The type or namespace name 'Office' does not exist in the namespace 'Microsoft' (are you missing an assembly reference?)

After installing Visual Studio 2010 on the new server I found this error.

C:\Windows\Microsoft.NET\Framework64\v4.0.30319\Microsoft.Common.targets (1360): Could not resolve this reference. Could not locate the assembly "Microsoft.Office.Interop.Excel, Version=11.0.0.0, Culture=neutral, PublicKeyToken=71e9bce111e9429c". Check to make sure the assembly exists on disk. If this reference is required by your code, you may get compilation errors.

I had a project referencing Microsoft.Office.Interop.Excel.dll with the path
C:\Program Files\Microsoft Visual Studio 9.0\Visual Studio Tools for Office\PIA\Office11\Microsoft.Office.Interop.Excel.dll
If you did not installed the office tools for visual studio 2010 you can download the PIA VSTO Install here http://www.microsoft.com/downloads/details.aspx?displaylang=en&FamilyID=06c32242-2289-4471-93aa-ce96aa5cbc36

I went to the project and updated the reference to use the new path for VS.NET 2010 using %ProgramFiles(x86)%\Microsoft Visual Studio 10.0\Visual Studio Tools for Office\PIA\Office14 and it compiled perfectly fine.