<ARTICLE> 5 <LEGEND> This schedule contains summary financial information extracted from HCW Pension Real Estate Fund Limited Partnership 1997 First Quarter 10-QSB and is qualified in its entirety by reference to such 10-QSB filing. </LEGEND> <CIK> 0000745538 <NAME> HCW PENSION REAL ESTATE FUND LIMITED PARTNERSHIP <MULTIPLIER> 1,000 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-END> MAR-31-1997 <CASH> 1,590 <SECURITIES> 0 <RECEIVABLES> 93 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 0<F1> <PP&E> 14,610 <DEPRECIATION> (4,428) <TOTAL-ASSETS> 12,303 <CURRENT-LIABILITIES> 0<F1> <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 0 <OTHER-SE> 11,706 <TOTAL-LIABILITY-AND-EQUITY> 12,303 <SALES> 0 <TOTAL-REVENUES> 802 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 625 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 0 <INCOME-PRETAX> 0 <INCOME-TAX> 0 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 177 <EPS-PRIMARY> 11.07<F2> <EPS-DILUTED> 0 <FN> <F1>Registrant has an unclassified balance sheet. <F2>Multiplier is 1. </FN>