Exhibit 23

                 (Letterhead of Arthur Andersen Appears Here)


                   CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
                   -----------------------------------------


As independent public accountants, we hereby consent to the incorporation by
reference of our report dated October 31, 1995 on the Statement of Revenue and
Direct Operating Expenses of the Bristol Shopping Plaza for the year ended
December 31, 1994 included in Federal Realty Investment Trust's Form 8-K dated
as of September 22, 1995 into the Registration Statements of Federal Realty
Investment Trust previously filed Form S-3 (File No. 33-63687), Form S-3 (File
No. 33-63955), Form S-3 (File No. 33-62389), Form S-8 (File No. 33-55111) and
Form S-8 (File No. 33-60252).


Hartford, Connecticut
December 19, 1995

                                                Arthur Andersen LLP

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