FILING UNDER RULE 424(b)(3)
                                             REGISTRATION FILE NO. 33-63687
 
PRICING SUPPLEMENT NO. 1
DATED JULY 30, 1997
(TO PROSPECTUS DATED NOVEMBER 7, 1995 AND
PROSPECTUS SUPPLEMENT DATED APRIL 17, 1997)

                                 $200,000,000

                        FEDERAL REALTY INVESTMENT TRUST

                               MEDIUM-TERM NOTES

Principal amount: $8,000,000               Floating Rate Notes: N/A             
Interest Rate (if fixed rate): 6.82%       Interest rate basis: N/A             
Stated Maturity: August 1, 2027                    Commercial Paper Rate        
Specified Currency: U.S.$                          Prime Rate                   
Applicable Exchange Rate (if any):                 LIBOR                        
        U.S.$1.00 = N/A                            Treasury Rate                
Issue price (as a percentage of                    CD Rate                      
        principal amount): 100%                    Federal Funds Rate           
Selling Agent's commission (%): 0.625%             Other:                       
Purchasing Agent's discount                Index Maturity: N/A                  
        or commission (%): N/A             Spread: N/A                          
Net proceeds to the Company (%): 99.375%   Spread Multiplier: N/A               
Settlement date (original                  Maximum Rate: N/A                    
        issue date): August 1, 1997        Minimum Rate: N/A                    
Trade Date: July 29, 1997                  Initial Interest Rate: N/A           
Redemption Commencement                    Interest Reset Date(s): N/A          
        Date (if any): N/A                 Interest Determination Date(s): N/A  
Optional Repayment: at the option of the   Calculation Date(s): N/A             
        holders of the Notes, at 100% of   Interest Payment Dates: February 1,
        their principal amount, together                           August 1   
        with accrued interest to           Regular Record Date(s): N/A 
        August 1, 2007.

        Redemption prices (if any): The Redemption Price shall initially be
  N/A   % of the principal amount of such Notes to be redeemed and shall decline
(but not below par) on each anniversary of the Redemption Commencement Date by 
  N/A   % of the principal amount to be redeemed until the Redemption Price is 
100% of such principal amount.

        If such Notes are denominated in other than U.S. dollars, the applicable
Foreign Currency Supplement is attached hereto.

        Additional terms: N/A
       
        As of the date of this Pricing Supplement, the aggregate initial public 
offering price (or its equivalent in other currencies) of the Debt Securities 
(as defined in the Prospectus) which have been sold (including the Notes to 
which this Pricing Supplement relates) is $130,000,000.

        "N/A" as used herein means "Not Applicable." "A/S" as used herein means 
"As stated in the Prospectus Supplement referred to above."

                             GOLDMAN, SACHS & CO.



 
                                             FILING UNDER RULE 424(b)(3)
                                             REGISTRATION FILE NO. 33-63687
 
PRICING SUPPLEMENT NO. 1
DATED JULY 30, 1997
(TO PROSPECTUS DATED NOVEMBER 7, 1995 AND
PROSPECTUS SUPPLEMENT DATED APRIL 17, 1997)

                                 $200,000,000

                        FEDERAL REALTY INVESTMENT TRUST

                               MEDIUM-TERM NOTES

Principal amount: $8,000,000               Floating Rate Notes: N/A             
Interest Rate (if fixed rate): 6.82%       Interest rate basis: N/A             
Stated Maturity: August 1, 2027                    Commercial Paper Rate        
Specified Currency: U.S.$                          Prime Rate                   
Applicable Exchange Rate (if any):                 LIBOR                        
        U.S.$1.00 = N/A                            Treasury Rate                
Issue price (as a percentage of                    CD Rate                      
        principal amount): 100%                    Federal Funds Rate           
Selling Agent's commission (%): 0.625%             Other:                       
Purchasing Agent's discount                Index Maturity: N/A                  
        or commission (%): N/A             Spread: N/A                          
Net proceeds to the Company (%): 99.375%   Spread Multiplier: N/A               
Settlement date (original                  Maximum Rate: N/A                    
        issue date): August 1, 1997        Minimum Rate: N/A                    
Trade Date: July 29, 1997                  Initial Interest Rate: N/A          
Redemption Commencement                    Interest Reset Date(s): N/A          
        Date (if any): N/A                 Interest Determination Date(s): N/A  
Optional Repayment: at the option of the   Calculation Date(s): N/A             
        holders of the Notes, at 100% of   Interest Payment Dates: February 1, 
        their principal amount, together                           August 1   
        with accrued interest to           Regular Record Date(s): N/A         
        August 1, 2007.                    

        Redemption prices (if any): The Redemption Price shall initially be
  N/A   % of the principal amount of such Notes to be redeemed and shall decline
(but not below par) on each anniversary of the Redemption Commencement Date by 
  N/A   % of the principal amount to be redeemed until the Redemption Price is 
100% of such principal amount.

        If such Notes are denominated in other than U.S. dollars, the applicable
Foreign Currency Supplement is attached hereto.

        Additional terms: N/A
       
        As of the date of this Pricing Supplement, the aggregate initial public 
offering price (or its equivalent in other currencies) of the Debt Securities 
(as defined in the Prospectus) which have been sold (including the Notes to 
which this Pricing Supplement relates) is $130,000,000.

        "N/A" as used herein means "Not Applicable." "A/S" as used herein means 
"As stated in the Prospectus Supplement referred to above."


                              ALEX. BROWN & SONS
                                 INCORPORATED



 
                                             FILING UNDER RULE 424(b)(3)
                                             REGISTRATION FILE NO. 33-63687
 
PRICING SUPPLEMENT NO. 1
DATED JULY 30, 1997
(TO PROSPECTUS DATED NOVEMBER 7, 1995 AND
PROSPECTUS SUPPLEMENT DATED APRIL 17, 1997)

                                 $200,000,000

                        FEDERAL REALTY INVESTMENT TRUST

                               MEDIUM-TERM NOTES

Principal amount: $8,000,000               Floating Rate Notes: N/A             
Interest Rate (if fixed rate): 6.82%       Interest rate basis: N/A             
Stated Maturity: August 1, 2027                    Commercial Paper Rate        
Specified Currency: U.S.$                          Prime Rate                   
Applicable Exchange Rate (if any):                 LIBOR                        
        U.S.$1.00 = N/A                            Treasury Rate                
Issue price (as a percentage of                    CD Rate                      
        principal amount): 100%                    Federal Funds Rate           
Selling Agent's commission (%): 0.625%             Other:                       
Purchasing Agent's discount                Index Maturity: N/A                  
        or commission (%): N/A             Spread: N/A                          
Net proceeds to the Company (%): 99.375%   Spread Multiplier: N/A               
Settlement date (original                  Maximum Rate: N/A                    
        issue date): August 1, 1997        Minimum Rate: N/A                    
Trade Date: July 29, 1997                  Initial Interest Rate: N/A          
Redemption Commencement                    Interest Reset Date(s): N/A          
        Date (if any): N/A                 Interest Determination Date(s): N/A  
Optional Repayment: at the option of the   Calculation Date(s): N/A             
        holders of the Notes, at 100% of   Interest Payment Dates: February 1, 
        their principal amount, together                           August 1    
        with accrued interest to           Regular Record Date(s): N/A          
        August 1, 2007.                    

        Redemption prices (if any): The Redemption Price shall initially be
  N/A   % of the principal amount of such Notes to be redeemed and shall decline
(but not below par) on each anniversary of the Redemption Commencement Date by 
  N/A   % of the principal amount to be redeemed until the Redemption Price is 
100% of such principal amount.

        If such Notes are denominated in other than U.S. dollars, the applicable
Foreign Currency Supplement is attached hereto.

        Additional terms: N/A
       
        As of the date of this Pricing Supplement, the aggregate initial public 
offering price (or its equivalent in other currencies) of the Debt Securities 
(as defined in the Prospectus) which have been sold (including the Notes to 
which this Pricing Supplement relates) is $130,000,000.

        "N/A" as used herein means "Not Applicable." "A/S" as used herein means 
"As stated in the Prospectus Supplement referred to above."


                       FIRST UNION CAPITAL MARKETS CORP.

 
                                             FILING UNDER RULE 424(b)(3)
                                             REGISTRATION FILE NO. 33-63687
 
PRICING SUPPLEMENT NO. 1
DATED JULY 30, 1997
(TO PROSPECTUS DATED NOVEMBER 7, 1995 AND
PROSPECTUS SUPPLEMENT DATED APRIL 17, 1997)

                                 $200,000,000

                        FEDERAL REALTY INVESTMENT TRUST

                               MEDIUM-TERM NOTES

Principal amount: $8,000,000               Floating Rate Notes: N/A             
Interest Rate (if fixed rate): 6.82%       Interest rate basis: N/A             
Stated Maturity: August 1, 2027                    Commercial Paper Rate        
Specified Currency: U.S.$                          Prime Rate                   
Applicable Exchange Rate (if any):                 LIBOR                        
        U.S.$1.00 = N/A                            Treasury Rate                
Issue price (as a percentage of                    CD Rate                      
        principal amount): 100%                    Federal Funds Rate           
Selling Agent's commission (%): 0.625%             Other:                       
Purchasing Agent's discount                Index Maturity: N/A                  
        or commission (%): N/A             Spread: N/A                          
Net proceeds to the Company (%): 99.375%   Spread Multiplier: N/A               
Settlement date (original                  Maximum Rate: N/A                    
        issue date): August 1, 1997        Minimum Rate: N/A                    
Trade Date: July 29, 1997                  Initial Interest Rate: N/A          
Redemption Commencement                    Interest Reset Date(s): N/A          
        Date (if any): N/A                 Interest Determination Date(s): N/A  
Optional Repayment: at the option of the   Calculation Date(s): N/A             
        holders of the Notes, at 100% of   Interest Payment Dates: February 1,  
        their principal amount, together                           August 1    
        with accrued interest to           Regular Record Date(s): N/A         
        August 1, 2007.                                                        

        Redemption prices (if any): The Redemption Price shall initially be
  N/A   % of the principal amount of such Notes to be redeemed and shall decline
(but not below par) on each anniversary of the Redemption Commencement Date by 
  N/A   % of the principal amount to be redeemed until the Redemption Price is 
100% of such principal amount.

        If such Notes are denominated in other than U.S. dollars, the applicable
Foreign Currency Supplement is attached hereto.

        Additional terms: N/A
       
        As of the date of this Pricing Supplement, the aggregate initial public 
offering price (or its equivalent in other currencies) of the Debt Securities 
(as defined in the Prospectus) which have been sold (including the Notes to 
which this Pricing Supplement relates) is $130,000,000.

        "N/A" as used herein means "Not Applicable." "A/S" as used herein means 
"As stated in the Prospectus Supplement referred to above."

                               J.P. MORGAN & CO.


 
                                             FILING UNDER RULE 424(b)(3)
                                             REGISTRATION FILE NO. 33-63687
 
PRICING SUPPLEMENT NO. 1
DATED JULY 30, 1997
(TO PROSPECTUS DATED NOVEMBER 7, 1995 AND
PROSPECTUS SUPPLEMENT DATED APRIL 17, 1997)

                                 $200,000,000

                        FEDERAL REALTY INVESTMENT TRUST

                               MEDIUM-TERM NOTES

Principal amount: $8,000,000               Floating Rate Notes: N/A             
Interest Rate (if fixed rate): 6.82%       Interest rate basis: N/A             
Stated Maturity: August 1, 2027                    Commercial Paper Rate        
Specified Currency: U.S.$                          Prime Rate                   
Applicable Exchange Rate (if any):                 LIBOR                        
        U.S.$1.00 = N/A                            Treasury Rate                
Issue price (as a percentage of                    CD Rate                      
        principal amount): 100%                    Federal Funds Rate           
Selling Agent's commission (%): 0.625%             Other:                       
Purchasing Agent's discount                Index Maturity: N/A                  
        or commission (%): N/A             Spread: N/A                          
Net proceeds to the Company (%): 99.375%   Spread Multiplier: N/A               
Settlement date (original                  Maximum Rate: N/A                    
        issue date): August 1, 1997        Minimum Rate: N/A                    
Trade Date: July 29, 1997                  Initial Interest Rate: N/A         
Redemption Commencement                    Interest Reset Date(s): N/A          
        Date (if any): N/A                 Interest Determination Date(s): N/A  
Optional Repayment: at the option of the   Calculation Date(s): N/A             
        holders of the Notes, at 100% of   Interest Payment Dates: February 1,  
        their principal amount, together                           August 1   
        with accrued interest to           Regular Record Date(s): N/A 
        August 1, 2007.

        Redemption prices (if any): The Redemption Price shall initially be
  N/A   % of the principal amount of such Notes to be redeemed and shall decline
(but not below par) on each anniversary of the Redemption Commencement Date by 
  N/A   % of the principal amount to be redeemed until the Redemption Price is 
100% of such principal amount.

        If such Notes are denominated in other than U.S. dollars, the applicable
Foreign Currency Supplement is attached hereto.

        Additional terms: N/A
       
        As of the date of this Pricing Supplement, the aggregate initial public 
offering price (or its equivalent in other currencies) of the Debt Securities 
(as defined in the Prospectus) which have been sold (including the Notes to 
which this Pricing Supplement relates) is $130,000,000.

        "N/A" as used herein means "Not Applicable." "A/S" as used herein means 
"As stated in the Prospectus Supplement referred to above."

                              MERRILL LYNCH & CO.