Exhibit 23.1

                   Consent of Independent Public Accountants

   As independent public accountants, we hereby consent to the incorporation by
reference in this registration statement of our report dated February 13, 2001
included in Federal Realty Investment Trust's Form 10-K for the year ended
December 31, 2000 and to all references to our Firm included in this
registration statement.

                                          ARTHUR ANDERSEN LLP

Vienna, Virginia

April 24, 2001