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                                                                   EXHIBIT 23.8

                     [LETTERHEAD OF LAZARD FRERES & CO. LLC]

CONSENT OF LAZARD FRERES & CO. LLC

We hereby consent to (I) the use of our opinion letter dated February 18, 1998
to the Board of Trustees of Corporate Property Investors ("CPI"), included as
Annex C to the Proxy Statement/Prospectus which forms a part of the Registration
Statement on Form S-4 relating to the proposed merger of a substantially wholly
owned subsidiary of CPI and Simon DeBartolo Group, Inc., and (ii) the references
to such opinion in such Proxy Statement/Prospectus. In giving such consent, we
do not admit that we come within the category or persons whose consent is
required under Section 7 of the Securities Act of 1933, as amended, or the rules
and regulations of the Securities and Exchange Commission thereunder, nor do we
hereby admit that we are "experts" as used in the Securities Act of 1933, as
amended, or the rules and regulations of the Securities and Exchange Commission
thereunder.

Lazard Freres & Co. LLC

By: /s/ MATTHEW J. LUSTIG
   -------------------------
Matthew J. Lustig
Managing Director

June 29, 1998