EXHIBIT 23.1

                   CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS

As independent  public  accountants,  we hereby consent to the  incorporation by
reference in this  Registration  Statement File No.  333-19113-01  of our report
dated December 18, 1996 included in HRE Properties' Form 10-K for the year ended
October  31,  1996  and to all  references  to our  Firm  in  this  Registration
Statement.



/s/ Arthur Anderson LLP
Arthur Andersen LLP
New York, New York
January 22, 1997