##### 



Exhibit 12.1

EOP Operating Limited Partnership
Statement of Earnings to Combined Fixed Charges and Preferred Distributions
(Dollars in thousands)

|                                                                                                                                                   |       |                        |               |       |                            |         |                            |        |                          |         |                          |       |         |         |         |        |         |         | 
|-------------------------------------------------------------------------------------------------------------------------------------------------- | ----- | ---------------------- | ------------- | ----- | -------------------------- | ------- | -------------------------- | ------ | ------------------------ | ------- | ------------------------ | ----- | ------- | ------- | ------- | ------ | ------- | ------- | 
|                                                                                                                                                   |       |                        |               |       | For the three months ended |         | For the three months ended |        | For the six months ended |         | For the six months ended
|                                                                                                                                                   |       |                        |               |       |                            |         |                            |        |                          |         |                         
|                                                                                                                                                   |       |                        |               |       | June 30, 2003              |         | June 30, 2002              |        | June 30, 2003            |         | June 30, 2002           
|                                                                                                                                                   |       |                        |               |       |                            |         |                            |        |                          |         |                         
|Income before income taxes, allocation to minority interests, income from
investments in unconsolidated joint ventures and discontinued operations |       | $                      | 120,097       |       |                            | $       | 167,298                    |        |                          | $       | 266,937                  |       |         | $       | 353,938 |       
|                                                                                                                                                   |       |                        |               |       |                            |         |                            |        |                          |         |                          |       |         |         |         |       
|Plus Fixed Charges:                                                                                                                                |       |                        |               |       |                            |         |                            |        |                          |         |                          |       |         |         |         |       
|                                                                                                                                                   |       | Interest expense       |               |       | 206,604                    |         |                            |        | 202,741                  |         |                          |       | 411,927 |         |         |        | 407,761 |        
|                                                                                                                                                   |       | Capitalized interest   |               |       | 1,201                      |         |                            |        | 4,632                    |         |                          |       | 4,799   |         |         |        | 9,437   |        
|                                                                                                                                                   |       | Loan amortization cost |               |       | 2,091                      |         |                            |        | 1,116                    |         |                          |       | 3,783   |         |         |        | 2,418   |        
|                                                                                                                                                   |       |                        |               |       |                            |         |                            |        |                          |         |                          |       |         |         |         |       
|                                                                                                                                                   |       |                        | Fixed charges |       |                            | 209,896 |                            |        |                          | 208,489 |                          |       |         | 420,509 |         |        |         | 419,616 | 
|Plus preferred distributions                                                                                                                       |       |                        | 15,395        |       |                            |         | 15,831                     |        |                          |         | 30,856                   |       |         |         | 31,661  |       
|                                                                                                                                                   |       |                        |               |       |                            |         |                            |        |                          |         |                          |       |         |         |         |       
|Combined fixed charges and preferred distributions                                                                                                 |       |                        | 225,291       |       |                            |         | 224,320                    |        |                          |         | 451,365                  |       |         |         | 451,277 |       
|                                                                                                                                                   |       |                        |               |       |                            |         |                            |        |                          |         |                          |       |         |         |         |       
|Plus amortization of capitalized interest                                                                                                          |       |                        | 434           |       |                            |         | 437                        |        |                          |         | 868                      |       |         |         | 867     |       
|Plus distributed income of investments in unconsolidated joint ventures                                                                            |       |                        | 24,083        |       |                            |         | 74,181                     |        |                          |         | 40,751                   |       |         |         | 100,090 |       
|Less preferred distributions                                                                                                                       |       |                        | (15,395       | )     |                            |         | (15,831                    | )      |                          |         | (30,856                  | )     |         |         | (31,661 | )     
|Less capitalized interest                                                                                                                          |       |                        | (1,201        | )     |                            |         | (4,632                     | )      |                          |         | (4,799                   | )     |         |         | (9,437  | )     
|                                                                                                                                                   |       |                        |               |       |                            |         |                            |        |                          |         |                          |       |         |         |         |       
|                                                                                                                                                   | Total |                        |               | 7,921 |                            |         |                            | 54,155 |                          |         |                          | 5,964 |         |         |         | 59,859 |        
|                                                                                                                                                   |       |                        |               |       |                            |         |                            |        |                          |         |                          |       |         |         |         |       
|Earnings                                                                                                                                           |       | $                      | 353,309       |       |                            | $       | 445,773                    |        |                          | $       | 724,266                  |       |         | $       | 865,074 |       
|                                                                                                                                                   |       |                        |               |       |                            |         |                            |        |                          |         |                          |       |         |         |         |       
|Combined fixed charges and preferred distributions                                                                                                 |       | $                      | 225,291       |       |                            | $       | 224,320                    |        |                          | $       | 451,365                  |       |         | $       | 451,277 |       
|                                                                                                                                                   |       |                        |               |       |                            |         |                            |        |                          |         |                          |       |         |         |         |       
|Earnings to combined fixed charges and preferred distributions                                                                                     |       |                        | 1.6           | x     |                            |         | 2.0                        | x      |                          |         | 1.6                      | x     |         |         | 1.9     | x     
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