Document:

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                              EMPLOYMENT AGREEMENT

EMPLOYMENT AGREEMENT dated as of November 27, 2000, between SEMX, a Delaware
corporation ("SEMX" or the "Corporation"), and Michael Best (the "Executive"),
an individual residing at San Diego, CA 92037.

                                   WITNESSETH

WHEREAS, the Corporation wishes to employ the Executive as its Vice President
and Chief Financial Officer, an executive who should have influence in the
direct management of the business and should contribute, in part, to the
Corporation's commercial success.

WHEREAS, the Executive is willing to accept such employment for the inducements
and upon the terms and conditions hereinafter set forth; and

WHEREAS, the Executive has signed the Corporation's Intellectual Property
Agreement or the Corporation has also bargained for the Executive simultaneously
to execute the Corporation's Intellectual Property Agreement, a copy of which is
annexed hereto as Exhibit A.

NOW, THEREFORE, in consideration of the premises and mutual covenants contained
herein and other good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the Corporation and the Executive agree as
follows:

SECTION 1. EMPLOYMENT:

         (A) TERM OF EMPLOYMENT. Upon the terms and subject to the conditions
         set forth in this Agreement, the Corporation hereby employs the
         Executive, and the Executive agrees to be employed as the Corporation's
         Vice President and Chief Financial Officer. Subject to earlier
         termination as provided in Section 4 hereof, the term of the
         Executive's employment by the Corporation under this Employment
         Agreement (the "Employment Term"), shall commence as of the date
         hereof, and shall continue for an initial term of two (2) years, up to
         and including November 27, 2002 (the "Initial Term"). The Employment
         Term may continue beyond the Initial Term on a year-to-year basis,
         which enables the

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         Corporation and the Executive to avoid renegotiations as the terms of
         this Employment Agreement are automatically extended until modified in
         writing or one of the parties hereto terminates this Employment
         Agreement as provided in section 4, or unless either party gives
         written notice of termination to the other of not less than sixty (60)
         days prior to the expiration of the Employment Agreement then in
         effect. Any extension shall be upon the same terms and conditions as
         set forth herein for the Employment Agreement hereunder except that the
         Base Salary as hereinafter defined for any extensions shall be the
         amount in effect at the end of the previous term.

         (B) DUTIES. The Executive will serve as the Corporation's Vice
         President and Chief Financial Officer and will perform the services and
         duties for the Corporation designated by the Corporation's President
         and Chief Executive Officer or his designee (the "Supervisor"),
         provided that such duties are reasonably consistent with Executive's
         responsibilities and status as the Corporation's Vice President and
         Chief Financial Officer. The Executive shall also, if elected in
         accordance with the By-Laws of the Corporation, serve as an Officer
         and/or Director of the Corporation or its affiliates without additional
         compensation and the Corporation shall indemnify Executive to the
         maximum extent allowable under law for his services as an Officer
         and/or Director.

         (C) EXTENT OF SERVICES. During the Employment Term, Executive agrees
         to: (i) devote all of his/her business time, energy and skill to the
         business of the Corporation; (ii) use his best efforts to promote the
         interests of the Corporation; and (iii) discharge such executive and
         administrative duties consistent with his position as may be assigned
         to him by the Supervisor. Executive agrees that he will not work for
         any other profit making organization in a direct or indirect manner
         without the written consent of his Supervisor and the Chief Executive
         Officer of the Corporation.

SECTION 2. COMPENSATION All compensation due Executive under this Employment
Agreement shall be payable by the Corporation, whether the services rendered are
for the Corporation or one of its affiliates.

         (A) BASE SALARY. For services rendered by the Executive under the
         Employment Agreement, the Company shall pay the Executive an annual
         salary of Two Hundred Fifteen Thousand Eight Hundred Dollars ($215,800)
         (the "Base Salary"). The Base Salary shall be earned and shall be
         payable in accordance with the Corporation's normal accounting and
         payroll practices and the Corporation may

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         increase, but not decrease, the Base Salary at any time.

         (B) BONUS.

                  (i) In addition to Executive's Base Salary, Executive may be
                  paid an annual bonus by the Corporation for a calendar year
                  period (the "Bonus Period") in such amount (the "Bonus
                  Amount") as may be determined by the Board of Directors of the
                  Corporation (see schedule A). This amount is estimated to be
                  approximately Twenty (20%) percent of Executive's base salary.

                  (ii) The Bonus Amount, if any, shall be paid to Executive no
                  later than fifteen (15) days after the completion of the audit
                  of the Corporation's financial statements for the Bonus
                  Period.

                  (iii) The Bonus Amount is due and payable to Executive if, and
                  only if, Executive is in the employ of the Corporation on the
                  last day of the Bonus Period; provided, however, that the
                  Executive (or his estate) shall be entitled to a pro rated
                  portion of the Bonus Amount (based on time elapsed) if
                  executive: (a) dies, (b) is terminated without Cause (defined
                  below) after satisfactorily completing the probationary period
                  by the Corporation, or (c) exercises the Change of Control
                  provision of Section 4(E) prior to the end of the Bonus
                  Period. Executive shall not be entitled to any Bonus Amount
                  for a calendar year in which Executive did not perform
                  services for the Corporation or any affiliate regardless of
                  the reason therefore or if the Board of Directors of the
                  Corporation determines within its sole discretion, that
                  performance targets established by Schedule A, (subject to a
                  test of reasonableness), were not accomplished for the period
                  in question.

SECTION 3. OTHER BENEFITS. During the Employment Term, the Executive shall be
entitled to the following benefits:

          (A)  vacation time, three (3) weeks annually in accordance with the
               Corporation's policy for executives in effect as determined by
               the Corporation and consistent with the Executive completing his
               responsibilities;

          (B)  participation in all employee group life, group health and other
               fringe benefit programs, including, but not limited to, any 401K
               plan, incentive compensation,

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               performance unit bonus, stock purchase or stock appreciation
               plans now or hereafter initiated or maintained by the Corporation
               for executive officers of the Corporation for which Executive is
               eligible subject to the right of the Corporation to amend or
               terminate such plans;

          (C)  reimbursement for all reasonable and properly documented expenses
               incurred or paid by Executive in connection with the performance
               of his duties hereunder and in accordance with the general
               expense reimbursement policy of the Corporation then in effect;
               and

          (D)  Five Hundred dollars ($500.00) per month car allowance.

          (E)  Seven Thousand Dollars ($7,000) annually for the payment of
               unreimbursed, documented medical expenses.

          (F)  Twenty Thousand (20,000) Non-Qualified Stock Options (hereinafter
               referred to as NQSO) with a strike price of Four Dollars ($4.00)
               per share and a vesting period of one (1) year, subject to
               Section 5. This option is conditional upon your successful
               completion of the Six-(6) month probationary period. Should you
               end the employment relationship, or the Corporation terminates
               you for Cause, subject to Section 4 (C) prior to the completion
               of your Six (6) month probationary period, this option will be
               void ab initio. If the Corporation terminates the employment
               relationship prior to the successful completion of the six (6)
               month probationary period, and is not for cause as set forth in
               Section 4 (C), this option will vest immediately.

          (G)  Upon the successful completion of your six (6) month probationary
               period you will be granted an additional Twenty Thousand (20,000)
               NQSO at a Four Dollar ($4.00) strike price (for a total of Forty
               Thousand (40,000) NQSO), which will vest at your one (1) year
               anniversary date. You will be recommended for a Twenty Thousand
               (20,000) to Forty Thousand (40,000) Non-Qualified Stock Option
               grant during the second year of this Employment Agreement at a
               strike price of Eight Dollars ($8.00) per share or market price,
               which ever is less. Any additional future grants of stock options
               whether NQSO or Employee Incentive Stock Option (EISO), over the
               initial Forty Thousand (40,000) NQSO, are subject to the complete
               discretion of the SEMX Corporation Stock Option Committee and
               further subject to SEMX's Employee Stock Option Plan and Amended
               Stock Option Agreement (attached hereto). In the event of a
               change of control as outlined in Section 4

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               (E), all Forty Thousand (40,000) NQSO from year one and Twenty
               Thousand (20,000) NQSO from year two (2) will be awarded and vest
               immediately.

SECTION 4. TERMINATION Subject to the terms and conditions contained herein,
this Employment Agreement shall terminate upon any of the following occurrences.

          (A)  VOLUNTARY TERMINATION BY THE EXECUTIVE. Notwithstanding anything
               contained in Section 3 (F) and except as set forth in Section 4
               (D) below, if the Executive voluntarily ceases to be employed by
               the Corporation on or before the first anniversary date of the
               Employment Agreement, with or without the consent of the
               Corporation, then the Employment Agreement shall end without
               further action by either party hereto and all rights and
               obligations of the parties under this Employment Agreement,
               including any and all rights to exercise NQSO, except those set
               forth in the Intellectual Property Protection Agreement, shall
               terminate as of such date.

          (B)  TERMINATION WITHOUT CAUSE BY THE CORPORATION. The Corporation may
               terminate this Employment Agreement at any time within the Six
               (6) month probationary period subject to Section 3 (F). In that
               event, the Executive shall be entitled to receive Severance
               Payment of eight (8) weeks base salary if within the six (6)
               month probationary period and twenty-six (26) weeks thereafter
               and other employee benefits as they shall have accrued and vested
               through the date of termination for services rendered.

          (C)  TERMINATION FOR CAUSE. The Corporation may terminate this
               Employment Agreement at any time for Cause. The Employment
               Agreement shall end without further action by either party hereto
               and all rights and obligations of the parties under this
               Employment Agreement, except those set forth in the Intellectual
               Property Protection Agreement and Section 3 (F) shall terminate
               as of such date. For the purposes of this Agreement, "Cause"
               shall mean;

                  (i) The failure of Executive to perform his duties in all
                  material respects, provided that prior to termination
                  Executive has been given an opportunity to remedy such failure
                  within sixty (60) days following written notice of such
                  failure or, if such failure is not subject to cure, the
                  repetition of the act or omission that constitutes such
                  failure is repeated by Executive after Executive received such
                  notice. Executive shall not be deemed to have failed to
                  perform his duties in any material respect if [the
                  Corporation] has not provided Executive with adequate
                  resources (including

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                  financial resources, personnel, and time) to perform his
                  duties.

                  (ii) conviction of (a) any serious crime or serious offense
                  involving misappropriation of money or other property of the
                  Corporation, or (b) any felony; or

                  (iii) Executive's use of narcotics, illegal drugs or
                  controlled substances other than as prescribed by a licensed
                  physician.

          (D)  TERMINATION AFTER CHANGE IN CONTROL. The Executive may terminate
               this Agreement, if there is a Change in Control as defined in
               Section 4 (E). If, after a Change in Control, the Executive
               terminates this Agreement, the Executive will be entitled to the
               Severance Benefits as defined herein.

          (E)  "CHANGE IN CONTROL" is defined as the occurrence of any of the
               following events:

                  (a) The acquisition by any individual, entity or group (within
                  the meaning of Section 13(d)(3) or 14 (d)(2) of the Securities
                  Exchange Act of 1934, as amended (the "Exchange Act")
                  (collectively, a "person) of beneficial ownership (as such
                  term is defined in Rule 13d-3 promulgated under the Exchange
                  Act), directly or indirectly, of more than fifty (50%) percent
                  of the then outstanding shares of common stock of SEMX
                  (collectively, the "Outstanding Common Stock") or a transfer
                  or sale of more than fifty (50%) percent of the book value of
                  the gross assets of SEMX measured at the time of such transfer
                  or sale in one or more transactions; provided, however, that
                  the following shall not constitute a Change in Control:

                           (i) Any acquisition by an underwriter (as such term
                           is defined in Section 2 (11) of the Securities Act of
                           1934, as amended) for the purpose of making a public
                           offering;

                           (ii) Any acquisition by SEMX or by any entity
                           controlled by SEMX;

                           (iii) Any acquisition by any employee benefit plan
                           (or related trust) sponsored or maintained by SEMX or
                           by any entity controlled by SEMX; or

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                           (iv) Any transfer of assets to SEMX or any entity
                           controlled by SEMX.

                  (b) When individuals who are members of the Board of Directors
                  of SEMX ("SEMX's Board") at any one time shall immediately
                  thereafter cease to constitute a majority of SEMX's Board, or
                  when a majority of SEMX's Board shall not consist of persons
                  who were elected or nominated for election as directors with
                  the approval of a majority of the present members of SEMX's
                  Board in either case within two (2) years of:

                           (i) The completion of a tender offer or exchange
                           offer for the voting stock of SEMX (other than a
                           tender off or exchange offer by SEMX) or a proxy
                           contest in connection with the election of members of
                           the SEMX's Board; or

                           (ii) A merger or consolidation of SEMX (other than
                           with SEMX or an entity controlled by SEMX).

          (F)  SEVERANCE BENEFITS. If, subsequent to a Change in Control, this
               Employment Agreement is terminated by the Corporation without
               Cause (and not for Disability), or by the Executive, for any
               reason, then the Executive shall be entitled to the following
               Severance Benefits in lieu of any other rights or alleged damages
               Subject to the terms and conditions contained herein:

                  (a) The Corporation shall pay the Executive his full base
                  salary through the date of termination at the rate in effect
                  at the time notice of termination is given (or at the date of
                  termination, if higher) and any bonus for a past calendar year
                  that has not been awarded or paid to the executive under any
                  Incentive Plan;

                  (b) the Corporation shall pay the Executive an amount equal to
                  the annual incentive award earned by the Executive under any
                  Incentive Plans in the calendar year ending as of the December
                  31st immediately preceding the date of termination, pro rated
                  to the Date of Termination.

                  (c) In lieu of any further salary payments to the Executive
                  for periods

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                  subsequent to the Date of Termination, the Corporation shall
                  pay as severance to the Executive a lump sum amount equal to
                  the Executive Base Salary as of the date of the Change in
                  Control (or at the date of termination, if higher) for a
                  period of one (1) year; in addition, all Forty Thousand
                  (40,000) NSQO from year one of the Employment Agreement and
                  Twenty Thousand (20,000) NQSO from year two (2) will vest
                  immediately.

                  (d) Except as otherwise provided herein, any Severance
                  Benefits payable under this paragraph shall be paid in full in
                  a lump sum not more than sixty (60) days following the date of
                  termination. If the Corporation shall default in the payment
                  of any such sum when due, the interest shall accrue on the
                  balance of the payments due hereunder at the rate of fifteen
                  (15%) percent per annum and the Corporation shall reimburse
                  Executive for all costs and expenses incurred by him,
                  including legal fees, in enforcing his rights under this
                  Section 4(d).

                           (i) If this Agreement is terminated on a date that is
                           not at the end of a calendar year and if the
                           Executive is entitled to incentive compensation, the
                           Corporation will not be obligated to pay the
                           incentive compensation which may be due until thirty
                           (30) days after the computation by the Corporation of
                           the amount which may be due.

                           (ii) The Executive shall not be required to mitigate
                           the amount of any payment contemplated herein
                           (whether by seeking new employment or in any other
                           manner), nor shall any such payment be reduced by
                           earning that the Executive may receive from any other
                           source.

                           (iii) The provisions of this Agreement, and any
                           payments provided for hereunder, shall not reduce any
                           amounts otherwise payable, or in any way diminish the
                           Executive's existing rights, or rights which would
                           accrue solely as a result of the passage of time,
                           under any Incentive Plan, Benefit Plan, employment
                           agreement or other contract, plan or arrangement.

                           (iv) Notwithstanding anything contained elsewhere in
                           this agreement.

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SECTION 5. NON-COMPETITION. As, and for the initial grant of Twenty Thousand
(20,000) NQSO, Executive and the Corporation hereby acknowledge said initial
grant of Twenty Thousand (20,000) NQSO's as full and adequate consideration for
this Non-Competition section of the Employment Agreement. During the Employment
Term and for a period of one (1) year thereafter (the "Non-Compete Period"), the
Executive shall not, directly or indirectly, engage in, own, manage, operate,
join or control, or participate in the ownership, management, operation or
control of any Restricted Enterprise or associate with any entity, incorporated
or otherwise (other than the Company or its affiliates), which engages or plans
to engage in a Restricted Enterprise anywhere in the United States, whether as a
director, officer, employee, agent, consultant, shareholder, partner, owner,
independent contractor or otherwise. As used herein, a "Restricted Enterprise"
shall be any activity that competes with the business of the Company as
constituted or as realistically contemplated during the Employment term in the
United States.

SECTION 6. GENERAL

         (A) This Agreement shall be binding upon and inure to the benefit of
         the Corporation and its successors and assigns and shall be binding
         upon and inure to the benefit of the Executive and his heirs, executors
         and administrators. If the Corporation assigns this Agreement, the
         assignee shall be required to expressly assume all obligations of the
         Corporation under this Agreement.

         (B) The waiver by the Corporation or the Executive of a breach of any
         provision of this Agreement by the other party shall not be construed
         as a waiver of any subsequent breach of the same provision or of any
         other provision of this Agreement.

         (C) All notices, requests, demands and other communications submitted
         hereunder shall be in writing and shall be deemed to have been duly
         given if delivered by hand or by commercial overnight delivery service
         or if mailed by first class, registered mail, return receipt requested,
         postage and registry fees prepaid; and addressed; if to the Executive,
         to the address set forth in the first paragraph hereof, and if to the
         Corporation, to 10121 Carroll Canyon Road, San Diego, CA 92131,
         attention President.

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         (D) This Agreement shall be construed and enforced in accordance with,
         and governed by, the laws of the State of Delaware without regard to
         the conflict of laws principles thereof.

         (E) This Agreement together with the Intellectual Property Protection
         Agreement, Employee Handbook and the Employees' Stock Option Plan
         Agreement incorporates the entire understanding of the parties hereto
         with respect to the subject matter hereof and supersedes all prior
         agreements relating to such subject matter. The invalidity of any
         section, provision or portion of this Agreement shall not affect the
         validity of any other section, provision or portion of this Agreement,
         and each such section, provision or portion shall be enforced to the
         full extent permitted by law. This Agreement may not be modified or
         amended, or any term or provision hereof waived or discharged, except
         by a written instrument signed by the party against whom such
         amendment, modification, waiver, or discharge is sought to be enforced.
         The headings of this Agreement are for the purposes of reference only
         and shall not limit or otherwise affect the meaning hereof. This
         Agreement may be executed in several counterparts, all of which
         together shall constitute one and the same instrument.

IN WITNESS WHEREOF, the parties hereto have dully executed this Agreement as of
the day and year first above written.

Dated:                                            SEMX Corporation
      ----------------------

                                            By
---------------------------------              ------------------------------
Executive                                   Frank Polese, Vice Chairman

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                                   SCHEDULE A

The performance objectives of the CFO cannot be separated from the overall
performance of the Company. The Company's performance in the final analysis is a
function of increasing shareholder value. Increased earnings ultimately increase
shareholder's value. Therefore, If the Company has a good year Bonuses will be
granted accordingly. If the Company does not have a good year, even though
individual goals are achieved the bonuses will not meet the upside of the target
numbers.

The following is a review of objectives we have discussed during the interview
process.

1.   Meet with department managers to review their budgets and forecasts.
     Determine with the managers a program through which they will be held
     accountable for reaching certain performance and sales goals. In parallel
     with developing Company-wide benefits and incentive programs, seek input
     from operating managers. Develop an incentive program based partly, but not
     solely, on financial results within each area. Have operating managers
     recommend certain non-financial criteria on which to be judged and
     formalize the review process for all employees.
2.   Determine with senior managers the competitive advantages of the Company
     vis-a-vis competition, then implement plan to exploit those advantages.
3.   Develop and update a current PPM/business plan to be kept updated
     quarterly.
4.   Discuss with senior management the identification of strategic partners
     with respect to acquisitions, mergers, and exclusive sales.
5.   Develop department to produce and deploy road show, analyst, and web site
     presentation material.

6.   After determining true cost of capital, perform cost cutting analysis to
     include both product lines and employee numbers.
7.   Develop and delineate communications channels between financial department
     and marketing/production/management.
8.   Develop and organize five-year plans for budget analysis.
9.   Analyze capital costs and determine financial needs for capital
     expenditures over the next two years; later extend to five-year plan.
10.  Review current financial arrangements with bank, lenders and corporate
     investors. Take over reporting responsibility with PNC. Review and optimize
     our current banking relationships.
11.  Meet and refine NY accounting practices such that all procedures in
     California and NY match, and determine reporting functions and financial
     disclosure regulations for outside agencies including the SEC.
12.  Review employee benefits programs, payroll methods, and employee stock
     purchase plan.
13.  Analysis of all material fixed and variable costs, generating exact per
     unit cost for each department and product (with Cost Accountant).
14.  Analysis of current control and internal reporting systems. Upgrade.
15.  Establish corporate "Mission", "Vision", and "Implementation" statements
     that include financial milestones and state these at the onset. Make
     statements on quarterly basis that reference these goals.
16.  Seek endorsement/testimonials from top customers and strategic partners.
17.  Determine method of dissemination for financial information to all online
     services. begin thorough "Comparative Analysis" and keep updated
     periodically.

                                       11<PAGE>   1
                                                                    Exhibit 4.12

                                 [FACE OF NOTE]

                       EOP OPERATING LIMITED PARTNERSHIP

                              6.50% Notes due 2004

No. 001                                                         Principal Amount
CUSIP No. 268766 AP7                                                $200,000,000

     UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY NOTE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC AND ANY PAYMENT IS MADE TO CEDE & CO., OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC,
ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.

     UNLESS AND UNTIL THIS NOTE IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN
CERTIFICATED FORM. THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY DTC TO
A NOMINEE THEREOF OR BY A NOMINEE THEREOF TO DTC OR ANOTHER NOMINEE OF DTC OR
BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR OF DTC OR A NOMINEE OF SUCH SUCCESSOR.

     THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "SECURITIES ACT"), OR ANY STATE SECURITIES LAW, NEITHER THIS NOTE
NOR ANY INTERESTS OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED,
TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF
SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO,
REGISTRATION, THIS NOTE WILL BE ISSUED AND UNTIL REGISTERED MAY BE TRANSFERRED
ONLY IN MINIMUM DENOMINATIONS OF $100,000 AND INTEGRAL MULTIPLES OF $1,000 IN
EXCESS THEREOF.

     THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR
OTHERWISE TRANSFER THIS NOTE, PRIOR TO THE DATE (THE "RESALE RESTRICTION
TERMINATION DATE") WHICH IS TWO YEARS AFTER THE LATER OF THE ORIGINAL ISSUE
DATE HEREOF AND THE LAST DATE ON WHICH THE ISSUER OR ANY "AFFILIATE" OF THE
ISSUER WAS THE OWNER OF THIS NOTE (OR ANY PREDECESSOR OF SUCH NOTE), ONLY (A)
TO THE ISSUER OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO A REGISTRATION
STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR
SO LONG AS THIS NOTE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A PERSON
IT REASONABLY BELIEVES IS A "QUALIFIED INSTITUTIONAL BUYER" AS DEFINED IN RULE
144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE
ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE
<PAGE>   2
IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) TO AN
INSTITUTIONAL "ACCREDITED INVESTOR" WITHIN THE MEANING OF SUBPARAGRAPH (a)(1),
(2), (3), or (7) OF RULE 501 UNDER THE SECURITIES ACT THAT IS ACQUIRING THIS
NOTE FOR ITS OWN ACCOUNT OR FOR ACCOUNT OF SUCH AN INSTITUTIONAL ACCREDITED
INVESTOR, OR AS FIDUCIARY FOR THE ACCOUNT OF ONE OR MORE TRUSTS, EACH OF WHICH
IS AN "ACCREDITED INVESTOR" WITHIN THE MEANING OF SUBPARAGRAPH (a)(7) of RULE
501 UNDER THE SECURITIES ACT, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO, OR
FOR OFFER OR SALE IN CONNECTION WITH, ANY DISTRIBUTION IN VIOLATION OF THE
SECURITIES ACT, OR (E) PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE RIGHT OF THE
ISSUER PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (D) OR (E)
TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER
INFORMATION SATISFACTORY TO THE ISSUER, SUBJECT IN EACH OF THE FOREGOING CASES,
TO A CERTIFICATE OF TRANSFER IN THE FORM APPEARING ON THE OTHER SIDE OF THIS
NOTE BEING COMPLETED AND DELIVERED BY THE TRANSFEROR TO THE ISSUER. THIS LEGEND
WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION
TERMINATION DATE.

     THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO BE BOUND BY THE
PROVISIONS OF THE REGISTRATION RIGHTS AGREEMENT RELATING TO ALL NOTES OF THIS
SERIES.

     EOP Operating Limited Partnership, a Delaware limited partnership (the
"Issuer," which term includes any successor under the Indenture hereinafter
referred to), for value received, hereby promises to pay to Cede & Co. or
registered assigns, the principal sum of Two Hundred Million Dollars on June 15,
2004 (the "Stated Maturity Date"), (or any Redemption Date (as defined on the
reverse hereof) or any earlier date of acceleration of maturity, (each such date
being referred to as the "Maturity Date" with respect to the principal repayable
on such date) and to pay interest thereon from June 15, 1998 (or from the most
recent Interest Payment Date (as defined below) to which interest has been paid
or duly provided for), semiannually in arrears on June 15 and December 15 of
each year, commencing on December 15, 1998 (each, an "Interest Payment Date"),
and on the Maturity Date, at a rate of 6.50% per annum (together with Liquidated
Damages, as defined in the Registration Rights Agreement hereinafter referred
to, that the Issuer may be required to pay, as described on the reverse hereof),
until payment of said principal sum has been made or duly provided for. Interest
on this Note will be computed on the basis of a 360-day year of twelve 30-day
months.

     The interest so payable and punctually paid or duly provided for on an
Interest Payment Date will, subject to certain exceptions described below, be
paid to the Holder in whose name this Note (or one or more predecessor Notes) is
registered at the close of business on the "Regular Record Date" for such
payment, which will be the date 15 calendar days (regardless of whether such day
is a Business Day (as defined below)) next preceding such Interest Payment Date.
Any interest not so punctually paid or duly provided for on an Interest Payment
Date ("Defaulted Interest") shall forthwith cease to be payable to the Holder on
such Regular Record Date, and shall be paid to the Holder in whose name this
Note (or one or more predecessor Notes) is registered at the close of business
on a special record date (the "Special Record Date") for the payment of such
Defaulted Interest to be fixed by the Trustee hereinafter referred to, notice
whereof shall be given to the Holder of this Note by the Trustee not less

                                       2
<PAGE>   3
than 10 calendar days prior to such Special Record Date or may be paid at any
time in any other lawful manner, all as more fully provided for in the
Indenture.

     The principal of and Make-Whole Amount, if any, with respect to this Note
payable on the Maturity Date will be paid against presentation and surrender of
this Note at the office or agency of the Issuer maintained for that purpose in
Boston, Massachusetts with a drop facility maintained in New York, New York.
The Issuer hereby initially designates the Corporate Trust Office of the
Trustee in Boston, Massachusetts as the office to be maintained by it where
Notes may be presented for payment, registration or transfer, or exchange and
where notices or demands to or upon the Issuer in respect of the Notes or the
Indenture may be served.

     Interest payable on this Note on any Interest Payment Date and on the
Maturity Date, as the case may be, will be the amount of interest accrued
during the applicable Interest Period (as defined below).

     An "Interest Period" is each period from and including the immediately
preceding Interest Payment Date (or from and including June 15, 1998, in the
case of the initial Interest Period) to but excluding the applicable Interest
Payment Date or the Maturity Date, as the case may be. If any Interest Payment
Date or Maturity Date falls on a day that is not a Business Day, principal,
Make-Whole Amount, if any, and interest payable on such date will be paid on
the succeeding Business Day with the same force and effect as if it were paid
on the date such payment was due, and no interest will accrue on the amount so
payable for the period from and after such date to such succeeding Business
Day. "Business Day" means any day other than a Saturday or a Sunday, on which
banking institutions in New York, New York and Boston, Massachusetts are not
required or authorized by law or executive order to close.

     Payments of principal, Make-Whole Amount, if any, and interest in respect
of this Note will be made by U.S. dollar check or by wire transfer (such a wire
transfer to be made only to a Holder of an aggregate principal amount of Notes
in excess of $10,000,000, and only if such Holder shall have furnished wire
instructions in writing to the Trustee no later than 15 days prior to the
relevant payment date and acknowledged that a wire transfer fee shall be
payable) of immediately available funds in such coin or currency of the United
States of America as at the time of payment is legal tender for the payment of
public and private debts.

     The Holder of this Note is entitled to the benefits of and is subject to
the obligations contained in a Registration Rights Agreement (subject to the
provisions thereof), dated as of June 10, 1998 (the "Registration Rights
Agreement"), between the Issuer and the Initial Purchasers, as defined in the
Registration Rights Agreement. The Issuer shall pay Liquidated Damages to the
Holder of this Note as provided in the Registration Rights Agreement.

     Reference is made to the further provisions of this Note set forth on the
reverse hereof. Such further provisions shall for all purposes have the same
effect as though fully set forth at this place. Capitalized terms used herein,
including on the reverse hereof, and not defined herein or on the reverse
hereof shall have the respective meanings given to such terms in the Indenture.

     This Note shall not be entitled to the benefits of the Indenture or be
valid or become obligatory for any purpose until the certificate of
authentication hereof shall have been signed by the Trustee.

                                       3
<PAGE>   4
     IN WITNESS WHEREOF, the Issuer has caused this Note to be signed manually
or by facsimile by duly authorized officers of the General Partner.

Dated: June 15, 1998          EOP OPERATING LIMITED PARTNERSHIP,
                                as Issuer

                              By:  EQUITY OFFICE PROPERTIES TRUST, not
                                   individually but as Managing General Partner

                                   By:  /s/ Michael A. Steele
                                        ---------------------------------------
                                        Michael A. Steele
                                   Its: Executive Vice President and
                                        Vice President -- Real Estate Operations

                              and  By:  /s/ Richard D. Kincaid
                                        ---------------------------------------
                                        Richard D. Kincaid
                                   Its: Executive Vice President and
                                        Chief Financial Officer

                    TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Notes of the series designated herein referred to in the
within-mentioned Indenture.

Dated: June 15, 1998          STATE STREET BANK AND TRUST COMPANY,
                                as Trustee

                                   By:  /s/
                                        ---------------------------------------
                                        Authorized Officer

                                       4
<PAGE>   5
                               [REVERSE OF NOTE]
                       EOP OPERATING LIMITED PARTNERSHIP

                              6.50% Notes due 2004

     This Note is one of a duly authorized issue of senior Notes of the Issuer
(hereinafter called the "Notes") of the series hereinafter specified, all
issued or to be issued under and pursuant to an Indenture dated as of September
2, 1997 (as amended, the "Indenture"), duly executed and delivered by the
Issuer to State Street Bank and Trust Company, as Trustee (herein called the
"Trustee," which term includes any successor trustee under the Indenture with
respect to the series of Notes of which this Note is a part), to which
Indenture and all indentures supplemental thereto reference is hereby made for
a description of the rights, limitations of rights, obligations, duties, and
immunities thereunder of the Trustee, the Issuer, and the Holders of the Notes,
and of the terms upon which the Notes are, and are to be, authenticated and
delivered. The Notes may be issued in one or more series, which different
series may be issued in various aggregate principal amounts, may mature at
different times, may bear interest (if any) at different rates, may be subject
to different redemption provisions (if any), and may otherwise vary as provided
in the Indenture. This Note is one of a series designated as the 6.50% Notes
due 2004 of the Issuer (the "Notes"), limited in aggregate principal amount to
$250,000,000, subject to the provisions in the Indenture.

     In case an Event of Default with respect to the Notes shall have occurred
and be continuing, the principal hereof and Make-Whole Amount (if any) may be
declared, and upon such declaration shall become, due and payable, in the
manner, with the effect, and subject to the conditions provided in the
Indenture.

     The Issuer may redeem this Note, at any time in whole or from time to time
in part (provided that the remaining principal amount of this Note prior to
registration is at least $100,000), at the election of the Issuer, at a
redemption price equal to the sum of (i) the principal amount being redeemed
plus accrued interest thereon to the date fixed for redemption (the "Redemption
Date") and (ii) the Make-Whole Amount with respect hereto (the "Redemption
Price"); provided, however, that interest installments due on an Interest
Payment Date which is on or prior to the Redemption Date will be payable to the
Holder hereof (or one or more predecessor Notes) as of the close of business on
the Record Date preceding such Interest Payment Date. If notice has been given
as provided in the Indenture and funds for the redemption of this Note or any
part thereof called for redemption shall have been made available on the
Redemption Date, this Note or such part thereof will cease to bear interest on
the Redemption Date referred to in such notice and the only right of the Holder
will be to receive payment of the Redemption Price. Notice of any optional
redemption of any Notes will be given to the Holder hereof (in accordance with
the provisions of the Indenture), not more than 60 nor less than 30 days prior
to the Redemption Date. In the event of redemption of this Note in part only, a
new Note of like tenor for the unredeemed portion hereof and otherwise having
the same terms and provisions as this Note shall be issued by the Issuer in the
name of the Holder hereof upon the presentation and surrender hereof.

     The Indenture contained provisions for the defeasance of (i) the entire
indebtedness of the Notes or (ii) certain covenants and Events of Default with
respect to the Notes, in each case upon compliance with certain conditions set
forth therein, which provisions apply to the Notes.

                                       5
<PAGE>   6
     At any time when the Issuer is not subject to Section 13 or 15(d) of the
United States Securities Exchange Act of 1934, as amended, upon the request of
a Holder of a Registrable Note (as defined in the Registration Rights
Agreement) the Issuer will promptly furnish or cause to be furnished the
information specified in Rule 144(d)(4) to such Holder of a Registrable Note,
or to a prospective purchaser of any Note designated by any such Holder to the
extent required to permit compliance by such Holder with Rule 144A under the
Securities Act in connection with the resale of any such Note.

     Whenever in this Note there is a reference, in any context, to the payment
of the principal of, or Make-Whole Amount, if any, or interest on, or in respect
of, the Note, such mention shall be deemed to include mention of the payment
Liquidated Damages payable as described above to the extent that, in such
context, Liquidated Damages are, were or would be payable in respect of the
Note.

     The Indenture contains provisions permitting the Issuer and the Trustee,
with the consent of the Holders of not less than a majority of the aggregate
principal amount of the Notes at the time Outstanding of all series to be
affected (voting as one class), evidenced as provided in the Indenture, to
execute supplemental indentures adding any provisions to or changing in any
manner or eliminating any of the provisions of the Indenture or of any
supplemental indenture or modifying in any manner the rights of the Holders of
the Notes of each series; provided, however, that no such supplemental
indenture shall, without the consent of the Holder of each Note at the time
Outstanding so affected, (i) change the final maturity of any Note, or reduce
the principal amount thereof or any premium or Make-Whole Amount thereon, if
any, or reduce the rate or extend the time of payment of any interest thereon,
or impair or affect the rights of any Holder to institute suit for the payment
on any Note, or (ii) reduce the percentage in principal amount of Outstanding
Notes, the Holders of which are required to consent to any such supplemental
indenture, or (iii) reduce the percentage in principal amount of Outstanding
Notes, the Holders of which are required to consent to any waiver of compliance
with certain provisions of the Indenture or any waiver of certain defaults
thereunder. It is also provided in the Indenture that, with respect to certain
defaults or Events of Default regarding the Notes of any series, the Holders of
a majority in aggregate principal amount Outstanding of the Notes of such
series (or, in the case of certain defaults or Events of Default, all series of
Notes) may on behalf of the Holders of all the Notes of such series (or all of
the Notes, as the case may be) waive any such past default or Event of Default
and its consequences, prior to any declaration accelerating the maturity of
such Notes, or, subject to certain conditions, may rescind a declaration of
acceleration and its consequences with respect to such Notes. The preceding
sentence shall not, however, apply to a default in or Event of Default relating
to, the payment of the principal of or premium or Make-Whole Amount, if any, or
interest on any of the Notes or in respect of a covenant or provision contained
in the Indenture that cannot be modified or amended without the consent of the
Holders of each Note at the time Outstanding affected thereby. Any such consent
or waiver by the Holder of this Note (unless revoked as provided in the
Indenture) shall be conclusive and binding upon such Holder and upon all future
Holders and owners of this Note and any Notes that may be issued in exchange or
substitution herefor, irrespective of whether or not any notation thereof is
made upon this Note or such other Notes.

     No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and any Make-Whole Amount
and interest (including Liquidated Damages) on this Note in the manner, at the
respective times, at the rate and in the coin or currency herein prescribed.

                                       6
<PAGE>   7
     This Note is issuable only in registered form without coupons in
denominations of U.S. $100,000 and integral multiples of $1,000 thereof. Notes
may be exchanged for a like aggregate principal amount of Notes of this series
of other authorized denominations at the office or agency of the Issuer in
Boston, Massachusetts, in the manner and subject to the limitations provided
herein and in the Indenture, but without the payment of any service charge
except for any tax or other governmental charge imposed in connection
therewith.

     Upon due presentment for registration of transfer of this Note at the
office or agency of the Issuer in Boston, Massachusetts, one or more new Notes
of authorized denominations in an equal aggregate principal amount will be
issued to the transferee in exchange therefor, subject to the limitations
provided in the Indenture, but without the payment of any service charge except
for any tax or other governmental charge imposed in connection therewith.

     This Note is not subject to a sinking fund requirement.

     No recourse under or upon any obligation, covenant or agreement contained
in the Indenture, or any Note, or because of any indebtedness evidenced hereby
or thereby (including, without limitation, any obligation or indebtedness
relating to the principal of, or premium or Make-Whole Amount or Liquidated
Damages, if any, Interest or any other amounts due, or claimed to be due, on
this Note), or for any claim based thereon or otherwise in respect thereof,
shall be had (i) against the General Partner or any other partner, or any
Person which owns an interest, directly or indirectly, in any partner, in the
Issuer, or (ii) against any promoter, as such, or against any past, present or
future shareholder, officer, trustee or partner, as such, of the Issuer or the
General Partner or of any successor, either directly or through the Issuer or
the General Partner or any successor, under any rule of law, statute or
constitutional provision or by the enforcement of any assessment or by any
legal or equitable proceeding or otherwise, all such liability being expressly
waived and released by the acceptance hereof and as part of the consideration
for the Issue hereof.

     Prior to due presentation of this Note for registration of transfer, the
Issuer, the Trustee, and any authorized agent of the Issuer or the Trustee may
deem and treat the Person in whose name this Note is registered as the absolute
owner of this Note (whether or not this Note shall be overdue and
notwithstanding any notation of ownership or other writing hereon), for the
purpose of receiving payment of, or on account of, the principal hereof and
Make-Whole Amount, if any, and subject to the provisions herein and on the face
hereof, interest hereon, and for all other purposes, and neither the Issuer nor
the Trustee nor any authorized agent of the Issuer or the Trustee shall be
affected by any notice to the contrary, except as required by law.

     THE INDENTURE AND THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK, UNITED STATES OF AMERICA
WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS.

                                       7

<PAGE>   8
                  ASSIGNMENT FORM AND CERTIFICATE OF TRANSFER

     To assign this Note fill in the form below:

     (I) or (we) assign and transfer this Note to

________________________________________________________________________________
    (Insert assignee's social security or tax identification number, if any)

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________
             (Print or type assignee's name, address and zip code)

     Your signature: ___________________________________________________________
       (Sign exactly as your name appears on the other side of this Note)

     Date: ________________________________________

     Signature Guarantee:* ________________________

     In connection with any transfer of any of the Notes evidenced by this Note
Certificate occurring prior to the date that is two years (or such shorter
period as may then be applicable under Rule 144(k) of the United States
Securities Act of 1933, as amended (the "Securities Act") (or any successor
provision)) after the later of the date of original issuance of such Notes and
the last date, if any, on which such Notes were owned by the Issuer or any
affiliate of the Issuer, the undersigned confirms that this Note Certificate is
being transferred:

     CHECK ONE BOX BELOW

     (1)  [ ]  to the Issuer or a Subsidiary thereof; or

     (2)  [ ]  to a "qualified institutional buyer" pursuant to and in
               compliance with Rule 144A under the Securities Act; or

     (3)  [ ]  to an institutional "accredited investor" within the meaning of
               subparagraph (a)(1), (2), (3), or (7) of Rule 501 under the
               Securities Act; or

     (4)  [ ]  pursuant to an effective registration statement under the
               Securities Act; or

     (5)  [ ]  pursuant to another available exemption from the registration
               requirements of the Securities Act.

     Unless one of the boxes is checked, the Trustee will refuse to register
this Note Certificate in the name of any person other than the Holder hereof;
provided, however, that if box (5) is checked, the Trustee (as instructed by
the Issuer) and the Issuer may require, prior to registering any transfer of
this Note Certificate, such certifications, legal opinions and/or other
information as the Issuer has reasonably requested to confirm that such
transfer is being made pursuant to an exemption from, or in a transaction not
subject to, the registration requirements of the Securities Act.
_________________________
* Signature must be guaranteed by a commercial bank, trust company or member
  firm or a major stock exchange

<PAGE>   9

                                 [FACE OF NOTE]

                       EOP OPERATING LIMITED PARTNERSHIP

                              6.50% Notes due 2004

No. 002                                                         Principal Amount
CUSIP No. 268766 AP7                                                 $50,000,000

     UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY NOTE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC AND ANY PAYMENT IS MADE TO CEDE & CO., OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC,
ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.

     UNLESS AND UNTIL THIS NOTE IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN
CERTIFICATED FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY DTC TO
A NOMINEE THEREOF OR BY A NOMINEE THEREOF TO DTC OR ANOTHER NOMINEE OF DTC OR
BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR OF DTC OR A NOMINEE OF SUCH SUCCESSOR.

     THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "SECURITIES ACT"), OR ANY STATE SECURITIES LAW, NEITHER THIS NOTE
NOR ANY INTERESTS OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED,
TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF
SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO,
REGISTRATION, THIS NOTE WILL BE ISSUED AND UNTIL REGISTERED MAY BE TRANSFERRED
ONLY IN MINIMUM DENOMINATIONS OF $100,000 AND INTEGRAL MULTIPLES OF $1,000 IN
EXCESS THEREOF.

     THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR
OTHERWISE TRANSFER THIS NOTE, PRIOR TO THE DATE (THE "RESALE RESTRICTION
TERMINATION DATE") WHICH IS TWO YEARS AFTER THE LATER OF THE ORIGINAL ISSUE
DATE HEREOF AND THE LAST DATE ON WHICH THE ISSUER OR ANY "AFFILIATE" OF THE
ISSUER WAS THE OWNER OF THIS NOTE (OR ANY PREDECESSOR OF SUCH NOTE), ONLY (A)
TO THE ISSUER OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO A REGISTRATION
STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR
SO LONG AS THIS NOTE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A PERSON
IT REASONABLY BELIEVES IS A "QUALIFIED INSTITUTIONAL BUYER" AS DEFINED IN RULE
144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE
ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE
<PAGE>   10
IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) TO AN
INSTITUTIONAL "ACCREDITED INVESTOR" WITHIN THE MEANING OF SUBPARAGRAPH (a)(1),
(2), (3), or (7) OF RULE 501 UNDER THE SECURITIES ACT THAT IS ACQUIRING THIS
NOTE FOR ITS OWN ACCOUNT OR FOR ACCOUNT OF SUCH AN INSTITUTIONAL ACCREDITED
INVESTOR, OR AS FIDUCIARY FOR THE ACCOUNT OF ONE OR MORE TRUSTS, EACH OF WHICH
IS AN "ACCREDITED INVESTOR" WITHIN THE MEANING OF SUBPARAGRAPH (a)(7) of RULE
501 UNDER THE SECURITIES ACT, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO, OR
FOR OFFER OR SALE IN CONNECTION WITH, ANY DISTRIBUTION IN VIOLATION OF THE
SECURITIES ACT, OR (E) PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE RIGHT OF THE
ISSUER PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (D) OR (E)
TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER
INFORMATION SATISFACTORY TO THE ISSUER, SUBJECT IN EACH OF THE FOREGOING CASES,
TO A CERTIFICATE OF TRANSFER IN THE FORM APPEARING ON THE OTHER SIDE OF THIS
NOTE BEING COMPLETED AND DELIVERED BY THE TRANSFEROR TO THE ISSUER. THIS LEGEND
WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION
TERMINATION DATE.

     THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO BE BOUND BY THE
PROVISIONS OF THE REGISTRATION RIGHTS AGREEMENT RELATING TO ALL NOTES OF THIS
SERIES.

     EOP Operating Limited Partnership, a Delaware limited partnership (the
"Issuer," which term includes any successor under the Indenture hereinafter
referred to), for value received, hereby promises to pay to Cede & Co. or
registered assigns, the principal sum of Fifty Million Dollars on June 15,
2004 (the "Stated Maturity Date"), (or any Redemption Date (as defined on the
reverse hereof) or any earlier date of acceleration of maturity, (each such date
being referred to as the "Maturity Date" with respect to the principal repayable
on such date) and to pay interest thereon from June 15, 1998 (or from the most
recent Interest Payment Date (as defined below) to which interest has been paid
or duly provided for), semiannually in arrears on June 15 and December 15 of
each year, commencing on December 15, 1998 (each, an "Interest Payment Date"),
and on the Maturity Date, at a rate of 6.50% per annum (together with Liquidated
Damages, as defined in the Registration Rights Agreement hereinafter referred
to, that the Issuer may be required to pay, as described on the reverse hereof),
until payment of said principal sum has been made or duly provided for. Interest
on this Note will be computed on the basis of a 360-day year of twelve 30-day
months.

     The interest so payable and punctually paid or duly provided for on an
Interest Payment Date will, subject to certain exceptions described below, be
paid to the Holder in whose name this Note (or one or more predecessor Notes) is
registered at the close of business on the "Regular Record Date" for such
payment, which will be the date 15 calendar days (regardless of whether such day
is a Business Day (as defined below)) next preceding such Interest Payment Date.
Any interest not so punctually paid or duly provided for on an Interest Payment
Date ("Defaulted Interest") shall forthwith cease to be payable to the Holder on
such Regular Record Date, and shall be paid to the Holder in whose name this
Note (or one or more predecessor Notes) is registered at the close of business
on a special record date (the "Special Record Date") for the payment of such
Defaulted Interest to be fixed by the Trustee hereinafter referred to, notice
whereof shall be given to the Holder of this Note by the Trustee not less

                                       2
<PAGE>   11
than 10 calendar days prior to such Special Record Date or may be paid at any
time in any other lawful manner, all as more fully provided for in the
Indenture.

     The principal of and Make-Whole Amount, if any, with respect to this Note
payable on the Maturity Date will be paid against presentation and surrender of
this Note at the office or agency of the Issuer maintained for that purpose in
Boston, Massachusetts with a drop facility maintained in New York, New York.
The Issuer hereby initially designates the Corporate Trust Office of the
Trustee in Boston, Massachusetts as the office to be maintained by it where
Notes may be presented for payment, registration or transfer, or exchange and
where notices or demands to or upon the Issuer in respect of the Notes or the
Indenture may be served.

     Interest payable on this Note on any Interest Payment Date and on the
Maturity Date, as the case may be, will be the amount of interest accrued
during the applicable Interest Period (as defined below).

     An "Interest Period" is each period from and including the immediately
preceding Interest Payment Date (or from and including June 15, 1998, in the
case of the initial Interest Period) to but excluding the applicable Interest
Payment Date or the Maturity Date, as the case may be. If any Interest Payment
Date or Maturity Date falls on a day that is not a Business Day, principal,
Make-Whole Amount, if any, and interest payable on such date will be paid on
the succeeding Business Day with the same force and effect as if it were paid
on the date such payment was due, and no interest will accrue on the amount so
payable for the period from and after such date to such succeeding Business
Day. "Business Day" means any day other than a Saturday or a Sunday, on which
banking institutions in New York, New York and Boston, Massachusetts are not
required or authorized by law or executive order to close.

     Payments of principal, Make-Whole Amount, if any, and interest in respect
of this Note will be made by U.S. dollar check or by wire transfer (such a wire
transfer to be made only to a Holder of an aggregate principal amount of Notes
in excess of $10,000,000, and only if such Holder shall have furnished wire
instructions in writing to the Trustee no later than 15 days prior to the
relevant payment date and acknowledged that a wire transfer fee shall be
payable) of immediately available funds in such coin or currency of the United
States of America as at the time of payment is legal tender for the payment of
public and private debts.

     The Holder of this Note is entitled to the benefits of and is subject to
the obligations contained in a Registration Rights Agreement (subject to the
provisions thereof), dated as of June 10, 1998 (the "Registration Rights
Agreement"), between the Issuer and the Initial Purchasers, as defined in the
Registration Rights Agreement. The Issuer shall pay Liquidated Damages to the
Holder of this Note as provided in the Registration Rights Agreement.

     Reference is made to the further provisions of this Note set forth on the
reverse hereof. Such further provisions shall for all purposes have the same
effect as though fully set forth at this place. Capitalized terms used herein,
including on the reverse hereof, and not defined herein or on the reverse
hereof shall have the respective meanings given to such terms in the Indenture.

     This Note shall not be entitled to the benefits of the Indenture or be
valid or become obligatory for any purpose until the certificate of
authentication hereof shall have been signed by the Trustee.

                                       3
<PAGE>   12
     IN WITNESS WHEREOF, the Issuer has caused this Note to be signed manually
or by facsimile by duly authorized officers of the General Partner.

Dated: June 15, 1998          EOP OPERATING LIMITED PARTNERSHIP,
                                as Issuer

                              By:  EQUITY OFFICE PROPERTIES TRUST, not
                                   individually but as Managing General Partner

                                   By:  /s/ Michael A. Steele
                                        ---------------------------------------
                                        Michael A. Steele
                                   Its: Executive Vice President and
                                        Vice President -- Real Estate Operations

                              and  By:  /s/ Richard D. Kincaid
                                        ---------------------------------------
                                        Richard D. Kincaid
                                   Its: Executive Vice President and
                                        Chief Financial Officer

                    TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Notes of the series designated herein referred to in the
within-mentioned Indenture.

Dated: June 15, 1998          STATE STREET BANK AND TRUST COMPANY,
                                as Trustee

                                   By:  /s/
                                        ---------------------------------------
                                        Authorized Officer

                                       4
<PAGE>   13
                               [REVERSE OF NOTE]
                       EOP OPERATING LIMITED PARTNERSHIP

                              6.50% Notes due 2004

     This Note is one of a duly authorized issue of senior Notes of the Issuer
(hereinafter called the "Notes") of the series hereinafter specified, all
issued or to be issued under and pursuant to an Indenture dated as of September
2, 1997 (as amended, the "Indenture"), duly executed and delivered by the
Issuer to State Street Bank and Trust Company, as Trustee (herein called the
"Trustee," which term includes any successor trustee under the Indenture with
respect to the series of Notes of which this Note is a part), to which
Indenture and all indentures supplemental thereto reference is hereby made for
a description of the rights, limitations of rights, obligations, duties, and
immunities thereunder of the Trustee, the Issuer, and the Holders of the Notes,
and of the terms upon which the Notes are, and are to be, authenticated and
delivered. The Notes may be issued in one or more series, which different
series may be issued in various aggregate principal amounts, may mature at
different times, may bear interest (if any) at different rates, may be subject
to different redemption provisions (if any), and may otherwise vary as provided
in the Indenture. This Note is one of a series designated as the 6.50% Notes
due 2004 of the Issuer (the "Notes"), limited in aggregate principal amount to
$250,000,000, subject to the provisions in the Indenture.

     In case an Event of Default with respect to the Notes shall have occurred
and be continuing, the principal hereof and Make-Whole Amount (if any) may be
declared, and upon such declaration shall become, due and payable, in the
manner, with the effect, and subject to the conditions provided in the
Indenture.

     The Issuer may redeem this Note, at any time in whole or from time to time
in part (provided that the remaining principal amount of this Note prior to
registration is at least $100,000), at the election of the Issuer, at a
redemption price equal to the sum of (i) the principal amount being redeemed
plus accrued interest thereon to the date fixed for redemption (the "Redemption
Date") and (ii) the Make-Whole Amount with respect hereto (the "Redemption
Price"); provided, however, that interest installments due on an Interest
Payment Date which is on or prior to the Redemption Date will be payable to the
Holder hereof (or one or more predecessor Notes) as of the close of business on
the Record Date preceding such Interest Payment Date. If notice has been given
as provided in the Indenture and funds for the redemption of this Note or any
part thereof called for redemption shall have been made available on the
Redemption Date, this Note or such part thereof will cease to bear interest on
the Redemption Date referred to in such notice and the only right of the Holder
will be to receive payment of the Redemption Price. Notice of any optional
redemption of any Notes will be given to the Holder hereof (in accordance with
the provisions of the Indenture), not more than 60 nor less than 30 days prior
to the Redemption Date. In the event of redemption of this Note in part only, a
new Note of like tenor for the unredeemed portion hereof and otherwise having
the same terms and provisions as this Note shall be issued by the Issuer in the
name of the Holder hereof upon the presentation and surrender hereof.

     The Indenture contained provisions for the defeasance of (i) the entire
indebtedness of the Notes or (ii) certain covenants and Events of Default with
respect to the Notes, in each case upon compliance with certain conditions set
forth therein, which provisions apply to the Notes.

                                       5
<PAGE>   14
     At any time when the Issuer is not subject to Section 13 or 15(d) of the
United States Securities Exchange Act of 1934, as amended, upon the request of
a Holder of a Registrable Note (as defined in the Registration Rights
Agreement) the Issuer will promptly furnish or cause to be furnished the
information specified in Rule 144(d)(4) to such Holder of a Registrable Note,
or to a prospective purchaser of any Note designated by any such Holder to the
extent required to permit compliance by such Holder with Rule 144A under the
Securities Act in connection with the resale of any such Note.

     Whenever in this Note there is a reference, in any context, to the payment
of the principal of, or Make-Whole Amount, if any, or interest on, or in respect
of, the Note, such mention shall be deemed to include mention of the payment
Liquidated Damages payable as described above to the extent that, in such
context, Liquidated Damages are, were or would be payable in respect of the
Note.

     The Indenture contains provisions permitting the Issuer and the Trustee,
with the consent of the Holders of not less than a majority of the aggregate
principal amount of the Notes at the time Outstanding of all series to be
affected (voting as one class), evidenced as provided in the Indenture, to
execute supplemental indentures adding any provisions to or changing in any
manner or eliminating any of the provisions of the Indenture or of any
supplemental indenture or modifying in any manner the rights of the Holders of
the Notes of each series; provided, however, that no such supplemental
indenture shall, without the consent of the Holder of each Note at the time
Outstanding so affected, (i) change the final maturity of any Note, or reduce
the principal amount thereof or any premium or Make-Whole Amount thereon, if
any, or reduce the rate or extend the time of payment of any interest thereon,
or impair or affect the rights of any Holder to institute suit for the payment
on any Note, or (ii) reduce the percentage in principal amount of Outstanding
Notes, the Holders of which are required to consent to any such supplemental
indenture, or (iii) reduce the percentage in principal amount of Outstanding
Notes, the Holders of which are required to consent to any waiver of compliance
with certain provisions of the Indenture or any waiver of certain defaults
thereunder. It is also provided in the Indenture that, with respect to certain
defaults or Events of Default regarding the Notes of any series, the Holders of
a majority in aggregate principal amount Outstanding of the Notes of such
series (or, in the case of certain defaults or Events of Default, all series of
Notes) may on behalf of the Holders of all the Notes of such series (or all of
the Notes, as the case may be) waive any such past default or Event of Default
and its consequences, prior to any declaration accelerating the maturity of
such Notes, or, subject to certain conditions, may rescind a declaration of
acceleration and its consequences with respect to such Notes. The preceding
sentence shall not, however, apply to a default in or Event of Default relating
to, the payment of the principal of or premium or Make-Whole Amount, if any, or
interest on any of the Notes or in respect of a covenant or provision contained
in the Indenture that cannot be modified or amended without the consent of the
Holders of each Note at the time Outstanding affected thereby. Any such consent
or waiver by the Holder of this Note (unless revoked as provided in the
Indenture) shall be conclusive and binding upon such Holder and upon all future
Holders and owners of this Note and any Notes that may be issued in exchange or
substitution herefor, irrespective of whether or not any notation thereof is
made upon this Note or such other Notes.

     No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and any Make-Whole Amount
and interest (including Liquidated Damages) on this Note in the manner, at the
respective times, at the rate and in the coin or currency herein prescribed.

                                       6
<PAGE>   15
     This Note is issuable only in registered form without coupons in
denominations of U.S. $100,000 and integral multiples of $1,000 thereof. Notes
may be exchanged for a like aggregate principal amount of Notes of this series
of other authorized denominations at the office or agency of the Issuer in
Boston, Massachusetts, in the manner and subject to the limitations provided
herein and in the Indenture, but without the payment of any service charge
except for any tax or other governmental charge imposed in connection
therewith.

     Upon due presentment for registration of transfer of this Note at the
office or agency of the Issuer in Boston, Massachusetts, one or more new Notes
of authorized denominations in an equal aggregate principal amount will be
issued to the transferee in exchange therefor, subject to the limitations
provided in the Indenture, but without the payment of any service charge except
for any tax or other governmental charge imposed in connection therewith.

     This Note is not subject to a sinking fund requirement.

     No recourse under or upon any obligation, covenant or agreement contained
in the Indenture, or any Note, or because of any indebtedness evidenced hereby
or thereby (including, without limitation, any obligation or indebtedness
relating to the principal of, or premium or Make-Whole Amount or Liquidated
Damages, if any, interest or any other amounts due, or claimed to be due, on
this Note), or for any claim based thereon or otherwise in respect thereof,
shall be had (i) against the General Partner or any other partner, or any
Person which owns an interest, directly or indirectly, in any partner, in the
Issuer, or (ii) against any promoter, as such, or against any past, present or
future shareholder, officer, trustee or partner, as such, of the Issuer or the
General Partner or of any successor, either directly or through the Issuer or
the General Partner or any successor, under any rule of law, statute or
constitutional provision or by the enforcement of any assessment or by any
legal or equitable proceeding or otherwise, all such liability being expressly
waived and released by the acceptance hereof and as part of the consideration
for the issue hereof.

     Prior to due presentation of this Note for registration of transfer, the
Issuer, the Trustee, and any authorized agent of the Issuer or the Trustee may
deem and treat the Person in whose name this Note is registered as the absolute
owner of this Note (whether or not this Note shall be overdue and
notwithstanding any notation of ownership or other writing hereon), for the
purpose of receiving payment of, or on account of, the principal hereof and
Make-Whole Amount, if any, and subject to the provisions herein and on the face
hereof, interest hereon, and for all other purposes, and neither the Issuer nor
the Trustee nor any authorized agent of the Issuer or the Trustee shall be
affected by any notice to the contrary, except as required by law.

     THE INDENTURE AND THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK, UNITED STATES OF AMERICA
WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS.

                                       7

<PAGE>   16
                  ASSIGNMENT FORM AND CERTIFICATE OF TRANSFER

     To assign this Note fill in the form below:

     (I) or (we) assign and transfer this Note to

________________________________________________________________________________
    (Insert assignee's social security or tax identification number, if any)

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________
             (Print or type assignee's name, address and zip code)

     Your signature: ___________________________________________________________
       (Sign exactly as your name appears on the other side of this Note)

     Date: ________________________________________

     Signature Guarantee:* ________________________

     In connection with any transfer of any of the Notes evidenced by this Note
Certificate occurring prior to the date that is two years (or such shorter
period as may then be applicable under Rule 144(k) of the United States
Securities Act of 1933, as amended (the "Securities Act") (or any successor
provision)) after the later of the date of original issuance of such Notes and
the last date, if any, on which such Notes were owned by the Issuer or any
affiliate of the Issuer, the undersigned confirms that this Note Certificate is
being transferred:

     CHECK ONE BOX BELOW

     (1)  [ ]  to the Issuer or a Subsidiary thereof; or

     (2)  [ ]  to a "qualified institutional buyer" pursuant to and in
               compliance with Rule 144A under the Securities Act; or

     (3)  [ ]  to an institutional "accredited investor" within the meaning of
               subparagraph (a)(1), (2), (3), or (7) of Rule 501 under the
               Securities Act; or

     (4)  [ ]  pursuant to an effective registration statement under the
               Securities Act; or

     (5)  [ ]  pursuant to another available exemption from the registration
               requirements of the Securities Act.

     Unless one of the boxes is checked, the Trustee will refuse to register
this Note Certificate in the name of any person other than the Holder hereof;
provided, however, that if box (5) is checked, the Trustee (as instructed by
the Issuer) and the Issuer may require, prior to registering any transfer of
this Note Certificate, such certifications, legal opinions and/or other
information as the Issuer has reasonably requested to confirm that such
transfer is being made pursuant to an exemption from, or in a transaction not
subject to, the registration requirements of the Securities Act.
_________________________
* Signature must be guaranteed by a commercial bank, trust company or member
  firm or a major stock exchange

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