<PAGE>
                       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, 2002

[ ] 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                     (I.R.S. Employer
  Incorporation or Organization)                     Identification No.)

               c/o PricewaterhouseCoopers, LLP, 800 Market Street,
                         St. Louis, Missouri 63101-2695
               ---------------------------------------------------
                    (Address of Principal Executive Offices)

                                  (678)419-8747
                ------------------------------------------------
                (Issuer's Telephone Number, Including Area Code)

                                       N/A
              ----------------------------------------------------
              (Former Name, Former Address and Former Fiscal Year,
                         if Changed Since 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 March 31, 2002, there
were 10,000,000 Class A Membership Units outstanding.

         Transitional Small Business Disclosure Format (check one):

Yes                No      X
    ------------       -----------
<PAGE>

                                     PART I
                              FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS.

EBS BUILDING, L.L.C.
BALANCE SHEETS
------------------------------------------------------------------------------


<Table>
<Caption>
                                                                         MARCH 31, 2002
                                                                           (UNAUDITED)            DECEMBER 31, 2001
                                                                         --------------           -----------------
<S>                                                                       <C>                         <C>
ASSETS
    Rental property, net                                                  $26,586,462                 $26,329,910
    Cash - operating                                                           89,163                     198,160
    Security deposit escrow                                                    10,304                      10,275
    Tax and insurance escrow                                                  147,252                      41,921
    Rents receivable                                                          937,714                     881,733
    Prepaid expenses                                                           10,593                      42,371
    Lease commissions, net                                                  2,252,201                   2,320,415
    Loan costs, net                                                           211,920                     237,351
    Other assets                                                               13,651                      13,651
                                                                          -----------                 -----------

      Total assets                                                        $30,259,260                 $30,075,787
                                                                          -----------                 -----------


LIABILITIES
    Note payable                                                          $15,759,039                 $15,597,329
    Accounts payable                                                          380,644                     136,309
    Accrued expenses                                                          296,813                     179,917
    Tenant security deposits                                                    9,477                       9,477
                                                                          -----------                 -----------

      Total liabilities                                                    16,445,973                  15,923,032
                                                                          -----------                 -----------

MEMBERS' EQUITY:
    Membership Units (Class A - 10,000,000 authorized,
      issued and outstanding)                                                      --                          --
    Paid-in capital                                                        19,810,522                  19,810,522
    Retained earnings (deficit)                                            (5,997,235)                 (5,657,767)
                                                                          -----------                 -----------

      Total members' equity                                                13,813,287                  14,152,755
                                                                          -----------                 -----------

      Total liabilities and members' equity                               $30,259,260                 $30,075,787
                                                                          ===========                 ===========
</Table>

   The accompanying notes are an integral part of these financial statements.


<PAGE>
EBS BUILDING, L.L.C.
STATEMENTS OF OPERATIONS
-------------------------------------------------------------------------------

<Table>
<Caption>
                                                              FOR THE 3 MONTHS ENDED           FOR THE 3 MONTHS ENDED
                                                                  MARCH 31, 2002                   MARCH 31, 2001
                                                                   (UNAUDITED)                      (UNAUDITED)
                                                              ----------------------           ----------------------
<S>                                                                <C>                              <C>
Income:
    Rent                                                           $   898,200                      $   800,212
    Other                                                              119,665                          103,298
                                                                   -----------                      -----------

      Total income                                                   1,017,865                          903,510
                                                                   -----------                      -----------

Expenses:
    Maintenance                                                        297,848                          226,918
    Professional fees                                                  102,509                          159,426
    Utilities                                                          170,202                          167,732
    General and administrative                                         147,751                          144,261
    Depreciation & amortization                                        338,204                          271,301
    Taxes (including real estate taxes)                                 99,999                           99,000
    Interest and finance fees                                          148,814                          189,615
    Other operating expenses                                            52,006                           47,196
                                                                   -----------                      -----------

      Total expenses                                                 1,357,333                        1,305,449
                                                                   -----------                      -----------

Net loss                                                           $  (339,468)                     $  (401,939)
                                                                   -----------                      -----------

Net loss per Class A Unit - primary                                     $(0.03)                          $(0.04)

Net loss per Class A Unit - fully diluted                               $(0.03)                          $(0.04)

</Table>


   The accompanying notes are an integral part of these financial statements.
<PAGE>


EBS BUILDING, L.L.C.
STATEMENT OF CHANGES IN MEMBERS' EQUITY
FOR THE THREE MONTHS ENDED MARCH 31, 2002
-------------------------------------------------------------------------------

<Table>
<Caption>
                                                CLASS A
                                               MEMBERSHIP       PAID IN          RETAINED
                                                 UNITS          CAPITAL          EARNINGS           TOTAL
                                               ----------       -------          --------           -----
<S>                                            <C>            <C>              <C>               <C>
Balance, December 31, 2001                     10,000,000     $ 19,810,522     $ (5,657,767)     $ 14,152,755

Year to date loss (unaudited)                          --               --         (339,468)        (339,468)
                                               ----------     ------------      -----------       ----------

Balance, March 31, 2002 (unaudited)            10,000,000     $ 19,810,522      $(5,997,235)      $13,813,287
                                               ==========     ============      ===========       ===========

</Table>



   The accompanying notes are an integral part of these financial statements.
<PAGE>


EBS BUILDING, L.L.C.
STATEMENTS OF CASH FLOWS

-------------------------------------------------------------------------------

<Table>
<Caption>
                                                          FOR THE 3 MONTHS ENDED               FOR THE 3 MONTHS ENDED
                                                              MARCH 31, 2002                       MARCH 31, 2001
                                                                (UNAUDITED)                         (UNAUDITED)
                                                          ----------------------               ----------------------
<S>                                                            <C>                                  <C>
Cash flows from operating activities:
   Net loss                                                    $   (339,468)                         $  (401,939)
   Reconciliation of net loss to cash flows
    provided by operating activities:
     Depreciation & amortization expense                            338,204                              271,301
     Changes in operating assets and liabilities:
       Increase in escrows, rents receivable,
        prepaid expenses and deposits                              (129,564)                            (109,817)
       Increase in liabilities, excluding note
        payable                                                     361,231                              465,198
                                                               ------------                         ------------

        Cash flows provided by operating activities                 230,403                              224,743
                                                               ------------                         ------------

Cash flows from investing activities:
  Payments for lease commissions                                         --                             (642,953)
  Additions to rental property                                     (501,110)                            (705,916)
                                                               ------------                         ------------

        Cash flows used by investing activities                    (501,110)                          (1,348,869)
                                                               ------------                         ------------

Cash flows from financing activities:
  Proceeds from note payable                                        161,710                            1,117,008
                                                               ------------                         ------------

        Cash flows provided by financing activities                 161,710                            1,117,008
                                                               ------------                         ------------

Net decrease in cash                                               (108,997)                              (7,118)

Cash, beginning of period                                           198,160                               13,248
                                                               ------------                         ------------

Cash, end of period                                            $     89,163                         $      6,130
                                                               ------------                         ------------
</Table>


   The accompanying notes are an integral part of these financial statements.
<PAGE>

EBS BUILDING, L.L.C.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
MARCH 31, 2002
-------------------------------------------------------------------------------


1.       The accompanying unaudited financial statements, 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,
         2001 included in the Company's Annual Report on Form 10-KSB filed on
         March 29, 2002.

2.       The following table sets forth the computation of primary and fully
         diluted earnings (loss) per unit for the periods ended:

 <Table>
 <Caption>
                                                                        For the                 For the
                                                                     3 Months Ended          3 Months Ended
                                                                     March 31, 2002          March 31, 2001
                                                                      (unaudited)             (unaudited)
                                                                     --------------          --------------
         <S>                                                          <C>                     <C>
         Numerator:
              Net Earnings/(Loss) - Primary and Diluted               $   (339,468)           $   (401,939)
                                                                      ============            ============

         Denominator:
              Weighted Average Units Outstanding - Primary              10,000,000               10,000,000
              Effect of Potentially Dilutive Units                              --                       --
                                                                      ------------            -------------
              Units Outstanding - Diluted                               10,000,000               10,000,000
                                                                      ============            =============

         Primary Earnings/(Loss) per Unit                            $       (0.03)           $       (0.04)
                                                                     =============            =============
         Diluted Earnings/(Loss) per Unit                            $       (0.03)           $       (0.04)
                                                                     =============            =============
</Table>


3.       Rental property consists of the following:

<Table>
<Caption>
                                                            March 31, 2002
                                                              (unaudited)           December 31, 2001
                                                            --------------          -----------------

           <S>                                             <C>                       <C>
           Land                                             $   2,250,520             $    2,250,520
           Building                                            17,765,629                 17,765,629
           Building Improvements                                1,371,326                  1,346,013

           Tenant Improvements                                  4,259,129                  4,195,574

           Construction in progress                             4,557,084                  4,144,841
                                                            -------------             --------------
                                                               30,203,688                 29,702,577
           Less Accumulated Depreciation
                                                                3,617,226                  3,372,667
                                                            -------------             --------------
                                                            $  26,586,462             $   26,329,910
                                                            =============             ==============
</Table>

         The building and building improvements are depreciated using the
         straight-line method over its estimated useful life of 38 and 39 years,
         respectively. 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



<PAGE>


EBS BUILDING, L.L.C.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
MARCH 31, 2002
-------------------------------------------------------------------------------


         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.

5.       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 presently intends to use 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, 2002, the Company had
         outstanding borrowings of $15,759,039 under the Line of Credit.

<PAGE>

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.

         During the forthcoming twelve months of operations, 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.

                  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 will
be 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.

         During the three months ended March 31, 2002, the Company's rental
income increased by 12.2% over the first quarter of the prior year, from
$800,212 during the first quarter of 2001 to $898,200 during the first quarter
of 2002. Such increase is primarily attributed to the commencement of rent
payments in the fourth quarter of 2001 on a new lease that was signed in
February 2001. The Company's total expenses increased by 4.0% over the first
quarter of the prior year, with the largest increase in maintenance expense and
depreciation and amortization. Depreciation and amortization expense increased
from $271,301 during the first quarter of 2001 to $338,204 during the first
quarter of 2002 due to the capitalization of additional tenant improvements
associated with the Jacobs Engineering Group, Inc. lease entered into on
February 22, 2001. Maintenance expense increased 31.3% over the prior year due
to increased occupancy in the building. Professional fees declined by over 35.7%
from the first quarter of 2001. Professional fees decreased from $159,426 during
the first quarter of 2001 to $102,509 during the first quarter of 2002 due to
higher legal and professional fees incurred in 2001 associated with the signing
of the Seabury & Smith, Inc. and Jacobs Engineering Group, Inc. leases. Interest
expense for the first quarter of 2002 declined by 21.5% from the first quarter
of 2001 due to a reduction in bank fees incurred under the new Credit Facility.
Interest expense for the first three months of 2002 was $148,814 compared to
$189,615 for the first three months of 2001.


<PAGE>


                                    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.


         (b)  Reports on Form 8-K.  The Issuer did not file any reports on
Form 8-K during the first fiscal quarter.



<PAGE>

                                   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:  PricewaterhouseCoopers LLP, as Manager

                                   By:  /s/  KEITH F. COOPER
                                        --------------------------------------
                                        Keith F. Cooper, Partner

Date:  May 15, 2002



<PAGE>


                                  Exhibit Index

<Table>
<Caption>
   Exhibit No.                       Description
   -----------                       -----------
     <S>        <C>
     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.
</Table>