<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>                             JUL-01-1997
<PERIOD-END>                               SEP-30-1997
<INVESTMENTS-AT-COST>                      689,160,191
<INVESTMENTS-AT-VALUE>                     704,016,530
<RECEIVABLES>                                  405,236
<ASSETS-OTHER>                              14,464,645
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                             718,886,411
<PAYABLE-FOR-SECURITIES>                       259,875
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                   28,776,680
<TOTAL-LIABILITIES>                         29,036,555
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                             0
<SHARES-COMMON-STOCK>                        5,677,516
<SHARES-COMMON-PRIOR>                        5,047,300
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                               689,849,856
<DIVIDEND-INCOME>                            1,328,459
<INTEREST-INCOME>                            2,594,221
<OTHER-INCOME>                               8,901,530
<EXPENSES-NET>                                (948,639)
<NET-INVESTMENT-INCOME>                     11,875,571
<REALIZED-GAINS-CURRENT>                       850,966
<APPREC-INCREASE-CURRENT>                    9,882,294
<NET-CHANGE-FROM-OPS>                       22,608,831
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        630,216
<NUMBER-OF-SHARES-REDEEMED>                          0
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                      98,663,518
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          454,451
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                948,639
<AVERAGE-NET-ASSETS>                       642,139,786
<PER-SHARE-NAV-BEGIN>                          115.238
<PER-SHARE-NII>                                  1.653
<PER-SHARE-GAIN-APPREC>                          2.420
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                            119.311
<EXPENSE-RATIO>                                  0.148
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0