<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>                             APR-01-1996
<PERIOD-END>                               JUN-30-1996
<INVESTMENTS-AT-COST>                      168,071,508
<INVESTMENTS-AT-VALUE>                     168,739,896
<RECEIVABLES>                               10,700,000
<ASSETS-OTHER>                               2,803,070
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                             182,242,966
<PAYABLE-FOR-SECURITIES>                    10,832,809
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                    2,341,829
<TOTAL-LIABILITIES>                         13,174,638
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                             0
<SHARES-COMMON-STOCK>                        1,561,082
<SHARES-COMMON-PRIOR>                        1,396,994
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                               169,068,328
<DIVIDEND-INCOME>                               50,825
<INTEREST-INCOME>                            1,137,192
<OTHER-INCOME>                               1,547,812
<EXPENSES-NET>                               (198,188)
<NET-INVESTMENT-INCOME>                      2,537,641
<REALIZED-GAINS-CURRENT>                         (370)
<APPREC-INCREASE-CURRENT>                      657,204
<NET-CHANGE-FROM-OPS>                        3,194,475
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        164,088
<NUMBER-OF-SHARES-REDEEMED>                          0
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                      23,308,591
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          136,267
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                198,188
<AVERAGE-NET-ASSETS>                       153,634,108
<PER-SHARE-NAV-BEGIN>                          104.291
<PER-SHARE-NII>                                  1.685
<PER-SHARE-GAIN-APPREC>                          0.429
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                            106.405
<EXPENSE-RATIO>                                  0.129
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0