EXHIBIT 23.1
 
                      CONSENT OF INDEPENDENT ACCOUNTANTS
 
  We consent to the incorporation by reference in this Registration Statement
on Form S-1 of Capital Trust of our report dated February 14, 1997 appearing
in the registration statement on Form S-1 (File No. 333-37271) of Capital
Trust (f/k/a California Real Estate Investment Trust), on our audits of the
consolidated financial statements and financial statement schedules of Capital
Trust (f/k/a/ California Real Estate Investment Trust) and its subsidiary as
of December 31, 1996 and 1995 and for the years ended December 31, 1996, 1995
and 1994. We also consent to the incorporation by reference in this
Registration Statement on Form S-1 of Capital Trust of the references to our
firm under the caption "Experts" appearing in the registration statement on
Form S-1 (File No. 333-37271) of Capital Trust (f/k/a California Real Estate
Investment Trust).
 
                                          Coopers & Lybrand L.L.P.
 
San Francisco, California
December 10, 1997