##### 



Exhibit 12.1

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

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|------------------------------------------------------------------------------------------------------------------------------------------------------------ | ---------------------- | ------------- | ------- | ------------------------- | ------- | - | ------------------------- | ------- | ------- | ------------------------- | ------- | ------- | ------------------------- | - | ------- | ------------------------ | ------- | - | ------------------------ | ------- | ------- | - | --------- | ------- | ------- | 
|                                                                                                                                                             |                        |               |         | For the threemonths ended |         |   | For the threemonths ended |         |         | For the threemonths ended |         |         | For the threemonths ended |   |         | For the ninemonths ended |         |   | For the ninemonths ended |        
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|                                                                                                                                                             |                        |               |         | September 30,2003         |         |   | September 30,2002         |         |         | June 30,2003              |         |         | March 31,2003             |   |         | September 30,2003        |         |   | September 30,2002        |        
|                                                                                                                                                             |                        |               |         |                           |         |   |                           |         |         |                           |         |         |                           |   |         |                          |         |   |                          |        
|Income before income taxes, allocation to minority interests, income from
investments in unconsolidated joint ventures and discontinued operations
principle |                        | $             | 118,399 |                           |         | $ | 177,311                   |         |         | $                         | 117,612 |         |                           | $ | 143,993 |                          |         | $ | 380,007                  |         |         | $ | 525,496   |        
|                                                                                                                                                             |                        |               |         |                           |         |   |                           |         |         |                           |         |         |                           |   |         |                          |         |  
|Plus Fixed Charges:                                                                                                                                          |                        |               |         |                           |         |   |                           |         |         |                           |         |         |                           |   |         |                          |         |   |                          |         |         |  
|                                                                                                                                                             | Interest expense       |               |         | 206,410                   |         |   |                           | 198,935 |         |                           |         | 206,604 |                           |   |         | 205,323                  |         |   |                          | 618,337 |         |   |           | 606,696 |        
|                                                                                                                                                             | Capitalized interest   |               |         | 2,218                     |         |   |                           | 6,082   |         |                           |         | 1,201   |                           |   |         | 3,598                    |         |   |                          | 7,017   |         |   |           | 16,467  |        
|                                                                                                                                                             | Loan amortization cost |               |         | 1,652                     |         |   |                           | 1,290   |         |                           |         | 2,091   |                           |   |         | 1,692                    |         |   |                          | 5,435   |         |   |           | 3,708   |        
|                                                                                                                                                             |                        |               |         |                           |         |   |                           |         |         |                           |         |         |                           |   |         |                          |         |  
|                                                                                                                                                             |                        | Fixed charges |         |                           | 210,280 |   |                           |         | 206,307 |                           |         |         | 209,896                   |   |         |                          | 210,613 |   |                          |         | 630,789 |   |           |         | 626,871 | 
|Plus preferred distributions                                                                                                                                 |                        |               | 10,508  |                           |         |   | 15,451                    |         |         |                           | 15,395  |         |                           |   | 15,461  |                          |         |   | 41,364                   |         |         |   | 47,112    |        
|                                                                                                                                                             |                        |               |         |                           |         |   |                           |         |         |                           |         |         |                           |   |         |                          |         |  
|Combined fixed charges and preferred distributions                                                                                                           |                        |               | 220,788 |                           |         |   | 221,758                   |         |         |                           | 225,291 |         |                           |   | 226,074 |                          |         |   | 672,153                  |         |         |   | 673,983   |        
|                                                                                                                                                             |                        |               |         |                           |         |   |                           |         |         |                           |         |         |                           |   |         |                          |         |  
|Plus amortization of capitalized interest                                                                                                                    |                        |               | 618     |                           |         |   | 445                       |         |         |                           | 434     |         |                           |   | 434     |                          |         |   | 1,486                    |         |         |   | 1,312     |        
|Plus distributed income of investments in unconsolidated joint ventures                                                                                      |                        |               | 25,092  |                           |         |   | 24,641                    |         |         |                           | 24,083  |         |                           |   | 16,668  |                          |         |   | 65,843                   |         |         |   | 124,731   |        
|Less preferred distributions                                                                                                                                 |                        |               | (10,508 | )                         |         |   | (15,451                   | )       |         |                           | (15,395 | )       |                           |   | (15,461 | )                        |         |   | (41,364                  | )       |         |   | (47,112   | )      
|Less capitalized interest                                                                                                                                    |                        |               | (2,218  | )                         |         |   | (6,082                    | )       |         |                           | (1,201  | )       |                           |   | (3,598  | )                        |         |   | (7,017                   | )       |         |   | (16,467   | )      
|                                                                                                                                                             |                        |               |         |                           |         |   |                           |         |         |                           |         |         |                           |   |         |                          |         |  
|                                                                                                                                                             | Total                  |               |         | 12,984                    |         |   |                           | 3,553   |         |                           |         | 7,921   |                           |   |         | (1,957                   | )       |   |                          | 18,948  |         |   |           | 62,464  |        
|                                                                                                                                                            
|Earnings                                                                                                                                                     |                        | $             | 352,171 |                           |         | $ | 402,622                   |         |         | $                         | 350,824 |         |                           | $ | 368,110 |                          |         | $ | 1,071,108                |         |         | $ | 1,261,943 |        
|                                                                                                                                                             |                        |               |         |                           |         |   |                           |         |         |                           |         |         |                           |   |         |                          |         |  
|Combined fixed charges and preferred distributions                                                                                                           |                        | $             | 220,788 |                           |         | $ | 221,758                   |         |         | $                         | 225,291 |         |                           | $ | 226,074 |                          |         | $ | 672,153                  |         |         | $ | 673,983   |        
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|Earnings to combined fixed charges and preferred distributions                                                                                               |                        |               | 1.6     |                           |         |   | 1.8                       |         |         |                           | 1.6     |         |                           |   | 1.6     |                          |         |   | 1.6                      |         |         |   | 1.9       |        
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