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Exhibit 10.14
   
  Flex Side Letter Commitment Letter ASOT Borrower
  Tranche
A Term Loans
  Tranche B Term Loans
 Development Loans




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Revolving Credit Commitments
 Mezzanine Loans
 Ground Lease Loan
 Reserves
 Committed Amount Excess
Syndication Costs




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Defined Terms
   Scriveners Error
 provided




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Very truly yours,SENIOR LENDERS/DEVELOPMENT LENDERS:LEHMAN COMMERCIAL PAPER INC., 
   as Senior Lender and Development LenderBy:

/s/ Francis X. GilhoolName:
    Francis X. GilhoolTitle:
    Authorized Signatory BANK OF AMERICA, N.A., 
   as Senior Lender and Development LenderBy:
    /s/ Lesa ButlerName:
    Lesa ButlerTitle:
    SVP BARCLAYS CAPITAL REAL ESTATE INC., 
   as Senior Lender and
Development LenderBy:
    /s/ LoriAnn RungName:
    LoriAnn RungTitle:
    Vice President GROUND LEASE LENDERS:LEHMAN BROTHERS HOLDINGS INC., 
   a Delaware corporationBy:
    /s/ Charlene ThomasName:
    Charlene ThomasTitle:
    Authorized Signatory




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BANK OF AMERICA, N.A., 
   a national banking associationBy:
    /s/ Lesa ButlerName:
    Lesa ButlerTitle:
    SVP BARCLAYS CAPITAL REAL ESTATE INC., 
   a Delaware
corporationBy:
    /s/ LoriAnn RungName:
    LoriAnn RungTitle:
    Vice President MEZZANINE LENDERS:LEHMAN BROTHERS HOLDINGS INC.,
   a Delaware corporationBy:
    /s/ Charlene ThomasName:
    Charlene ThomasTitle:
    Authorized Signator BANK OF AMERICA, N.A.,
   a national banking associationBy:
    /s/ Lesa ButlerName:
    Lesa ButlerTitle:
    SVP BARCLAYS CAPITAL REAL ESTATE FINANCE INC.,
   a Delaware corporationBy:
    /s/ LoriAnn RungName:
    LoriAnn RungTitle:
    Vice President




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UNDERWRITING FEE LETTER PARTIES:
LEHMAN COMMERCIAL PAPER INC., 
   as party to Underwriting Fee LetterBy:
    /s/ Francis X. GilhoolName:
    Francis X. GilhoolTitle:
    Authorized Signatory LEHMAN BROTHERS INC., 
   as party to Underwriting Fee LetterBy:
    /s/ Francis X. GilhoolName:
    Francis X. GilhoolTitle:
    Authorized Signatory BANK OF AMERICA, N.A., 
   as party to Underwriting Fee LetterBy:
    /s/ Lesa ButlerName:
    Lesa ButlerTitle:
    SVP BANC OF AMERICA SECURITIES LLC,
   as party to Underwriting Fee LetterBy:
    /s/ Mark D. MonteName:
    Mark D. MonteTitle:
    Managing Director




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ACCEPTED AND AGREED TOAS THE DATE FIRST ABOVE WRITTEN:ASOT:ARCHSTONE-SMITH OPERATING TRUSTBy:
    
    /s/ Jim RosenthalName: Jim RosenthalTitle:UNDERWRITING FEE
LETTER PARTIES:REAL ESTATE PRIVATE EQUITY INC.By:
    
    /s/ Coburn Packard

Name: Coburn PackardTitle:   SVPTISHMAN SPEYER DEVELOPMENT CORPORATIONBy:
    
    /s/ Jim Rosenthal

Name: Jim RosenthalTitle:




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DEVELOPMENT BORROWERTISHMAN SPEYER ARCHSTONE-SMITH
MULTIFAMILY HOLDINGS I (DEVELOPMENT
BORROWER), L.P.By:
    
    Tishman Speyer Archstone-Smith Multifamily
Holdings I (Development Borrower) GP, L.L.C.,
its general partnerBy:
    
    /s/ Jim Rosenthal

Name: Jim RosenthalTitle:




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GROUND LEASE BORROWERS:TISHMAN SPEYER ARCHSTONE-SMITH
FAIRFAX, L.L.C.By:
    
    /s/ Jim Rosenthal

Name: Jim RosenthalTitle:TISHMAN SPEYER ARCHSTONE-SMITH
MARINA TERRACE, L.L.C.By:
    
    /s/ Jim Rosenthal

Name: Jim RosenthalTitle:TISHMAN SPEYER ARCHSTONE-SMITH
ONE SUPERIOR PLACE, L.L.C.By:
    
    /s/ Jim Rosenthal

Name: Jim RosenthalTitle: