<TABLE> <S> <C>

<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
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-END>                               DEC-31-1996
<INVESTMENTS-AT-COST>                      364,721,889
<INVESTMENTS-AT-VALUE>                     367,930,727
<RECEIVABLES>                               47,480,000
<ASSETS-OTHER>                               6,979,540
<OTHER-ITEMS-ASSETS>                         3,981,740
<TOTAL-ASSETS>                             426,372,007
<PAYABLE-FOR-SECURITIES>                    51,354,619
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                    5,322,335
<TOTAL-LIABILITIES>                         56,676,954
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                             0
<SHARES-COMMON-STOCK>                        3,295,786
<SHARES-COMMON-PRIOR>                        1,172,498
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                               369,695,053
<DIVIDEND-INCOME>                              456,579
<INTEREST-INCOME>                            5,570,907
<OTHER-INCOME>                               7,580,686
<EXPENSES-NET>                              (1,155,796)
<NET-INVESTMENT-INCOME>                     12,452,376
<REALIZED-GAINS-CURRENT>                       141,439
<APPREC-INCREASE-CURRENT>                    3,189,100
<NET-CHANGE-FROM-OPS>                       15,782,915
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                      2,123,288
<NUMBER-OF-SHARES-REDEEMED>                          0
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                     249,436,708
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          642,042
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              1,155,796
<AVERAGE-NET-ASSETS>                       189,541,526
<PER-SHARE-NAV-BEGIN>                          102.566
<PER-SHARE-NII>                                  6.836
<PER-SHARE-GAIN-APPREC>                          1.709
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                            111.111
<EXPENSE-RATIO>                                   .610
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>