<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
UNAUDITED FINANCIAL STATEMENTS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000946155
<NAME> TIAA REAL ESTATE ACCOUNT
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1999
<PERIOD-START>                             JAN-01-1999
<PERIOD-END>                               MAR-31-1999
<INVESTMENTS-AT-COST>                    1,319,528,096
<INVESTMENTS-AT-VALUE>                   1,345,260,134
<RECEIVABLES>                                        0
<ASSETS-OTHER>                              19,521,375
<OTHER-ITEMS-ASSETS>                            57,982
<TOTAL-ASSETS>                           1,364,839,491
<PAYABLE-FOR-SECURITIES>                        57,240
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                   31,130,095
<TOTAL-LIABILITIES>                         31,187,335
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                             0
<SHARES-COMMON-STOCK>                        9,669,074
<SHARES-COMMON-PRIOR>                        8,833,911
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                             1,333,652,156
<DIVIDEND-INCOME>                            2,044,302
<INTEREST-INCOME>                            4,364,165
<OTHER-INCOME>                              17,542,062
<EXPENSES-NET>                             (2,160,879)
<NET-INVESTMENT-INCOME>                     21,789,650
<REALIZED-GAINS-CURRENT>                     5,606,417
<APPREC-INCREASE-CURRENT>                  (7,669,787)
<NET-CHANGE-FROM-OPS>                       19,726,280
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        835,163
<NUMBER-OF-SHARES-REDEEMED>                          0
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                     137,285,269
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
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<GROSS-ADVISORY-FEES>                        1,044,886
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              2,160,879
<AVERAGE-NET-ASSETS>                     1,264,957,613
<PER-SHARE-NAV-BEGIN>                          132.172
<PER-SHARE-NII>                                  2.183
<PER-SHARE-GAIN-APPREC>                        (0.107)
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                            132.248
<EXPENSE-RATIO>                                  0.170
<AVG-DEBT-OUTSTANDING>                               0
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