EXHIBIT 23.3


                   CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS

        As independent public accountants, we hereby consent to the use of our
reports, AMB Contributed Properties, dated August 15, 1997, AMB Institutional
Realty Advisors, dated August 15, 1997, 1997 Acquired Properties, dated August
31, 1997, and 1996 Acquired Properties, dated August 4, 1997, included in this
registration statement of AMB Property Corporation on Form S-11, dated
September 18, 1997.


                                              /s/ ARTHUR ANDERSEN LLP
                               


September 18, 1997