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                                 Exhibit 12.1



              FIRST INDUSTRIAL, L.P. AND CONTRIBUTING BUSINESSES
              COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
                     AND PREFERRED UNIT DISTRIBUTIONS (a)
                            (DOLLARS IN THOUSANDS)

<TABLE>
<CAPTION>                                                                  FOR THE YEAR ENDED DECEMBER 31,
                                            ----------------------------------------------------------------------------------------
                                                1997               1996              1995               1994              1993
                                            -------------     --------------     --------------     --------------     -------------
                                          
<S>                                         <C>               <C>                <C>                <C>               <C>
Income (loss) before disposition of 
  interest rate protection agreements,
  gain on sales of properties and 
  extraordinary items.....................  $     53,519      $      32,577      $     12,123       $     8,823        $   (3,999)
                                                                                                                        
Plus interest expense and amortization                                                                                  
  of deferred financing costs and interest                                                                                
  rate protection agreements..............  $     25,468      $       4,881      $      6,803       $    13,625        $   19,184
                                            -------------     --------------     --------------     -----------        ---------- 
                                                                                                                        
Earnings before disposition of interest                                                                                 
  rate protection agreements, gain on sales                                                                              
  of properties, extraordinary items and                                                                                
  fixed charges...........................  $     78,987      $      37,458      $     18,926       $    22,448        $   15,785
                                            =============     =============      ==============     ============       ========== 
                                                                                                                        
Fixed charges and Preferred Unit                                                                                        
  distributions(b)........................  $     34,555      $       5,382      $      7,069       $    13,645        $   19,197
                                            =============     =============      ==============     ============       ========== 
                                                                                 
Ration of earnings to fixed charges and                                                         
  preferred Unit distribution (c).........          2.29x              6.96x             2.68x             1.65x              ---(c)
                                            =============     =============      ==============     ============       ========== 


</TABLE>

(a) Information prior to June 30, 1994 
    includes the operations and accounts of
    the Operating Partnership's predecessor 
    businesses and information subsequent
    to the initial public offering includes 
    the historical operations and accounts
    of the Operating Partnership.

(b) There were no preferred limited partnership 
    distributions in respect of any period prior 
    to the fiscal quarter ending June 30, 1997.

(c) Earnings represent earnings before disposition 
    of interest rate protection agreements, gain 
    on sales of properties, extraordinary items 
    and fixed charges.  Fixed charges consist of 
    interest expense, capitalized interest and
    amortization of interest rate protection 
    agreements and deferred financing costs.  For 
    the fiscal year ended December 31, 1993, earnings 
    were not sufficient to cover fixed charges.  
    Additional earnings of $3.4 million would have 
    been required to achieve a ratio of 1.0 for such 
    period.






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