| Delaware                             | 20-8061759               |
|--------------------------------------|--------------------------|
| (State or other jurisdiction      of | (I.R.S.      Employer    |
| incorporation or      organization)  | Identification      No.) |

|   | YES  x | NO  o |
|--------|------------------|-----------------|

|   | Large accelerated filer      o                                                                   | Accelerated      filer  o         |
|--------|--------------------------------------------------------------------------------------------------|---------------------------------------------|
|   | Non-accelerated      filer   o (Do not check if a smaller      reporting company) | Smaller reporting      company  x |

|   | YES  o | NO  x |
|--------|------------------|-----------------|

|          |                       |                                                                                                                                                                                                                                    | Page   |
|---------------|----------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| Part      I.  | Financial      Information |                                                                                                                                                                                                                                    |
|          |                       |                                                                                                                                                                                                                                    |   |
|          | Item      1.               | Financial      Statements                                                                                                                                                                                                               |   |
|          |                       |                                                                                                                                                                                                                                    |   |
|          |                       | Consolidated      Balance Sheets as of June 30, 2008 and December 31, 2007                                                                                                                                                              | 2      |
|          |                       |                                                                                                                                                                                                                                    |   |
|          |                       | Consolidated      Statements of Operations for the three and six months ended June 30, 2008      and for the three months ended June 30, 2007 and the period January 5,      2007 (date operations commenced) toJune 30, 2007 | 3      |
|          |                       |                                                                                                                                                                                                                                    |   |
|          |                       | Consolidated      Statements of Cash Flows for the six months ended June 30, 2008 and the      period January 5, 2007 (date operations commenced) to      June 30, 2007                                                       | 4      |
|          |                       |                                                                                                                                                                                                                                    |   |
|          |                       | Notes      to Consolidated Financial Statements                                                                                                                                                                                         | 5-7    |
|          |                       |                                                                                                                                                                                                                                    |   |
|          | Item      2.               | Management’s      Discussion and Analysis of Financial Condition and Results of      Operations                                                                                                                                   | 8-12   |
|          |                       |                                                                                                                                                                                                                                    |   |
|          | Item      3.               | Quantitative      and Qualitative Disclosures About Market Risk                                                                                                                                                                         | 13     |
|          |                       |                                                                                                                                                                                                                                    |   |
|          | Item      4.               | Controls      and Procedures                                                                                                                                                                                                            | 13     |
|          |                       |                                                                                                                                                                                                                                    |   |
|          | Item      4T.              | Controls      and Procedures                                                                                                                                                                                                            | 13     |
|          |                       |                                                                                                                                                                                                                                    |   |
| Part      II. | Other      Information     |                                                                                                                                                                                                                                    |
|          |                       |                                                                                                                                                                                                                                    |   |
|          | Item      1.               | Legal      Proceedings                                                                                                                                                                                                                  | 14     |
|          |                       |                                                                                                                                                                                                                                    |   |
|          | Item      1A.              | Risk      Factors                                                                                                                                                                                                                       | 14     |
|          |                       |                                                                                                                                                                                                                                    |   |
|          | Item      2.               | Unregistered      Sales of Equity Securities and Use of Proceeds                                                                                                                                                                        | 14     |
|          |                       |                                                                                                                                                                                                                                    |   |
|          | Item      3.               | Defaults      Upon Senior Securities                                                                                                                                                                                                    | 14     |
|          |                       |                                                                                                                                                                                                                                    |   |
|          | Item      4.               | Submission      of Matters to a Vote of Security Holders                                                                                                                                                                                | 14     |
|          |                       |                                                                                                                                                                                                                                    |   |
|          | Item      5.               | Other      Information                                                                                                                                                                                                                  | 14     |
|          |                       |                                                                                                                                                                                                                                    |   |
|          | Item      6.               | Exhibits                                                                                                                                                                                                                                | 14     |
|          |                       |                                                                                                                                                                                                                                    |   |
| Signatures    | 15                         |

| (in      thousands, except share and par value amounts)                                                                                                |   | June      30,2008 |    |   | December 31,2007 |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------|---------|--------|-----------------------|--------|
|                                                                                                                                                   |   |              |    |   |                  |   |
| Assets:                                                                                                                                                |   |              |    |   |                  |   |
|                                                                                                                                                   |   |              |    |   |                  |   |
| Real      estate investments, at cost:                                                                                                                 |   |              |    |   |                  |   |
|      Land                                                                                                                     |   | $                 | 26,200  |   |                  | $      | 26,200 |   |
|      Buildings      and improvements                                                                                          |   |              | 131,162 |   |                  |   | 129,098 |   |
|                                                                                                                                                   |   |              | 157,362 |   |                  |   | 155,298 |   |
|                                                                                                                                                   |   |              |    |   |                  |   |   |   |
|      Less      accumulated depreciation                                                                                       |   |              | 5,023   |   |                  |   | 3,292 |   |
|                                                                                                                                                   |   |              |    |   |                  |   |   |   |
| Real      estate investments, net                                                                                                                      |   |              | 152,339 |   |                  |   | 152,006 |   |
|                                                                                                                                                   |   |              |    |   |                  |   |   |   |
| Acquired      real estate leases, net of accumulated amortization      of      $3,200 and $2,334, respectively           |   |              | 7,782   |   |                  |   | 8,888 |   |
| Acquired      favorable real estate leases, net of accumulated      amortization      of $2,471 and $1,719, respectively |   |              | 5,477   |   |                  |   | 6,315 |   |
| Cash      and cash equivalents                                                                                                                         |   |              | 25,426  |   |                  |   | 25,353 |   |
| Tenant      rent receivables, less allowance for doubtful accounts                                                                                     |   |              |    |   |                  |   |   |   |
|            of $20 and $0, respectively                                                                                        |   |              | 175     |   |                  |   | 107 |   |
| Step      rent receivable                                                                                                                              |   |              | 1,883   |   |                  |   | 1,466 |   |
| Prepaid      expenses and other assets                                                                                                                 |   |              | 154     |   |                  |   | 137 |   |
| Deferred      leasing costs, net of accumulated      amortization      of $55 and $41, respectively                      |   |              | 707     |   |                  |   | 400 |   |
|                                                                                                                                                   |   |              |    |   |                  |   |   |   |
|       Total      assets                                                                                                  |   | $                 | 193,943 |   |                  | $      | 194,672 |   |
|                                                                                                                                                   |   |              |    |   |                  |   |   |   |
| Liabilities      and Stockholders’ Equity:                                                                                                       |   |              |    |   |                  |   |   |   |
|                                                                                                                                                   |   |              |    |   |                  |   |   |   |
| Liabilities:                                                                                                                                           |   |              |    |   |                  |   |   |   |
| Accounts      payable and accrued expenses                                                                                                             |   | $                 | 9,608   |   |                  | $      | 8,588 |   |
| Distribution      payable                                                                                                                              |   |              | -       |   |                  |   | 1,708 |   |
| Tenant      security deposits                                                                                                                          |   |              | 783     |   |                  |   | 790 |   |
| Acquired      unfavorable real estate leases, net of accumulated      amortization      of $157 and $139, respectively   |   |              | 421     |   |                  |   | 474 |   |
|                                                                                                                                                   |   |              |    |   |                  |   |   |   |
|      Total      liabilities                                                                                                   |   |              | 10,812  |   |                  |   | 11,560 |   |
|                                                                                                                                                   |   |              |    |   |                  |   |   |   |
| Commitments      and Contingencies:                                                                                                                    |   |              | -       |   |                  |   | - |   |
|                                                                                                                                                   |   |              |    |   |                  |   |   |   |
| Stockholders’      Equity:                                                                                                                       |   |              |    |   |                  |   |   |   |
|      Preferred      Stock, $.01 par value, 2,210 shares authorized, issued                                                    |   |              |    |   |                  |   |   |   |
|        and      outstanding, aggregate liquidation preference $221,000                                              |   |              |    |   |                  |   |   |   |
|        at      June 30, 2008 and December 31, 2007                                                                  |   |              | -       |   |                  |   | - |   |
|                                                                                                                                                   |   |              |    |   |                  |   |   |   |
|      Common      Stock, $.01 par value, 1 share                                                                               |   |              |    |   |                  |   |   |   |
|         authorized,      issued and outstanding                                                                |   |              | -       |   |                  |   | - |   |
|      Additional      paid-in capital                                                                                          |   |              | 197,162 |   |                  |   | 197,162 |   |
|      Retained      deficit and distributions in excess of earnings                                                            |   |              | (14,031 | )      |                  |   | (14,050 | ) |
|                                                                                                                                                   |   |              |    |   |                  |   |   |   |
|      Total      Stockholders’ Equity                                                                                    |   |              | 183,131 |   |                  |   | 183,112 |   |
|                                                                                                                                                   |   |              |    |   |                  |   |   |   |
|      Total      Liabilities and Stockholders’ Equity                                                                    |   | $                 | 193,943 |   |                  | $      | 194,672 |   |
| See      accompanying notes to consolidated financial statements.                                                                                      |   |

|                                                               |   | For      the Three MonthsEnded      June 30, |   |   | For      the SixMonths      EndedJune      30, |   |   | For      the PeriodJanuary      5, 2007(date      operationscommenced)      toJune      30, |   |
|--------------------------------------------------------------------|--------|----------------------------------------------|--------|--------|------------------------------------------------|--------|--------|---------------------------------------------------------------------------------------------|--------|
| (in      thousands, except share and per share amounts)            |   | 2008                                         |   |   | 2007                                           |   |   | 2008                                                                                        |   |   | 2007 |   |
|                                                               |   |                                         |   |   |                                           |   |   |                                                                                        |   |   |   |   |
| Revenues:                                                          |   |                                         |   |   |                                           |   |   |                                                                                        |   |   |   |   |
|      Rental                               |   | $                                            | 5,858  |   |                                           | $      | 5,702  |                                                                                        |   | $ | 11,649 |   |   | $ | 11,048 |   |
|                                                               |   |                                         |   |   |                                           |   |   |                                                                                        |   |   |   |   |   |   |   |   |
|         Total      revenue |   |                                         | 5,858  |   |                                           |   | 5,702  |                                                                                        |   |   | 11,649 |   |   |   | 11,048 |   |
|                                                               |   |                                         |   |   |                                           |   |   |                                                                                        |   |   |   |   |   |   |   |   |
| Expenses:                                                          |   |                                         |   |   |                                           |   |   |                                                                                        |   |   |   |   |   |   |   |   |
|                                                               |   |                                         |   |   |                                           |   |   |                                                                                        |   |   |   |   |   |   |   |   |
|      Rental      operating expenses       |   |                                         | 1,465  |   |                                           |   | 1,307  |                                                                                        |   |   | 3,073 |   |   |   | 2,703 |   |
|      Real      estate taxes and insurance |   |                                         | 1,480  |   |                                           |   | 1,585  |                                                                                        |   |   | 2,984 |   |   |   | 3,084 |   |
|      Depreciation      and amortization   |   |                                         | 1,441  |   |                                           |   | 1,414  |                                                                                        |   |   | 2,877 |   |   |   | 2,686 |   |
|      Interest      expense                |   |                                         | -      |   |                                           |   | 5,068  |                                                                                        |   |   | - |   |   |   | 10,510 |   |
|                                                               |   |                                         |   |   |                                           |   |   |                                                                                        |   |   |   |   |   |   |   |   |
|        Total      expenses      |   |                                         | 4,386  |   |                                           |   | 9,374  |                                                                                        |   |   | 8,934 |   |   |   | 18,983 |   |
|                                                               |   |                                         |   |   |                                           |   |   |                                                                                        |   |   |   |   |   |   |   |   |
| Income      (loss) before interest income                          |   |                                         | 1,472  |   |                                           |   | (3,672 | )                                                                                           |   |   | 2,715 |   |   |   | (7,935 | ) |
|                                                               |   |                                         |   |   |                                           |   |   |                                                                                        |   |   |   |   |   |   |   |   |
| Interest      income                                               |   |                                         | 164    |   |                                           |   | 65     |                                                                                        |   |   | 398 |   |   |   | 168 |   |
|                                                               |   |                                         |   |   |                                           |   |   |                                                                                        |   |   |   |   |   |   |   |   |
| Net      income (loss)                                             |   |                                         | 1,636  |   |                                           |   | (3,607 | )                                                                                           |   |   | 3,113 |   |   |   | (7,767 | ) |
|                                                               |   |                                         |   |   |                                           |   |   |                                                                                        |   |   |   |   |   |   |   |   |
| Distributions      paid to common stockholder                      |   |                                         | -      |   |                                           |   | 359    |                                                                                        |   |   | - |   |   |   | 532 |   |
|                                                               |   |                                         |   |   |                                           |   |   |                                                                                        |   |   |   |   |   |   |   |   |
| Net      income (loss) attributable to preferred stockholders      |   | $                                            | 1,636  |   |                                           | $      | (3,966 | )                                                                                           |   | $ | 3,113 |   |   | $ | (8,299 | ) |
|                                                               |   |                                         |   |   |                                           |   |   |                                                                                        |   |   |   |   |   |   |   |   |
| Weighted      average number of preferred shares outstanding,      |   |                                         |   |   |                                           |   |   |                                                                                        |   |   |   |   |   |   |   |   |
|      basic      and diluted               |   |                                         | 2,210  |   |                                           |   | 835    |                                                                                        |   |   | 2,210 |   |   |   | 553 |   |
|                                                               |   |                                         |   |   |                                           |   |   |                                                                                        |   |   |   |   |   |   |   |   |
| Net      income (loss) per preferred share, basic and diluted      |   | $                                            | 740    |   |                                           | $      | (4,752 | )                                                                                           |   | $ | 1,409 |   |   | $ | (15,007 | ) |
| See      accompanying notes to consolidated financial statements.  |   |

| (in      thousands)                                                                                                                                                                                        |   | For      theSix      Months EndedJune      30, 2008 |   |   | For      the Period January      5, 2007 (date      operations commenced)      to June      30, 2007 |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------|--------|--------|------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                                                                       |   |                                                |   |   |                                                                                                 |   |
| Cash      flows from operating activities:                                                                                                                                                                 |   |                                                |   |   |                                                                                                 |   |
|      Net      income (loss)                                                                                                                                                       |   | $                                                   | 3,113  |   |                                                                                                 | $      | (7,767 | ) |
|      Adjustments      to reconcile net income (loss) to net cash                                                                                                                  |   |                                                |   |   |                                                                                                 |   |   |   |
|              provided      by operating activities:                                                                                       |   |                                                |   |   |                                                                                                 |   |   |   |
|                      Depreciation      and amortization                                           |   |                                                | 2,877  |   |                                                                                                 |   | 2,686 |   |
|                      Amortization      of favorable real estate leases                            |   |                                                | 838    |   |                                                                                                 |   | 856 |   |
|                      Amortization      of unfavorable real estate leases                          |   |                                                | (53    | )      |                                                                                                 |   | (79 | ) |
|                      Bad      debt expense                                                        |   |                                                | 20     |   |                                                                                                 |   | - |   |
|               Changes      in operating assets and liabilities:                                                                      |   |                                                |   |   |                                                                                                 |   |   |   |
|                      Tenant      rent receivables                                                 |   |                                                | (88    | )      |                                                                                                 |   | (238 | ) |
|                      Step      rent receivable                                                    |   |                                                | (417   | )      |                                                                                                 |   | (1,050 | ) |
|                      Prepaid      expenses and other assets                                       |   |                                                | (17    | )      |                                                                                                 |   | (169 | ) |
|                      Accounts      payable and accrued expenses                                   |   |                                                | 47     |   |                                                                                                 |   | 6,934 |   |
|                      Tenant      security deposits                                                |   |                                                | (7     | )      |                                                                                                 |   | 775 |   |
|                      Payment      of deferred leasing costs                                       |   |                                                | (347   | )      |                                                                                                 |   | (9 | ) |
|                                                                                                                                                                                                       |   |                                                |   |   |                                                                                                 |   |   |   |
|                           Net      cash provided by operating activities |   |                                                | 5,966  |   |                                                                                                 |   | 1,939 |   |
|                                                                                                                                                                                                       |   |                                                |   |   |                                                                                                 |   |   |   |
| Cash      flows from investing activities:                                                                                                                                                                 |   |                                                |   |   |                                                                                                 |   |   |   |
|             Purchase      of real estate assets                                                                                                |   |                                                | (1,091 | )      |                                                                                                 |   | (153,221 | ) |
|             Purchase      of acquired real estate lease                                                                                        |   |                                                | -      |   |                                                                                                 |   | (11,222 | ) |
|             Purchase      of acquired favorable/unfavorable real estate leases                                                                 |   |                                                | -      |   |                                                                                                 |   | (7,421 | ) |
|                                                                                                                                                                                                       |   |                                                |   |   |                                                                                                 |   |   |   |
|                         Net      cash used for investing activities                |   |                                                | (1,091 | )      |                                                                                                 |   | (171,864 | ) |
|                                                                                                                                                                                                       |   |                                                |   |   |                                                                                                 |   |   |   |
| Cash      flows from financing activities:                                                                                                                                                                 |   |                                                |   |   |                                                                                                 |   |   |   |
|             Proceeds      from sale of company stock                                                                                           |   |                                                | -      |   |                                                                                                 |   | 109,235 |   |
|             Syndication      costs                                                                                                             |   |                                                | -      |   |                                                                                                 |   | (8,882 | ) |
|             Proceeds      from long term debt                                                                                                  |   |                                                | -      |   |                                                                                                 |   | 167,000 |   |
|             Principal      payments on long term debt                                                                                          |   |                                                | -      |   |                                                                                                 |   | (87,570 | ) |
|             Distributions      to stockholders                                                                                                 |   |                                                | (4,802 | )      |                                                                                                 |   | (604 | ) |
|                                                                                                                                                                                                       |   |                                                |   |   |                                                                                                 |   |   |   |
|                        Net      cash provided by (used for) financing activities        |   |                                                | (4,802 | )      |                                                                                                 |   | 179,179 |   |
|                                                                                                                                                                                                       |   |                                                |   |   |                                                                                                 |   |   |   |
| Net      increase in cash and cash equivalents                                                                                                                                                             |   |                                                | 73     |   |                                                                                                 |   | 9,254 |   |
|                                                                                                                                                                                                       |   |                                                |   |   |                                                                                                 |   |   |   |
| Cash      and cash equivalents, beginning of period                                                                                                                                                        |   |                                                | 25,353 |   |                                                                                                 |   | - |   |
|                                                                                                                                                                                                       |   |                                                |   |   |                                                                                                 |   |   |   |
| Cash      and cash equivalents, end of period                                                                                                                                                              |   | $                                                   | 25,426 |   |                                                                                                 | $      | 9,254 |   |
|                                                                                                                                                                                                       |   |                                                |   |   |                                                                                                 |   |   |   |
| Supplemental disclosure of cash      flow information:                                                                                                                                                     |   |                                                |   |   |                                                                                                 |   |   |   |
|                                                                                                                                                                                                       |   |                                                |   |   |                                                                                                 |   |   |   |
| Cash paid    for:                                                                                                                                                                                          |   |                                                |   |   |                                                                                                 |   |   |   |
|       Interest                                                                                                                                                               |   | $                                                   | -      |   |                                                                                                 | $      | 10,508 |   |
|                                                                                                                                                                                                       |   |                                                |   |   |                                                                                                 |   |   |   |
| Disclosure of non-cash investing      activities:                                                                                                                                                          |   |                                                |   |   |                                                                                                 |   |   |   |
|      Accrued      costs for purchase of real estate assets                                                                                                                        |   | $                                                   | 1,853  |   |                                                                                                 | $      | 1,328 |   |
|                                                                                                                                                                                                       |   |                                                |   |   |                                                                                                 |   |   |   |
| Disclosure      of non-cash financing activities:                                                                                                                                                          |   |                                                |   |   |                                                                                                 |   |   |   |
|      Distributions      declared but not paid                                                                                                                                     |   | $                                                   | -      |   |                                                                                                 | $      | 1,150 |   |
| See      accompanying notes to consolidated financial statements.                                                                                                                                          |   |

| 1. | Organization, Properties, Basis of      Presentation and Recent Accounting  Pronouncements |
|----|--------------------------------------------------------------------------------------------|

| 2. | Income  Taxes |
|----|---------------|

| 2. | Income Taxes      (continued) |
|----|-------------------------------|

| 3. | Related Party      Transactions |
|----|---------------------------------|

| 3. | Related Party Transactions      (continued) |
|----|---------------------------------------------|

| 4. | Net Income Per      Share |
|----|---------------------------|

| 5. | Segment      Reporting |
|----|------------------------|

| 6. | Cash Distributions |
|----|--------------------|

| QuarterPaid                 |   | DistributionsPer PreferredShare |   |   | DistributionsPer CommonShare |   |    | Total Distributions |   |
|-----------------------------|--------|---------------------------------|--------|--------|------------------------------|--------|---------|---------------------|--------|
|                        |   |                            |   |   |                         |   |    |                |   |
| First quarter of      2008  |   | $                               | 1,497  |   |                         | $      | -       |                |   | $ | 1,707,988 |   |
|                        |   |                            |   |   |                         |   |    |                |   |   |   |   |
| Second quarter of      2008 |   | $                               | 1,400  |   |                         | $      | -       |                |   | $ | 3,094,000 |   |
|                        |   |                            |   |   |                         |   |    |                |   |   |   |   |
| First quarter of      2007  |   | $                               | -      |   |                         | $      | -       |                |   | $ | - |   |
|                        |   |                            |   |   |                         |   |    |                |   |   |   |   |
| Second quarter of      2007 |   | $                               | 642    |   |                         | $      | 531,991 |                |   | $ | 603,895 |   |

| 7. | Subsequent Event |
|----|------------------|

|   | · | We paid acquisition fees of      $546,000 and other costs of acquisition of $58,000 for the period ending      June 30, 2007 to FSP.  Such fees were included in the cost of      the real estate.  We also paid organizational costs of $27,000      to FSP for the period ending June 30, 2007 which were expensed when      incurred.  Since the completion of the final closing of the sale      of shares of our Preferred Stock, which occurred on December 27, 2007, no      acquisition fees have been paid toFSP. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | We paid syndication fees      consisting of $8,750,000 for selling commissions and $132,000 for other      expenses for the period ending June 30, 2007 to FSP for services related      to syndication of the Company’s Preferred Stock.  Since the      completion of the final closing of the sale of shares of our Preferred      Stock, which occurred on December 27, 2007, no syndication fees have been      paid to FSP. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | We purchased the Property from an      unaffiliated third party for $167,000,000 on January 5,      2007.  The purchase price, which was determined by arm’s length      negotiations, was financed entirely by a loan, which we refer to as the      Acquisition Mortgage Loan, from Franklin Street with interest equal to the      rate paid by Franklin Street on its line of credit.  The      Acquisition Mortgage Loan was collateralized by a first mortgage against      the Property.  During 2007, we repaid the entire principal      balance of the Acquisition Mortgage Loan, with the final payment being      made on December 27, 2007.  For the period ending June 30, 2007,      interest paid to Franklin Street on the Acquisition Mortgage Loan was      $4,228,000.  The average interest rate during the time the      Acquisition Mortgage Loan was outstanding was 6.53%.  No      interest payments have been made since December 2007 because the      Acquisition Mortgage Loan wasrepaid. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | We paid commitment fees of      $6,280,000 for the period ending June 30, 2007 to FSP for obtaining the      Acquisition Mortgage Loan on the Property.  Such amounts are      included in interest expense in the financial statements.  Since      the completion of the final closing of the sale of shares of our Preferred      Stock, which occurred on December 27, 2007, no commitment fees have been      paid to FSP. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | We made distributions of $532,000      to Franklin Street as the sole holder of the one share of our Common Stock      for the period ending June 30, 2007 relating to earnings of the Company      prior to the completion of the offering of Preferred Stock.  No      distributions have been paid to Franklin Street as the sole holder of our      one share of Common Stock since the final closing of the sale of shares of      our Preferred Stock on December 27, 2007, and Franklin Street is not      currently entitled to share in any future earnings or any related      distribution of the Company as the sole holder of our one share of Common      Stock.  On December 27, 2007, Franklin Street purchased 965.75      shares of our Preferred Stock (or approximately 43.7%), of the Company for      consideration totaling $82,813,000.  Prior to purchasing any      shares of our Preferred Stock, Franklin Street agreed to vote any shares      held by it on any matter presented to the holders of our Preferred Stock      in a manner that approximates as closely as possible the votes cast in      favor of and opposed to such matter by the holders of our Preferred Stock      other than Franklin Street and its affiliates.  For purposes of      determining how Franklin Street votes its shares of our Preferred Stock,      abstentions and non-votes by stockholders other than Franklin Street are      not considered. Franklin Street is entitled to distributions that are      declared on our PreferredStock. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Date                                       | Signature                                                                          | Title                                                          |
|--------------------------------------------|------------------------------------------------------------------------------------|----------------------------------------------------------------|
|                                       |                                                                               |                                                           |
| Date:  August      8, 2008  | /s/ George J.      Carter          George      J. Carter  | President(Principal      Executive Officer)                    |
|                                       |                                                                               |                                                           |
| Date:  August      8, 2008  | /s/ Barbara J.      Fournier    Barbara      J. Fournier  | Chief      Operating Officer(Principal      Financial Officer) |

| Exhibit      No. | Description                                                                                                                                                                                        |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 31.1             | Certification      of FSP 303 East Wacker Drive Corp.'s principal executive officer pursuant      to Section 302 of the Sarbanes-Oxley Act of 2002.                                                     |
|             |                                                                                                                                                                                                    |
| 31.2             | Certification      of FSP 303 East Wacker Drive Corp.'s principal financial officer pursuant      to Section 302 of the Sarbanes-Oxley Act of 2002.                                                     |
|             |                                                                                                                                                                                                    |
| 32.1             | Certification      of FSP 303 East Wacker Drive Corp.'s principal executive officer pursuant      to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the      Sarbanes-Oxley Act of 2002. |
|             |                                                                                                                                                                                                    |
| 32.2             | Certification      of FSP 303 East Wacker Drive Corp.'s principal financial officer pursuant      to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the      Sarbanes-Oxley Act of 2002. |