8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

____________________

FORM 8-K

CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported)
January 24, 2008
____________________

TIAA REAL ESTATE ACCOUNT
(Exact Name of Registrant as Specified in its Charter)

New York	Not Applicable
(State or Other Jurisdiction of Incorporation)	(IRS Employer Identification No.)

33-92990, 333-13477, 333-22809, 333-59778,
333-83964, 333-113602, 333-121493, 333-132580 and 333-141513
(Commission File Number)

c/o Teachers Insurance and Annuity Association of America
730 Third Avenue
New York, New York 10017-3206
(Address of principal executive offices) (Zip Code)

(Registrant’s Telephone Number, Including Area Code): (212) 490-9000

N/A
(Former name or former address, if changed since last report)
____________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02    Results of Operations and Financial Condition.

     The information set forth below under “Item 7.01 Regulation FD Disclosure” is incorporated herein by reference.

Item 7.01    Regulation FD Disclosure.

      From time to time, the TIAA Real Estate Account (the “Account” or the “Registrant”) prepares materials for its investors so that such investors may compare the performance of the Account to that of an independently formulated composite index. In order to facilitate comparability between the Account’s performance and this index, the Account has engaged the National Council of Real Estate Investment Fiduciaries, an independent party, to recalculate the Account’s direct real estate asset performance in accordance with the methodology used to measure performance for the real estate portion of the composite index (such document is entitled the “Report”). This recalculated performance is designed for the use of Account investors for comparison purposes only, and does not reflect the true returns experienced by holders of interests in the Account. In the future, the Account periodically intends to prepare similar comparison materials for its investors to reflect the most recent fiscal period for which data is available.

      The most recently prepared Report, relating to the performance of the Account through September 30, 2007, is furnished as Exhibit 99.1 to this report. The information contained in this Item 7.01, including Exhibit 99.1 furnished herewith, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, and shall not be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, or the Exchange Act, except as otherwise stated in such filing.

Item 9.01 Financial Statements and Exhibits.

(a)	Not Applicable.
(b)	Not Applicable.
(c)	Not Applicable.
(d)	Exhibits.

Exhibit No.	Description
99.1 --	Quarterly Composite Index Comparison for the period ending September 30, 2007.

SIGNATURES

      Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	TIAA REAL ESTATE ACCOUNT
	By:	TEACHERS INSURANCE AND ANNUITY
		ASSOCIATION OF AMERICA
DATE: January 24, 2008	By:	/s/ Stewart P. Greene
		Stewart P. Greene
		Vice President and Associate General Counsel

EX-99.1

Exhibit 99.1

QUARTERLY ANALYSIS
TIAA REAL ESTATE ACCOUNT

REA COMPOSITE INDEX COMPARISON
QUARTER ENDING SEPTEMBER 30, 2007

Introduction

The TIAA Real Estate Account (“Account”) is unique in that it offers TIAA-CREF’s retirement plan participants exposure to a portfolio of income producing real estate, diversified across property types and geographic locations. While the Account offers investors the opportunity to invest in income-producing real estate previously only available to large institutional investors, there are relatively few sources of returns that can be used as a direct comparison for assessing the performance of the Account. In addition, such comparisons are highly complex.

The quarterly analysis which follows is designed to provide both comparison and supplemental return information to aid investors in understanding the standard performance of the Account as calculated by TIAA-CREF relative to the real estate market returns as represented by NCREIF. Because of its complexity, this analysis is best explained to institutions by registered representatives of TIAA-CREF Individual & Institutional Services, LLC.

The TIAA Real Estate Account Composite Index

The TIAA Real Estate Account Composite Index (“REA Composite Index”) is comprised of:

-the total return for all real estate properties owned or managed in commingled open-end funds, as derived from the database of the National Council of Real Estate Investment Fiduciaries (“NCREIF”), an independent party (hereinafter, “NCREIF Open-end”).

-the Dow Jones Wilshire Real Estate Securities Index for real estate securities, and

-the iMoneyNet All-Taxable Average for short-term, cash-like investments.

The REA Composite Index composition is weighted among the above three components in a fixed 75%, 5% and 20% composition, respectively.

At this time we do not intend to add this Composite Index information to the Account’s prospectus.

Comparison Between The TIAA-CREF Calculated Account Returns And The Rea Composite Index

A comparison between the standard performance of the Account as calculated by TIAA-CREF and the REA Composite Index typically results in differences stemming mainly from the different methodologies used in computing the performance of the properties held by the Account versus those in the NCREIF Open-end. The differences between the two approaches include:

Frequency of Valuation and Appraisals

While an annual appraisal is done by an independent appraiser, the Account values each property quarterly, and value changes, if any, are reported throughout the quarter as they become available. NCREIF Open-end contributors, for the most part, appraise properties annually and value changes are reported typically at the end of the fourth quarter.

Treatment of Leverage

NCREIF properties are reported on an unlevered basis regardless of the actual debt placed on the properties. TIAA-CREF incorporates the effect of leverage in the standard performance of the Account.

Timing of Activity

Purchases and sales of properties are accounted for in the Account’s performance on the day they close, while NCREIF does not add a newly purchased property to the index until the end of the first full quarter if it has been appraised, or after the second full quarter. When a property in the index is sold, it is deleted in the following full quarter.

Income and capital expenditures are reflected in the Account’s performance throughout the quarter. NCREIF reflects these factors only at the end of each quarter.

Because of these differences, TIAA-CREF believes that in order to more closely compare the Real Estate Account’s returns to the REA Composite Index, the returns of the direct real estate property component of the Account must be calculated using the NCREIF methodology (“REA-NCREIF Calculation”).

REA-NCREIF Calculations

In order to compare the performance of the TIAA Real Estate Account with the REA Composite Index, the Account’s direct real estate property returns must first be calculated using NCREIF’s methodology. This is done for the Account by NCREIF under contract with TIAA-CREF. The Account’s direct real estate property returns as calculated by NCREIF are then combined with the TIAA-CREF calculated returns for the real estate securities and the short-term/cash portions of the Account. Once these steps are taken, the resulting Account performance (“TIAA REA-with NCREIF-Calculated Property Returns”) may be compared with the REA Composite Index.

The returns for the TIAA REA-with NCREIF-Calculated Property Returns and the REA Composite Index are calculated quarterly. (There is generally a four- to six-week lag in the reporting of the NCREIF calculation of the property components.) Once the NCREIF Calculated quarterly property return time series is available, TIAA-CREF computes quarterly twelve-quarter rolling average returns for the properties in both the Account and the REA Composite Index. The twelve-quarter rolling average is employed to smooth the distortion resulting from differences in appraisal timing and the timing of activity discussed above. NCREIF excludes the following from the REA-NCREIF Calculation of performance: foreign properties; properties held in geographically diverse portfolios within the Account; property types not included in the NCREIF universe but included in the Account; and newly-developed properties with less than one year’s operating history. Finally, historical results may be re-stated if the NCREIF Open-end data contributors, including TIAA, revise their historical information. Because the NCREIF Open-end as well as the other indices comprising the REA Composite Index are subject to revisions, we will use the most current return time series available to calculate the trailing returns reported in this document. Therefore, results for periods longer than one quarter reported in this document may differ from those reconstructed using previously reported data in the Quarterly REA Composite Index Comparison document.

Return Data Comparison

The results for the TIAA Real Estate Account’s standard returns, the TIAA REA-with NCREIF-Calculated Property Returns and the REA Composite Index are reported below.

Performance For The Period Ending September 30, 2007
Total Returns				Annual Average Returns
	3 months	YTD	1 Year	3 Year	5 Year	Since Inception2
Tiaa Real Estate Account1	3.66%	11.40%	13.68%	14.41%	12.04%	9.93%
TIAA REA-with NCREIF-Calculated    Property Returns3	3.32%	10.61%	14.88%	13.27%	11.23%	10.80%
REA Composite Index 4
	3.31%	9.65%	13.50%	12.32%	10.26%	10.40%

1	Standard performance returns for the Account based on actual changes in unit values as reported to Real Estate Account participants. The differences between the Account’s standard returns calculated by TIAA-CREF and the returns of the TIAA REA-with NCREIF-Calculated Property Returns are primarily due to the differences mentioned above under “Comparison between the TIAA-CREF Calculated Account Returns and the REA Composite Index”. The effects of these differences in methodology may be significant and should not be construed by investors as an accurate indication of the Account’s actual relative performance.
	Estimated annual expenses: 0.785%. Note: We estimate expenses for the year based on projected expense and asset levels. Differences between estimated and actual expenses are adjusted quarterly and reflected in current investment results.
2	In order to be comparable with the inception timeframe of the TIAA REA-with NCREIF-Calculated Property Returns, the Account’s standard performance returns are calculated as of 10/1/1998, not 10/1/1995, the Account’s official inception date. This is necessary to allow the Account’s standard return inception to be comparable to that of the TIAA REA-with NCREIF-Calculated Property Returns, where the direct real estate property component is calculated using a twelve-quarter roll. The first twelve-quarter roll incorporates quarterly returns going back since Q1 1996, the first quarter of the REA-NCREIF Calculated direct real estate property returns.
3	The Real Estate Account’s performance with the direct real estate property component return calculated by NCREIF for the Account; calculation uses twelve quarter rolling average. The REIT and short-term/cash components of the return are calculated by TIAA-CREF.
4	Described above under “TIAA Real Estate Account Composite Index” and calculated using a twelve-quarter rolling average for the direct real estate component.

The performance data quoted represents past performance, and is no guarantee of future results. Your returns and the principal value of your investment will fluctuate so that your accumulation units or shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted herein. For performance current to the most recent month, visit www.tiaa-cref.org/advisors or call 888 842-0318.

The TIAA Real Estate Account looks for favorable long-term returns through capital appreciation and rental income. In the past, real estate returns have shown little correlation to stock and bond returns, have been less volatile than stocks in particular, and have tended to provide a good hedge against inflation. The risks associated with real estate ownership, include fluctuations in property values, higher expenses or lower income than expected, and potential environmental problems and liability. For a more complete discussion of these and other risks, please consult the prospectus.

The Real Estate Account is available in California beginning January 1, 2006 if offered under the employer’s plan or for a specific product. Please contact us about availability. While recently enacted legislation makes the TIAA Real Estate Account available to participants in California, a number of additional regulatory and administrative requirements must be met before we can begin accepting investments into this account.

TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc. distribute securities products.

You should consider the investment objectives, risks, charges and expenses carefully before investing. This presentation must be preceded or accompanied by a current prospectus. Please call 888 842-0318 or go to www.tiaa-cref.org/advisors for additional copies that contain this and other information. Please read the prospectus carefully before investing. For broker/dealer and financial advisor use only. Not for distribution to the general public.

The TIAA Real Estate Account has filed a registration statement (including a prospectus) with the Securities and Exchange Commission for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents that the TIAA Real Estate Account has filed with the Securities and Exchange Commission for more complete information about the TIAA Real Estate Account and this offering. You may get these documents for free by visiting EDGAR on the Securities and Exchange Commission website at http://www.sec.gov. Alternatively, the TIAA Real Estate Account, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request by calling toll-free 800 842-2776.

TIAA Real Estate Account Sticker and Prospectus:
http://www.tiaa-cref.org/pdf/prospectuses/realestate_prosp.pdf

© 2008 Teachers Insurance and Annuity Association – College Retirement Equities Fund (TIAACREF), 730 Third Avenue, New York, NY 10017-3206.

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