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TIAA REAL ESTATE ACCOUNT

SUPPLEMENT NO. 1

Dated February 11, 2022 to the Prospectus dated May 1, 2021

This prospectus supplement should be read in conjunction with the TIAA Real Estate Account’s prospectus, dated May 1, 2021, as supplemented to date, which is collectively referred to herein as the “prospectus.” This prospectus supplement is qualified in its entirety by reference to the prospectus except to the extent that the information in this prospectus supplement updates and supersedes the information contained in the prospectus.

The following describes property, property-related and financing transactions by the Account between April 9, 2021 and December 31, 2021. Except as noted, the expenses for operating the properties purchased are either borne or reimbursed, in whole or in part, by the property tenants, although the terms vary under each lease. The Account is responsible for operating expenses not reimbursed under the terms of a lease.

On April 19, 2021, the Account sold an office property located in San Diego, California for $122.0 million, realizing a loss of $28 million on the sale. The majority of the realized loss was previously recognized as unrealized losses in the Account’s Consolidated Statement of Operations.

During the period from April 27, 2021 through December 28, 2021, the Account’s Storage Portfolio IV joint venture investment, in which the Account holds a 90% interest, purchased 27 storage properties located throughout the United States for $360.1 million (the Account’s share).

On April 30, 2021, the Account’s Juniper Medical Office Building (“MOB”) Portfolio joint venture, in which the Account holds a 50% interest, purchased an office property in San Antonio, Texas for $6.8 million (the Account’s share).

On May 10, 2021, the Account’s Juniper MOB Portfolio joint venture, in which the Account holds a 50% interest, purchased an office property in Laguna Hills, California for $12.3 million (the Account’s share).

On May 21, 2021, the Account purchased a 98.5% interest in an apartment property in Columbia, South Carolina for $54.6 million (the Account’s share).

On May 26, 2021, the Account sold a small portion of land on the property to the City of Alpharetta for $0.4 million, realizing a gain of $0.1 million on the sale.

On June 14, 2021, the Account sold an apartment portfolio located in Highlands, Colorado for $433.4 million, realizing a gain of $227.7 million on the sale. The majority of the realized gain was previously recognized as unrealized gains in the Account’s Consolidated Statement of Operations.

On June 24, 2021, the Account purchased an industrial property in Clayton, Indiana for $101.3 million.

On July 7, 2021, the Account sold a retail property located in Nashville, Tennessee for $10.3 million, recognizing a gain of $2.5 million on the sale. The majority of the realized gain was previously recognized as unrealized gains in the Account’s Consolidated Statement of Operations.

On July 9, 2021, the Account sold a retail property held in the Florida Retail Portfolio joint venture investment, in which the Account has an 80% interest, for $19.7 million (the Account’s share), recognizing a loss of $2.5 million on the sale. The majority of the realized loss was previously recognized as unrealized losses in the Account’s Consolidated Statement of Operations.

On July 14, 2021, the Account sold a retail property located in Woodstock, Georgia for $37.5 million, recognizing a gain of $2.9 million on the sale. The majority of the realized gain was previously recognized as unrealized gains in the Account’s Consolidated Statement of Operations.

On July 27, 2021, the Account’s Juniper MOB Portfolio joint venture, in which the Account holds a 50% interest, purchased an office property in Colorado Springs, Colorado for $4.6 million (the Account’s share).

On July 28, 2021, the Account purchased land located in Port St. Lucie, Florida for $13.6 million.

On August 2, 2021, the Account sold a portion of land in Fort Worth, Texas for $15.2 million, realizing a gain of $6.7 million on the sale. The majority of the gain was previously recognized as unrealized gains in the Account’s Consolidated Statement of Operations.

On August 5, 2021, the Account sold a retail property located in Newnan, Georgia for $41.3 million, realizing a gain of $0.7 million on the sale. The majority of the gain was previously recognized as unrealized gains in the Account’s Consolidated Statement of Operations.

On August 27, 2021, the Account sold a retail property located in Carlsbad, California for $178.8 million, realizing a loss of $15.1 million on the sale. The majority of the loss was previously recognized as unrealized losses in the Account’s Consolidated Statement of Operations.

On August 27, 2021, the Account purchased a 50% interest in a retail property located in Carlsbad, California for $92.9 million (the Account’s share).

On October 1, 2021, the Account purchased a 50% interest in land located in Gaithersburg, Maryland for $5.9 million.

On October 5, 2021, the Account sold a 49.9% interest in an office property located in San Francisco, California for $81.7 million (the Account’s share), realizing a gain of $7.7 million on the sale. The majority of the realized gain was previously recognized as unrealized gains in the Account’s Consolidated Statement of Operations.

On October 5, 2021, the Account sold a 40% interest in an office property located in San Francisco, California for $253.9 million (the Account’s share), realizing a gain of $51.7 million on the sale. The majority of the realized gain was previously recognized as unrealized gains in the Account’s Consolidated Statement of Operations.

On October 14, 2021, the Account purchased an industrial property located in Weston, Florida for $110.0 million.

On October 21, 2021, the Account’s Juniper MOB Portfolio joint venture, in which the Account holds a 50% interest, purchased an office property in Englewood, Colorado for $11.5 million (the Account’s share).

On November 15, 2021, the Account purchased a 51% interest in developable land located in North Dock, Dublin for $34.7 million (the Account’s share).

On November 17, 2021, the Account purchased an apartment property located in Woodstock, Georgia for $147.6 million.

On December 1, 2021, the Account purchased an apartment property located in Fullerton, California for $168.2 million.

On December 10, 2021, the Account’s Juniper MOB Portfolio joint venture, in which the Account holds a 50% interest, purchased an office property in San Antonio, Texas for $21.0 million (the Account’s share).

On December 15, 2021, the Account purchased an industrial portfolio located in San Antonio, Texas for $27.0 million.

On December 15, 2021, the Account sold an office property held in the Fort Point Creative Exchange Portfolio located in Boston, Massachusetts for $72.7 million, realizing a gain of $22.4 million on the sale. The majority of the realized gain was previously recognized as unrealized gains in the Account’s Consolidated Statement of Operations.

On December 20, 2021, the Account sold a retail property located in Macon, Georgia for $11.4 million, realizing a gain of $0.8 million on the sale. The majority of the the unrealized gain was recognized as unrealized gains in the Account’s Consolidated Statement of Operations.

During the period from December 22, 2021 through December 29, 2021, the Account’s Seavest MOB Portfolio joint venture investment, in which the Account holds a 98.3% interest, purchased 11 office properties located throughout the United States for $414.0 million (the Account’s share).

On December 23, 2021, the Account sold its 70% interest in an office property located in Cambridge, Massachusetts for $330.4 million (the Account’s share), realizing a gain of $140.3 million on the sale. The majority of the realized gain was previously recognized as unrealized gains in the Account’s Consolidated Statement of Operations.

On December 29, 2021, the Account’s Juniper MOB Portfolio joint venture, in which the Account holds a 50% interest, purchased an office property in New Braunfels, Texas for $4.4 million (the Account’s share).

On December 29, 2021, the Account’s Juniper MOB Portfolio joint venture, in which the Account holds a 50% interest, purchased an office property in San Antonio, Texas for $3.1 million (the Account’s share).

On May 6, 2021, the Account the Account sold its $101.6 million senior mezzanine note receivable.

On May 6, 2021, the Account entered into a $53.0 million mezzanine loan receivable secured by the borrower’s ownership interest in an office property in Austin, Texas. The loan has an interest rate of 3.15% + LIBOR and a maturity date of March 9, 2024.

On June 15, 2021, the Account entered into a $61.3 million mezzanine loan receivable secured by the borrower’s ownership interest in an office property in Gwynedd, Pennsylvania. The loan has an interest rate of 3.15% + LIBOR and a maturity date of July 9, 2024.

On July 29, 2021, the Account entered into a $88.0 million mezzanine loan receivable secured by the borrower’s ownership interest in an apartment property in Chino Hills, California. The loan has an interest rate of 2.40% + LIBOR and a maturity date of August 9, 2025.

On October 20, 2021, the Account entered into a $67.4 million mezzanine loan receivable secured by the borrower’s ownership interest in an office property in Portland, Oregon. The loan has an interest rate of 3.85% + LIBOR and a maturity date of November 9, 2025.

On July 14, 2021, the Account entered into a new loan with a principal amount of $39.7 million, secured by a debt asset. The loan has an interest rate of 2.45% and a maturity date of May 9, 2024.

On August 27, 2021, concurrent with the sale of a retail property, the Account extinguished an $82.8 million mortgage loan associated with the property.

On August 27, 2021, concurrent with the purchase of a retail property, the Account entered into a $57.0 million mortgage loan (the Account’s share). The interest rate on the loan is 3.0% + LIBOR, with a maturity date of September 9, 2024.

On October 1, 2021, the Account extinguished a $34.6 million mortgage loan associated with the property.

On October 11, 2021, the Account extinguished a $73.2 million mortgage loan associated with the property.

On November 23, 2021, the Account entered into a new loan with a principal amount of $40.2 million, secured by a debt asset. The loan has an interest rate of 1.25% + LIBOR and a maturity date of July 9, 2024.

On November 12, 2021, the Account entered into a new loan with a principal amount of $68.2 million, secured by a debt asset. The loan has an interest rate of 1.50% + LIBOR and a maturity date of August 9, 2025.

On December 8, 2021, the Account entered into a new loan with a principal amount of $40.4 million, secured by a debt asset. The loan has an interest rate of 1.87% + LIBOR and a maturity date of November 9, 2025.

On December 22, 2021, concurrent with the purchase of a medical office building portfolio, the Account assumed a $35.2 million mortgage loan (the Account’s share) associated with an office property located in Birmingham, Alabama. The loan has an interest rate of 1.50% + LIBOR and a maturity date of November 16, 2023.

On December 22, 2021, concurrent with the purchase of a medical office building portfolio, the Account assumed a $15.6 million mortgage loan (the Account’s share) associated with two office properties located in Littleton, Colorado. The loan has an interest rate of 1.95% + LIBOR and a maturity date of March 5, 2026.

On December 22, 2021, concurrent with the purchase of a medical office building portfolio, the Account assumed a $1.8 million mortgage loan (the Account’s share) associated with an office property located in Littleton, Colorado. The loan has an interest rate of 2.35% + LIBOR and a maturity date of October 15, 2022.

On December 28, 2021, concurrent with the purchase of a medical office building portfolio, the Account assumed a $22.1 million mortgage loan (the Account’s share) associated with an office property located in Dearborn, Michigan. The loan has an interest rate of 4.87% and a maturity date of November 30, 2027.

On December 28, 2021, concurrent with the purchase of a medical office building portfolio, the Account assumed a $11.8 million mortgage loan (the Account’s share) associated with an office property located in Bethpage, New York. The loan has an interest rate of 2.50% + LIBOR and a maturity date of December 22, 2026.

On December 28, 2021, concurrent with the purchase of a medical office building portfolio, the Account assumed a $66.1 million mortgage loan (the Account’s share) associated with four office properties located in Pennsylvania. The loan has an interest rate of 2.70% + LIBOR and a maturity date of September 29, 2025.

On December 29, 2021, concurrent with the purchase of a medical office building portfolio, the Account assumed a $12.7 million mortgage loan (the Account’s share) associated with an office property located in Los Angeles, California. The loan has an interest rate of 2.10% + LIBOR and a maturity date of June 14, 2024.