<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE AUDITED
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>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-END>                               DEC-31-1997
<INVESTMENTS-AT-COST>                      781,006,967
<INVESTMENTS-AT-VALUE>                     801,286,133
<RECEIVABLES>                                        0
<ASSETS-OTHER>                              14,067,094
<OTHER-ITEMS-ASSETS>                           407,598
<TOTAL-ASSETS>                             815,760,825
<PAYABLE-FOR-SECURITIES>                        10,463
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                   29,931,647
<TOTAL-LIABILITIES>                         29,942,110
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                             0
<SHARES-COMMON-STOCK>                        6,313,015
<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>                               785,818,715
<DIVIDEND-INCOME>                            4,406,679
<INTEREST-INCOME>                           12,079,600
<OTHER-INCOME>                              28,964,613
<EXPENSES-NET>                              (3,526,545)
<NET-INVESTMENT-INCOME>                     41,924,347
<REALIZED-GAINS-CURRENT>                     1,076,725
<APPREC-INCREASE-CURRENT>                   17,070,328
<NET-CHANGE-FROM-OPS>                       60,071,400
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                      3,017,229
<NUMBER-OF-SHARES-REDEEMED>                          0
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                     416,123,662
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
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<GROSS-ADVISORY-FEES>                        1,647,689
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              3,526,545
<AVERAGE-NET-ASSETS>                       604,133,990
<PER-SHARE-NAV-BEGIN>                          111.111
<PER-SHARE-NII>                                  7.199
<PER-SHARE-GAIN-APPREC>                          3.987
<PER-SHARE-DIVIDEND>                                 0
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<EXPENSE-RATIO>                                   .580
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0