<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-31-1998
<PERIOD-START>                             JAN-01-1998
<PERIOD-END>                               MAR-31-1998
<INVESTMENTS-AT-COST>                      893,738,246
<INVESTMENTS-AT-VALUE>                     916,400,765
<RECEIVABLES>                                        0
<ASSETS-OTHER>                              14,657,074
<OTHER-ITEMS-ASSETS>                           249,246
<TOTAL-ASSETS>                             931,307,085
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                   30,280,575
<TOTAL-LIABILITIES>                         30,280,575
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                             0
<SHARES-COMMON-STOCK>                        7,081,110
<SHARES-COMMON-PRIOR>                        6,313,015
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                               901,026,510
<DIVIDEND-INCOME>                            1,769,522
<INTEREST-INCOME>                            3,218,082
<OTHER-INCOME>                              10,835,416
<EXPENSES-NET>                              (1,361,053)
<NET-INVESTMENT-INCOME>                     14,461,967
<REALIZED-GAINS-CURRENT>                       259,883
<APPREC-INCREASE-CURRENT>                    2,383,353
<NET-CHANGE-FROM-OPS>                       17,105,203
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        768,095
<NUMBER-OF-SHARES-REDEEMED>                          0
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                     115,207,795
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          698,265
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              1,361,053
<AVERAGE-NET-ASSETS>                       852,098,466
<PER-SHARE-NAV-BEGIN>                          122.297
<PER-SHARE-NII>                                  1.994
<PER-SHARE-GAIN-APPREC>                          0.455
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                            124.746
<EXPENSE-RATIO>                                  0.160
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0