<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 September 30, 2000

[ ] 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)

                                  (314)206-8500
--------------------------------------------------------------------------------
                (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 September 30, 2000,
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
SEPTEMBER 30, 2000 AND DECEMBER 31, 1999


<TABLE>
<CAPTION>
                                                                     SEPTEMBER 30, 2000          DECEMBER 31, 1999
                                                                          (UNAUDITED)
<S>                                                              <C>                       <C>
 ASSETS
   Rental property (net)                                                     $21,878,637                $22,387,946
   Cash - operating                                                               82,663                    520,774
   Security deposit escrow                                                       112,198                    216,376
   Tax and incurance escrow                                                      320,409                     82,244
   Rents receivable                                                              545,693                    454,855
   Prepaid expenses                                                               63,222                     20,810
   Lease commissions (net)                                                     1,002,016                  1,024,593
   Lease restructuring costs (net)                                                     -                      8,500
   Loan costs (net)                                                               80,974                    174,600
   Other assets                                                                      202                        202
                                                                 ------------------------  -------------------------
     Total assets                                                            $24,086,014                $24,890,900
                                                                 ========================  =========================


 LIABILITIES
   Note payable                                                               $6,996,637                 $6,833,512
   Accounts payable                                                               10,712                     44,744
   Accrued professional fees                                                     131,285                     63,068
   Accrued utilities                                                             102,142                     74,955
   Accrued salaries                                                               29,522                      3,916
   Accrued property taxes                                                        280,620                          -
   Accrued payable - other                                                        25,078                     79,719
   Tenant security deposits                                                      105,999                    213,186
   Prepaid rent                                                                       10                      6,165
                                                                 ------------------------  -------------------------

     Total liabilities                                                         7,682,005                  7,319,265
                                                                 ------------------------  -------------------------

 MEMBERS' EQUITY:
   Membership Units (Class A - 10,000,000 authorized,
    issued and outstanding at September 30, 2000 and December
     31, 1999)                                                                         -                          -

   Paid-in capital                                                            19,810,522                 19,810,522
   Retained earnings                                                         (3,406,513)                (2,238,887)
                                                                 ------------------------  -------------------------

     Total members' equity                                                    16,404,009                 17,571,635
                                                                 ------------------------  -------------------------

     Total liabilities and members' equity                               $    24,086,014                $24,890,900
                                                                 ========================  =========================

</TABLE>

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

<PAGE>   3



EBS BUILDING, L.L.C.
STATEMENTS OF OPERATIONS
FOR THE PERIODS ENDED SEPTEMBER 30, 1999 AND 2000

<TABLE>
<CAPTION>



                                                  FOR THE 3 MONTHS ENDED               FOR THE 9 MONTHS ENDED
                                         -------------------------------------- --------------------------------------
                                         SEPTEMBER 30, 2000  SEPTEMBER 30, 1999 SEPTEMBER 30, 2000  SEPTEMBER 30, 1999

                                             (UNAUDITED)         (UNAUDITED)        (UNAUDITED)         (UNAUDITED)

<S>                                      <C>                 <C>                <C>                <C>
Income:
    Rent                                        $  808,204       $  1,429,489       $  2,591,241      $  3,276,027
    Other                                           25,119             32,807             97,889            86,450
                                         ------------------  -----------------  ------------------ -----------------

      Total income                                 833,323          1,462,296          2,689,130         3,362,477
                                         ------------------  -----------------  ------------------ -----------------

Expenses:
    Maintenance                                    196,694            200,540            617,771           653,076
    Professional fees                              171,148            136,731            504,115           470,305
    Utilities                                      210,262            228,002            494,199           595,169
    General and administrative                     244,835             43,232            545,392           761,584
    Depreciation and amortization                  252,446            507,740            766,159         1,178,964
    Taxes (including real estate taxes)             93,540            121,879            280,620           365,636
    Interest Expense                               174,816            133,586            513,178           292,854
    Other operating expenses                        47,195             49,251            135,322           145,420
                                         ------------------  -----------------  ------------------ -----------------

      Total expenses                             1,390,936          1,420,961          3,856,756         4,463,008
                                         ------------------  -----------------  ------------------ -----------------

Net income/(loss)                             $  (557,613)         $   41,335      $ (1,167,626)     $ (1,100,531)
                                         ==================  =================  ================== =================

Net income/(loss) per Class A Unit -          $     (0.06)         $    0.004      $      (0.12)     $      (0.11)
      primary
Net income/(loss) per Class A Unit -          $     (0.06)         $    0.004      $      (0.12)     $      (0.11)
      fully diluted
</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 SEPTEMBER 30, 2000

<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, 1999            10,000,000              -    $19,810,522     $ (2,238,887)     $17,571,635

Units transferred (unaudited)                  -              -              -                -               -

Year to date loss (unaudited)                  -              -              -       (1,167,626)      (1,167,626)
                                 ---------------- --------------  --------------  --------------- ---------------

Balance, September 30, 2000
(unaudited)                           10,000,000              -    $19,810,522     $ (3,406,513)     $16,404,009
                                 ================ ==============  ==============  =============== ===============

</TABLE>

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

<PAGE>   5




EBS BUILDING, L.L.C.
STATEMENTS OF CASH FLOWS
FOR THE PERIODS ENDED SEPTEMBER 30, 1999 AND 2000

<TABLE>
<CAPTION>


                                                                         FOR THE 9 MONTHS     FOR THE 9 MONTHS
                                                                               ENDED               ENDED
                                                                        SEPTEMBER 30, 2000   SEPTEMBER 30, 1999

                                                                            (UNAUDITED)         (UNAUDITED)
<S>                                                                  <C>                  <C>
Cash flows from operating activities:
    Net loss                                                            $    (1,167,626)     $   (1,100,531)
    Reconciliation of net loss to cash flows
     provided by operating activities:
      Depreciation expense                                                      766,159           1,178,964
      Changes in operating assets and liabilities:
        Increase in rents receivable, prepaid expenses
         escrows and deposits                                                  (267,237)           (977,973)
        Increase in liabilities, excluding note payable                         199,615             511,663
                                                                     ------------------   -----------------

        Cash flows provided by/(used in) operating activities                  (469,089)           (387,877)
                                                                     ------------------   -----------------

Cash flows from investing activities:
    Additions to rental property                                                (74,756)         (3,332,122)
    Payments for lease commissions                                              (57,391)           (221,149)
                                                                     ------------------   -----------------

        Cash flows used in investing acivities                                 (132,147)         (3,553,271)
                                                                     ------------------   -----------------

Cash flows from financing activities:
    Proceeds from note payable                                                  163,125           4,010,017
                                                                     ------------------   -----------------

        Cash flows provided by financing activities                             163,125           4,010,017
                                                                     ------------------   -----------------

Net increase/(decrease) in cash                                                (438,111)             68,869

Cash, beginning of period                                                       520,774                 512
                                                                     ------------------   -----------------

Cash, end of period                                                     $        82,663      $       69,381
                                                                     ==================   =================




Interest Paid                                                           $       513,178      $      292,854
                                                                     ==================   =================
</TABLE>

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

<PAGE>   6





EBS BUILDING, L.L.C.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
SEPTEMBER 30, 2000

PAGE 5

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 period ended December
         31, 1999 included in the Company's Annual Report on Form 10-KSB filed
         on March 31, 2000.


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 3 Months Ended           For the 9 Months Ended
                                                    ----------------------           ----------------------
                                                 September 30,   September 30,    September 30,    September 30,
                                                     2000            1999             2000             1999
                                                  (unaudited)     (unaudited)      (unaudited)      (unaudited)
<S>                                              <C>             <C>              <C>              <C>
     Numerator:
     Net Earnings/(Loss) - Primary and Diluted    $   (557,613)    $     41,335   $   (1,167,626)  $  (1,100,531)
                                                  =============    ============   ===============  ==============
     Denominator:
          Weighted Average Units Outstanding -
          Primary                                   10,000,000       10,000,000       10,000,000      10,000,000
          Effect of Potentially Dilutive Units               -                -                -               -
                                                  -------------    -------------  ---------------  --------------
          Units Outstanding - Diluted               10,000,000       10,000,000       10,000,000      10,000,000
                                                  =============    =============  ===============  ==============

     Primary Earnings/(Loss) per Unit             $     (0.06)     $      0.004   $        (0.12)  $       (0.11)
                                                  =============    =============  ===============  ==============
     Diluted Earnings/(Loss) per Unit             $     (0.06)     $      0.004   $        (0.12)  $       (0.11)
                                                  =============    =============  ===============  ==============
</TABLE>


3.       Rental Property consists of the following:

<TABLE>
<CAPTION>
                                                September 30, 2000   December 31, 1999
                                                  (unaudited)
                                                  ------------          ------------
           <S>                                   <C>                   <C>
           Land                                   $  2,250,520          $  2,250,520
           Building                                 17,765,629            17,765,629
           Building improvements                       658,134               658,134
           Tenant improvements                       3,328,452             3,340,646
           Construction in progress                    109,247                22,298
                                                  ------------          ------------
                                                    24,111,982            24,037,227
           Less accumulated depreciation            (2,233,345)           (1,649,281)
                                                  ------------          ------------
                                                  $ 21,878,637          $ 22,387,946
                                                  ============          ============
</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
         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"). The Company
         presently intends to use the Line of Credit for working capital needs
         and tenant improvements. Borrowings under the Line of Credit bear
         interest at an annual rate of LIBOR plus 3.5%. As of September 30,
         2000, the Company had outstanding borrowings of $6,996,637 under the
         Line of Credit. The Line of Credit has a maturity date of May 31,
         2001.






<PAGE>   7



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 August 17, 2000, the Company filed a motion with the United States
Bankruptcy Court, District of Delaware to reopen the bankruptcy case of Edison
Brothers Stores, Inc. for the limited purpose of extending the term of the
Company (the "Bankruptcy Proceedings"). Section 1.4 of the Company's Members
Agreement limits the Company's existence to three years subject to extension(s)
approved by the Bankruptcy Court for good cause shown. Therefore, the Company's
existence was set to expire on September 26, 2000 unless extended by the
Bankruptcy Court. In its motion, the Company argued that the value of the
Building and the opportunity to maximize amounts to be distributed to the
Company's members would be best served by permitting the Company to remain a
going concern and offering the Building for sale at full, fair market value. On
September 12, 2000, the Bankruptcy Court granted the Company's motion to extend
the existence of the Company for an additional two-year term.

       As of September 30, 2000, the Building had an occupancy rate of 45%.
Edison Brothers currently leases 5,000 square feet of rentable space on a
month-to-month basis. Subsequent to the end of the current fiscal quarter, the
Company entered into a five-year lease for 35,005 square feet or approximately
8% of total rentable square footage. Upon commencement of this lease on February
1, 2001, the Building will have an occupancy rate of 53%. The Company continues
to actively market the Building for new tenant leasing agreements in order to
realize a higher market value.

       During the three months ended September 30, 2000, the Company's rental
income decreased by 43.5% over the third quarter of the prior year, from
$1,429,489 during the third quarter of 1999 to $808,204 during the third quarter
of 2000. Such decrease was attributed to the reduction during the fourth quarter
of 1999 in the leased spaced occupied by Edison Brothers Stores, Inc. The
Company's total expenses decreased by 2.1% over the third quarter of the prior
year. Total operating expenses did not decline at the same rate as income during
the third quarter due to additional professional fees incurred in finalizing
leasing agreements and an increase in interest expense. In addition, the Company
recorded certain annual and semi-annual fees associated with its line of credit
during the third quarter of 2000. Such fees were recorded during the second
quarter of the prior year. Property taxes accrued during the third quarter of
2000 declined by 23.3% as compared to the prior year as the result of a
reassessment of the tax liability at the end of 1999. In addition, depreciation
and amortization expense declined by 50.3% during the third quarter of 2000 as
compared to the prior year. Such expense included the amortization of lease
restructuring costs related to the Edison Brothers Lease during 1999 that were
not incurred in 2000.








<PAGE>   8





       During June 1999, the Company entered into a $12,000,000 revolving line
of credit with FinPro, L.L.C. for tenant improvement and to cover any
shortfalls in cash flows (the "Line of Credit"). The Line of Credit has a
maturity date of May 31, 2001. The balance outstanding under the Line of Credit
as of September 30, 2000 was $6,996,637. Such funds were primarily used to
finance tenant improvement, lease commissions, and interest payments. In future
fiscal periods, funds may also need to be drawn to cover shortfalls in
cashflows from operations until the commencement of additional leases.
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.

       Subsequent to the end of the current fiscal quarter, the Company plans
to enter into an Asset Management Agreement with Heitman Capital Management LLC
("Heitman"), effective as of September 26, 2000.  This agreement will replace
the prior agreement with Heitman which expired in September of this year.
Pursuant to this agreement, Heitman will oversee the property management and
leasing activities relating to the Building, and will provide other consulting
and marketing services to the Company in connection with the continued
operation of the Building and the continued marketing of the Building for sale.
Heitman shall receive compensation for its services in the amount of $20,833.33
per month plus, if the Building is sold and the Company has not selected a
third party to market the Building for sale, then Heitmen shall receive a
commission equal to 1.5% of the gross sale price (1.25% if a buyer's broker is
involved) plus 5% of the portion of the sale price, if any, which exceeds
$42,000,000.


<PAGE>   9


                                     PART II
                                OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS.

See the description of the Bankruptcy Proceedings provided under Management's
Discussion and Analysis of Plan of Operation, above.

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.

                 27:     Financial Data Schedule.

      (b)  Reports on Form 8-K.  The Issuer did not file any reports on Form 8-K
 during the second 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:  November 14, 2000










<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.

          27:    Financial Data Schedule.