##### 



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 |        
|                                                                                                                                                                                                         |                        |               |         |                            |        
|                                                                                                                                                                                                         |                        |               |         | March 31, 2002             |         |   | March 31, 2001 |        
|                                                                                                                                                                                                         |                        |               |         |                            |         |   |                |        
|Income
before income taxes, allocation to minority interests, income from investment in
unconsolidated joint ventures, discontinued operations and
cumulative effect of a change in accounting principle |                        | $             | 197,812 |                            |         | $ | 137,230        |        
|                                                                                                                                                                                                         |                        |               |         |                            |         |  
|Plus Fixed Charges:                                                                                                                                                                                      |                        |               |         |                            |         |   |                |        
|                                                                                                                                                                                                         | Interest expense       |               |         | 204,846                    |         |   |                | 157,867 |        
|                                                                                                                                                                                                         | Capitalized interest   |               |         | 5,338                      |         |   |                | 5,027   |        
|                                                                                                                                                                                                         | Loan amortization cost |               |         | 1,282                      |         |   |                | 1,326   |        
|                                                                                                                                                                                                         |                        |               |         |                            |         |  
|                                                                                                                                                                                                         |                        | Fixed charges |         |                            | 211,466 |   |                |         | 164,220 | 
|Plus preferred distributions                                                                                                                                                                             |                        |               | 15,830  |                            |         |   | 10,884         |        
|                                                                                                                                                                                                         |                        |               |         |                            |         |  
|Combined fixed charges and preferred distributions                                                                                                                                                       |                        |               | 227,296 |                            |         |   | 175,104        |        
|                                                                                                                                                                                                         |                        |               |         |                            |         |  
|Plus amortization of capitalized interest                                                                                                                                                                |                        |               | 430     |                            |         |   | 224            |        
|Plus distributed income of investments in unconsolidated joint ventures                                                                                                                                  |                        |               | 25,909  |                            |         |   | 23,315         |        
|Less preferred distributions                                                                                                                                                                             |                        |               | (15,830 | )                          |         |   | (10,884        | )      
|Less capitalized interest                                                                                                                                                                                |                        |               | (5,338  | )                          |         |   | (5,027         | )      
|                                                                                                                                                                                                         |                        |               |         |                            |         |  
|Earnings                                                                                                                                                                                                 |                        | $             | 430,279 |                            |         | $ | 319,962        |        
|                                                                                                                                                                                                         |                        |               |         |                            |         |  
|Fixed Charges:                                                                                                                                                                                           |                        |               |         |                            |         |   |                |        
|Interest expense                                                                                                                                                                                         |                        | $             | 204,846 |                            |         | $ | 157,867        |        
|Capitalized interest                                                                                                                                                                                     |                        |               | 5,338   |                            |         |   | 5,027          |        
|Loan amortization cost                                                                                                                                                                                   |                        |               | 1,282   |                            |         |   | 1,326          |        
|                                                                                                                                                                                                         |                        |               |         |                            |         |  
|Fixed Charges                                                                                                                                                                                            |                        | $             | 211,466 |                            |         | $ | 164,220        |        
|                                                                                                                                                                                                         |                        |               |         |                            |         |  
|Preferred distributions                                                                                                                                                                                  |                        |               | 15,830  |                            |         |   | 10,884         |        
|                                                                                                                                                                                                         |                        |               |         |                            |         |  
|Combined fixed charges and preferred distributions                                                                                                                                                       |                        | $             | 227,296 |                            |         | $ | 175,104        |        
|                                                                                                                                                                                                         |                        |               |         |                            |         |  
|Earnings to combined fixed charges and preferred distributions                                                                                                                                           |                        |               | 1.9     |                            |         |   | 1.8            |        
|                                                                                                                                                                                                         |                        |               |         |                            |         |