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 June 30, 2003

|[  ] | 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 SheetsJune 30, 2003(unaudited)
        
     December 31, 2002AssetsRental property, net
     $ 25,393,438
        
     $ 25,646,046Cash  operating
     2,158,860
        
     1,138,043Security deposit escrow
     10,423
        
     10,381Tax and insurance escrow
     440,876
        
     163,355Rents receivable
     990,230
        
     1,051,297Prepaid expenses
     151,496
        
     80,721Lease commissions, net
     1,921,697
        
     2,047,564Loan costs, net
     84,768
        
     135,630Deposits
     202
        
     202Total assets
     $ 31,151,990
        
     $ 30,273,239LiabilitiesNote payable
     $ 16,853,140
        
     $ 16,853,140Accounts payable
     --
        
     154,374Accrued expenses
     388,605
        
     177,497Tenant security deposits
     9,477
        
     9,902Total liabilities
     17,251,222
        
     17,194,913Members' equity:Membership Units (Class A - 10,000,000 authorized,issued and outstanding at June 30, 2003 andDecember 31, 2002)
     --
        
     --Paid-in capital
     19,810,522
        
     19,810,522Retained earnings (deficit)
     (5,909,754
        )
     (6,732,196
        )Total members' equity
     13,900,768
        
     13,078,326Total liabilities and members' equity
     $ 31,151,990
        
     $ 30,273,239The accompanying notes are an integral part of these financial statements.

EBS BUILDING, L.L.C.Statements of OperationsFor the 3 months ended
     
     For the 6 months endedJune 30, 2003(unaudited)
     
     June 30, 2002(unaudited)
     
     June 30, 2003(unaudited)
     
     June 30, 2002(unaudited)Income:Rent
     $ 1,531,724
        
     $    763,171
        
     $3,103,626
        
     $ 1,661,370Other
     123,774
        
     146,783
        
     655,237
        
     266,449Total income
     1,655,498
        
     909,954
        
     3,758,863
        
     1,927,819Expenses:Maintenance
     232,311
        
     330,629
        
     468,585
        
     628,477Professional fees
     178,872
        
     166,617
        
     292,579
        
     269,126Utilities
     160,174
        
     158,765
        
     331,801
        
     328,967General and administrative
     97,322
        
     153,177
        
     250,383
        
     300,928Depreciation and amortization
     449,403
        
     448,990
        
     898,806
        
     787,194Real estate taxes
     100,999
        
     99,999
        
     200,998
        
     199,998Interest expense
     133,814
        
     163,081
        
     273,662
        
     311,895Other operating expenses
     116,491
        
     71,516
        
     219,607
        
     123,522Total expenses
     1,469,386
        
     1,592,774
        
     2,936,421
        
     2,950,107Net Income (Loss)
     $    186,112
        
     $  (682,820
        )
     $  822,442
        
     $  (1,022,288
        )Net income (loss) per Class A Unit 
     $          0.02
        
     $       (0.07
        )
     $         0.08
        
     $       (0.10
        )basic and dilutedThe accompanying notes are an integral part of these financial statements.

EBS BUILDING, L.L.C.
Statement of Changes in Members' Equity
For the Six Months Ended June 30, 2003Class AMembership Units
     Paid-InCapital
     RetainedEarnings(Deficit)
     TotalBalance, December 31, 2002
     
     
     10,000,000
        
     $19,810,522
        
     $(6,732,196
        )
     $13,078,326Net Income (unaudited)
     --
        
     --
        
     822,442
        
     822,442Balance, June 30, 2003 (unaudited)
     10,000,000
        
     $19,810,522
        
     $(5,909,754
        )
     $13,900,768The accompanying notes are an integral part of these financial statements.

EBS BUILDING, L.L.C.
Statements of Cash FlowsFor the 6 monthsendedJune 30, 2003(unaudited)
     For the 6 monthsendedJune 30, 2002(unaudited)Cash flows from operating activities:Net income (loss)

     $    822,442
        
     $(1,022,288
        )Reconciliation
of net income (loss) to cash flowsprovided by/used in operating activities:Depreciation and amortization
     898,806
        
     787,194Changes in assets and liabilities:(Increase) in escrows, rents receivable, prepaidexpenses and deposits
     (287,271
        )
     (160,792
        )Increase in liabilities, excluding note payable
     56,309
        
     100,669Cash flows provided (used) by operating activities
     1,490,286
        
     (295,217
        )Cash flows from investing activities:Payments to lease commissions
     (10,566
        )
     --Additions to rental property
     (458,903
        )
     (622,908
        )Cash flows used in investing activities
     (469,469
        )
     (622,908
        )Cash flows from financing activities:Proceeds from note payable
     --
        
     1,070,958Cash flows provided by financing activities
     --
        
     1,070,958Net increase in cash
     1,020,817
        
     152,833Cash, beginning of period
     1,138,043
        
     198,160Cash, end of period
     $ 2,158,860
        
     $    350,993The accompanying notes are an integral part of these financial statements.

EBS BUILDING, L.L.C.
Notes to Financial Statements (unaudited)
June 30, 2003 and December 31, 20021.

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 period ended December 31, 2002 included in the Companys Annual Report on Form 10-KSB filed on March
31, 2003.2.

The following table sets forth the computation of primary and fully diluted earnings (loss) per unit for
the periods ended:For the 3 Months Ended
     
     For the 6 Months EndedJune 30, 2003(unaudited)
     
     June 30, 2002(unaudited)
     
     June 30, 2003(unaudited)
     
     June 30, 2002(unaudited)Numerator:Net Earnings/(Loss)  Basic and Diluted
     $     186,112
        
     $    (682,820
        )
     $     822,442
        
     $(1,022,288
        )Denominator:     Weighted Average Units Outstanding  Basic
     10,000,000
        
     10,000,000
        
     10,000,000
        
     10,000,000Effect of Potentially Dilutive Units
     --
        
     --
        
     --
        
     --Units Outstanding  Diluted10,000,000
        
     10,000,000
        
     10,000,000
        
     10,000,000Basic and Diluted Earnings/(Loss) per Unit
     $           0.02
        
     $         (0.07
        )
     $           0.08
        
     $         (0.10
        )3.

Rental
property consists of the following:June 30, 2003(unaudited)
     December 31, 2002Land
     
     
     $
2,250,520
        
     $2,250,520Building
     17,765,629
        
     17,765,629Building Improvements

     1,507,154
        
     1,507,154Tenant Improvements


     
8,806,810
        
     
8,806,810Construction in progress


     
458,903
        
     
--30,789,016
        
     30,330,113Less Accumulated Depreciation
     
5,395,578
        
     4,684,067$25,393,438
        
     $25,646,046The building and building improvements are depreciated using the straight-line
method over their estimated useful life of 38 and 39 years, respectively. Tenant
improvements are depreciated over the term of the tenant's lease.EBS BUILDING, L.L.C.
Notes to Financial Statements (unaudited)
June 30, 20024.

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 May 31, 2001, the Company entered into a $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, replaced 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 June 30, 2003, the Company had outstanding borrowings of
$16,853,140 under the Line of Credit.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.


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.


On May 21, 2003, the Commercial Property Management Agreement between
the Company, as Owner, with
Insignia/ESG, Inc. (Insignia), as Manager, was terminated.  Pursuant to the terms of the termination agreement,
Insignia was entitled to receive a cancellation fee equal to two times the management fee due and payable to
Insignia for services rendered during the month of May 2003.  In return, Insignia would waive the 60 day notice
requirement for termination without cause as outlined in the original Commercial Property Management Agreement
dated December 31, 1997.  On May 23, 2003, the Company entered into a new Commercial Property Management
Agreement (the Agreement) with Colliers Turley Martin Tucker Co. (Colliers) to replace Insignia as Manager of
One Financial Plaza.  The initial term of the Agreement shall continue through May 31, 2005 with the Owner having
the option to extend the term of the Agreement for consecutive, additional periods of one year each.  Pursuant to
the terms of the Agreement, the Management Fee payable to Colliers shall be paid monthly and will be equal to the
greater of 2% of the gross receipts from operations from the preceding calendar month or $6,700 per month.


During
the six months ended June 30, 2003, the Companys rental income increased by 86.8% over
the first six months of the prior year, from $1,661,370 during the first half of 2002 to
$3,103,626 during the first half of 2003.  This increase is primarily attributable to the
commencement of rental payments on September 1, 2002 by Jacobs Engineering, Inc. The
Jacobs Engineering, Inc. lease was entered into on February 22, 2001, however rental
payments did not commence until September 1, 2002.  Other income increased by $388,788 or
145.9% over prior year for the six months ending June 2003.  The primary contributor to
this increase is additional revenue for parking fees, conference room usage, storage
rental and other expenses from the Jacobs Engineering lease.



The
Companys total expenses for the first six months of 2003 declined by $13,686 or 0.5%
versus the prior year. The primary drivers of this decline included reduced maintenance
costs, general and administrative costs and interest expense.  Maintenance expense
declined by 25.4% from $628,477 for the first six months of 2002 to $468,585 for the
first six months of 2003.  This decrease was due to additional maintenance expenses
incurred in 2002 for elevator repairs performed as a result of the state inspection.  In
addition, the janitorial contract was re-bid at the end of 2002 resulting in janitorial
cost savings in 2003.  General and administrative expenses declined by 16.8% from
$300,928 for the six months ended June 2002 to $250,383 for the six months ended June
2003.  This decrease was primarily due to a $41,289 decline in management and maintenance
salaries and a $9,093 decline in computer service expenses over the prior year.  Interest
expense declined by 12.3% from $311,895 for the first six months of 2002 to $273,662 for
the first six months of 2003.  This was primarily due to lower variable interest rates on
the revolving credit facility versus the prior year.  Other operating expenses increased
by $96,085 or 77.8% for the six months ended June 2003 over the prior year.  The primary
contributors of this increase included a $28,291 increase in insurance expense and a
$59,268 increase in property management fees related to increased monthly management fees
and the termination fee paid to Insignia in May 2003.



Item 3.    Controls and Procedures


Within the 90 days prior to the date of this report, 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-14.  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 3.2.10.30:

Commercial Property Management Agreement for One Financial Plaza between EBS Building, L.L.C. and Colliers Turley
Martin Tucker Co. dated May 23, 2003.31:

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 second
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, as ManagerBy:
 /s/ Keith F. CooperKeith F. Cooper, Senior Managing DirectorDate: August 14, 2003
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 3.2.10.30:

Commercial Property Management Agreement for One Financial Plaza between EBS Building, L.L.C. and Colliers Turley
Martin Tucker Co. dated May 23, 2003.31:

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.