Fitch Ratings Affirms TIAA CMBS I Trust 2001-C1.

Business Editors

NEW YORK--(BUSINESS WIRE)--May 20, 2004

Fitch Ratings affirms TIAA CMBS I Trust's commercial mortgage pass-through certificates, series 2001-C1, as follows:

-- $89.1 million class A-1 'AAA';

-- $200 million class A-2 'AAA';

-- $214.6 million class A-3 'AAA';

-- $400 million class A-4 'AAA';

-- $172 million class A-5 'AAA';

-- Interest only class X 'AAA';

-- $58.6 million class B 'AA';

-- $51.3 million class C 'A';

-- $22 million class D 'A-';

-- $14.7 million class E 'BBB+';

-- $18.3 million class F 'BBB';

-- $14.7 million class G 'BBB-';

-- $33 million class H 'BB+';

-- $14.7 million class J 'BB';

-- $11 million class K 'BB-';

-- $14.7 million class L 'B+';

-- $7.3 million class M 'B';

-- $7.3 million class N 'B-'.

Fitch does not rate class O or class LR.

The rating affirmations reflect stable pool performance and scheduled amortization. As of the May 2004 distribution date, the pool's aggregate certificate balance has decreased 13.32%, to $1.26 billion from $1.46 billion at issuance. Of the original 252 loans, 211 remain outstanding in the pool. There are currently no delinquent loans and no loans in special servicing.

The transaction's weighted average debt service coverage ratio (WADSCR), has remained strong at 1.52 times (x), the same as issuance. The pool's property type concentrations include retail (32%), multifamily (21%), cooperative housing (11%), and industrial (11%). Higher risk property types which include hotels, health care and self storage properties, account for 17% of the pool. Geographic concentrations include Florida (14%), California (11%), New York (10%), New Jersey (7%), and Texas (6%).