SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

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


                                  SCHEDULE 13G
                                 (Rule 13d-102)

    INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULES 13D-1(B)
                          AND AMENDMENTS THERETO FILED
                              PURSUANT TO 13D-2(b)

                               (Amendment No. 2 )1
                                             ---


                          FIRST INDUSTRIAL REALTY TRUST
- --------------------------------------------------------------------------------
                                (Name of Issuer)


                                  COMMON STOCK
- --------------------------------------------------------------------------------
                         (Title of Class of Securities)


                                    32054K103
- --------------------------------------------------------------------------------
                                 (CUSIP Number)


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



1      The  remainder  of this cover  page  shall be filled out for a  reporting
person's  initial  filing on this  form with  respect  to the  subject  class of
securities,  and for any subsequent amendment containing information which would
alter the disclosures provided in a prior cover page.

     The  information  required on the remainder of this cover page shall not be
deemed to be "filed"  for the purpose of Section 18 of the  Securities  Exchange
Act of 1934 or otherwise  subject to the  liabilities of that section of the Act
but  shall be  subject  to all other  provisions  of the Act  (however,  see the
Notes).






CUSIP NO.   32054K103                  13G           Page  2  of  7  Pages
            ---------                                     ---    ---


- --------------------------------------------------------------------------------
1    NAME OF REPORTING PERSONS
     I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

     GLICKENHAUS & CO.     13-1936873
- --------------------------------------------------------------------------------
2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                       (a) [ ]
                                                                       (b) [ ]
- --------------------------------------------------------------------------------
3    SEC USE ONLY


- --------------------------------------------------------------------------------
4    CITIZENSHIP OR PLACE OR ORGANIZATION

     NEW YORK
- --------------------------------------------------------------------------------
    NUMBER OF                 5    SOLE VOTING POWER

     SHARES                        2,943,800
                    ------------------------------------------------------------
  BENEFICIALLY                6    SHARED VOTING POWER

    OWNED BY                       0
                    ------------------------------------------------------------
      EACH                    7    SOLE DISPOSITIVE POWER

    REPORTING                      3,694,500
                    ------------------------------------------------------------
     PERSON                   8    SHARED DISPOSITIVE POWER

      WITH                         0
- --------------------------------------------------------------------------------
9    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     3,694,500
- --------------------------------------------------------------------------------
10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

                                                                         [ ]
- --------------------------------------------------------------------------------
11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

     10.1%
- --------------------------------------------------------------------------------
12   TYPE OF REPORTING PERSON*

     IA
- --------------------------------------------------------------------------------

                      *SEE INSTRUCTIONS BEFORE FILLING OUT!





                           INSTRUCTIONS FOR COVER PAGE

     (1) Names and I.R.S.  Identification Numbers of Reporting Persons.  Furnish
the full legal name of each  person  for whom the  report is  filed--i.e.,  each
person required to sign the schedule  itself--including  each member of a group.
Do not include the name of a person  require to be  identified in the report but
who is not a  reporting  person.  Reporting  person that are  entities  are also
requested to furnish their I.R.S. identification numbers, although disclosure of
such  numbers  is  voluntary,  not  mandatory  (see  "SPECIAL  INSTRUCTIONS  FOR
COMPLYING WITH SCHEDULE 13G," below).

     (2) If any of the shares  beneficially owned by a reporting person are held
as a member of a group and such membership is expressly  affirmed,  please check
row 2(a). If the  membership  in a group is  disclaimed or the reporting  person
describes a relationship with other persons but does not affirm the existence of
a  group,  please  check  row  2(b)  (unless  a joint  filing  pursuant  to Rule
13d-1(f)(1) in which case it may not be necessary to check row 2(b)).

     (3) The third row is for SEC internal use; please leave blank.

     (4) Citizenship or place of organization.  Furnish citizenship if the named
reporting person is a natural person. Otherwise, furnish place of organization.

     (5) - (9),  (11)  Aggregate  amount  beneficially  owned by each  reporting
person,  etc.  Rows (5) through (9)  inclusive,  and (11) are to be completed in
accordance with the provisions of Item 4 of Schedule 13G. All percentages are to
be rounded off to the nearest 10th (one place after decimal point).

     (10) Check if the aggregate  amount reported as  beneficially  owned in row
(9) does not  include  shares as to which  beneficial  ownership  is  disclaimed
pursuant to Rule 13d-4 under the Securities Exchange Act of 1934.

     (12) Type of  reporting  person.  Please  clarify each  "reporting  person"
according to the following  breakdown (see Item 3 of Schedule 13G) and place the
appropriate symbol on the form:

               Category                                            Symbol
               --------                                            ------

     Broker dealer..............................................     BD
     Bank.......................................................     BK
     Insurance company..........................................     IC
     Investment company.........................................     IV
     Investment adviser.........................................     IA
     Employee benefit plan, person fund, or endowment fund......     EP
     Parent holding company.....................................     HC
     Corporation................................................     CO
     Partnership................................................     PN
     Individual.................................................     IN
     Other......................................................     OO


     Notes.  Attach as many  copies of the second  part of the cover page as are
needed, one reporting person per page.

     Filing persons may, in order to avoid unnecessary duplication, answer items
on the schedules (Schedule 13D, 13G or 14D-1) by appropriate cross-references to
an item or items on the cover page(s).  This approach may only be used where the
cover page item or items  provide all the  disclosure  required by the  schedule
item. Moreover, such a use of a cover page item will result in the item becoming
a part of the schedule and accordingly  being considered as "filed" for purposes
of  Section  18 of the  Securities  Exchange  Act or  otherwise  subject  to the
liabilities of that section of the Act.

     Reporting  persons may comply with their cover page filing  requirements by
filing either completed copies of the blank forms available from the Commission,
printed or typed





facsimiles,  or computer printed  facsimiles,  provided the documents filed have
identical  formats to the forms prescribed in the  Commission's  regulations and
meet  existing  Securities  Exchange Act rules as to such matters as clarity and
size (Securities Exchange Act Rule 12b-12).


              SPECIAL INSTRUCTIONS FOR COMPLYING WITH SCHEDULE 13G

     Under Section 13(d),  13(g) and 23 of the  Securities  Exchange Act of 1934
and the rules and  regulations  thereunder,  the  Commission  is  authorized  to
solicit the  information  required  to be  supplied by this  schedule by certain
securities holders of certain issuers.

     Disclosure  of the  information  specified in this  schedule is  mandatory,
except for I.R.S.  identification numbers, disclosure of which is voluntary. The
information  will be used for the primary  purpose of determining and disclosing
the holdings of certain  beneficial  owners of certain equity  securities.  This
statement will be made a matter of public  record.  Therefore,  any  information
given will be available for inspection by any member of the public.

     Because the public nature of the information, the Commission can use it for
a variety of purposes,  including referral to other governmental  authorities or
securities  self-regulatory  organizations  for  investigatory  purposes  or  in
connection with litigation involving the Federal securities laws or other civil,
criminal or regulatory statutes or provisions. I.R.S. identification numbers, if
furnished,  will assist the  Commission  in  identifying  security  holders and,
therefore,   in  promptly  processing  statements  of  beneficial  ownership  of
securities.

     Failure to disclose the information requested by this schedule,  except for
I.R.S.  identification  numbers,  may result in civil or criminal action against
the person  involved  for  violation  of the Federal  securities  laws and rules
promulgated thereunder.

     General Instructions.  A. Statements containing the information required by
this schedule shall be filed not later than February 14,  following the calendar
year covered by the statement or within the time specified in Rule  13d-1(b)(2),
if applicable.

     B.  Information  contained in a form which is required to be filed by rules
under Section 13(f) for the same calendar year as that covered by a statement on
this schedule may be  incorporated  by reference in response to any of the items
of this  schedule.  If such  information  is  incorporated  by reference in this
schedule, copies of the relevant pages of such form shall be filed as an exhibit
to this schedule.

     C. The item  numbers and  captions  of the items shall be included  but the
text of the  items  is to be  omitted.  The  answers  to the  items  shall be so
prepared as to indicate  clearly the coverage of the items without  referring to
the text of the items.  Answer  every item.  If an item is  inapplicable  or the
answer is in the negative, so state.


     Item 1(a). Name of Issuer:

     FIRST INDUSTRIAL REALTY TRUST
     ---------------------------------------------------------------------------


     Item 1(b). Address of Issuer's Principal Executive Offices:

     311 SO. WALKER DRIVE, SUITE 4000, CHICAGO, IL 60606
     ---------------------------------------------------------------------------


     Item 2(a). Name of Person Filing:

     GLICKENHAUS & CO.
     ---------------------------------------------------------------------------




     Item 2(b). Address of Principal Business Office, or, if None, Residence.

     6 EAST 43RD ST., NEW YORK, NY 10017
     ---------------------------------------------------------------------------


     Item 2(c). Citizenship:

     U.S.
     ---------------------------------------------------------------------------


     Item 2(d). Title of Class of Securities:

     COMMON STOCK
     ---------------------------------------------------------------------------


     Item 2(e). CUSIP NUMBER:

     32054K103
     ---------------------------------------------------------------------------


     Item 3. If this  statement  is  filed  pursuant  to Rule  13d-1(b),  or
             13d-2(b), check whether the person filing is a:

       (a) [ ] Broker or dealer registered under Section 15 of the Act.

       (b) [ ] Bank as defined in Section 3(a)(6) of the Act.

       (c) [ ] Insurance Company as defined in Section 3(a)(19) of the Act.

       (d) [ ] Investment  Company  registered under Section 8 of the Investment
               Company Act.

       (e) [X] Investment Adviser registered under Section 203 of the Investment
               Advisers Act of 1940.

       (f) [ ] Employee  Benefit Plan,  Pension Fund which is subject to the
               provisions of the Employee Retirement Income Security Act of 1974
               or Endowment Fund; see 13d-1(b)(1)(ii)(F).

       (g) [ ] Parent Holding Company, in accordance with Rule 13d-1(b)(ii)(G);
               see Item 7,

       (h) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(H).


Item 4.   Ownership.

       If the percent of the class owned,  as of December 31 of the year covered
by  the  statement,  or as of  the  last  day of any  month  described  in  Rule
13d-1(b)(2),  if  applicable,   exceeds  five  percent,  provide  the  following
information  as of that date and identify those shares which there is a right to
acquire.

     (a)  Amount beneficially owned:

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

     (b)  Percent of class:

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

     (c)  Number of shares as to which such person has:

          (i) Sole power to vote or to direct the vote--------------------------

          (ii) Shared power to vote or to direct the vote-----------------------





          (iii) Sole power to dispose or to direct the disposition of-----------

          (iv) Shared power to dispose or to direct the disposition of----------

     Instruction.  For computations regarding securities which represent a right
to acquire an underlying security, see Rule 13d-3(d)(1).


Item 5.   Ownership of Five Percent or Less of a Class.

     If this  statement  is being  filed to report  the fact that as of the date
hereof the reporting  person has ceased to be the beneficial  owner of more than
five percent of the class of securities, check the following [ ].

     Instruction. Dissolution of a group requires a response to this item.


Item 6.   Ownership of More than Five Percent on Behalf of Another Person.

     If any other  person is known to have the right to  receive or the power to
direct the receipt of dividends  from,  or the  proceeds  from the sale of, such
securities,  a statement  to that effect  should be included in response to this
item and, if such interest relates to more than five percent of the class,  such
person  should be  identified.  A listing of the  shareholders  of an investment
company registered under the Investment Company Act of 1940 or the beneficiaries
of an employee benefit plan, pension fund or endowment fund is not required.


Item 7.    Identification and Classification of the Subsidiary Which Acquired
           the Security Reported on by the Parent Holding Company.

     If a parent  holding  company  has file  this  schedule,  pursuant  to Rule
13d-1(b)(ii)(G),  so indicate under Item 3(g) and attach an exhibit  stating the
identity and the Item 3 classification of the relevant  subsidiary.  If a parent
holding  company has filed this schedule  pursuant to Rule  13d-1(c),  attach an
exhibit stating the identification of the relevant subsidiary.


Item 8.    Identification and Classification of members of the Group.

     If a group has filed this  schedule  pursuant to Rule  13d-1(b)(ii)(H),  so
indicate  under Item 3(h) and attach an exhibit  stating the identity and Item 3
classification  of each member of the group.  If a group has filed this schedule
pursuant to Rule 13d-1(c), attach an exhibit stating the identity of each member
of the group.


Item 9.    Notice of Dissolution of Group.

     Notice of dissolution of a group may be furnished as an exhibit stating the
date  of  the   dissolution  and  that  all  further  filings  with  respect  to
transactions in the security reported on will be filed, if required,  by members
of the group, in their individual capacity. See Item 5.


Item 10.   Certification.

     The  following  certification  shall be included if the  statement is filed
pursuant to Rule 13d-1(b)):

          "By signing  below,  I certify  that,  to the best of my knowledge and
     belief,  the  securities  referred to above were  acquired in the  ordinary
     course of business and were not acquired for the purpose of and do not have
     the effect of  changing  or  influencing  the control of the issuer of such
     securities and were not acquired in connection  with or as a participant in
     any transaction having such purpose or effect."





                                    SIGNATURE

     After  reasonable  inquiry and to the best of my  knowledge  and belief,  I
certify that the information  set forth in this statement is true,  complete and
correct.

                                                  January 12, 1998
                                                  ----------------
                                                       (Date)

                                                  /s/ Linda Anderson
                                                  ------------------
                                                     (Signature)

                                                  LINDA C. ANDERSON
                                                  -----------------
                                                    (Name/Title)
                                                  DIRECTOR OF COMPLIANCE

     The original  statement  shall be signed by each person on whose behalf the
statement is filed or his authorized representative.  If the statement is signed
on behalf of a person by his authorized  representative (other than an executive
officer  or  general   partner  of  the   filing   person),   evidence   of  the
representative's  authority to sign on behalf of such person shall be filed with
the  statement,  provided,  however,  that a power of attorney  for this purpose
which is already on file with the Commission may be  incorporated  by reference.
The name and any title of each person who signs the statement  shall be typed or
printed beneath his signature.

     Note. Six copies of this statement, including all exhibits, should be filed
with the Commission.

     Attention.  Intentional  misstatements  or  omissions  of  fact  constitute
federal criminal violations (see 18 U.S.C. 1001).