<PAGE>   1
                       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, 2001

[ ]  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.)

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


                                  (678)419-7021
-------------------------------------------------------------------------------
                (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, 2001,
there were 10,000,000 Class A Membership Units outstanding.

         Transitional Small Business Disclosure Format (check one):

Yes                No      X
    --------------    --------------



<PAGE>   2


                                     PART I
                              FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS.



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

<TABLE>
<CAPTION>

                                                                         MARCH 31, 2001           DECEMBER 31, 2000
                                                                           (UNAUDITED)

<S>                                                                     <C>                      <C>
ASSETS
 Rental property, net                                                       $22,537,057              $22,036,672
 Cash - operating                                                                 6,130                   13,248
 Security deposit escrow                                                         58,273                  112,293
 Tax and insurance escrow                                                       243,800                   91,672
 Rents receivable                                                               604,457                  565,653
 Prepaid expenses                                                                 9,032                   36,127
 Lease commissions, net                                                       1,752,914                1,145,366
 Loan costs, net                                                                 20,243                   50,609
 Other assets                                                                       274                      202
                                                                            -----------              -----------

  Total assets                                                              $25,232,180              $24,051,913
                                                                            -----------              -----------


LIABILITIES
 Note payable                                                               $ 8,678,607              $ 7,561,599
 Accounts payable                                                               649,101                  145,491
 Accrued expenses                                                               319,263                  310,081
 Tenant security deposit                                                         57,405                  104,999
                                                                            -----------              -----------

  Total liabilities                                                           9,704,376                8,122,170
                                                                            -----------              -----------

MEMBERS' EQUITY:
 Membership Units (Class A - 10,000,000 authorized,
  issued and outstanding)                                                             -                        -
 Paid-in capital                                                             19,810,522               19,810,522
 Retained earnings                                                           (4,282,718)              (3,880,779)
                                                                            -----------              -----------

  Total members' equity                                                      15,527,804               15,929,743
                                                                            -----------              -----------

  Total liabilities and members' equity                                     $25,232,180              $24,051,913
                                                                            -----------              -----------

</TABLE>

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

<PAGE>   3


EBS BUILDING, L.L.C.
STATEMENT OF OPERATIONS
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>


                                                              FOR THE 3 MONTHS ENDED       FOR THE 3 MONTHS ENDED
                                                                  MARCH 31, 2001               MARCH 31, 2000
                                                                   (UNAUDITED)                   (UNAUDITED)

<S>                                                           <C>                          <C>
Income:
 Rent                                                                  $   800,212               $   874,891
 Other                                                                     103,298                    10,852
                                                                       -----------               -----------

   Total income                                                            903,510                   885,743
                                                                       -----------               -----------

Expenses:
 Maintenance                                                               226,918                   184,845
 Professional fees                                                         159,426                   185,271
 Utilities                                                                 167,732                   164,285
 General and administrative                                                144,261                   183,899
 Depreciation & amortization                                               271,301                   243,052
 Property taxes                                                             99,000                    93,540
 Interest expense                                                          189,615                   163,546
 Other operating expenses                                                   47,196                    58,387
                                                                       -----------               -----------

   Total expenses                                                        1,305,449                 1,276,825
                                                                       -----------               -----------

Net loss                                                               $  (401,939)              $  (391,082)
                                                                       -----------               -----------

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

</TABLE>


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

<PAGE>   4


EBS BUILDING, L.L.C.
STATEMENT OF CHANGES IN MEMBERS' EQUITY
FOR THE PERIOD ENDED MARCH 31, 2001
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>

                                               CLASS A       CLASS B
                                              MEMBERSHIP    MEMBERSHIP    PAID IN        RETAINED
                                                UNITS         UNITS       CAPITAL        EARNINGS      TOTAL

<S>                                          <C>           <C>         <C>           <C>            <C>
Balance, December 31, 2000                     10,000,000            -  $ 19,810,522  $ (3,880,779) $ 15,929,743

Units transferred (unaudited)                           -            -             -             -             -

Year to date loss (unaudited)                           -            -             -      (401,939)     (401,939)
                                              -----------  -----------  ------------  ------------  ------------

Balance, March 31, 2001 (unaudited)            10,000,000            -  $ 19,810,522  $ (4,282,718)  $15,527,804
                                              ===========  ===========  ============  ============  ============

</TABLE>

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



<PAGE>   5

EBS BUILDING, L.L.C.
STATEMENT OF CASH FLOWS
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>



                                                                   FOR THE 3 MONTHS ENDED     FOR THE 3 MONTHS ENDED
                                                                        MARCH 31, 2001             MARCH 31, 2000
                                                                          (UNAUDITED)               (UNAUDITED)

<S>                                                               <C>                         <C>
Cash flows from operating activities:
  Net loss                                                                $  (401,939)               $  (391,082)
  Reconciliation of net loss to cash flows
  Provided/(used) by operating activities:
    Depreciation & amortization expense                                       271,301                    243,052
    Changes in operating assets and liabilities:
      Increase in escrows, rents receivable, prepaid
      expenses and deposits                                                  (109,817)                   (15,687)
      Increase in liabilities, excluding note payable                         465,198                     42,985
                                                                          -----------                -----------
      Cash flows provided/(used) by operating
      activities                                                              224,743                   (120,732)
                                                                          -----------                -----------
Cash flows from investing activities:
  Payments for lease commissions                                             (642,953)                         -
  Capital Expenditures                                                       (705,916)                         -
                                                                          -----------                -----------
      Cash flows used by investing activities                              (1,348,869)                         -
                                                                          -----------                -----------
Cash flows from financing activities:
  Proceeds from note payable                                                1,117,008                     58,171
                                                                          -----------                -----------

      Cash flows provided by financing activities                           1,117,008                     58,171
                                                                          -----------                -----------
Net decrease in cash                                                           (7,118)                   (62,561)

Cash, beginning of period                                                      13,248                    819,394
                                                                          -----------                -----------

Cash, end of period                                                       $     6,130                $   756,833
                                                                          -----------                -----------

</TABLE>

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

<PAGE>   6


EBS BUILDING, L.L.C.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
MARCH 31, 2001
--------------------------------------------------------------------------------



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, 2000 included in the
      Company's Form 10-KSB filed on April 13, 2001.

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, 2001          March 31, 2000
                                                                      (unaudited)             (unaudited)

<S>                                                                 <C>                     <C>

         Numerator:
           Net Earnings/(Loss) - Primary and Diluted                 $   (401,939)           $   (391,082)
                                                                     ============            ============

         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                                $  (0.04)               $  (0.04)
                                                                         ========                ========
         Diluted Earnings/(Loss) per Unit                                $  (0.04)               $  (0.04)
                                                                         ========                ========
</TABLE>


3.    Rental property consists of the following:

<TABLE>
<CAPTION>


                                                       March 31, 2001    December 31, 2000
                                                         (unaudited)
                                                      ----------------  -------------------

<S>                                                   <C>               <C>
      Land                                               $ 2,250,520        $ 2,250,520
      Building                                            17,765,629         17,765,629
      Building Improvements                                  840,377            841,042
      Tenant Improvements                                  3,521,861          3,521,860
      Construction in progress                               811,265            104,686
                                                         -----------        -----------
                                                          25,189,652         24,483,737

      Less Accumulated Depreciation                        2,652,595          2,447,065
                                                         -----------        -----------
                                                         $22,537,057        $22,036,672
                                                         ===========        ===========
</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.


<PAGE>   7

EBS BUILDING, L.L.C.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
MARCH 31, 2001
--------------------------------------------------------------------------------

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.

5.    On June 18, 1999, the Company entered into a $12,000,000 revolving line of
      credit with FINPRO, L.L.C. (the "Line of Credit"). Borrowings under the
      Line of Credit bear interest at an annual rate of LIBOR plus 3.5%.
      Payments are for interest only until maturity on May 31, 2001, when all
      outstanding principal and interest is due and payable. As of March 31,
      2001, the Company had outstanding borrowings of $8,678,607 under the Line
      of Credit. The Company has received a financing offer and executed a term
      sheet with Commerce Bank ("Commerce") to replace the existing Line of
      Credit with a new $18,600,000 credit facility (the "Credit Facility"). The
      Credit Facility cannot be funded until Commerce completes customary due
      diligence procedures and the final terms are negotiated. The Company is
      not aware of any information that would negatively impact Commerce's due
      diligence procedures and anticipates that the Credit Facility will be
      negotiated and funded prior to the May 31, 2001 maturity date of the
      existing Line of Credit.

6.    Accounts payable as of March 31, 2001 include lease commissions payable of
      $625,716 related to an eleven-year lease signed on February 22, 2001 with
      Jacobs Engineering Group, Inc. ("Jacobs") for 161,892 square feet of
      rentable office space. Such costs will be capitalized and amortized over
      the term of the Jacobs lease.


<PAGE>   8


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 February 22, 2001, the Company entered into an eleven-year lease
with Jacobs Engineering Group Inc. ("Jacobs") for 161,892 square feet of
rentable office space, or approximately 37% of total rentable space. The Jacobs
lease, which commences on October 1, 2001 and expires on August 31, 2012,
provides for eleven months of free rent upon commencement of the lease and
annual rent ranging from $2,712,168 to $3,043,451 thereafter. Rent payments
shall commence on September 1, 2002. In connection with the Jacobs lease, the
Company incurred lease commission costs of approximately $1,251,432 and will
incur tenant improvement costs estimated at approximately $4,082,227. Such costs
will be capitalized and amortized over the term of the Jacobs lease. Upon
commencement of the Jacobs lease, the total occupancy of the Building will
increase to 87%.

         During April 2001, the Company finalized an agreement with Heitman
Capital Management LLC ("Heitman"), whereby Heitman will provide asset
management consulting and brokerage services to the Company. Such services
included oversight of the management and leasing of the Building as well as
assisting with the financing and disposition of the Building. In exchange for
its asset management services, Heitman will receive a monthly fee of $20,833.33.
In addition, in the event the Building is sold prior to the expiration of the
Heitman Asset Management Agreement and Heitman is the procuring broker of the
purchaser, Heitman shall receive a fee of up to 1.5% of the gross sales price
for the Building, plus 5% of that portion of the gross sales price that exceeds
$45,000,000.

         During the three months ended March 31, 2001, the Company's rental
income decreased by 8.5% over the first quarter of the prior year, from $874,891
during the first quarter of 2000 to $800,212 during the first quarter of 2001.
Such decrease was attributed to the expiration of certain tenant leasing
agreements during the second quarter of 2000 as well as the consensual reduction
of rentable space leased to Edison Brothers Stores, Inc. commencing July 1,
2000. The Company's total expenses increased by 2.2% over the first quarter of
the prior year. Such expenses include a 15.9% increase in interest expense due
to an increased level of borrowings during the first quarter of 2001.
Maintenance expenses also increase from $184,845 during the first quarter of
2000 to $226,918 during the first quarter of 2001 due to additional repairs
needed during 2001. These increased expenses were offset by a decline in general
and administrative



<PAGE>   9


expenses during the first quarter of 2001. Such decline resulted primarily from
the reversal of a bad debt expense that was recorded during the first quarter of
2001 and which related to a claim the Company held against Edison Brothers for
pre-bankruptcy rent. Edison Brothers paid such amount during the first quarter
of 2001.

         During June 1999, the Company entered into a $12,000,000 revolving line
of credit with FinPro, L.L.C. to cover any shortfalls in cash flows (the "Line
of Credit"). The balance outstanding under the Line of Credit as of March 31,
2001 was $8,678,607. The Line of Credit matures on May 31, 2001. The Company has
received a financing offer and executed a term sheet with Commerce Bank
("Commerce") to replace the existing Line of Credit with a new $18,600,000
credit facility (the "Credit Facility"). The Credit Facility cannot be funded
until Commerce completes customary due diligence procedures and the final terms
are negotiated. The Company is not aware of any information that would
negatively impact Commerce's due diligence procedures and anticipates that the
Credit Facility will be negotiated and funded prior to the May 31, 2001 maturity
date of the existing Line of Credit.

                                     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.

            10.22:   Asset Management Agreement dated September 26, 2000
                     between EBS Building, L.L.C. and Heitman Capital
                     Management LLC.

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



<PAGE>   10


                                   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, 2001




<PAGE>   11


                                  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.

              10.22:       Asset Management Agreement dated September 26, 2000
                           between EBS Building, L.L.C. and Heitman Capital
                           Management LLC.