SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-QSB

(Mark One)

|[X] | Quarterly report under Section 13 or 15 (d)
of the Securities Exchange Act of 1934
|--- | ----------------------------------------------------------------------------------

For the quarterly period ended March 31, 2004

|[  ] | Transition report under Section 13 or 15 (d)
of the Exchange Act
|---- | ----------------------------------------------------------------

For the transition period from
________ to ________

Commission file number:  000-24167

|EBS Building, L.L.C.                                             
|-----------------------------------------------------------------
|(Exact Name of Small Business Issuer as
Specified in Its Charter)

|Delaware                                                       |  | 43-1794872                          
|-------------------------------------------------------------- |  | ------------------------------------
|(State or Other Jurisdiction of
Incorporation or Organization) |  | (I.R.S. Employer
Identification No.)

|c/o FTI Consulting, 1200 Abernathy Road, Suite 1700, 600 Northpark Town Center, Atlanta, GA 30328
|-------------------------------------------------------------------------------------------------
|(Address of Principal Executive Offices)                                                         

|(770) 551-8259                                  
|------------------------------------------------
|(Issuer's Telephone Number, Including Area Code)

|N/A                                                                              
|---------------------------------------------------------------------------------
|(Former Name, Former Address and Former Fiscal Year, if ChangedSince Last Report)

Check
whether the issuer: (1) filed all reports required to be filed by Section 13 or 15 (d) of
the Exchange Act during the past 12 months (or for such shorter period that the
registrant was required to file such reports), and  (2) has been subject to such filing
requirements for the past 90 days.

Yes  X  No

APPLICABLE ONLY TO ISSUERS INVOLVED IN
BANKRUPTCY PROCEEDINGS DURING THE
PRECEDING FIVE YEARS

Check
whether the registrants filed all documents and reports required to be filed by Section
12, 13 or 15 (d) of the Exchange Act after the distribution of securities under a plan
confirmed by a court.

Yes  X  No

APPLICABLE ONLY TO CORPORATE ISSUERS

State
the number of shares outstanding of each of the issuer's classes of common equity, as of
the latest practicable date: As of June 30, 2003, there were 10,000,000 Class A
Membership Units outstanding.

Transitional
Small Business Disclosure Format (check one):

Yes    
  No  X

PART IFINANCIAL INFORMATION


ITEM 1.    FINANCIAL
STATEMENTS.

EBS BUILDING, L.L.C.
Balance SheetsMarch 31, 2004(unaudited)
        
     December 31, 2003Assets    Rental property, net
     
     $ 24,804,065
        
     $ 25,136,102Cash - operating
     1,164,715
        
     759,471Security deposit escrow
     10,464
        
     10,454Tax and insurance escrow
     268,703
        
     169,442Rents receivable
     1,263,150
        
     1,247,957Prepaid expenses
     
        
     70,059Lease commissions, net
     1,822,359
        
     1,895,851Loan costs, net
     978
        
     38,491Deposits
     202
        
     202Total assets
     $ 29,334,636
        
     $ 29,328,029LiabilitiesNote payable
     $ 14,891,507
        
     $ 14,891,507Accounts payable
     
        
     429,829Accrued expenses
     249,299
        
     121,916Tenant security deposits
     23,422
        
     9,476Total liabilities
     15,164,228
        
     15,452,728Members' equity:Membership Units (Class A - 10,000,000 authorized,issued and outstanding at March 31, 2004 andDecember 31, 2003)
     
        
     Paid-in capital
     19,810,522
        
     19,810,522Retained earnings (deficit)
     (5,640,114
        )
     (5,935,221
        )Total members' equity
     14,170,408
        
     13,875,301Total liabilities and members' equity
     $ 29,334,636
        
     $ 29,328,029The
accompanying notes are an integral part of these financial statements.


EBS BUILDING, L.L.C.
Statement of OperationsFor the 3 months ended
March 31, 2004(unaudited)
        
     For the 3 months ended
March 31, 2003(unaudited)Income:    Rent
     
     $     1,573,449
        
     $     1,571,902Other
     161,788
        
     531,463Total income
     1,735,237
        
     2,103,365Expenses:Maintenance
     271,131
        
     236,274Professional fees
     140,599
        
     113,706Utilities
     152,681
        
     171,627General and administrative
     118,449
        
     153,061Depreciation & amortization
     456,736
        
     449,403Real estate taxes
     99,000
        
     99,999Interest expense
     101,444
        
     139,849Other operating expenses
     70,090
        
     103,117Other expense
     30,000
        
     Total expenses
     1,440,130
        
     1,467,036Net income
     $        295,107
        
     $        636,329Net income per Class A Unit - basic and diluted
     $0.03
        
     $0.06The
accompanying notes are an integral part of these financial statements.


EBS BUILDING, L.L.C.
Statement of Changes in Members' Equity
For the Three Months Ended March 31, 2004Class AMembershipUnits
        
     Paid InCapital
        
     RetainedEarnings(Deficit)
        
     TotalBalance, December 31, 2003
     
     10,000,000
        
     $   19,810,522
        
     $   (5,935,221
        )
     $   13,875,301Net income (unaudited)
     
        
     
        
     295,107
        
     295,107Balance, March 31, 2004 (unaudited)
     10,000,000
        
     $   19,810,522
        
     $   (5,640,114
        )
     $   14,170,408The
accompanying notes are an integral part of these financial statements.


EBS BUILDING, L.L.C.
Statement of Cash FlowsFor the 3 months ended
March 31, 2004(unaudited)
        
     For the 3 months ended
March 31, 2003(unaudited)Cash flows from operating activities:
    Net income
     
     $    295,107
        
     $    636,329Reconciliation of net income to cash flowsprovided by operating activities:Depreciation & amortization expense
     456,736
        
     449,403Changes in operating assets and liabilities:(Increase) in escrows, rents receivable,prepaid expenses and deposits
     (34,405
        )
     (155,373
        )Increase/(decrease) in liabilities, excluding
        note payable
     (318,180
        )
     123,574Cash flows provided by operating activities
     399,258
        
     1,053,933Cash flows from investing activities:Payments for lease commissions
     
        
     (10,566
        )Additions to rental property
     5,986
        
     (404,054
        )Cash flows provided/(used) by investing
     5,986
        
     (414,620
        )activitiesCash flows from financing activities:Proceeds from note payable
     
        
     Cash flows provided by financing activities
     
        
     Net increase in cash
     405,244
        
     639,313Cash, beginning of period
     759,471
        
     1,138,043Cash, end of period
     $ 1,164,715
        
     $ 1,777,356The
accompanying notes are an integral part of these financial statements.

EBS BUILDING, L.L.C.
Notes to Financial Statements (unaudited)March 31, 2004 and December 31, 20031.
               
               The accompanying unaudited financial statements of EBS Building, L.L.C. (the
               Company), in the opinion of the Manager, include all adjustments
               necessary for a fair presentation of the results for the interim periods
               presented. These adjustments consist of normal recurring accruals. The financial
               statements are presented in accordance with the requirements of Form 10-QSB and
               consequently do not include all the disclosures required by generally accepted
               accounting principles. For further information, refer to the financial
               statements and notes thereto for the year ended December 31, 2003 included in
               the Companys Annual Report on Form 10-KSB filed on March 30, 2004.2.
               
               The following table sets forth the computation of basic and diluted earnings per
               unit for the periods ended:For the3 Months Ended
March 31, 2004(unaudited)
        
     For the3 Months Ended
March 31, 2003(unaudited)Numerator:     Net Earnings - Basic and Diluted
     
     $          295,107
        
     $          636,329Denominator:Weighted Average Units Outstanding - Basic
     10,000,000
        
     10,000,000Effect of Potentially Dilutive Units
     
        
     Units Outstanding - Diluted
     10,000,000
        
     10,000,000Basic and Diluted Earnings per Unit
     $                0.03
        
     $                0.063.
               
               Rental property consists of the following:March 31, 2004
(unaudited)
        
     December 31, 2003Land
     
     $       2,250,520
        
     $       2,250,520Building
     17,765,629
        
     17,765,629Building Improvements
     1,477,475
        
     1,477,475Tenant Improvements
     8,806,810
        
     8,806,810Construction in progress
     966,456
        
     942,76331,266,890
        
     31,243,197Less Accumulated Depreciation
     6,462,825
        
     6,107,095$     24,804,065
        
     $     25,136,102The
building and building improvements are depreciated using the straight-line method over
their estimated useful lives of 38 years. Tenant improvements are depreciated over the
term of the tenants lease.4.
               
               Rents receivable include an accrual for the straight-line recognition of
               escalating tenant rental rates in accordance with Financial Accounting Standards
               Board Statement of Financial Accounting Standards No. 13, Accounting for
               Leases. Such tenant rents are recognized on a straight-line basis over the
               term of the lease.EBS BUILDING, L.L.C.
Notes to Financial Statements (unaudited)March 31, 2004 and December 31, 20035.
               
               Certain 2003 amounts have been reclassified where appropriate to conform to the
               financial statement presentation used in 2003.6.
               
               On May 31, 2001, the Company entered into an $18,600,000 revolving line of
               credit with Commerce Bank, N.A. (the Line of Credit). The Line of
               Credit, which expires in May 2004, replaces the $12,000,000 line of credit
               previously extended by FINPRO. L.L.C., which became due and payable on May 31,
               2001. The Company uses the Line of Credit for working capital needs, tenant
               improvements and lease commissions. Borrowings under the Line of Credit bear
               interest at a rate equal to the ninety (90) day LIBOR interest rate plus one
               hundred ninety (190) basis points. As of March 31, 2004, the Company had
               outstanding borrowings of $14,891,507 under the Line of Credit.The
Credit Facility has a maturity date of May 31, 2004, when all of the remaining outstanding
principal balance and interest is due and payable. The Company is actively trying to sell
the Building by the end of May 2004. If the Company is unsuccessful in selling the
Building prior to the maturity date of the Credit Facility, the Company will pursue either
an extension of financing with Commerce Bank or obtain alternative financing with another
lender.Item 2.   
Managements Discussion and Analysis or Plan of Operation.


During
the forthcoming twelve months of operations, EBS Building, L.L.C. (the
Company) intends to continue owning, managing, maintaining, repairing,
leasing, selling, hypothecating, mortgaging or otherwise dealing with the building located
at 501 North Broadway, St. Louis, Missouri (the Building). Further, the
Company intends to continue actively marketing the Building for sale during the
forthcoming twelve months as well as to continue to secure additional tenant leasing
agreements.


In
an effort to reinitiate marketing efforts for the Building, the Company entered into a new
exclusive listing agreement (the Subsequent Marketing Listing Agreement),
effective March 4, 2004, with Colliers Turley Martin Tucker, Inc. (Colliers),
which agreement granted Colliers the exclusive right to sell the Building. The term of the
Subsequent Marketing Listing Agreement is through August 1, 2004. Upon the sale of the
Building, a commission of 1.25% of the Net Sales Price1, up to $34 million,
plus 5% of the Net Sales Price in excess of $34 million up to $37 million, plus 7% of the
Net Sales Price in excess of $37 million will be paid to Colliers, pursuant to a written
sales contract that will be executed during the term of the agreement with a purchaser
procured by Colliers. In conjunction with the Subsequent Marketing Listing Agreement,
Colliers entered into an advisory agreement, effective March 4, 2004, (the Advisory
Agreement) with Secured Capital Corp. (SCC), which granted SCC the right
to market the Building to investors on a national basis. The term of the agreement is
co-terminus with the Subsequent Marketing Listing Agreement. Upon the sale of the
Building, Colliers must pay SCC a fee equal to 80% of the gross commission paid by the
Company to Colliers. In addition, SCC will receive reimbursement from the Company for
marketing expenses in an amount not to exceed $40,000.


On
May 31, 2001, the Company entered into an $18,600,000.00 credit facility (the Credit
Facility) with Commerce Bank, N.A in order to refinance its existing mortgage loan
and obtain funds for improvements, interest carry and other working capital needs.
Borrowings under the Credit Facility are at an interest rate equal to the ninety (90) day
LIBOR interest rate plus one hundred ninety (190) basis points. Borrowings under the
Credit Facility are secured by substantially all of the assets of the Company. Management
believes that funds from operations and the Companys present availability under its
revolving line of credit provide sufficient resources to meet the Companys present
and anticipated financing needs. The Credit Facility has a maturity date of May 31, 2004
(the Maturity Date), when all of the remaining outstanding principal balance
and interest is due and payable. The Company is actively trying to sell the Building by
the end of May 2004. If the Company is unsuccessful in selling the Building prior to the
Maturity Date, the Company will pursue either an extension of financing with Commerce Bank
or alternative financing with another lender.


1 Defined as the Gross
Sales Price received by the Company less an allowance provided to the buyer for roof
repair or replacement.

During
the three months ended March 31, 2004, the Companys rental income increased slightly
over the first quarter of the prior year, from $1,571,902 during the first quarter of 2003
to $1,573,449 during the first quarter of 2004. Other income decreased from $531,463 in
the first quarter of 2003 to $161,788 in the same period in 2004. This significant
decrease in other income was due to the one time termination fee related to the
Bankers Trust lease that was included in other income in the prior year.


The
Companys total expenses decreased by 1.8% over the first quarter of the prior year,
with the largest decreases in other operating expenses, interest expenses and general and
administrative expenses. Other operating expenses declined by 32.0% from $103,177 for the
three months ended March 31, 2003 to $70,090 for the three months ended March 31, 2004.
This decrease was primarily due to a 73.8% decline in insurance expenses due to the
negotiation of more favorable insurance rates by Colliers. Interest expenses declined by
27.5% over the prior year from $139,849 in first quarter 2003 to $101,444 in first quarter
2004. This decrease was a result of lower variable interest rates on the Credit Facility
compared to the prior year. General and administrative expenses declined from $153,061 in
the first quarter of 2003 to $118,449 in the first quarter of 2004, a 22.6% decline. This
decrease was mainly due to a decline in maintenance salaries and related benefits expenses
and administrative expenses. The decline in salaries and related benefits expenses
resulted from a chief engineer position being vacated and filled internally.


Professional
fees and maintenance expenses experienced the largest increase over the prior year.
Professional fees increased by 23.7% from $113,706 in the first quarter of 2003 to
$140,599 in the first quarter of 2004. This was primarily driven by higher legal fees from
an increase in leasing and marketing activity in the first quarter of 2004. Maintenance
expenses increased from $236,274 for the three months ended March 31, 2003 to $271,131 for
the same period in 2004 due to the deferral of various maintenance projects in the first
quarter of 2003 into later quarters of the year.


Item 3.    Controls and
Procedures


As
of March 31, 2004, the Company carried out an evaluation, under the supervision and with
the participation of the Companys management, including the Senior Managing Director
of the Manager of the Company, of the effectiveness of the design and operation of the
Companys disclosure controls and procedures pursuant to Exchange Act Rule 13a-15(e).
Based upon that evaluation, the Senior Managing Director of the Manager of the Company
concluded that the Companys disclosure controls and procedures are effective in
timely alerting them to material information relating to the Company required to be
included in the Companys periodic SEC filings.


There
have been no significant changes in our internal controls or in other factors that could
significantly affect those controls subsequent to the date of their last evaluation.

PART II    OTHER
INFORMATION


Item 6.    Exhibits and
Reports on Form 8-K.


     (a)       
          Exhibits (listed by numbers corresponding to the Exhibit Table of Item 601 of
          Regulation S-B)

3.1:
Articles of  Organization  of the Issuer  filed with the Delaware  Secretary of State on September  24, 1997
                           incorporated  by  reference to the  Issuer's  Registration  Statement on Form 10-SB filed on April 30, 1998,
                           Exhibit 2.1.3.2:
Members  Agreement of EBS  Building,  L.L.C.  a Limited  Liability  Company,  dated as of September 26, 1997
                           incorporated  by  reference to the  Issuer's  Registration  Statement on Form 10-SB filed on April 30, 1998,
                           Exhibit 2.2.4:
See the Members Agreement, referenced as Exhibit 3.2.10.34:
Exclusive  Listing  Agreement by and between EBS Building,  L.L.C. and Colliers Turley Martin Tucker,  Inc.,
                           dated March 4, 2004  incorporated  by  reference  from the  Issuer's  Form 10-KSB  filed on March 30,  2004,
                           Exhibit 10.34.10.35:
Advistory  Agreement by and between  Colliers Turley Martin Tucker,  Inc. and Secured  Capital Corp.,  dated
                           March 4, 2004  incorporated  by  reference  from the Issuer's  Form 10-KSB filed on March 30, 2004,  Exhibit
                           10.35.31:
Certification  of the Senior  Managing  Director of the  Manager of the  Company  pursuant to Section 302 of
                           Sarbanes-Oxley Act of 2002, 18 U.S.C. 1350.32:
Certification  of the Senior  Managing  Director of the  Manager of the  Company  pursuant to Section 906 of
                           Sarbanes-Oxley Act of 2002, 18 U.S.C. 1350.(b)       
          Reports on Form 8-K. The Issuer did not file any reports on Form 8-K during the
          first fiscal quarter.


SIGNATURES


In
accordance with the requirements of the Exchange Act, the registrant caused this report to
be signed on its behalf by the undersigned, thereunto duly authorized.


REGISTRANT:EBS BUILDING, L.L.C.
By: FTI Consulting, Inc., as ManagerBy:
     /s/ Keith F. CooperSignatureKeith F. Cooper, Senior Managing DirectorDate: May 14, 2004



Exhibit Index
3.1:
Articles of  Organization  of the Issuer  filed with the Delaware  Secretary of State on September  24, 1997
                           incorporated  by  reference to the  Issuer's  Registration  Statement on Form 10-SB filed on April 30, 1998,
                           Exhibit 2.1.3.2:
Members  Agreement of EBS  Building,  L.L.C.  a Limited  Liability  Company,  dated as of September 26, 1997
                           incorporated  by  reference to the  Issuer's  Registration  Statement on Form 10-SB filed on April 30, 1998,
                           Exhibit 2.2.4:
See the Members Agreement, referenced as Exhibit 3.2.10.34:
Exclusive  Listing  Agreement by and between EBS Building,  L.L.C. and Colliers Turley Martin Tucker,  Inc.,
                           dated March 4, 2004  incorporated  by  reference  from the  Issuer's  Form 10-KSB  filed on March 30,  2004,
                           Exhibit 10.34.10.35:
Advistory  Agreement by and between  Colliers Turley Martin Tucker,  Inc. and Secured  Capital Corp.,  dated
                           March 4, 2004  incorporated  by  reference  from the Issuer's  Form 10-KSB filed on March 30, 2004,  Exhibit
                           10.35.31:
Certification  of the Senior  Managing  Director of the  Manager of the  Company  pursuant to Section 302 of
                           Sarbanes-Oxley Act of 2002, 18 U.S.C. 1350.32:
Certification  of the Senior  Managing  Director of the  Manager of the  Company  pursuant to Section 906 of
                           Sarbanes-Oxley Act of 2002, 18 U.S.C. 1350.