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
December  18,  1996  included  in HRE  Properties'  Form 10-K for the year ended
October 31, 1996 and to all references to our Firm included in this Registration
Statement.


                                                        /s/ Arthur Andersen LLP
                                                        ------------------------
                                                        Arthur Andersen LLP

New York, New York
February 26, 1997