any, must satisfy the requirements which
would apply to the substitute or amended Award if it were then initially granted
under this Plan) for the purpose of satisfying changes in law or for any other
lawful purpose, but no such action shall adversely affect rights under any
outstanding Award without the holder's consent.

SECTION 13. Status of Plan.

     With respect to the portion of any Award which has not been exercised and
any payments in cash, Stock or other consideration not received by a
participant, a participant shall have no rights greater than those of a general
unsecured creditor of the Company unless the Committee shall otherwise expressly
determine in connection with any Award or Awards. In its sole discretion, the
Committee may authorize the creation of trusts or other arrangements to meet the
Company's obligations to deliver Stock or make payments with respect to Awards
hereunder, provided that the existence of such trusts or other arrangements is
consistent with the provision of the foregoing sentence.

SECTION 14. Change of Control Provisions.

     Upon the occurrence of a Change of Control as defined in this Section 14:

          (a) Each Stock Option shall automatically become fully exercisable
     unless the Committee shall otherwise expressly provide at the time of
     grant.

          (b) Restrictions and conditions on Awards of Restricted Stock,
     Performance Shares and Dividend Equivalents shall automatically be deemed
     waived, and the recipients of such Awards shall become entitled to receipt
     of the maximum amount of Stock subject to such Awards unless the Committee
     shall otherwise expressly provide at the time of grant.

          (c) Unless otherwise expressly provided at the time of grant,
     participants who hold Options shall have the right, in lieu of exercising
     the Option, to elect to surrender all or part of such Option to the Company
     and to receive cash in an amount equal to the excess of (i) the higher of
     (x) the Fair Market Value of a share of Stock on the date such right is
     exercised and (y) the highest price paid for Stock or, in the case of
     securities convertible into Stock or carrying a right to acquire Stock, the
     highest effective price (based on the prices paid for such securities) at
     which such securities are convertible into Stock or at which Stock may be
     acquired, by any person or group whose acquisition of voting


                                      -10-

     securities has resulted in a Change of Control of the Company over (ii) the
     exercise price per share under the Option, multiplied by the number of
     shares of Stock with respect to which such right is exercised.

          (d) "Change of Control" shall mean the occurrence of any one of the
     following events:

               (i) any "person", as such term is used in Sections 13(d) and
          14(d) of the Act (other than the Company, any of its Subsidiaries, any
          trustee, fiduciary or other person or entity holding securities under
          any employee benefit plan of the Company or any of its Subsidiaries),
          together with all "affiliates" and "associates" (as such terms are
          defined in Rule 12b-2 under the Act) of such person, shall become the
          "beneficial owner" (as such term is defined in Rule 13d-3 under the
          Act), directly or indirectly, of securities of the Company
          representing 40% or more of either (A) the combined voting power of
          the Company's then outstanding securities having the right to vote in
          an election of the Company's Board of Directors ("Voting Securities")
          or (B) the then outstanding shares of Common Stock of the Company (in
          either such case other than as a result of acquisition of securities
          directly from the Company); or

               (ii) persons who, as of the date of the closing of the Company's
          initial public offering, constitute the Company's Board of Directors
          (the "Incumbent Directors") cease for any reason, including without
          limitation, as a result of a tender offer, proxy contest, merger or
          similar transaction, to constitute at least a majority of the Board,
          provided that any person becoming a director of the Company subsequent
          to the Closing of the Company's initial public offering whose election
          or nomination for election was approved by a vote of at least a
          majority of the Incumbent Directors shall, for purposes of this Plan,
          be considered an Incumbent Director; or

               (iii) the stockholders of the Company shall approve (A) any
          consolidation or merger of the Company or any Subsidiary where the
          stockholders of the Company, immediately prior to the consolidation or
          merger, would not, immediately after the consolidation or merger,
          beneficially own (as such term is defined in Rule 13d-3 under the
          Act), directly or indirectly, shares representing in the aggregate 50%
          or more of the voting stock of the corporation issuing cash or
          securities in the consolidation or merger (or of its ultimate parent
          corporation, if any), (B) any sale, lease, exchange or other transfer
          (in one transaction or a series of transactions contemplated or
          arranged by any party as a single plan) of all or substantially all of
          the assets of the Company or (C) any plan or proposal for the
          liquidation or dissolution of the Company;

     Notwithstanding the foregoing, a "Change of Control" shall not be deemed to
have occurred for purposes of the foregoing clause (i) solely as the result of
an acquisition of securities by the Company which, by reducing the number of
shares of Common Stock or other Voting Securities outstanding, increases (x) the
proportionate number of shares of Common Stock beneficially owned by any person
to 40% or more of the shares of Common Stock then outstanding or (y) the
proportionate voting power represented by the Voting Securities beneficially
owned by any person to 40% or more of the combined voting power of all then
outstanding Voting Securities; provided, however, that if any person referred to
in clause (x) or (y) of this sentence shall thereafter become the beneficial
owner of any additional shares of Common Stock or other Voting Securities (other
than pursuant to a stock split, stock dividend, or similar transaction), then a
"Change of Control" shall be deemed to have occurred for purposes of the
foregoing clause (i).

SECTION 15. General Provisions.

     (a) No Distribution; Compliance with Legal Requirements. The Committee may
require each person acquiring shares pursuant to an Award to represent to and
agree with the Company in writing that such person is acquiring the shares
without a view to distribution thereof.




                                      -11-

     No shares of Stock shall be issued pursuant to an Award until all
applicable securities laws and other legal and stock exchange requirements have
been satisfied. The Committee may require the placing of such stop-orders and
restrictive legends on certificates for Stock and Awards as it deems
appropriate.

     (b) Delivery of Stock Certificates. Delivery of stock certificates to
participants under this Plan shall be deemed effected for all purposes when the
Company or a stock transfer agent of the Company shall have delivered such
certificates in the United States mail, addressed to the participant, at the
participant's last known address on file with the Company.

     (c) Other Compensation Arrangements; No Employment Rights. Nothing
contained in this Plan shall prevent the Board from adopting other or additional
compensation arrangements, including trusts, subject to stockholder approval if
such approval is required; and such arrangements may be either generally
applicable or applicable only in specific cases. The adoption of the Plan and
the grant of Awards do not confer upon any employee any right to continued
employment with the Company or any Subsidiary.

SECTION 16. Effective Date of Plan.

     The Plan shall become effective upon approval by the Board, or any
committee thereof with such authority. The ability to grant Incentive Stock
Option Awards requires approval by the stockholders, and no such Awards may be
issued hereunder prior to such approval.

SECTION 17. Governing Law.

     THIS PLAN SHALL BE GOVERNED BY NEW YORK LAW EXCEPT TO THE EXTENT SUCH LAW
IS PREEMPTED BY FEDERAL LAW.






                    [LETTERHEAD OF CAHILL GORDON & REINDEL]










                               September 29, 1997











                                                                  (212) 701-3000


First Industrial Realty Trust, Inc.
150 N. Wacker Drive, Suite 150
Chicago, Illinois  60606

Ladies and Gentlemen:

     This opinion is being rendered in connection with the registration
statement on Form S-8 (the "Registration Statement") filed by First Industrial
Realty Trust, Inc., a Maryland corporation (the "Company"), with the Securities
and Exchange Commission (the "Commission") for registration under the Securities
Act of 1933, as amended (the "Securities Act"), of 1,500,000 shares of Common
Stock, par value $.01 per share ("Common Stock").

     In connection therewith, we have examined and considered originals or
copies certified or otherwise identified to our satisfaction, of the Company's
Articles of Incorporation and Bylaws, each as amended and restated, resolutions
of its board of directors, and such other documents and corporate records
relating to the Company and the issuance and sale of the Common Stock covered by
the Registration Statement as we have deemed appropriate for purposes of
rendering this opinion.

     In our examination, we have assumed the genuineness of all signatures, the
authenticity of all documents submitted to us as originals and the conformity to
originals of all documents submitted to us as copies. As to matters of fact
which have not been independently established, we have relied upon
representations of officers of the Company.




                                      -2-

     Based upon the foregoing examination, information supplied and assumptions,
it is our opinion that the 1,500,000 shares of Common Stock, when issued and
paid for in accordance with the terms of the Company's 1997 Stock Incentive
Plan, will be duly authorized, validly issued, fully paid and non-assessable.

     We are attorneys admitted to practice in the State of New York. We express
no opinion concerning the laws of any jurisdiction other than the laws of the
United States of America and the State of New York. With respect to matters of
Maryland law, we have relied, without independent investigation, upon the
opinion of McGuire, Woods, Battle & Boothe, L.L.P. a copy of which is attached
hereto.

     We hereby consent to the inclusion of this opinion as an exhibit to the
Registration Statement. Our consent to such inclusion does not constitute a
consent under Section 7 of the Securities Act as in consenting to such inclusion
we have not certified any part of the Registration Statement and do not
otherwise come within the categories of persons whose consent is required under
Section 7 or under the rules and regulations of the Commission thereunder.

                                      Very truly yours,


                                      /s/Cahill Gordon & Reindel

            [Letterhead of McGuire Woods Battle & Boothe LLP]




                             September 29, 1997

First Industrial Realty Trust, Inc.
311 S. Wacker Drive, Suite 4000
Chicago, Illinois 60606

Ladies and Gentlemen:

     This opinion is furnished as special Maryland counsel in connection
with the registration, pursuant to the Securities Act of 1933, as amended
(the "Securities Act"), of 1,500,000 shares of Common Stock, par value
$.01 per share ("Common Stock"), of First Industrial Realty Trust, Inc., a
Maryland corporation (the "Company").

     In connection with rendering this opinion, we have examined originals
or copies certified or otherwise identified to our satisfaction, of the 
Articles of Amendment and Restatement of the Company, dated June 13, 1994,
and the Articles of Amendment of the Company, dated June 21, 1994; the
Amended and Restated Bylaws of the Company, as amended to date; the 
Company's 1997 Stock Incentive Plan (the 'Plan"); resolutions of the board
of directors and stockholders of the Company, including those certain
authorizing resolutions adopted September 29, 1997 by the Compensation
Committee of the Board of Directors of the Company (the "Authorizing
Resolutions"); a registration statement on Form S-8 (the "Registration
Statement"); a Certificate of Good Standing for the Company issued by the
State Department of Assessments and Taxation of Maryland dated September
12, 1997; and such other certificates, receipts, records and documents
relating to the Company and the issuance and sale of the Common Stock
covered by the Registration Statement as we considered necessary for the
purposes of rendering this opinion.

     In conducting our examination, we have assumed the genuineness of all
signatures, the authenticity of all documents submitted to us as originals
and the conformity to originals of all documents submitted to us as copies.
As to matters of fact which have not been independently established, we have
relied upon representations of officers of the Company.

     We are attorneys admitted to practice in the State of Maryland.  We
express no opinion concerning the laws of any jurisdictions other than the
laws of the United States of America and the State of Maryland.


First Industrial Realty Trust, Inc.
September 29, 1997
Page 2


     Based upon the foregoing, we are of the opinion that the Common Stock,
when issued and paid for in accordance with the terms of the Plan and the
Authorizing Resolutions, will be duly authorized, validly issued, fully paid
and nonassessable shares of the Company's Common Stock.

     The foregoing assumes that all requisite steps will be taken to comply
with the requirements of the Securities Act and applicable requirements of
state laws regulating the offer and sale of securities.

     This opinion may be relied upon by Messrs. Cahill Gordon & Reindel
with respect to that firm's opinion to be filed as an exhibit to the
Registration Statement.  In addition, we hereby consent to the filing of 
this opinion as an exhibit to the Registration Statement.  Our consent to 
such filing does not constitute a consent under Section 7 of the Securities
Act and in consenting to such filing we have not certified any part of the
Registration Statement and do not otherwise come within the categories
of persons whose consent is requried under Seciton 7 or under the rules and
regulations of the Commission thereunder.

                                Very truly yours,

                                /s/ McGuire Woods Battle & Boothe LLP



                                                                Exhibit 23.1

                    CONSENT OF INDEPENDENT ACCOUNTANTS

We consent to the incorporation by reference in this registration statement
on Form S-8 dated September 30, 1997 of our reports dated February 12, 1997
on our audits of the consolidated financial statements and the financial
statement schedule fo First Industrial Realty, Inc. (the "Company") and the
combined financial statements of the Contributing Businesses which is
included in the 1996 Annual Report on Form 10-K, and our report dated
February 11, 1997 on our audit of the combined historical statements of
revenues and certain expenses of the Acquisition Properties which is
included in the Company's Current report on Form 8-K filed February 12, 1997,
and our report dated March 26, 1997 on our audit of the combined historical
statement of revenues and certain expenses of the Lazarus Burman Properties
which is included in the Company's Current Report on Form 8-K filed
February 12, 1997 as amended by Form 8-K/A No. 1 filed April 10, 1997, and
our report dated July 30, 1997 on our audit of the combined historical
statement of revenues and certain expenses of the Punia Acquisition
Properties which is included in the Company's Current Report on Form 8-K
filed July 15, 1997 as amended by Form 8-K/A No. 1 filed September 4, 1997.




Chicago, Illinois
September 29, 1997