<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-31-1997
<PERIOD-START>                             JAN-01-1997
<PERIOD-END>                               MAR-31-1997
<INVESTMENTS-AT-COST>                      550,095,416
<INVESTMENTS-AT-VALUE>                     553,224,396
<RECEIVABLES>                              176,471,000
<ASSETS-OTHER>                              12,694,916
<OTHER-ITEMS-ASSETS>                         7,960,567
<TOTAL-ASSETS>                             750,350,879
<PAYABLE-FOR-SECURITIES>                   184,809,616
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                   11,015,746
<TOTAL-LIABILITIES>                        195,825,362
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                             0
<SHARES-COMMON-STOCK>                        4,863,977
<SHARES-COMMON-PRIOR>                        3,295,786
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                               554,525,517
<DIVIDEND-INCOME>                              478,729
<INTEREST-INCOME>                            3,720,927
<OTHER-INCOME>                               3,819,305
<EXPENSES-NET>                                (625,662)
<NET-INVESTMENT-INCOME>                      7,393,299
<REALIZED-GAINS-CURRENT>                        37,906
<APPREC-INCREASE-CURRENT>                      (79,858)
<NET-CHANGE-FROM-OPS>                        7,351,347
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                      1,568,191
<NUMBER-OF-SHARES-REDEEMED>                          0
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                     184,830,464
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          283,270
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                625,662
<AVERAGE-NET-ASSETS>                       475,928,911
<PER-SHARE-NAV-BEGIN>                          111.111
<PER-SHARE-NII>                                  1.657
<PER-SHARE-GAIN-APPREC>                          0.106
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                            112.874
<EXPENSE-RATIO>                                  0.130
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0