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                                                                    EXHIBIT 12.1


                       EOP Operating Limited Partnership
                       Ratio of Earnings to Fixed Charges
                             (Dollars in thousands)


<TABLE>
<CAPTION>
                                                                 for the                  for the
                                                           three months ended       three months ended
                                                             March 31, 2001            March 31, 2000
                                                            -----------------        -----------------
<S>                                                        <C>                      <C>

Income before allocation to minority interests,
     income from investment in unconsolidated
     joint ventures, net gain on sales of
     real estate, extraordinary items and cumulative
     effect of a change in accounting principle              $    136,991             $   101,679
                                                             ------------             -----------
Plus Taxes                                                          1,517                      46
                                                             ------------             -----------
Plus Fixed Charges:
    Interest expense                                              157,940                 100,532
    Capitalized interest                                            5,027                   5,143
    Loan amortization cost                                          1,326                   1,377
                                                             ------------             -----------
                Fixed charges                                     164,293                 107,052
    Plus preferred distributions, net                              10,884                  10,697
                                                             ------------             -----------
    Subtotal fixed charges and preferred
          distributions, net                                      175,177                 117,749
                                                             ------------             -----------
Plus amortization of capitalized interest                             224                     181
Plus distributed income of investments in
     unconsolidated joint ventures                                 23,315                   3,671
Less preferred distributions, net                                 (10,884)                (10,697)
Less capitalized interest                                          (5,027)                 (5,143)
                                                             ------------             -----------
Earnings                                                     $    321,313             $   207,486
                                                             ============             ===========
Fixed Charges:
Interest expense                                              $   157,940             $   100,532
Capitalized interest                                                5,027                   5,143
Loan amortization cost                                              1,326                   1,377
                                                             ------------             -----------
 Fixed Charges                                                    164,293                 107,052
Preferred distributions, net                                       10,884                  10,697
                                                             ------------             -----------
Subtotal fixed charges and preferred
     distributions, net                                      $    175,177             $   117,749
                                                             ============             ===========
Ratio of earnings to fixed charges                                    1.8                     1.8
                                                             ============             ===========
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