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, 2004

|[  ] | 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, One Atlantic Center, 1201 W. Peachtree St., Suite 500, Atlanta, GA 30309
|--------------------------------------------------------------------------------------------
|(Address of Principal Executive Offices)                                                    

|(404) 460-6259                                  
|------------------------------------------------
|(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  September 30, 2004, there were 10,000,000 Class A
Membership Units outstanding.

Transitional
Small Business Disclosure Format (check one):

Yes    
  No  X

Part I



FINANCIAL INFORMATION



ITEM 1.    FINANCIAL
STATEMENTS.


EBS BUILDING, L.L.C.Balance SheetsSeptember 30, 2004
        
     December 31, 2004(unaudited)AssetsRental property, net
     $              
        
     $25,165,781Cash - operating
     
        
     759,471Cash - money market
     23,505,257
        
     Cash - checking
     5,891
        
     Security deposit escrow
     
        
     10,454Tax and insurance escrow
     
        
     169,442Rents receivable
     11,400
        
     1,247,957Insurance refund receivable
     89,708
        
     Prepaid expenses
     
        
     35,059Lease commissions, net
     
        
     1,895,851Loan costs, net
     
        
     73,491Deposits
     
        
     202Total assets
     $23,612,256
        
     $29,357,708LiabilitiesNote payable
     $              
        
     $ 14,891,507Accounts payable
     
        
     459,508Accrued expenses
     23,107
        
     121,916Tenant security deposits/Prepaid rent
     
        
     9,476Total liabilities
     23,107
        
     15,482,407Members' equity:Membership Units (Class A - 10,000,000 authorized,issued and outstanding at September 30, 2004 andDecember 31, 2003)
     
        
     Paid-in capital
     19,810,522
        
     19,810,522Retained earnings (deficit)
     3,778,627
        
     (5,935,221
        )Total members' equity
     23,589,149
        
     13,875,301Total liabilities and members' equity
     $23,612,256
        
     $ 29,357,708The
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 endedSept. 30, 2004
        
     Sept. 30, 2003
        
     Sept. 30, 2004
        
     Sept. 30, 2003(unaudited)
        
     (unaudited)
        
     (unaudited)
        
     (unaudited)Income:Rent
     $         622,488
        
     $    1,529,314
        
     $    3,861,565
        
     $    4,632,940Gain on sale of building
     10,374,429
        
     
        
     10,374,429
        
     Other
     151,567
        
     175,050
        
     468,197
        
     830,287Total income
     11,148,484
        
     1,704,364
        
     14,704,191
        
     5,463,227Expenses:Maintenance
     114,177
        
     316,289
        
     744,011
        
     784,874Professional fees
     70,100
        
     138,906
        
     385,794
        
     431,484Utilities
     47,671
        
     211,674
        
     330,375
        
     543,474General and administrative
     1,431,059
        
     111,250
        
     1,694,517
        
     370,158Depreciation and amortization
     350,702
        
     449,403
        
     1,239,109
        
     1,348,209Real estate taxes
     34,150
        
     99,999
        
     232,150
        
     300,997Interest expense
     93,365
        
     121,365
        
     283,419
        
     395,027Other operating expenses
     28,686
        
     79,268
        
     80,968
        
     290,352Total expenses
     2,169,910
        
     1,528,154
        
     4,990,343
        
     4,464,575Net Income
     $       8,978,574
        
     $        176,210
        
     $       9,713,848
        
     $        998,652Net income per Class A Unit -basic and diluted
     $                0.90
        
     $              0.20
        
     $                0.97
        
     $              0.10The
accompanying notes are an integral part of these financial statements.


EBS BUILDING, L.L.C.Statements of Changes in Members' Equity
For the Nine Months Ended September 30, 2004Class AMembershipUnits
        
     Paid-InCapital
        
     RetainedEarnings(Deficit)
        
     TotalBalance, December 31, 2003
     
     10,000,000
        
     $     19,810,522
        
     $    (5,935,221
        )
     $13,875,301Net Income (unaudited)
     
        
     
        
     9,713,848
        
     9,713,848Balance, Sept. 30, 2004 (unaudited)
     10,000,000
        
     $     19,810,522
        
     $     3,778,627
        
     $     23,589,149The
accompanying notes are an integral part of these financial statements.

EBS BUILDING, L.L.C.Statements of Cash FlowsFor the 9 months endedSept. 30, 2004(unaudited)
        
     For the 9 months endedSept. 30, 2003(unaudited)Cash flows from operating activities:Net income
     $        9,713,848
        
     $         998,652Gain on sale of building
     (10,374,429
        )Reconciliation of net income to cash flowsprovided by operating activities:Depreciation and amortization
     1,239,109
        
     1,348,209Changes in operating assets and liabilities:(Increase)/decrease in escrows, rents receivable, prepaidexpenses and deposits
     1,406,802
        
     (477,669
        )Increase/(decrease) in liabilities, excluding note payable
     (567,791
        )
     198,142Cash flows provided by operating activities
     1,417,539
        
     2,067,334Cash flows from investing activities:Payments for lease commissions
     (50,006
        )
     (10,566
        )Proceeds from sale of building
     36,247,523
        
     (Additions)/reductions to rental property
     28,128
        
     (476,854
        )Cash flows provided by/(used by) investing activities
     36,225,645
        
     (487,420
        )Cash flows from financing activities:Payments for loan fees
     
        
     (30,000
        )Payment on note payable
     (14,891,507
        )
     (1,788,765
        )Cash flows used by financing activities
     (14,891,507
        )
     (1,818,765
        )Net increase (decrease) in cash
     22,751,677
        
     (238,851
        )Cash, beginning of period
     759,471
        
     1,138,043Cash, end of period
     $      23,511,148
        
     $         899,192The
accompanying notes are an integral part of these financial statements.

EBS BUILDING, L.L.C.Notes to Financial Statements (unaudited)
September 30, 2004 and December 31, 20031.
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, 2003 included in the Company's Annual Report on Form 10-KSB
         filed on March 30, 2004.2.
The following table sets forth the computation of primary and fully diluted earnings per unit for the
         periods ended:For the 3 Months Ended
        
     For the 6 Months EndedSept. 30, 2004(unaudited)
        
     Sept. 30, 2003(unaudited)
        
     Sept. 30, 2004(unaudited)
        
     Sept. 30, 2003(unaudited)Numerator:Net Earnings - Basic and Diluted
     $  8,978,574
        
     $     176,210
        
     $  9,713,848
        
     $     998,652Denominator:Weighted Average Units Outstanding - Basic
     10,000,000
        
     10,000,000
        
     10,000,000
        
     10,000,000Effect of Potentially Dilutive Units
     
        
     
        
     
        
     Units Outstanding - Diluted
     10,000,000
        
     10,000,000
        
     10,000,000
        
     10,000,000Basic and Diluted Earnings per Unit
     $           0.90
        
     $           0.02
        
     $           0.97
        
     $           0.103.
Rental property consists of the following:Sept. 30, 2004(unaudited)
        
     December 31, 2003Land
     
     $              
        
     $  2,250,520Building
     
     
        
     17,765,629Building Improvements
     
     
        
        1,507,154Tenant Improvements
     
     
        
        8,806,810Construction in progress
     
        
     942,763
        
     31,272,876Less Accumulated Depreciation
     
        
     6,107,095$              
        
     $25,165,781The
building and building improvements are depreciated using the straight-line method over
their estimated useful life of 38 years. 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. Upon the sale of the Building, a $1.3 million expense was
               recorded from the elimination of the rents receivable. The Company accrued its
               rental income on a straight line basis, therefore, when the Building was sold,
               the accrual for rental income was reversed. This expense is included within the general
               and administrative expenses.EBS BUILDING, L.L.C.Notes to Financial Statements (unaudited)
September 30, 20045.
               Certain 2003 amounts have been reclassified where appropriate to conform to the
               financial statement presentation used in 2004.6.
               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 November 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.The
Line of Credit had a maturity date of May 31, 2004, when all of the remaining outstanding
principal balance and interest was due and payable. On May 28, 2004, the Company entered
into a Note, Deed of Trust and Loan Document Modification and Extension Agreement
(Extension Agreement) with Commerce to extend the maturity date of its line of
credit from May 31, 2004 to November 30, 2004. Upon the sale of the Building on August 6,
2004, the amounts outstanding under the Credit Facility were repaid and the Line of Credit
terminated.7.
               On June 17, 2004, the Company entered into a Purchase and Sale Agreement
               (Purchase Agreement) with Triple Net Properties, LLC (Triple
               Net), for the sale of the Building to Triple Net for $37,000,000, subject
               to certain adjustments and terms and conditions. The sale of the Building closed
               on August 6, 2004 (the Sale). Upon the Sale, commissions and the
               reimbursement of certain expenses, in the amount of $690,250, were paid to
               Collier Turley Martin Tucker, Inc. (Colliers), Secured Capital Corp.
               (SCC) and Heitman Capital Management, LLC (Heitman).
               Certain proration and adjustments, in the amount of $738,825, were made at the
               closing for security deposits, tenant improvements, rent adjustments, prepaid
               expenses and unpaid expenses as of the date of closing. In addition, other
               closing costs, in the amount of $62,227, were paid in connection with
               attorneys fees, recording fees and escrow charges. The proceeds after all
               adjustments and fees were $35,508,698. As of August 10, 2004, the outstanding
               principal and interest under the Commerce Bank, N.A. (Commerce)
               Credit Facility, in the amount of $14,654,225, was paid with the proceeds from
               the Sale. Accordingly, the net proceeds resulting from the Sale were $20,854,473.On
October 18, 2004, the proceeds from the sale of the Building and additional cash remaining
in the Company were distributed to the shareholders in the amount of $22 million, or $2.20
per share. Approximately $1.5 million was retained by the Company for certain continuing
expenses including professional fees, tax and SEC filing preparation fees and any
potential unasserted liabilities or claims that may arise. In addition, pursuant to the
Purchase Agreement, certain funds were held back for potential indemnity claims, as well
as a true-up of operating expenses at March 31, 2005.
Item 2.   
Managements Discussion and Analysis or Plan of Operation.


During
the forthcoming months of operations, EBS Building, L.L.C. (the Company or
LLC), intends to wind up its operations. Specifically, the Company will seek
approval from the bankruptcy court to accelerate the termination date (Termination
Date) of the existence of the LLC from September 25, 2006 to April 15, 2005. The
Company believes that the acceleration of the Termination Date will increase the benefit
to its members, by avoiding unnecessary costs of administration that will be incurred if
the LLC were to exist until September 25, 2006. If approved, on or shortly after the
Termination Date, the Company intends to dissolve and wind up its affairs. In order to
make reasonable provision for potential liabilities or unasserted claims, the Company will
establish a Delaware liquidating trust for the benefit of the Companys members and
will transfer all remaining assets of the Company to the trust. After a certain amount of
time has passed, the remaining assets will be distributed to the members by the trustee of
the liquidating trust.

On
June 17, 2004, the Company entered into a Purchase and Sale Agreement (Purchase
Agreement) with Triple Net Properties, LLC (Triple Net), for the sale of
the building located at 501 North Broadway, St. Louis, Missouri (the Building)
to Triple Net for $37,000,000, subject to certain adjustments and terms and conditions.
The sale of the Building closed on August 6, 2004 (the Sale). Upon the Sale,
commissions and the reimbursement of certain expenses, in the amount of $690,250, were
paid to Collier Turley Martin Tucker, Inc. (Colliers), Secured Capital Corp.
(SCC) and Heitman Capital Management, LLC (Heitman). Certain
proration and adjustments, in the amount of $738,825, were made at the closing for
security deposits, tenant improvements, rent adjustments, prepaid expenses and unpaid
expenses as of the date of closing. In addition, other closing costs, in the amount of
$62,227, were paid in connection with attorneys fees, recording fees and escrow
charges. The proceeds after all adjustments and fees were $35,508,698. As of August 10,
2004, the outstanding principal and interest under the Commerce Bank, N.A.
(Commerce) Credit Facility, in the amount of $14,654,225, was paid with the
proceeds from the Sale. Accordingly, the net proceeds resulting from the Sale were
$20,854,473.


On
October 18, 2004, the proceeds from the sale of the Building and additional cash remaining
in the Company were distributed to the shareholders in the amount of $22 million, or $2.20
per share. Approximately $1.5 million was retained in the estate for certain continuing
expenses including professional fees, tax and SEC filing preparation fees and any
potential unasserted liabilities or claims that may arise. In addition, pursuant to the
Purchase Agreement, certain funds must be held back for potential indemnity claims, as
well as a true-up of operating expenses at March 31, 2005.


The
Company entered into a new exclusive listing agreement (the Subsequent Marketing
Listing Agreement), effective March 4, 2004, with Colliers, which granted Colliers
the exclusive right to sell the Building. The terms of the Subsequent Marketing Listing
Agreement, which expired on August 1, 2004, provide that upon the Sale, a commission of
1.25% of the Net Sales Price1, up to $34 million, plus 5% of the Net Sales
Price in excess of $34 million up to $37 million, plus 7% of the Net Sales Price in excess
of $37 million will be paid to Colliers, pursuant to a written sales contract that will be
executed during the term of the agreement with a purchaser procured by Colliers. In
conjunction with the Subsequent Marketing Listing Agreement, Colliers entered into an
advisory agreement, effective March 4, 2004, (the Advisory Agreement) with
SCC, which granted SCC the right to market the Building to investors on a national basis.
The term of the Advisory Agreement expired on August 1, 2004. Upon the Sale, Colliers must
pay SCC a fee equal to 80% of the gross commission paid by the Company to Colliers. In
addition, SCC will receive reimbursement from the Company for marketing expenses in an
amount not to exceed $40,000.


1 Defined as the Gross Sales Price received by the Company less an allowance provided to the buyer
for roof repair or replacement.

On
May 31, 2001, the Company entered into an $18,600,000.00 credit facility (the Credit
Facility) with Commerce 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. On May 28, 2004,
the Company entered into a Note, Deed of Trust and Loan Document Modification and
Extension Agreement (Extension Agreement) with Commerce to extend the maturity
date of the Credit Facility from May 31, 2004 to November 30, 2004. Upon the Sale, amounts
outstanding under the Credit Facility were repaid in full.


As
the Company sold the Building on August 6, 2004, comparisons of current year operating
income and expenses to prior year are not meaningful. Upon the Sale, a gain on assets of
$10.4 million was recognized. In addition, as a result of the Sale, a $1.3 million expense
was recorded from the elimination of the rents receivable. The Company accrued its rental
income on a straight line basis, therefore, when the Building was sold, the accrual for
rental income was reversed. This $1.3 million expense is included in general and
administrative expenses. Assets remaining include cash proceeds from the Sale, rent
receivable for amounts owed by a tenant for conference room usage and insurance refund
receivable related to the unearned portion of the 2003 insurance policy that had been put
in place by Insignia, the former property manager. Liabilities remaining include accruals
for professional fees.



Item 3.    Controls and
Procedures


As
of September 30, 2004, 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 IIOTHER INFORMATION



Item 6.    Exhibits and
Reports on Form 8-K.


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 3.2.10.34:

Exclusive  Listing  Agreement by and between EBS Building,  L.L.C. and Colliers Turley Martin Tucker,  Inc.,
                           dated March 4, 2004  incorporated by reference to the Issuer's  Registration  Statement on Form 10-KSB filed
                           on March 30, 2004, Exhibit 10.3410.35:

Advisory  Agreement by and between  Colliers  Turley Martin Tucker,  Inc. and Secured  Capital Corp.,  dated
                           March 4, 2004  incorporated  by  reference to the  Issuer's  Registration  Statement on Form 10-KSB filed on
                           March 30, 2004, Exhibit 10.3510.36:

Note,  Deed of Trust and Loan Document  Modification  and  Extension  Agreement by and between EBS Building,
                           L.L.C.  and  Commerce  Bank,  N.A.,  dated as of May 28, 2004  incorporated  by  reference  to the  Issuer's
                           Registration Statement on Form 10-QSB filed on August 13, 2004, Exhibit 10.3610.37:

Purchase and Sale Agreement by and between EBS Building, L.L.C. and Triple Net Properties,
LLC, dated as of June 17, 2004 incorporated by reference to the Issuers Registration
Statement on Form 10-QSB filed on August 13, 2004, Exhibit 10.3731:

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.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 ManagerBy:
     /s/  Keith F. CooperKeith F. Cooper, Senior Managing DirectorDate:   November 15, 2004



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 3.2.10.34:

Exclusive  Listing  Agreement by and between EBS Building,  L.L.C. and Colliers Turley Martin Tucker,  Inc.,
                           dated March 4, 2004  incorporated by reference to the Issuer's  Registration  Statement on Form 10-KSB filed
                           on March 30, 2004, Exhibit 10.3410.35:

Advisory  Agreement by and between  Colliers  Turley Martin Tucker,  Inc. and Secured  Capital Corp.,  dated
                           March 4, 2004  incorporated  by  reference to the  Issuer's  Registration  Statement on Form 10-KSB filed on
                           March 30, 2004, Exhibit 10.3510.36:

Note,  Deed of Trust and Loan Document  Modification  and  Extension  Agreement by and between EBS Building,
                           L.L.C.  and  Commerce  Bank,  N.A.,  dated as of May 28, 2004  incorporated  by  reference  to the  Issuer's
                           Registration Statement on Form 10-QSB filed on August 13, 2004, Exhibit 10.3610.37:

Purchase and Sale Agreement by and between EBS Building, L.L.C. and Triple Net Properties,
LLC, dated as of June 17, 2004 incorporated by reference to the Issuers Registration
Statement on Form 10-QSB filed on August 13, 2004, Exhibit 10.3731:

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.