SECURITIES AND EXCHANGE COMMISSION
                          Washington, D.C. 20549


                                 FORM 8-K

                              CURRENT REPORT
                  Pursuant to Section 13 or 15(d) of the
                      Securities Exchange Act of 1934


             Date of Report (Date of earliest event reported):
                       June 24, 1996 (June 21, 1996)

                         TIAA REAL ESTATE ACCOUNT
          (Exact name of registrant as specified in its charter)


New York                     33-92990              Not Applicable
(State or other        (Commission File No.)       (IRS Employer
Jurisdiction of                                    Identification No.)
incorporation)

      c/o Teachers Insurance and Annuity 
      Association of America
      730 Third Avenue
      New York, New York                                 10017-3206
      (Address of principal executive offices)           (Zip Code)

Registrant's telephone number, including area code (212) 490-9000
                                                           



ITEM 5.  OTHER EVENTS.

      The TIAA Real Estate Account has recently purchased an
additional property for its portfolio.  The property is described
below.

Monte Vista Apartments -- Littleton, Colorado
- ----------------------------------------------

           On June 21, 1996, the Account purchased the fee interest
in Monte Vista Apartments, a luxury garden apartment complex
located in Littleton, Colorado, for a purchase price of
approximately $17.6 million.  The property is not subject to a
mortgage.

           Monte Vista Apartments was built in 1995, and is located
on approximately 15.1 acres of land.  The complex consists of 219
one- and two-bedroom units in 22 two-story buildings, with units
containing such amenities as 9 foot ceilings, a gas fireplace and
an attached garage.  Building exteriors are brick and siding. 
There are 221 uncovered parking spaces in addition to the garages. 
Residents have use of an on-site clubhouse, a fully equipped
exercise center and swimming pool.  The complex is currently 95%
occupied with monthly rents averaging $916.00 per unit.  Rents are
comparable with competitive complexes in the locality and are not
subject to rent regulation.  The Account will be responsible for
the expenses of operating the property.

           Littleton is located 10 miles southwest of downtown
Denver.  Denver, the capital of Colorado, is the largest city in
the seven state Rocky Mountain region.  The population of the
Denver metropolitan area, which includes Littleton, has grown
steadily during the past ten years and is expected to continue to
expand in the near future.









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                                SIGNATURES    

      Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.

                             TIAA REAL ESTATE ACCOUNT

                             By:  TEACHERS INSURANCE AND ANNUITY
                                  ASSOCIATION OF AMERICA

Date: June 24, 1996          By:  /s/ Peter C. Clapman
                                  --------------------------------
                                  Peter C. Clapman, Senior Vice
                                  President and Chief Counsel,
                                  Investments 
                                  (Authorized Signatory)

















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