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, 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 March 31, 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 Sheets

---

|                                                   | March 31, 2003(unaudited) |  | December 31, 2002 |           
|-------------------------------------------------- | ------------------------- |  | ----------------- | ----------
|Assets                                             |                           |  |                   |           
|Rental property, net                               |                           |  | $                 | 25,694,345
|Cash - operating                                   |                           |  |                   | 1,777,356 
|Security deposit escrow                            |                           |  |                   | 10,402    
|Tax and insurance escrow                           |                           |  |                   | 329,524   
|Rents receivable                                   |                           |  |                   | 1,101,018 
|Prepaid expenses                                   |                           |  |                   | 20,184    
|Lease commissions, net                             |                           |  |                   | 1,989,913 
|Loan costs, net                                    |                           |  |                   | 110,199   
|Deposits                                           |                           |  |                   | 202       
|                                                   |                           |  |                   |           
|                                                   |                           | 
|Total assets                                       |                           |  | $                 | 31,033,143
|                                                   |                           |  |                   |           
|                                                   |                           | 
|                                                   |                           | 
|Liabilities                                        |                           | 
|Note payable                                       |                           |  | $                 | 16,853,140
|Accounts payable                                   |                           |  |                   | 73,580    
|Accrued expenses                                   |                           |  |                   | 382,291   
|Tenant security deposits                           |                           |  |                   | 9,477     
|                                                   |                           |  |                   |           
|                                                   |                           | 
|Total liabilities                                  |                           |  |                   | 17,318,488
|                                                   |                           |  |                   |           
|                                                   |                           | 
|Members' equity:                                   |                           | 
|Membership Units (Class A - 10,000,000 authorized, |                           | 
|issued and outstanding)                            |                           |  |                   | --        
|Paid-in capital                                    |                           |  |                   | 19,810,522
|Retained earnings (deficit)                        |                           |  |                   | (6,095,867
|                                                   |                           |  |                   |           
|                                                   |                           | 
|Total members' equity                              |                           |  |                   | 13,714,655
|                                                   |                           |  |                   |           
|                                                   |                           | 
|Total liabilities and members' equity              |                           |  | $                 | 31,033,143
|                                                   |                           |  |                   |           
|                                                   |                           | 

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

EBS BUILDING, L.L.C.Statements of Operations

---

|                                                       | For the 3 months endedMarch 31, 2003(unaudited) |  | For the 3 months endedMarch 31, 2002(unaudited) |          
|------------------------------------------------------ | ----------------------------------------------- |  | ----------------------------------------------- | ---------
|Income:                                                |                                                 |  |                                                 |          
|Rent                                                   |                                                 |  | $                                               | 1,571,902
|Other                                                  |                                                 |  |                                                 | 531,463  
|                                                       |                                                 |  |                                                 |          
|Total income                                           |                                                 |  |                                                 | 2,103,365
|                                                       |                                                 |  |                                                 |          
|Expenses:                                              |                                                 | 
|Maintenance                                            |                                                 |  |                                                 | 236,274  
|Professional fees                                      |                                                 |  |                                                 | 113,706  
|Utilities                                              |                                                 |  |                                                 | 171,627  
|General and administrative                             |                                                 |  |                                                 | 153,061  
|Depreciation & amortization                            |                                                 |  |                                                 | 449,403  
|Real estate taxes                                      |                                                 |  |                                                 | 99,999   
|Interest and finance fees                              |                                                 |  |                                                 | 139,849  
|Other operating expenses                               |                                                 |  |                                                 | 103,117  
|                                                       |                                                 |  |                                                 |          
|Total expenses                                         |                                                 |  |                                                 | 1,467,036
|                                                       |                                                 |  |                                                 |          
|Net income (loss)                                      |                                                 |  | $                                               | 636,329  
|                                                       |                                                 |  |                                                 |          
|Net income (loss) per Class A Unit - basic and diluted |                                                 | 
|                                                       |                                                 |  | $                                               | 0.06     

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

EBS BUILDING, L.L.C.
Statement of Changes in Members' Equity
For the Three Months Ended March 31, 2003

---

|                                    | Class AMembership Units | Paid InCapital | RetainedEarnings(Deficit) | Total     
|----------------------------------- | ----------------------- | -------------- | ------------------------- | ----------
|Balance, December 31, 2002          |                         |                |                           | 10,000,000
|Net income (unaudited)              |                         |                |                           | --        
|                                    |                        
|Balance, March 31, 2003 (unaudited) |                         |                |                           | 10,000,000
|                                    |                        

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

EBS BUILDING, L.L.C.
Statements of Cash Flows

---

|                                                  | For the 3 months endedMarch 31, 2003(unaudited) |  | For the 3 months endedMarch 31, 2002(unaudited) |          
|------------------------------------------------- | ----------------------------------------------- |  | ----------------------------------------------- | ---------
|Cash flows from operating activities:             |                                                 |  |                                                 |          
|Net income (loss)                                 |                                                 |  | $                                               | 636,329  
|Reconciliation of net income (loss) to cash flows |                                                 | 
|provided by operating activities:                 |                                                 | 
|Depreciation & amortization expense               |                                                 |  |                                                 | 449,403  
|Changes in operating assets and liabilities:      |                                                 | 
|(Increase) decrease in escrows, rents             |                                                 | 
|receivable, prepaid expenses and deposits         |                                                 |  |                                                 | (155,373 
|Increase in liabilities, excluding note payable   |                                                 |  |                                                 | 123,574  
|                                                  |                                                 |  |                                                 |          
|Cash flows provided by operating activities       |                                                 |  |                                                 | 1,053,933
|                                                  |                                                 |  |                                                 |          
|Cash flows from investing activities:             |                                                 | 
|Payments for lease commissions                    |                                                 |  |                                                 | (10,566  
|Additions to rental property                      |                                                 |  |                                                 | (404,054 
|                                                  |                                                 |  |                                                 |          
|Cash flows used by investing activities           |                                                 |  |                                                 | (414,620 
|                                                  |                                                 |  |                                                 |          
|Cash flows from financing activities:             |                                                 | 
|Proceeds from note payable                        |                                                 |  |                                                 | --       
|                                                  |                                                 |  |                                                 |          
|Cash flows provided by financing activities       |                                                 |  |                                                 | --       
|                                                  |                                                 |  |                                                 |          
|Net increase (decrease) in cash                   |                                                 |  |                                                 | 639,313  
|Cash, beginning of period                         |                                                 |  |                                                 | 1,138,043
|                                                  |                                                 |  |                                                 |          
|Cash, end of period                               |                                                 |  | $                                               | 1,777,356
|                                                  |                                                 |  |                                                 |          

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

EBS BUILDING, L.L.C.
Notes to Financial Statements (unaudited)
March 31, 2003 and December 31, 2002

---

|1. |  | The  accompanying  unaudited  financial  statements of EBS Building, L.L.C. (the Company),  in the opinion of the
Manager,  include  all  adjustments  necessary  for a fair  presentation  of the
results for the interim periods presented.  These adjustments  consist of normal
recurring  accruals.  The financial  statements are presented in accordance with
the  requirements  of  Form  10-QSB  and  consequently  do not  include  all the
disclosures  required by generally accepted accounting  principles.  For further
information,  refer to the financial  statements  and notes thereto for the year
ended  December 31, 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 basic  and  diluted
earnings (loss) per unit for the periods ended:
|-- |  | ---------------------------------------------------------------------------------------------------------------------------

|                                           | For the3 months endedMarch 31, 2003(unaudited) |  | For the3 months endedMarch 31, 2002(unaudited) |           
|------------------------------------------ | ---------------------------------------------- |  | ---------------------------------------------- | ----------
|Numerator:                                 |                                                |  |                                                |           
|Net Earnings/(Loss) - Basic and Diluted    |                                                |  | $                                              | 636,329   
|                                           |                                                |  |                                                |           
|Denominator:                               |                                                | 
|Weighted Average Units Outstanding - Basic |                                                |  |                                                | 10,000,000
|Effect of Potentially Dilutive Units       |                                                |  |                                                | --        
|                                           |                                                |  |                                                |           
|Units Outstanding - Diluted                |                                                |  |                                                | 10,000,000
|                                           |                                                |  |                                                |           
|Basic and Diluted Earnings/(Loss) per Unit |                                                |  | $                                              | 0.06      
|                                           |                                                |  |                                                |           

|3. |  | Rental
property consists of the following:
|-- |  | ------------------------------------------

|                              | March 31, 2003(unaudited) |  | December 31, 2002 |           
|----------------------------- | ------------------------- |  | ----------------- | ----------
|Land                          |                           |  | $                 | 2,250,520 
|Building                      |                           |  |                   | 17,765,629
|Building Improvements         |                           |  |                   | 1,507,154 
|Tenant Improvements           |                           |  |                   | 8,806,810 
|Construction in progress      |                           |  |                   | 404,054   
|                              |                           |  |                   |           
|                              |                           |  |                   | 30,734,167
|Less Accumulated Depreciation |                           |  |                   | 5,039,822 
|                              |                           |  |                   |           
|                              |                           |  | $                 | 25,694,345
|                              |                           |  |                   |           

| |  | The building and building improvements are depreciated using the straight-line
method over their estimated useful lives 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.
|-- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

EBS BUILDING, L.L.C.
Notes to Financial Statements (unaudited)
March 31, 2003

---

|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, 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.

During the
three months ended March 31, 2003, the Companys rental income increased by 75.0%
over the first quarter of the prior year, from $898,200 during the first quarter of 2002
to $1,571,902 during the first quarter of 2003. This increase over the prior year is due to
the commencement of the rental payments on September 1, 2002 by Jacobs Engineering, Inc.
The new Jacobs Engineering, Inc. lease was entered into on February 22, 2001, however
rental payments did not commence until September 1, 2002. Other income increased from
$119,665 in the first quarter of 2002 to $531,463 in the same period in 2003. This
significant increase in other income is primarily due to additional revenue for parking,
conference room usage and other expenses from the new Jacobs Engineering, Inc. lease. The
Companys total expenses increased by 8.1% over the first quarter of the prior year,
with the largest increase in depreciation and amortization. Depreciation and amortization
expense increased from $338,204 during the three months of 2002 to $449,403 during the
first quarter of 2003 due to the capitalization of additional tenant improvements
associated with the Jacobs Engineering Group, Inc. lease entered into on February 22,
2001. Maintenance expense decreased 20.7% over the prior year from $297,848 in the first
quarter of 2002 to $236,274 in the first quarter of 2003. This decrease was attributable
to deferred repairs being completed in 2002 as a result of the Jacobs Engineering, Inc.
occupancy and additional maintenance for elevator repairs as a result of the state
inspection. In addition, the janitorial contract was bid at the end of 2002 resulting in
janitorial cost savings in 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.
| |  | -- |  | -----------------------------------------------------

| |  | 99.1: |  | Certification of the Senior Managing Director of the Manager of the Company pursuant to Section 906 of
Sarbanes-Oxley Act of 2002, 18 U.S.C. 1350.
| |  | ----- |  | --------------------------------------------------------------------------------------------------------------------------------------------------

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

# SIGNATURES

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

| | REGISTRANT:
EBS Building, L.L.C.
By:  FTI Consulting, Inc., as Manager
| | ----------------------------------------------------------------------
| | By:                                                                   
| |                                                                       

Date: May 15, 2003

CERTIFICATIONS

I,
Keith F. Cooper,  Senior Managing Director of the Manager of EBS Building,  L.L.C.,  who
serves in the position equivalent to chief executive officer and chief financial officer,
certify that:

1.
        I have reviewed this quarterly report on Form 10-QSB of EBS Building, L.L.C.;

2.
        Based on my knowledge,  this quarterly  report does not contain any untrue
statement of a material fact or omit to state a material fact  necessary to make the
 statements  made, in light of the  circumstances  under which such  statements  were
made,  not  misleading  with  respect to the period covered by this quarterly report;

3.
        Based on my knowledge,  the financial  statements,  and other financial
 information included in this quarterly report,  fairly present in all material  respects
the financial  condition, results of operations and cash flows of the  registrant as of,
and for, the periods  presented in this quarterly report;

4.
        The registrants  other  certifying  officers and I are responsible for
establishing and  maintaining  disclosure  controls  and  procedures  (as defined in
Exchange  Act Rules 13a-14 and 15d-14) for the registrant and we have:

a)        Designed such  disclosure  controls and  procedures to ensure that material
information relating to the registrant,  including its consolidated subsidiaries,  is
made known to us by others within those  entities,  particularly  during the period in
which this  quarterly  report is being prepared;

b)        Evaluated the  effectiveness  of the registrants  disclosure  controls and
procedures  as of a date  within  90 days  prior to the  filing  date of this  quarterly
 report  (the Evaluation Date); and

c)        Presented in this quarterly report our conclusions  about the effectiveness of the
disclosure controls and procedures based on our evaluation as of the Evaluation Date;

5.
        The registrants other certifying  officers and I have disclosed,  based on our
most recent  evaluation,  to the  registrants  auditors and the audit committee of
 registrants  board of directors (or persons performing the equivalent function):

a)        All  significant  deficiencies  in the  design  or  operation  of  internal
controls which could  adversely  affect the  registrants  ability to record,  process,
 summarize and report  financial data and have identified for the  registrants  auditors
any material  weaknesses in internal controls; and

b)        Any fraud,  whether or not  material,  that  involves  management  or other
employees who have a significant role in the registrants internal controls; and

6.        The registrants  other  certifying  officers and I have indicated in this
quarterly report  whether or not there were  significant  changes in internal  controls
or in other factors that could  significantly  affect internal controls  subsequent to
the date of our most recent  evaluation, including any corrective actions with regard to
significant deficiencies and material weaknesses.

Date: May 15, 2003

| | EBS BUILDING, L.L.C.
By: FTI Consulting, Inc., as Manager
| | ---------------------------------------------------------
| | By:                                                      
| |                                                          

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.
| |  | -- |  | -----------------------------------------------------

| |  | 99.1: |  | 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.
| |  | ----- |  | --------------------------------------------------------------------------------------------------------------------------------------------------