| [ X ]  | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|--------|-----------------------------------------------------------------------------------------|
|   | For the quarterly period ended March 31, 2010                                           |

| OR |
|----|

| [   ] | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|----------------------|------------------------------------------------------------------------------------------|
|                 | For the transition period from _________ to __________.                                  |

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

| YES   |X| |   | NO  |_| |   |
|---------------------|--------|--------------|--------|

| YES  |_| |   | NO  |_| |   |
|---------------|--------|--------------|--------|

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

| YES  |_| |   | NO  |X| |   |
|---------------|--------|--------------|--------|

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|       |                  |                                                                                        | Page   |
|------------|-----------------------|---------------------------------------------------------------------------------------------|--------|
| Part I.    | Financial Information |                                                                                        |
|       |                  |                                                                                        |   |
|       | Item 1.               | Financial Statements                                                                        |   |
|       |                  |                                                                                        |   |
|       |                  | Consolidated Balance Sheets as of March 31, 2010 and December 31, 2009                      | 2      |
|       |                  |                                                                                        |   |
|       |                  | Consolidated Statements of Operations for the three months ended March 31, 2010 and 2009    | 3      |
|       |                  |                                                                                        |   |
|       |                  | Consolidated Statements of Cash Flows for the three months ended March 31, 2010 and 2009    | 4      |
|       |                  |                                                                                        |   |
|       |                  | Notes to Consolidated Financial Statements                                                  | 5-7    |
|       |                  |                                                                                        |   |
|       | Item 2.               | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 8-11   |
|       |                  |                                                                                        |   |
|       | Item 3.               | Quantitative and Qualitative Disclosures About Market Risk                                  | 12     |
|       |                  |                                                                                        |   |
|       | Item 4.               | Controls and Procedures                                                                     | 12     |
|       |                  |                                                                                        |   |
|       | Item 4T.         | Controls and Procedures                                                                     | 12     |
|       |                  |                                                                                        |   |
| Part II.   | Other Information     |                                                                                        |
|       |                  |                                                                                        |   |
|       | Item 1.               | Legal Proceedings                                                                           | 13     |
|       |                  |                                                                                        |   |
|       | Item 1A.         | Risk Factors                                                                                | 13     |
|       |                  |                                                                                        |   |
|       | Item 2.               | Unregistered Sales of Equity Securities and Use of Proceeds                                 | 13     |
|       |                  |                                                                                        |   |
|       | Item 3.               | Defaults Upon Senior Securities                                                             | 13     |
|       |                  |                                                                                        |   |
|       | Item 4.               | Removed and Reserved                                                                        | 13     |
|       |                  |                                                                                        |   |
|       | Item 5.               | Other Information                                                                           | 13     |
|       |                  |                                                                                        |   |
|       | Item 6.               | Exhibits                                                                                    | 13     |
|       |                  |                                                                                        |   |
| Signatures |                  | 14                                                                                          |

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| FSP 303 East Wacker Drive Corp.Consolidated Balance Sheets(Unaudited) |
|-----------------------------------------------------------------------|

|                                                                                                                                                                                                     |   | March 31, |    |   | December 31, |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|---------|--------|-------------------|--------|
| (in thousands, except share and par value amounts)                                                                                                                                                       |   | 2010      |    |   | 2009              |   |
|                                                                                                                                                                                                     |   |      |    |   |              |   |
| Assets:                                                                                                                                                                                                  |   |      |    |   |              |   |
|                                                                                                                                                                                                     |   |      |    |   |              |   |
| Real estate investments, at cost:                                                                                                                                                                        |   |      |    |   |              |   |
|      Land                                                                                                                                                                       |   | $         | 26,200  |   |              | $      | 26,200 |   |
|      Building and improvements                                                                                                                                                  |   |      | 132,959 |   |              |   | 132,794 |   |
|      Furniture and Equipment                                                                                                                                                    |   |      | 161     |   |              |   | 161 |   |
|                                                                                                                                                                                                     |   |      | 159,320 |   |              |   | 159,155 |   |
|                                                                                                                                                                                                     |   |      |    |   |              |   |   |   |
|      Less accumulated depreciation                                                                                                                                              |   |      | 11,550  |   |              |   | 10,599 |   |
|                                                                                                                                                                                                     |   |      |    |   |              |   |   |   |
| Real estate investments, net                                                                                                                                                                             |   |      | 147,770 |   |              |   | 148,556 |   |
|                                                                                                                                                                                                     |   |      |    |   |              |   |   |   |
| Acquired real estate leases, net of accumulated amortization      of $4,530 and $4,360, respectively                                                                       |   |      | 4,476   |   |              |   | 4,837 |   |
| Acquired favorable real estate leases, net of accumulated      amortization of $2,653 and $2,755, respectively                                                             |   |      | 3,057   |   |              |   | 3,287 |   |
| Cash and cash equivalents                                                                                                                                                                                |   |      | 19,537  |   |              |   | 21,004 |   |
| Tenant rent receivable                                                                                                                                                                                   |   |      | 485     |   |              |   | 187 |   |
| Step rent receivable                                                                                                                                                                                     |   |      | 2,351   |   |              |   | 2,334 |   |
| Deferred leasing costs, net of accumulated      amortization of $280 and $241, respectively                                                                                |   |      | 831     |   |              |   | 875 |   |
| Prepaid expenses and other assets                                                                                                                                                                        |   |      | 47      |   |              |   | 153 |   |
|                                                                                                                                                                                                     |   |      |    |   |              |   |   |   |
|       Total assets                                                                                                                                                         |   | $         | 178,554 |   |              | $      | 181,233 |   |
|                                                                                                                                                                                                     |   |      |    |   |              |   |   |   |
| Liabilities and Stockholders’ Equity:                                                                                                                                                              |   |      |    |   |              |   |   |   |
|                                                                                                                                                                                                     |   |      |    |   |              |   |   |   |
| Liabilities:                                                                                                                                                                                             |   |      |    |   |              |   |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                    |   | $         | 7,283   |   |              | $      | 8,349 |   |
| Tenant security deposits                                                                                                                                                                                 |   |      | 340     |   |              |   | 352 |   |
| Acquired unfavorable real estate leases, net of accumulated      amortization of $139 and $255, respectively                                                               |   |      | 271     |   |              |   | 282 |   |
|                                                                                                                                                                                                     |   |      |    |   |              |   |   |   |
|      Total liabilities                                                                                                                                                          |   |      | 7,894   |   |              |   | 8,983 |   |
|                                                                                                                                                                                                     |   |      |    |   |              |   |   |   |
| Commitments and Contingencies:                                                                                                                                                                           |   |      | -       |   |              |   | - |   |
|                                                                                                                                                                                                     |   |      |    |   |              |   |   |   |
| Stockholders’ Equity:                                                                                                                                                                              |   |      |    |   |              |   |   |   |
|      Preferred Stock, $.01 par value, 2,210 shares authorized,                                                                                                                  |   |      |    |   |              |   |   |   |
|         issued and outstanding, aggregate liquidation preference $221,000        at March 31, 2010 and December 31, 2009 |   |      | -       |   |              |   | - |   |
|                                                                                                                                                                                                     |   |      |    |   |              |   |   |   |
|      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                                                                                                                   |   |      | (26,502 | )      |              |   | (24,912 | ) |
|                                                                                                                                                                                                     |   |      |    |   |              |   |   |   |
|      Total Stockholders’ Equity                                                                                                                                           |   |      | 170,660 |   |              |   | 172,250 |   |
|                                                                                                                                                                                                     |   |      |    |   |              |   |   |   |
|      Total Liabilities and Stockholders’ Equity                                                                                                                           |   | $         | 178,554 |   |              | $      | 181,233 |   |

| See accompanying notes to consolidated financial statements. |
|--------------------------------------------------------------|

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| FSP 303 East Wacker Drive Corp        |
|---------------------------------------|
| Consolidated Statements of Operations |
| (Unaudited)                           |

|                                                          |   |                           |   |   |   |   |
|---------------------------------------------------------------|--------|--------------------------------|--------|--------|--------|--------|
|                                                          |   | For the Three Months March 31, |   |
| (in thousands, except share and per share amounts)            |   | 2010                           |   |   | 2009   |   |
|                                                          |   |                           |   |   |   |   |
| Revenues:                                                     |   |                           |   |   |   |   |
|      Rental                          |   | $                              | 5,226  |   |   | $      | 6,329 |   |
|                                                          |   |                           |   |   |   |   |   |   |
|         Total revenue |   |                           | 5,226  |   |   |   | 6,329 |   |
|                                                          |   |                           |   |   |   |   |   |   |
| Expenses:                                                     |   |                           |   |   |   |   |   |   |
|                                                          |   |                           |   |   |   |   |   |   |
|      Rental operating expenses       |   |                           | 1,625  |   |   |   | 1,774 |   |
|      Real estate taxes and insurance |   |                           | 1,617  |   |   |   | 1,474 |   |
|      Depreciation and amortization   |   |                           | 1,357  |   |   |   | 1,476 |   |
|                                                          |   |                           |   |   |   |   |   |   |
|        Total expenses      |   |                           | 4,599  |   |   |   | 4,724 |   |
|                                                          |   |                           |   |   |   |   |   |   |
| Income before interest income                                 |   |                           | 627    |   |   |   | 1,605 |   |
|                                                          |   |                           |   |   |   |   |   |   |
| Interest income                                               |   |                           | 17     |   |   |   | 45 |   |
|                                                          |   |                           |   |   |   |   |   |   |
| Net income attributable to preferred stockholders             |   | $                              | 644    |   |   | $      | 1,650 |   |
|                                                          |   |                           |   |   |   |   |   |   |
| Weighted average number of preferred shares outstanding,      |   |                           |   |   |   |   |   |   |
|      basic and diluted               |   |                           | 2,210  |   |   |   | 2,210 |   |
|                                                          |   |                           |   |   |   |   |   |   |
| Net income per preferred share, basic and diluted             |   | $                              | 291    |   |   | $      | 747 |   |
| See accompanying notes to consolidated financial statements.  |   |

----

| FSP 303 East Wacker Drive Corp.Consolidated Statements of Cash Flows(Unaudited) |
|---------------------------------------------------------------------------------|

|                                                                                                                                                                                                  |   | For the Three Months EndedMarch 31, |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------|--------|
| (in thousands)                                                                                                                                                                                        |   | 2010                                |   |   | 2009 |   |
| Cash flows from operating activities:                                                                                                                                                                 |   |                                |   |   |   |   |
|      Net income                                                                                                                                                              |   | $                                   | 644    |   |   | $ | 1,650 |   |
|      Adjustments to reconcile net income to net cash                                                                                                                         |   |                                |   |   |   |   |   |   |
|              provided by operating activities:                                                                                       |   |                                |   |   |   |   |   |   |
|                      Depreciation and amortization                                           |   |                                | 1,357  |   |   |   | 1,476 |   |
|                      Amortization of favorable real estate leases                            |   |                                | 230    |   |   |   | 398 |   |
|                      Amortization of unfavorable real estate leases                          |   |                                | (11    | ) |   |   | (26 | ) |
|               Changes in operating assets and liabilities:                                                                      |   |                                |   |   |   |   |   |   |
|                      Tenant rent receivable                                                  |   |                                | (298   | ) |   |   | (280 | ) |
|                      Step rent receivable                                                    |   |                                | (17    | ) |   |   | (51 | ) |
|                      Prepaid expenses and other assets                                       |   |                                | 106    |   |   |   | 59 |   |
|                      Accounts payable and accrued expenses                                   |   |                                | (1,107 | ) |   |   | (2,030 | ) |
|                      Tenant security deposits                                                |   |                                | (12    | ) |   |   | 20 |   |
|                      Payment of deferred leasing costs                                       |   |                                | (1     | ) |   |   | (133 | ) |
|                                                                                                                                                                                                  |   |                                |   |   |   |   |   |   |
|                           Net cash provided by operating activities |   |                                | 891    |   |   |   | 1,083 |   |
|                                                                                                                                                                                                  |   |                                |   |   |   |   |   |   |
| Cash flows from investing activities:                                                                                                                                                                 |   |                                |   |   |   |   |   |   |
|      Purchase of real estate assets                                                                                                                                          |   |                                | (124   | ) |   |   | (24 | ) |
|                                                                                                                                                                                                  |   |                                |   |   |   |   |   |   |
|                         Net cash used for investing activities                |   |                                | (124   | ) |   |   | (24 | ) |
|                                                                                                                                                                                                  |   |                                |   |   |   |   |   |   |
| Cash flows from financing activities:                                                                                                                                                                 |   |                                |   |   |   |   |   |   |
|      Distributions to stockholders                                                                                                                                           |   |                                | (2,234 | ) |   |   | (3,094 | ) |
|                                                                                                                                                                                                  |   |                                |   |   |   |   |   |   |
|                        Net cash used for financing activities                      |   |                                | (2,234 | ) |   |   | (3,094 | ) |
|                                                                                                                                                                                                  |   |                                |   |   |   |   |   |   |
| Net decrease in cash and cash equivalents                                                                                                                                                             |   |                                | (1,467 | ) |   |   | (2,035 | ) |
|                                                                                                                                                                                                  |   |                                |   |   |   |   |   |   |
| Cash and cash equivalents, beginning of period                                                                                                                                                        |   |                                | 21,004 |   |   |   | 23,878 |   |
|                                                                                                                                                                                                  |   |                                |   |   |   |   |   |   |
| Cash and cash equivalents, end of period                                                                                                                                                              |   | $                                   | 19,537 |   |   | $ | 21,843 |   |
|                                                                                                                                                                                                  |   |                                |   |   |   |   |   |   |
| Supplemental disclosure of cash flow information:                                                                                                                                                     |   |                                |   |   |   |   |   |   |
|                                                                                                                                                                                                  |   |                                |   |   |   |   |   |   |
| Disclosure of non-cash investing activities:                                                                                                                                                          |   |                                |   |   |   |   |   |   |
|      Accrued costs for purchase of real estate assets                                                                                                                        |   | $                                   | 371    |   |   | $ | 556 |   |
|                                                                                                                                                                                                  |   |                                |   |   |   |   |   |   |
| See accompanying notes to consolidated financial statements.                                                                                                                                          |   |

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

----

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

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

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

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

----

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

| Quarter Paid          |   | Distributions Per Preferred Share |   |   | TotalDistributions |   |
|-----------------------|--------|----------------------------------------|--------|--------|--------------------|--------|
|                  |   |                                   |   |   |               |   |
| First quarter of 2010 |   | $                                      | 1,011  |   |               | $      | 2,234,310 |   |
|                  |   |                                   |   |   |               |   |   |   |
| First quarter of 2009 |   | $                                      | 1,400  |   |               | $      | 3,094,000 |   |

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

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| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations. |
|---------|----------------------------------------------------------------------------------------------|

----

----

----

----

| Item 3. | Quantitative and Qualitative Disclosures About Market Risk. |
|---------|-------------------------------------------------------------|

| Item 4. | Controls and Procedures. |
|---------|--------------------------|

| Item 4T. | Controls and Procedures. |
|----------|--------------------------|

----

| Item 1. | Legal Proceedings. |
|---------|--------------------|

| Item 1A. | Risk Factors. |
|----------|---------------|

| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds. |
|---------|--------------------------------------------------------------|

| Item 3. | Defaults Upon Senior Securities. |
|---------|----------------------------------|

| Item 4. | Removed and Reserved. |
|---------|-----------------------|

| Item 5. | Other Information. |
|---------|--------------------|

| Item 6. | Exhibits. |
|---------|-----------|

----

|                          |                            |   |                          |
|-------------------------------|---------------------------------|--------|-------------------------------|
|                          | FSP 303 EAST WACKER DRIVE CORP. |
|                          |                            |   |                          |
| Date                          | Signature                       |   | Title                         |
|                          |                            |   |                          |
| Date:  May 12, 2010 | /s/ George J. Carter            |   | President                     |
|                          | George J. Carter                |   | (Principal Executive Officer) |
|                          |                            |   |                          |
| Date:  May 12, 2010 | /s/ Barbara J. Fournier         |   | Chief Operating Officer       |
|                          | Barbara J. Fournier             |   | (Principal Financial Officer) |

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| 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.  |

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