<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-31-1998
<PERIOD-END>                               DEC-31-1998
<INVESTMENTS-AT-COST>                    1,177,842,972
<INVESTMENTS-AT-VALUE>                   1,211,244,797
<RECEIVABLES>                                        0
<ASSETS-OTHER>                              17,786,291
<OTHER-ITEMS-ASSETS>                           572,343
<TOTAL-ASSETS>                           1,229,603,431
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                   33,236,544
<TOTAL-LIABILITIES>                         33,236,544
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                             0
<SHARES-COMMON-STOCK>                        8,833,911
<SHARES-COMMON-PRIOR>                        6,313,015
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
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<NET-ASSETS>                             1,196,366,887
<DIVIDEND-INCOME>                            8,354,899
<INTEREST-INCOME>                           15,588,829
<OTHER-INCOME>                              51,077,869
<EXPENSES-NET>                              (6,274,594)
<NET-INVESTMENT-INCOME>                     68,747,003
<REALIZED-GAINS-CURRENT>                    (5,258,000)
<APPREC-INCREASE-CURRENT>                   13,122,659
<NET-CHANGE-FROM-OPS>                       76,611,662
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                      2,520,896
<NUMBER-OF-SHARES-REDEEMED>                          0
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                     410,548,172
<ACCUMULATED-NII-PRIOR>                              0
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<GROSS-ADVISORY-FEES>                        2,999,113
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<GROSS-EXPENSE>                              6,274,594
<AVERAGE-NET-ASSETS>                       984,784,859
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<EXPENSE-RATIO>                                   .640
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