<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>                             JUL-01-1998
<PERIOD-END>                               SEP-30-1998
<INVESTMENTS-AT-COST>                    1,034,361,538
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<RECEIVABLES>                                        0
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<OTHER-ITEMS-ASSETS>                             6,555
<TOTAL-ASSETS>                           1,080,282,903
<PAYABLE-FOR-SECURITIES>                             0
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<TOTAL-LIABILITIES>                         31,931,894
<SENIOR-EQUITY>                                      0
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<EXPENSES-NET>                              (1,670,895)
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<REALIZED-GAINS-CURRENT>                    (2,736,288)
<APPREC-INCREASE-CURRENT>                    5,980,001
<NET-CHANGE-FROM-OPS>                       20,226,075
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
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<NUMBER-OF-SHARES-SOLD>                        175,874
<NUMBER-OF-SHARES-REDEEMED>                          0
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