EXHIBIT 12.1 STATEMENT OF COMPUTATION OF EARNINGS TO FIXED CHARGES AND
PREFERRED DISTRIBUTIONS

EOP OPERATING LIMITED PARTNERSHIP
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DISTRIBUTIONS

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|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ---------------------- | ------------- | ------- | -------------------- | ------- | ---- | ------------------ | ------- | ------- | - | ------- | ------- | ------- | - | ------- | ------- | ------- | 
|                                                                                                                                                                                                                         |                        |               |         | FOR THE THREE MONTHS |         |      | FOR THE SIX MONTHS |        
|                                                                                                                                                                                                                         |                        |               |         | ENDED JUNE 30,       |         |      | ENDED JUNE 30,     |        
|                                                                                                                                                                                                                         |                        |               |         |                      |         |      |                    |        
|(Dollars in thousands)                                                                                                                                                                                                   |                        |               | 2001    |                      |         | 2000 |                    |         | 2001    |   |         | 2000    |        
|                                                                                                                                                                                                                         |                        |               |         |                      |         |      |                    |         |         |   |         |         |        
|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 |                        | $             | 133,749 |                      |         | $    | 104,910            |         |         | $ | 270,740 |         |         | $ | 206,589 |        
|                                                                                                                                                                                                                         |                        |               |         |                      |         |      |                    |         |         |   |         |        
|Plus Taxes                                                                                                                                                                                                               |                        |               | 3,056   |                      |         |      | 629                |         |         |   | 4,573   |         |         |   | 675     |        
|                                                                                                                                                                                                                         |                        |               |         |                      |         |      |                    |         |         |   |         |        
|Plus Fixed Charges:                                                                                                                                                                                                     
|                                                                                                                                                                                                                        
|                                                                                                                                                                                                                        
|                                                                                                                                                                                                                        
|                                                                                                                                                                                                                        
|                                                                                                                                                                                                                         | Interest expense       |               |         | 156,921              |         |      |                    | 111,303 |         |   |         | 314,861 |         |   |         | 211,835 |        
|                                                                                                                                                                                                                        
|                                                                                                                                                                                                                        
|                                                                                                                                                                                                                        
|                                                                                                                                                                                                                        
|                                                                                                                                                                                                                         | Capitalized interest   |               |         | 4,631                |         |      |                    | 3,274   |         |   |         | 9,658   |         |   |         | 8,417   |        
|                                                                                                                                                                                                                        
|                                                                                                                                                                                                                        
|                                                                                                                                                                                                                        
|                                                                                                                                                                                                                        
|                                                                                                                                                                                                                         | Loan amortization cost |               |         | 2,703                |         |      |                    | 1,101   |         |   |         | 4,029   |         |   |         | 2,478   |        
|                                                                                                                                                                                                                         |                        |               |         |                      |         |      |                    |         |         |   |         |        
|                                                                                                                                                                                                                         |                        | Fixed charges |         |                      | 164,255 |      |                    |         | 115,678 |   |         |         | 328,548 |   |         |         | 222,730 | 
|                                                                                                                                                                                                                        
|                                                                                                                                                                                                                        
|                                                                                                                                                                                                                        
|                                                                                                                                                                                                                        
|Plus preferred distributions, net                                                                                                                                                                                        |                        |               | 10,877  |                      |         |      | 10,883             |         |         |   | 21,761  |         |         |   | 21,580  |        
|                                                                                                                                                                                                                         |                        |               |         |                      |         |      |                    |         |         |   |         |        
|Subtotal fixed charges and preferred
distributions, net                                                                                                                                                                  |                        |               | 175,132 |                      |         |      | 126,561            |         |         |   | 350,309 |         |         |   | 244,310 |        
|                                                                                                                                                                                                                         |                        |               |         |                      |         |      |                    |         |         |   |         |        
|Plus amortization of capitalized interest                                                                                                                                                                                |                        |               | 398     |                      |         |      | 266                |         |         |   | 622     |         |         |   | 447     |        
|                                                                                                                                                                                                                        
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|                                                                                                                                                                                                                        
|Plus distributed income of investments in
unconsolidated joint ventures                                                                                                                                                  |                        |               | 29,023  |                      |         |      | 25,354             |         |         |   | 52,338  |         |         |   | 29,700  |        
|                                                                                                                                                                                                                        
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|                                                                                                                                                                                                                        
|Less preferred distributions, net                                                                                                                                                                                        |                        |               | (10,877 | )                    |         |      | (10,883            | )       |         |   | (21,761 | )       |         |   | (21,580 | )      
|                                                                                                                                                                                                                        
|                                                                                                                                                                                                                        
|                                                                                                                                                                                                                        
|                                                                                                                                                                                                                        
|Less capitalized interest                                                                                                                                                                                                |                        |               | (4,631  | )                    |         |      | (3,274             | )       |         |   | (9,658  | )       |         |   | (8,417  | )      
|                                                                                                                                                                                                                         |                        |               |         |                      |         |      |                    |         |         |   |         |        
|Earnings                                                                                                                                                                                                                 |                        | $             | 325,850 |                      |         | $    | 243,563            |         |         | $ | 647,163 |         |         | $ | 451,724 |        
|                                                                                                                                                                                                                         |                        |               |         |                      |         |      |                    |         |         |   |         |        
|Fixed Charges:                                                                                                                                                                                                          
|                                                                                                                                                                                                                        
|                                                                                                                                                                                                                        
|                                                                                                                                                                                                                        
|                                                                                                                                                                                                                        
|                                                                                                                                                                                                                         | Interest expense       |               | $       | 156,921              |         |      | $                  | 111,303 |         |   | $       | 314,861 |         |   | $       | 211,835 |        
|                                                                                                                                                                                                                        
|                                                                                                                                                                                                                        
|                                                                                                                                                                                                                        
|                                                                                                                                                                                                                        
|                                                                                                                                                                                                                         | Capitalized interest   |               |         | 4,631                |         |      |                    | 3,274   |         |   |         | 9,658   |         |   |         | 8,417   |        
|                                                                                                                                                                                                                        
|                                                                                                                                                                                                                        
|                                                                                                                                                                                                                        
|                                                                                                                                                                                                                        
|                                                                                                                                                                                                                         | Loan amortization cost |               |         | 2,703                |         |      |                    | 1,101   |         |   |         | 4,029   |         |   |         | 2,478   |        
|                                                                                                                                                                                                                         |                        |               |         |                      |         |      |                    |         |         |   |         |        
|                                                                                                                                                                                                                         |                        | Fixed charges |         |                      | 164,255 |      |                    |         | 115,678 |   |         |         | 328,548 |   |         |         | 222,730 | 
|                                                                                                                                                                                                                        
|                                                                                                                                                                                                                        
|                                                                                                                                                                                                                        
|                                                                                                                                                                                                                        
|Preferred distributions, net                                                                                                                                                                                             |                        |               | 10,877  |                      |         |      | 10,883             |         |         |   | 21,761  |         |         |   | 21,580  |        
|                                                                                                                                                                                                                         |                        |               |         |                      |         |      |                    |         |         |   |         |        
|Subtotal fixed charges and preferred
distributions, net                                                                                                                                                                  |                        | $             | 175,132 |                      |         | $    | 126,561            |         |         | $ | 350,309 |         |         | $ | 244,310 |        
|                                                                                                                                                                                                                         |                        |               |         |                      |         |      |                    |         |         |   |         |        
|Ratio of combined fixed charges and
preferred distributions to earnings                                                                                                                                                  |                        |               | 1.9     |                      |         |      | 1.9                |         |         |   | 1.8     |         |         |   | 1.8     |        
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