|   | [ X ] | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|--------|-------|-----------------------------------------------------------------------------------------|

|   | For the quarterly period ended June 30, 2010 |
|--------|----------------------------------------------|

|   | [   ] | 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.)  |

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

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|       |                  |                                                                                            | Page   |
|------------|-----------------------|-------------------------------------------------------------------------------------------------|--------|
| Part I.    | Financial Information |                                                                                            |
|       |                  |                                                                                            |   |
|       | Item 1.               | Financial Statements                                                                            |   |
|       |                  |                                                                                            |   |
|       |                  | Consolidated Balance Sheets as of June 30, 2010 and December 31, 2009                           | 2      |
|       |                  |                                                                                            |   |
|       |                  | Consolidated Statements of Operations for the three and six months ended June 30, 2010 and 2009 | 3      |
|       |                  |                                                                                            |   |
|       |                  | Consolidated Statements of Cash Flows for the six months ended June 30, 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     | 8-12   |
|       |                  |                                                                                            |   |
|       | Item 3.               | Quantitative and Qualitative Disclosures About Market Risk                                      | 13     |
|       |                  |                                                                                            |   |
|       | Item 4.               | 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.               | Removed and Reserved                                                                            | 14     |
|       |                  |                                                                                            |   |
|       | Item 5.               | Other Information                                                                               | 14     |
|       |                  |                                                                                            |   |
|       | Item 6.               | Exhibits                                                                                        | 14     |
|       |                  |                                                                                            |   |
| Signatures |                  |                                                                                            | 15     |

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|                                                                                                                                                                                                    |   | June 30, |    |   | 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                                                                                                                                             |   |     | 12,510  |   |              |   | 10,599 |   |
|                                                                                                                                                                                                    |   |     |    |   |              |   |   |   |
| Real estate investments, net                                                                                                                                                                            |   |     | 146,810 |   |              |   | 148,556 |   |
|                                                                                                                                                                                                    |   |     |    |   |              |   |   |   |
| Acquired real estate leases, net of accumulated amortization      of $4,262 and $4,360, respectively                                                                      |   |     | 4,042   |   |              |   | 4,837 |   |
| Acquired favorable real estate leases, net of accumulated      amortization of $2,336 and $2,755, respectively                                                            |   |     | 2,878   |   |              |   | 3,287 |   |
| Cash and cash equivalents                                                                                                                                                                               |   |     | 19,736  |   |              |   | 21,004 |   |
| Tenant rent receivable, less allowance for      doubtful accounts of $84 and $0, respectively                                                                             |   |     | 243     |   |              |   | 187 |   |
| Step rent receivable                                                                                                                                                                                    |   |     | 2,364   |   |              |   | 2,334 |   |
| Deferred leasing costs, net of accumulated      amortization of $330 and $241, respectively                                                                               |   |     | 1,169   |   |              |   | 875 |   |
| Prepaid expenses and other assets                                                                                                                                                                       |   |     | 155     |   |              |   | 153 |   |
|                                                                                                                                                                                                    |   |     |    |   |              |   |   |   |
|       Total assets                                                                                                                                                        |   | $        | 177,397 |   |              | $      | 181,233 |   |
|                                                                                                                                                                                                    |   |     |    |   |              |   |   |   |
| Liabilities and Stockholders’ Equity:                                                                                                                                                             |   |     |    |   |              |   |   |   |
|                                                                                                                                                                                                    |   |     |    |   |              |   |   |   |
| Liabilities:                                                                                                                                                                                            |   |     |    |   |              |   |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                   |   | $        | 7,945   |   |              | $      | 8,349 |   |
| Tenant security deposits                                                                                                                                                                                |   |     | 340     |   |              |   | 352 |   |
| Acquired unfavorable real estate leases, net of accumulated      amortization of $61 and $255, respectively                                                               |   |     | 103     |   |              |   | 282 |   |
|                                                                                                                                                                                                    |   |     |    |   |              |   |   |   |
|      Total liabilities                                                                                                                                                         |   |     | 8,388   |   |              |   | 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 June 30, 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                                                                                                                  |   |     | (28,153 | )      |              |   | (24,912 | ) |
|                                                                                                                                                                                                    |   |     |    |   |              |   |   |   |
|      Total Stockholders’ Equity                                                                                                                                          |   |     | 169,009 |   |              |   | 172,250 |   |
|                                                                                                                                                                                                    |   |     |    |   |              |   |   |   |
|      Total Liabilities and Stockholders’ Equity                                                                                                                          |   | $        | 177,397 |   |              | $      | 181,233 |   |
|  See accompanying notes to consolidated financial statements.                                                                                                                                      |   |

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|                                                               |   | For the Three Months |   |   | For the Six Months |   |
|--------------------------------------------------------------------|--------|----------------------|--------|--------|--------------------|--------|
|                                                               |   | Ended June 30,       |   |   | Ended June 30,     |   |
| (in thousands, except share and per share amounts)                 |   | 2010                 |   |   | 2009               |   |   | 2010 |   |   | 2009 |   |
|                                                               |   |                 |   |   |               |   |   |   |   |   |   |   |
| Revenues:                                                          |   |                 |   |   |               |   |   |   |   |   |   |   |
|      Rental                               |   | $                    | 5,121  |   |               | $      | 4,948 |   |   | $ | 10,347 |   |   | $ | 11,277 |   |
|                                                               |   |                 |   |   |               |   |   |   |   |   |   |   |   |   |   |   |
|         Total revenue      |   |                 | 5,121  |   |               |   | 4,948 |   |   |   | 10,347 |   |   |   | 11,277 |   |
|                                                               |   |                 |   |   |               |   |   |   |   |   |   |   |   |   |   |   |
| Expenses:                                                          |   |                 |   |   |               |   |   |   |   |   |   |   |   |   |   |   |
|                                                               |   |                 |   |   |               |   |   |   |   |   |   |   |   |   |   |   |
|      Rental operating expenses            |   |                 | 1,521  |   |               |   | 1,385 |   |   |   | 3,146 |   |   |   | 3,159 |   |
|      Real estate taxes and insurance      |   |                 | 1,610  |   |               |   | 1,461 |   |   |   | 3,227 |   |   |   | 2,935 |   |
|      Depreciation and amortization        |   |                 | 1,456  |   |               |   | 1,347 |   |   |   | 2,813 |   |   |   | 2,823 |   |
|                                                               |   |                 |   |   |               |   |   |   |   |   |   |   |   |   |   |   |
|        Total expenses           |   |                 | 4,587  |   |               |   | 4,193 |   |   |   | 9,186 |   |   |   | 8,917 |   |
|                                                               |   |                 |   |   |               |   |   |   |   |   |   |   |   |   |   |   |
| Income before interest income                                      |   |                 | 534    |   |               |   | 755 |   |   |   | 1,161 |   |   |   | 2,360 |   |
|                                                               |   |                 |   |   |               |   |   |   |   |   |   |   |   |   |   |   |
| Interest income                                                    |   |                 | 18     |   |               |   | 31 |   |   |   | 35 |   |   |   | 76 |   |
|                                                               |   |                 |   |   |               |   |   |   |   |   |   |   |   |   |   |   |
| Net income attributable to preferred stockholders                  |   | $                    | 552    |   |               | $      | 786 |   |   | $ | 1,196 |   |   | $ | 2,436 |   |
|                                                               |   |                 |   |   |               |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average number of preferred shares outstanding,           |   |                 |   |   |               |   |   |   |   |   |   |   |   |   |   |   |
|      basic and diluted                    |   |                 | 2,210  |   |               |   | 2,210 |   |   |   | 2,210 |   |   |   | 2,210 |   |
|                                                               |   |                 |   |   |               |   |   |   |   |   |   |   |   |   |   |   |
| Net income per preferred share, basic and diluted                  |   | $                    | 250    |   |               | $      | 356 |   |   | $ | 541 |   |   | $ | 1,102 |   |
|  See accompanying notes to consolidated financial statements. |   |

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|                                                                                                                                                                                                  |   | For the Six Months EndedJune 30, |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------|--------|
| (in thousands)                                                                                                                                                                                        |   | 2010                             |   |   | 2009 |   |
| Cash flows from operating activities:                                                                                                                                                                 |   |                             |   |   |   |   |
|      Net income                                                                                                                                                              |   | $                                | 1,196  |   |   | $ | 2,436 |   |
|      Adjustments to reconcile net income to net cash                                                                                                                         |   |                             |   |   |   |   |   |   |
|              provided by operating activities:                                                                                       |   |                             |   |   |   |   |   |   |
|                      Depreciation and amortization                                           |   |                             | 2,813  |   |   |   | 2,823 |   |
|                      Amortization of favorable real estate leases                            |   |                             | 409    |   |   |   | 638 |   |
|                      Amortization of unfavorable real estate leases                          |   |                             | (179   | ) |   |   | (48 | ) |
|                      Increase in bad debt reserve                                            |   |                             | 84     |   |   |   | - |   |
|               Changes in operating assets and liabilities:                                                                      |   |                             |   |   |   |   |   |   |
|                      Tenant rent receivable                                                  |   |                             | (140   | ) |   |   | (62 | ) |
|                      Step rent receivable                                                    |   |                             | (30    | ) |   |   | (128 | ) |
|                      Prepaid expenses and other assets                                       |   |                             | (2     | ) |   |   | (45 | ) |
|                      Accounts payable and accrued expenses                                   |   |                             | (398   | ) |   |   | (1,329 | ) |
|                      Tenant security deposits                                                |   |                             | (12    | ) |   |   | (215 | ) |
|                      Payment of deferred leasing costs                                       |   |                             | (401   | ) |   |   | (134 | ) |
|                                                                                                                                                                                                  |   |                             |   |   |   |   |   |   |
|                           Net cash provided by operating activities |   |                             | 3,340  |   |   |   | 3,936 |   |
|                                                                                                                                                                                                  |   |                             |   |   |   |   |   |   |
| Cash flows from investing activities:                                                                                                                                                                 |   |                             |   |   |   |   |   |   |
|      Purchase of real estate assets                                                                                                                                          |   |                             | (171   | ) |   |   | (686 | ) |
|                                                                                                                                                                                                  |   |                             |   |   |   |   |   |   |
|                         Net cash used for investing activities                |   |                             | (171   | ) |   |   | (686 | ) |
|                                                                                                                                                                                                  |   |                             |   |   |   |   |   |   |
| Cash flows from financing activities:                                                                                                                                                                 |   |                             |   |   |   |   |   |   |
|      Distributions to stockholders                                                                                                                                           |   |                             | (4,437 | ) |   |   | (6,188 | ) |
|                                                                                                                                                                                                  |   |                             |   |   |   |   |   |   |
|                        Net cash used for financing activities                      |   |                             | (4,437 | ) |   |   | (6,188 | ) |
|                                                                                                                                                                                                  |   |                             |   |   |   |   |   |   |
| Net decrease in cash and cash equivalents                                                                                                                                                             |   |                             | (1,268 | ) |   |   | (2,938 | ) |
|                                                                                                                                                                                                  |   |                             |   |   |   |   |   |   |
| Cash and cash equivalents, beginning of period                                                                                                                                                        |   |                             | 21,004 |   |   |   | 23,878 |   |
|                                                                                                                                                                                                  |   |                             |   |   |   |   |   |   |
| Cash and cash equivalents, end of period                                                                                                                                                              |   | $                                | 19,736 |   |   | $ | 20,940 |   |
|                                                                                                                                                                                                  |   |                             |   |   |   |   |   |   |
| Supplemental disclosure of cash flow information:                                                                                                                                                     |   |                             |   |   |   |   |   |   |
|                                                                                                                                                                                                  |   |                             |   |   |   |   |   |   |
| Disclosure of non-cash investing activities:                                                                                                                                                          |   |                             |   |   |   |   |   |   |
|      Accrued costs for purchase of real estate assets                                                                                                                        |   | $                                | 324    |   |   | $ | 407 |   |
|                                                                                                                                                                                                  |   |                             |   |   |   |   |   |   |
| See accompanying notes to consolidated financial statements.                                                                                                                                          |   |

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|   | Category          |         | Years  |
|--------|------------------------|--------------|-------------|
|   |                   |         |        |
|   | Building - Commercial  |         | 39          |
|   | Building Improvements  |    | 15-39       |
|   | Furniture and Fixtures |         | 5-7         |

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| Quarter Paid           |   | DistributionsPer PreferredShare                                                          |   | TotalDistributions                 |
|------------------------|--------|------------------------------------------------------------------------------------------|--------|------------------------------------|
|                   |   |                                                                                     |   |                               |
| First quarter of 2010  |   |  $          1,011                 |   |  $   2,234,310 |
|                   |   |                                                                                     |   |                               |
| Second quarter of 2010 |   |  $             997 |   |  $   2,203,370 |
|                   |   |                                                                                     |   |                               |
| First quarter of 2009  |   |  $          1,400                 |   |  $   3,094,000 |
|                   |   |                                                                                     |   |                               |
| Second quarter of 2009 |   |  $          1,400                 |   |  $   3,094,000 |

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| Date                                              | Signature                                                                                                     | Title                                                |
|---------------------------------------------------|---------------------------------------------------------------------------------------------------------------|------------------------------------------------------|
|                                              |                                                                                                          |                                                 |
| Date: August  12, 2010             | /s/ George J. Carter      George J. Carter                                 | President(Principal Executive Officer)               |
|                                              |                                                                                                          |                                                 |
| Date:  August  12, 2010  | /s/ Barbara J. Fournier           Barbara J. Fournier  | Chief Operating Officer(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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