<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
<MULTIPLIER> 1
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-START>                             JAN-01-1996
<PERIOD-END>                               MAR-31-1996
<INVESTMENTS-AT-COST>                      145,387,888
<INVESTMENTS-AT-VALUE>                     145,399,072
<RECEIVABLES>                               18,230,000
<ASSETS-OTHER>                               1,610,506
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                             165,239,578
<PAYABLE-FOR-SECURITIES>                    18,284,952
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                    1,194,889
<TOTAL-LIABILITIES>                         19,479,841
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                             0
<SHARES-COMMON-STOCK>                        1,396,994
<SHARES-COMMON-PRIOR>                        1,172,498
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                               145,759,737
<DIVIDEND-INCOME>                               10,000
<INTEREST-INCOME>                            1,146,347
<OTHER-INCOME>                               1,151,475
<EXPENSES-NET>                               (124,608)
<NET-INVESTMENT-INCOME>                      2,183,214
<REALIZED-GAINS-CURRENT>                        40,605
<APPREC-INCREASE-CURRENT>                      (8,554)
<NET-CHANGE-FROM-OPS>                        2,215,265
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        224,496
<NUMBER-OF-SHARES-REDEEMED>                          0
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                      25,501,392
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           44,558
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                124,845
<AVERAGE-NET-ASSETS>                       132,489,969
<PER-SHARE-NAV-BEGIN>                          102.566
<PER-SHARE-NII>                                  1.699
<PER-SHARE-GAIN-APPREC>                          0.026
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                            104.291
<EXPENSE-RATIO>                                  0.090
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0