Exhibit 21

Item 26. Persons Controlled by or under Common Control with the Depositor or Registrant

The following chart indicates subsidiaries of Teachers Insurance and Annuity Association of America. These subsidiaries are included in the consolidated financial statements of Teachers Insurance and Annuity Association of America.

All Teachers Insurance and Annuity Association of America subsidiary companies are Delaware corporations, except as indicated.

1

(1) TIAA Board of Overseers is a New York not-for-profit corporation established to further education and other non-profit purposes by holding the stock of TIAA.

(2) TIAA’s non-profit capital stock, constituting all of its authorized shares of stock, was originally issued to the Carnegie Corporation of New York. The shares were transferred to Trustees of T.I.A.A. Stock, renamed TIAA Board of Overseers, immediately after the enactment of the cited legislation.

(3) Teachers Insurance and Annuity Association of America is a New York domiciled life insurance company that issues guaranteed and variable annuities and life insurance for nonprofit and government institutions and their employees. The TIAA Board of Overseers elects TIAA’s trustees.

(4) The following corporations, trusts and limited liability companies (“LLCs”) were organized by TIAA to hold real estate, mortgage, and securities investments for the General Account and may no longer hold any assets. All issued and outstanding stock of the corporations, trusts, and memberships in the LLCs are owned, directly or indirectly, by TIAA. Unless otherwise indicated, these Domestic entities are Delaware entities:

DOMESTIC
485 Properties, LLC*	T-C SMA III, LLC
730 Texas Forest Holdings, Inc.*	T-C Sports Co., Inc.*

2

DOMESTIC
Bethesda ARC, LLC	T-C Stonecrest LLC
Bethesda HARC, LLC	T-Investment Properties Corp.
Ceres Agricultural Properties, LLC*	T-Land Corp.
CTG&P, LLC	T-Pointe, LLC
DAN Properties, Inc.	TCPC Associates, LLC
Debt Holdings, LLC	Teachers Concourse, LLC*
Demeter Agricultural Properties, LLC	Teachers Mayflower, LLC
Demeter Agricultural Properties II, LLC	Teachers West, LLC
Flint European Trust	TIAA 485 Boca 54 LLC
JV Georgia One, Inc.	TIAA 485 Clarendon, LLC
JWL Properties, Inc.	TIAA Canada Retail Business Trust (a Pennsylvania business trust)
ND La Jolla, LLC	TIAA CMBS I, LLC*
	TIAA Diamond Investor, LLC
ND Properties, Inc.*	TIAA European Funding Trust*
ND-T Street, LLC	TIAA Franklin Square, LLC*
Normandale Center LLC	TIAA Gemini Office, LLC
Occator Agricultural Properties, LLC	TIAA Global Public Investments, LLC
Port Northwest IV Corporation	TIAA Lakepointe, LLC
	TIAA Park Evanston, Inc.
Premiere Agricultural Properties, LLC	TIAA Private Equity Alpha, LLC*
Premiere Columbia Properties, LLC	TIAA Realty, Inc.
Premiere Farm Properties, LLC	TIAA SF One, LLC
Savannah Teachers Properties, Inc.	TIAA Stafford Harrison LLC
T-C Cypress Park West LLC	TIAA The Reserve II Member, LLC
T-C Duke Street LLC	TIAA Timberlands I, LLC*
T-C King Street Station LLC	TIAA Timberlands II, LLC*
T-C Roosevelt Square LLC	TIAA Union Place Phase I LLC
T-C SMA I, LLC	TIAA-CREF Global Investments LLC
T-C SMA 2, LLC	WRC Properties, Inc.*

3

INTERNATIONAL
36 Rue La Fayette (Luxembourg)	SAS Roosevelt (France)
154 Rue de l’Universite SARL (France)	Servin EURL (France)
Bruyeres I SAS (France)	Servin Holding SARL (France)
Bruyeres II SAS (France)	SNC Amarante (France)
Business Port S.r.l. (Italy)	SNC La Defense (France)
Courcelles 70 SAS (France)	SNC Lazulli (France)
Des Brateaux SARL (France)	SNC Peridot (France)
Erlangen Arcaden GmbH & Co. KG (Germany)	SNC Roosevelt (France)
LaFayette Lux 1 S.a.r.l. (Luxembourg)	TIAA Lux 2 (Luxembourg)
LaFayette Lux 2 S.a.r.l. (Luxembourg)	TIAA Lux 4 (Luxembourg)
Mansilla Participacoes Ltda (Brazil)	TIAA Lux 5 S.a.r.l. (Luxembourg)
ND Europe S.a.r.l.* (Luxembourg)	TIAA Lux 6 S.a.r.l.*(Luxembourg)
Norte Shopping – Centre Commercial S. A. (Portugal)	TIAA Lux 7 S.a.r.l. (Luxembourg)
Norte Shopping Retail & Leisure Centre BV* (Netherlands)	TIAA Lux 8 S.a.r.l (Luxembourg)
Olympe EURL (France)	TIAA Lux 9 S.a.r.l. (Luxembourg)
Olympe Holding SARL (France)	Villabe SAS (France)
Provence 110 (France)
REA Europe SARL (Luxembourg)
REA Lux 1 SARL (Luxembourg)
Rue de I’Universite 154 SAS (France)
SAS La Defense (France)
SAS Malachite (France)

(5) Subsidiaries of the Separate Real Estate Account:

Light Street Partners Ballston, Inc., a Maryland corporation; One Boston Place Real Estate Investment Trust, a Maryland investment trust; Seneca Industrial Holdings, LLC; T-C 701 Brickell LLC; T-C Four Oaks Place LLC; T-C Legacy at Westwood LLC; T-C Preston Sherry Plaza, LLC; T-C Regents Court LLC; T-C The Caruth LLC; T-C The Colorado LLC; Teachers Belvidere Properties, LLC; Teachers REA, LLC; Teachers REA II, LLC; Teachers REA III, LLC; TIAA Florida Mall, LLC; TIAA Miami International Mall, LLC; TIAA West Town Mall, LLC; TIAA-CREF Global Separate Real Estate Company LLC; TREA 10 Schalks Crossing Road, LLC; TREA 1401 H, LLC; TREA Broadlands, LLC; TREA Florida Retail, LLC; TREA GA Reserve, LLC; TREA Pacific Plaza, LLC; TREA Retail Fund-K, LLC; TREA Retail Property Portfolio 2006, LLC; TREA Weston, LLC; TREA Wilshire Rodeo, LLC.

(6) TIAA-CREF Investment Management, LLC is a registered investment advisor, which provides investment management services for College Retirement Equities Fund.

(7) TIAA-CREF Individual & Institutional Services, LLC is a registered broker-dealer and investment advisor, which provides distribution and related services for College Retirement Equities Fund, TIAA Real Estate Account and TIAA Separate Account VA-3, and through a selling agreement with Teachers Personal Investors Services, Inc. distribution services for the TIAA-CREF Funds, the TIAA-CREF Life Funds, TIAA-CREF Life Insurance Company’s Variable Annuity and Variable Life Products, Tuition Savings Products, and TCAM Funds.

(8) TIAA Global Markets, Inc. was formed to issue debt instruments.

(9) TIAA-CREF Enterprises, Inc. is organized for the purpose of holding the stock of Teachers Advisors, Inc., Teachers Personal Investors Services, Inc., TIAA-CREF Tuition Financing, Inc., and TCAM Core Property Fund GP LLC.

(10) Teachers Advisors, Inc. is a registered investment advisor organized for the purpose of providing investment advice and management services to the TIAA Separate Account VA-1, the TIAA-CREF Funds, and the TIAA-CREF Life Funds. It provides investment adviser services for set contractual fees, with the intent of making a profit.

(11) Teachers Personal Investors Services, Inc. is a registered broker-dealer organized for the purpose of providing distribution and administrative services for the TIAA Separate Account VA-1, the TIAA-CREF Funds, and the TIAA-CREF Life Funds, and is the placement agent for the private funds managed by TIAA-CREF Asset Management.

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(12) TIAA-CREF Life Insurance Company is a New York domiciled life insurance company that issues guaranteed and variable annuities, funding agreements, and life insurance, including variable life insurance, to the general public. TIAA-CREF Life Insurance Company holds the sole member interest in TIAA-CREF Insurance Agency, LLC.

(13) TIAA-CREF Tuition Financing, Inc. (“TFI”) is organized to administer and provide advice to tuition savings and prepaid plans. It is a program manager providing program management services to state’s qualified tuition programs. TFI performs certain services related to the plan on behalf of the state, but the 529 plan is the state’s products since Section 529 of the IRC only allows states and eligible educational institutions to establish and maintain 529 plans. TFI also manages the Independent 529 plans (I-529) which is sponsored by a consortium of private colleges and universities. TFI, with permission from the states, subcontracts with other entities to perform certain of the program management services.

(14) TCT Holdings, Inc. is organized for the purpose of holding the stock of TIAA-CREF Trust Company, a federal savings bank.

(15) TIAA-CREF Trust Company, FSB is a federally chartered savings bank that provides individual and institutional asset management and investment advice for its customers.

(16) TIAA-CREF Insurance Agency, LLC is a licensed life insurance agent offering insurance services and products.

(17) TCAM Core Property Fund GP LLC was established to act as the general partner of TIAA-CREF Asset Management Core Property Fund, LP, which owns an interest in TCAM Core Property Fund REIT LLC, which in turn owns the membership interests in TCAM Core Property Fund Operating GP LLC (“GP”). GP was organized to act as the general partner of TCAM Core Property Fund Operating LP, which is an unregistered 3(c)(7) fund organized as a vehicle for direct real estate investment by TCAM customers.

(18) TIAA-CREF Redwood, LLC was established for the purpose of owning the membership interest in Kaspick & Company, LLC.

(19) Kaspick & Company, LLC a registered investment adviser providing administrative advice and gift administration services to charitable organizations and other non-profit institutions through investment management and gift administration agreements with charitable organizations, which act as trustees for donors (and their beneficiaries) participating in their planned giving programs.

(20) Active Extension Fund I, LLC, Active Extension Fund II-Global Opportunities, LLC and Active Extension Fund III, LLC were organized to engage in investment strategies.

(21) TIAA-CREF LPHC, LLC, was organized to hold the membership interests in TCAM SVREF I GP, LLC and TCAM DOF GP LLC.

• TCAM SVREF I GP, LLC was organized to hold the membership interests in TCAM SVREF I A.S., LLC and to act as the general partner of TIAA-CREF Asset Management Strategic Value Real Estate Fund I, LP. TIAA-CREF Asset Management Strategic Value Real Estate Fund I, LP, a closed-end private investment fund which will primarily invest in value added real estate investments, and will issue limited partnership interests to investors. TIAA-CREF Asset Management Strategic Value Real Estate Fund I, LP will hold the memberships interests in TCAM SVREF I Properties, LLC and TCAM SVREF I REIT, LLC, which were organized to hold the investments of their parent entity. TCAM SVREF I REIT, LLC will elect to be taxed as a REIT under the Internal Revenue Code of 1986, as amended. TCAM SVREF I A.S., LLC was organized to facilitate the acquisition of the first property by TIAA-CREF Asset Management Strategic Value Real Estate Fund I, L.P. and appropriately comply with certain ERISA requirements.

• TCAM DOF GP LLC was established to act as the general partner of TIAA-CREF Asset Management Distressed Opportunities Fund, L.P., a closed-end private investment fund which will primarily invest in pooled investment vehicles with distressed debt or distressed equity strategies and will issue limited partnership interests to investors.

(22) TIAA-CREF International Holdings LLC, was organized to act as the holding company for TIAA-CREF Asset Management UK Limited.

(23) TIAA-CREF Asset Management UK Limited was organized to conduct global real estate activities.

(24) Oleum Holding Company, Inc. was organized to own the shares of Polar Star Oil and Gas Holding, Inc., a Canadian entity.

(25) Polar Star Canadian Oil and Gas, Inc., whose shares are owned by Polar Star Canadian Oil and Gas Holding, Inc., is a Canadian oil and gas operating company.

(26) T-C SMA III, LLC was organized to act as the general partner of a limited partnership.

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TIAA	% owned by TIAA/ Subsidiary
General Account Investment and Insurance Subsidiaries:
(T1) 485 Properties, LLC	100	%
(T2) Bethesda ARC, LLC	100	%
(T3) Bethesda HARC, LLC	100	%
(T2) DAN Properties, Inc.	100	%
(T2) JV Georgia One, Inc.	100	%
(T2) JWL Properties, Inc.	100	%
(T2) Normandale Center LLC	100	%
(T2) Port Northwest IV Corporation	100	%
(T2) Savannah Teachers Properties, Inc.	100	%
(T2) T-Investment Properties Corp.	100	%
(T2) T-Land Corp.	100	%
(T2) T-C Duke Street LLC	100	%
(T2) TIAA 485 Boca 54 LLC	100	%
(T2) TIAA 485 Clarendon, LLC	100	%
(T2) TIAA Gemini Office, LLC	100	%
(T2) TIAA-CREF Global Investments LLC	100	%
(T1) 730 Texas Forest Holdings, Inc.	100	%
(T2) 730 Texas Timberlands Ltd.	.5	%
(T2) 730 Texas Timberlands II Ltd.	.5	%
(T1) 730 Texas Timberlands II, Ltd.	99.5	%
(T1) Active Extension Fund I, LLC	100	%
(T1) Active Extension Fund II - Global Opportunities, LLC	100	%
(T1) Active Extension Fund III, LLC	100	%
(T1) Ceres Agricultural Properties, LLC	100	%
(T2) Premiere Farm Properties, LLC	100	%
(T2) Premiere Agricultural Properties, LLC	100	%
(T2) Premiere Columbia Properties, LLC	100	%
(T1) CTG & P, LLC	100	%
(T1) CPPIB-TIAA U.S. Real Property Fund, L.P.	50	%
(T2) C-T REIT LLC	99.99	%
(T3) C-T Stoneridge LLC	100	%
(T3) C-T Shenandoah LLC	100	%
(T1) Debt Holdings, LLC	100	%
(T1) Demeter Agricultural Properties, LLC	100	%
(T2) Mansilla Participacoes Ltda	.01	%
(T1) Demeter Agricultural Properties II, LLC	100	%
(T1) Mansilla Participacoes Ltda	99.99	%
(T1) ND Properties, Inc.	100	%
(T2) Norte Shopping Retail & Leisure Centre BV	100	%
(T3) Norte Shopping - Centre Commercial S.A.	100	%
(T2) TIAA Canada Retail Business Trust	100	%
(T2) TIAA Stafford-Harrison LLC	100	%
(T2) ND La Jolla, LLC	100	%
(T2) ND-T Street, LLC	100	%

6

TIAA	% owned by TIAA/ Subsidiary
(T2) T- Pointe, LLC	100	%
(T2) ND Europe S.a.r.l.	100	%
(T3) La Fayette Lux 1 S.a.r.l	100	%
(T4) 36 Rue La Fayette	.01	%
(T3) La Fayette Lux 2 S.a.r.l.	100	%
(T4) 36 Rue La Fayette	99.99	%
(T3) TIAA Lux 2	100	%
(T4) SAS Roosevelt	100	%
(T5) SNC Roosevelt	100	%
(T4) Villabe SAS	100	%
(T5) Des Brateaux SARL	100	%
(T4) Bruyeres I SAS	100	%
(T5) Olympe Holding SARL	100	%
(T6) Olympe EURL	100	%
(T4) Bruyeres II SAS	100	%
(T5) Servin Holding SARL	100	%
(T6) Servin EURL	100	%
(T3) TIAA Lux 9	100	%
(T4) SNC Amarante	.01	%
(T4) SAS Malachite	100	%
(T5) SNC Amarante	99.99	%
(T6) SNC Lazulli	99.99	%
(T6) SNC Peridot	99.99	%
(T4) SAS La Defense	100	%
(T5) SNC La Defense	99.9	%
(T4) SNC La Defense	.01	%
(T4) SNC Peridot	.01	%
(T4) SNC Lazuli	.01	%
(T3) TIAA Lux 4	100	%
(T4) Rue De L’Universite 154 SAS	100	%
(T5) 154 Rue De L’Universite S.a.r.l	100	%
(T3) TIAA Lux 6 S.a.r.l	100	%
(T4) Courcelles 70 SAS	100	%
(T3) TIAA Lux 7 S.a.r.l	100	%
(T4) Business Port S.r.l.	50	%
(T3) TIAA Lux 8 S.a.r.l.	100	%
(T3) TIAA Lux 9 S.a.r.l	100	%
(T2) TIAA Lux 5 S.a.r.l.	100	%
(T3) Erlanden Arcaden GmbH & Co. KG	92.5	%
(T1) Occator Agricultural Properties, LLC	100	%
(T1) Oleum Holding Company, Inc.	100	%
(T2) Polar Star Canadian Oil and Gas Holding, Inc.	100	%
(T2) Polar Star Canadian Oil and Gas, Inc.	100	%
(T1) T-C SMA I, LLC	100	%
(T2) CPPIB-TIAA U.S. Real Property Fund, L.P.	1	%
(T3) C-T REIT LLC	99.99	%
(T4) C-T Stoneridge LLC	100	%
(T4) C-T Shenandoah LLC	100	%
(T1) T-C SMA 2, LLC	100	%
(T2) PennMuni-TIAA U.S. Real Estate Fund, LLC	20	%
(T3) T-C Century Plaza LLC	100	%

7

TIAA	% owned by TIAA/ Subsidiary
(T3) T-C Barton Springs LLC	100	%
(T1) T-C SMA III, LLC	100	%
(T1) T-C Sports Co., Inc.	100	%
(T1) TCT Holdings, Inc.	100	%
(T2) TIAA-CREF Trust Company, FSB	100	%
(T1) Teachers Concourse, LLC	100	%
(T1) Teachers Mayflower, LLC	100	%
(T1) Teachers West, LLC	100	%
(T1) TIAA CMBS I, LLC	100	%
(T1) TIAA Diamond Investor, LLC	99.99	%
(T1) TIAA European Funding Trust	100	%
(T2) Flint European Trust	100	%
(T1) TIAA Franklin Square, LLC	100	%
(T1) TIAA Global Markets, Inc.	100	%
(T1) TIAA Global Public Investments, LLC	100	%
(T1) TIAA Lakepointe, LLC	100	%
(T1) TIAA Park Evanston, Inc.	100	%
(T1) TIAA Private Equity Alpha, LLC	100	%
(T1) TIAA Realty, Inc.	100	%
(T1) TIAA SF One, LLC	100	%
(T1) TIAA The Reserve II Member, LLC	100	%
(T1) TIAA Timberlands I, LLC	100	%
(T2) 730 Texas Timberlands, Ltd.	99.5	%
(T1) TIAA Timberlands II, LLC	100	%
(T1) TIAA-CREF Asset Management Strategic Value Real Estate Fund I, L.P.	99.996	%
(T1) TIAA-CREF Life Insurance Company	100	%
(T2) TIAA-CREF Life Insurance Agency, LLC	100	%
(T1) TIAA-CREF LPHC, LLC	100	%
(T2) TCAM SVREF I GP, LLC	100	%
(T3) TCAM SVREF I A.S., LLC	100	%
(T3) TIAA-CREF Asset Management Strategic Value Real Estate Fund I, L.P.	.00399	%
(T4) TCAM SVREF I Properties, LLC	100	%
(T4) TCAM SVREF I REIT, LLC	100	%
(T2) TCAM DOF GP LLC	100	%
(T3) TIAA-CREF Asset Management Distressed Opportunities Fund, L.P.
(T1) TIAA-CREF Individual & Institutional Services, LLC	100	%
(T1) TIAA-CREF International Holdings, LLC	100	%
(T2) TIAA-CREF Asset Management UK Limited	100	%
(T1) TIAA-CREF Investment Management, LLC	100	%
(T1) TIAA-CREF Redwood, LLC	100	%
(T2) Kaspick & Co., LLC	100	%
(T1) TIAA Union Place Phase I, LLC	100	%
(T1) WRC Properties, Inc.	100	%
(T2) TCPC Associates, LLC	100	%
(T1) TIAA-CREF Enterprises, Inc.	100	%
(T2) Teachers Advisors, Inc.	100	%
(T2) Teachers Personal Investors Services, Inc.	100	%
(T2) TIAA-CREF Tuition Financing, Inc.	100	%
(T2) TCAM Core Property Fund GP, LLC	100	%
(T3) TIAA-CREF Asset Management Core Property Fund, LP	.1	%
(T4) TCAM Core Property Fund REIT LLC	99	%

8

TIAA	% owned by TIAA/ Subsidiary
(T5) TCAM Core Property Fund Operating GP LLC	100	%
(T6) TCAM Core Property Fund Operating LP	.1	%
(T7) T-C Stonecrest LLC	100	%
(T7) T-C King Street Station LLC	100	%
(T7) T-C Cypress Park West LLC	100	%
(T7) T-C Roosevelt Square LLC	100	%
Real Estate Separate Account
(T1) One Boston Place Real Estate Investment Trust	50.25	%
(T2) One Boston Place, LLC	100	%
(T1) Seneca Industrial Holdings LLC	100	%
(T1) T-C 701 Brickell LLC	100	%
(T1) T-C Four Oaks Place LLC	100	%
(T1) T-C Legacy at Westwood LLC	100	%
(T1) T-C Preston Sherry Plaza LLC	100	%
(T1) T-C Regents Court LLC	100	%
(T1) T-C The Caruth LLC	100	%
(T1) T-C The Colorado LLC	100	%
(T1) Teachers REA, LLC	100	%
(T2) REA Europe SARL	100	%
(T3) REA Lux 1 SARL	100	%
(T4) Provence 110	100	%
(T2) Teachers REA III, LLC	99	%
(T2) TIAA-CREF Global Separate Real Estate Company LLC	100	%
(T2) TREA GA Reserve, LLC	100	%
(T2) TREA 10 Schalks Crossing Road, LLC	100	%
(T2) Teachers Belvidere Properties, LLC	100	%
(T2) TIAA West Town Mall, LLC	100	%
(T2) Light Street Partners LLP	10	%
(T2) TREA Broadlands, LLC	100	%
(T2) TREA 1401 H, LLC	100	%
(T2) TREA Weston, LLC	100	%
(T2) TREA Wilshire Rodeo, LLC	100	%
(T1) Teachers REA II, LLC	100	%
(T2) Light Street Partners LLP	90	%
(T3) Light Street Partners Ballston, Inc.	100	%
(T4) Light Street Partners Ballston Limited Partnership	1	%
(T1) Teachers REA III, LLC	1	%
(T1) TIAA Florida Mall, LLC	100	%
(T1) TIAA Miami International Mall, LLC	100	%
(T1) TREA Florida Retail, LLC	100	%
(T1) TREA Pacific Plaza, LLC	100	%
(T1) TREA Retail Fund-K, LLC	100	%
(T2) Kim-T Income Fund I, LP	82	%
(T1) TREA Retail Property Portfolio 2006, LLC	100	%
Footnotes
(T1) Tier 1 subsidiary directly owned by TIAA
(T2) Tier 2 subsidiary owned by the Tier 1 sub
(T3) Tier 3 subsidiary owned by the Tier 2 sub
(T4) Tier 4 subsidiary owned by the Tier 3 sub
(T5) Tier 5 subsidiary owned by the Tier 4 sub

9

TIAA	% owned by TIAA/ Subsidiary
(T6) Tier 6 subsidiary owned by the Tier 5 sub
(T7) Tier 7 subsidiary owned by the Tier 6 sub

Additional entities, comprised of joint venture subsidiaries, are not individually listed herein. While they technically are controlled by TIAA by virtue of the grant of voting rights to TIAA upon creation of each subsidiary, TIAA does not actively control the day-to-day activities and instead defers to its partners.

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