I have a TeamCity install on x32 Server2008 windows machine. I\'ve run the .net 4.5 web install. I\'ve also copied over the files from my x64 machine based on this article
A bit of a late answer, but if your project is from VS 2012, and you're using the autodetected solution file build step, editing that step and choosing "Microsoft Visual Studio 2012" from the "Visual Studio" drop down fixes this issue as well (and, IMHO, more correctly).