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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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):
July 8, 1999 (July 8, 1999)
TIAA REAL ESTATE ACCOUNT
(Exact name of registrant as specified in its charter)
New York 33-92990, Not Applicable
(State or other 333-13477 and (IRS Employer
Jurisdiction of 333-22809 Identification No.)
incorporation) (Commission File Nos.)
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
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ITEM 5. OTHER EVENTS.
The TIAA Real Estate Account (the "Account") has recently acquired an
additional property for its portfolio, as described below.
On July 8, 1999, the Account purchased a 50-story office building
located at 780 Third Avenue in New York, New York (midtown Manhattan), for a
purchase price of approximately $161,000,000. The property is not subject to a
mortgage.
780 Third Avenue was built in 1984, and contains approximately 487,501
rentable square feet. It features a polished granite exterior and attractive
plaza area. The building is approximately 94% leased to various tenants, with
rents averaging $42 per square foot. Recently signed leases at the property
have commanded significantly higher rents, reflecting the strong real estate
market in midtown Manhattan. No tenant occupies more than 4% of building
space. Although the terms vary under each lease, most of the expenses for
operating the property are either borne or reimbursed by the tenants.
As of the date of this report, the acquisition represented approximately
11% of the Account's total net assets and just over 15% of its real estate
assets.
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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: July 8, 1999 By: /s/ Lisa Snow
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Lisa Snow,
Vice President and Chief Counsel,
Corporate Law
(Authorized Signatory)
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