<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>                          APR-01-1997
<PERIOD-END>                            JUN-30-1997
<INVESTMENTS-AT-COST>                   601,134,115
<INVESTMENTS-AT-VALUE>                  606,108,160
<RECEIVABLES>                                     0
<ASSETS-OTHER>                           19,580,808
<OTHER-ITEMS-ASSETS>                      2,399,628
<TOTAL-ASSETS>                          628,088,596
<PAYABLE-FOR-SECURITIES>                     35,000
<SENIOR-LONG-TERM-DEBT>                           0
<OTHER-ITEMS-LIABILITIES>                36,867,258
<TOTAL-LIABILITIES>                      36,902,258
<SENIOR-EQUITY>                                   0
<PAID-IN-CAPITAL-COMMON>                          0
<SHARES-COMMON-STOCK>                     5,047,300
<SHARES-COMMON-PRIOR>                     4,863,977
<ACCUMULATED-NII-CURRENT>                         0
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<NET-ASSETS>                            591,186,338
<DIVIDEND-INCOME>                           832,381
<INTEREST-INCOME>                         2,742,795
<OTHER-INCOME>                            7,148,396
<EXPENSES-NET>                             (856,404)
<NET-INVESTMENT-INCOME>                   9,867,168
<REALIZED-GAINS-CURRENT>                     50,155
<APPREC-INCREASE-CURRENT>                 1,845,065
<NET-CHANGE-FROM-OPS>                    11,762,388
<EQUALIZATION>                                    0
<DISTRIBUTIONS-OF-INCOME>                         0
<DISTRIBUTIONS-OF-GAINS>                          0
<DISTRIBUTIONS-OTHER>                             0
<NUMBER-OF-SHARES-SOLD>                     183,323
<NUMBER-OF-SHARES-REDEEMED>                       0
<SHARES-REINVESTED>                               0
<NET-CHANGE-IN-ASSETS>                   36,660,821
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<INTEREST-EXPENSE>                                0
<GROSS-EXPENSE>                             856,404
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<PER-SHARE-NAV-BEGIN>                       112.874
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<EXPENSE-RATIO>                               0.160
<AVG-DEBT-OUTSTANDING>                            0
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