EXHIBIT 31

CERTIFICATIONS

I, Herbert M. Allison, Jr., certify that:

1. I have reviewed this annual report on Form 10-K of
    the TIAA Real Estate Account;

2. Based on my knowledge,
    this report does not contain any untrue statement of a material fact or omit
    to state a material fact necessary to make the statements made, in light
    of the circumstances under which such statements were made, not misleading
    with respect to the period covered by this report;

3. Based on my knowledge,
    the financial statements, and other financial information included in this
    report, fairly present in all material respects the financial condition,
    results of operations and cash flows of the registrant as of, and for, the
    periods presented in this report;

4. The registrant's other
    certifying officers and I are responsible for establishing and maintaining
    disclosure controls and procedures and internal control over financial reporting
    (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant
    and have:

a) Designed such disclosure
    controls and procedures, or caused such disclosure controls and procedures
    to be designed under our supervision, to ensure that material information
    relating to the registrant, including its consolidated subsidiaries, is made
    known to us by others within those entities, particularly during the period
    in which this report is being prepared;

b) Designed such internal
    control over financial reporting, or caused such internal control over financial
    reporting to be designed under our supervision, to provide reasonable assurance
    regarding the reliability of financial reporting and the preparation of financial
    statements for external purposes in accordance with generally accepted accounting
    principles;

c) Evaluated the effectiveness
    of the registrant's disclosure controls and procedures and presented in this
    report our conclusions about the effectiveness of the disclosure controls
    and procedures, as of the end of the period covered by this report based
    on such evaluation; and

d) Disclosed in this report
    any change in the registrants internal control over financial reporting
    that occurred during the registrants most recent fiscal quarter that
    has materially affected, or is reasonably likely to materially affect, the
    registrants internal control over financial reporting; and

5. The registrant's other
    certifying officers and I have disclosed, based on our most recent evaluation
    of internal control over financial reporting, to the registrant's auditors
    and the audit committee of registrant's board of directors (or persons performing
    the equivalent function):

a) all significant deficiencies
    and material weaknesses in the design or operation of internal control over
    financial reporting which are reasonably likely to adversely affect the registrant's
    ability to record, process, summarize and report financial information; and

---



b) any fraud, whether or
    not material, that involves management or other employees who have a significant
    role in the registrants internal control over financial reporting.

|Date:   April
                   15, 2005 |  | /s/ Herbert M. Allison, Jr.                       
|----------------------------------------- |  | --------------------------------------------------
|                                          |  |                                                   
|                                          |  | Herbert M. Allison, Jr.                           
|                                          |  | Chairman of the Board, President
        and Chief
|                                          |  | Executive Officer, Teachers
        Insurance and 
|                                          |  | Annuity Association of America                    

---



1. I have reviewed this
    annual report on Form 10-K of the TIAA Real Estate Account;

2. Based on my
      knowledge, this report does not contain any untrue statement of a material
      fact or omit to state a material fact necessary to make the statements
    made, in light of the circumstances under which such statements were made,
    not misleading with respect to the period covered by this report;

3. Based
      on my knowledge, the financial statements, and other financial information
      included in this report, fairly present in all material respects the financial
      condition, results of operations and cash flows of the registrant as of,
      and for, the periods presented in this report;

4. The registrant's other
        certifying officers and I are responsible for establishing and maintaining
        disclosure controls and procedures and internal control over financial
      reporting (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for
      the registrant and have:

a) Designed such disclosure controls and procedures,
        or caused such disclosure controls and procedures to be designed under
      our supervision, to ensure that material information relating to the registrant,
        including its consolidated subsidiaries, is made known to us by others
      within those entities, particularly during the period in which this report
      is being prepared;

b) Designed such internal control over financial reporting,
        or caused such internal control over financial reporting to be designed
      under our supervision, to provide reasonable assurance regarding the reliability
          of financial reporting and the preparation of financial statements
    for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure
    controls and procedures and presented in this report our conclusions about
    the effectiveness of the disclosure controls and procedures, as of the end
    of the period covered by this report based on such evaluation; and

d) Disclosed
      in this report any change in the registrants
                  internal control over financial reporting that occurred during the registrants
                  most recent fiscal quarter that has materially affected, or is reasonably
                  likely to materially affect, the registrants internal control over
                  financial reporting; and

5. The registrant's other certifying officers and
                    I have disclosed, based on our most recent evaluation of
    internal control over financial reporting, to the registrant's auditors and
    the audit committee of registrant's board of directors (or persons performing
    the equivalent function):

a) all significant deficiencies and material weaknesses
      in the design or operation of internal control over financial reporting
    which are reasonably likely to adversely affect the registrant's ability
    to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management
    or other employees who have a significant role in the registrant's internal
    control over financial reporting.

|Date:   April
               15, 2005 |  | /s/ Elizabeth A. Monrad                       
|------------------------------------- |  | ----------------------------------------------
|                                      |  |                                               
|                                      |  | Elizabeth A. Monrad                           
|                                      |  | Executive Vice President                      
|                                      |  | (Chief Financial Officer),                    
|                                      |  | Teachers Insurance and Annuity
    Association
|                                      |  | of America                                    

---