SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-QSB

(Mark One)

|[X] | Quarterly report under Section 13 or 15 (d)
of the Securities Exchange Act of 1934
|--- | ----------------------------------------------------------------------------------

For the quarterly period ended June 30, 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 June 30, 2003, there were 10,000,000 Class A
Membership Units outstanding.

Transitional
Small Business Disclosure Format (check one):

Yes    
  No  X

Part IFINANCIAL INFORMATION


Item 1.    Financial
Statements.



EBS BUILDING, L.L.C.
Balance Sheets
June 30, 2004(unaudited)
        
     December 31, 2003Assets  Rental property, net
     
     $ 24,473,147
        
     $ 25,165,781Cash - operating
     1,796,684
        
     759,471Security deposit escrow
     10,475
        
     10,454Tax and insurance escrow
     172,537
        
     169,442Rents receivable
     1,360,590
        
     1,247,957Prepaid expenses
     103,386
        
     35,059Lease commissions, net
     1,797,190
        
     1,895,851Loan costs, net
     
        
     73,491Deposits
     202
        
     202Total assets
     $ 29,714,211
        
     $ 29,357,708LiabilitiesNote payable
     $ 14,625,786
        
     $ 14,891,507Accounts payable
     
        
     459,508Accrued expenses
     374,162
        
     121,916Tenant security deposits/Prepaid rent
     103,688
        
     9,476Total liabilities
     15,103,636
        
     15,482,407Members' equity:Membership Units (Class A - 10,000,000 authorized,issued and outstanding at June 30, 2004 andDecember 31, 2003)
     
        
     Paid-in capital
     19,810,522
        
     19,810,522Retained earnings (deficit)
     (5,199,947
        )
     (5,935,221
        )Total members' equity
     14,610,575
        
     13,875,301Total liabilities and members' equity
     $ 29,714,211
        
     $ 29,357,708The accompanying notes are an integral part of these financial statements.

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


     For the 3 months ended
        
     For the 6 months endedJune 30, 2004(unaudited)
        
     June 30, 2003(unaudited)
        
     June 30 2004(unaudited)
        
     June 30, 2003(unaudited)Income:    Rent
     
     $   1,665,628
        
     $   1,531,724
        
     $   3,239,077
        
     $   3,103,626Other
     154,843
        
     123,774
        
     316,631
        
     655,237Total income
     1,820,471
        
     1,655,498
        
     3,555,708
        
     3,758,863Expenses:Maintenance
     358,703
        
     232,311
        
     629,833
        
     468,585Professional fees
     175,094
        
     178,872
        
     315,693
        
     292,579Utilities
     130,024
        
     160,174
        
     282,704
        
     331,801General and administrative
     115,011
        
     97,322
        
     263,461
        
     250,383Depreciation and amortization
     431,671
        
     449,403
        
     888,407
        
     898,806Real estate taxes
     99,000
        
     100,999
        
     198,000
        
     200,998Interest expense
     88,610
        
     133,814
        
     190,054
        
     273,662Other operating expenses
     (17,809
        )
     116,491
        
     52,282
        
     219,607Total expenses
     1,380,304
        
     1,469,386
        
     2,820,434
        
     2,936,421Net Income
     $      440,167
        
     $     186,112
        
     $     735,274
        
     $     822,442Net income per Class A Unit -basic and diluted
     $            0.04
        
     $           0.02
        
     $           0.07
        
     $           0.08The accompanying notes are an integral part of these financial statements.

EBS BUILDING, L.L.C.
Statements of Changes in Members EquityFor the Six Months Ended June 30, 2004


     Class AMembershipUnits
        
     Paid-InCapital
        
     RetainedEarnings(Deficit)
        
     TotalBalance, December 31, 2003
     
     10,000,000
        
     $19,810,522
        
     $(5,935,221
        )
     $13,875,301Net Income (unaudited)
     
        
     
        
     735,274
        
     735,274Balance, June 30, 2004 (unaudited)
     10,000,000
        
     $19,810,522
        
     $(5,199,947
        )
     $14,610,575The accompanying notes are an integral part of these financial statements.


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


     For the 6months endedJune 30, 2004(unaudited)
        
     For the 6months endedJune 30, 2003(unaudited)Cash flows from operating activities:    Net income
     
     $    735,274
        
     $    822,442Reconciliation of net income to cash flowsprovided by operating activities:Depreciation and amortization
     888,407
        
     898,806Changes in operating assets and liabilities:(Increase) in escrows, rents receivable, prepaid expenses anddeposits
     (139,077
        )
     (287,271
        )Increase/(decrease) in liabilities, excluding note payable
     (113,050
        )
     56,309Cash flows provided by operating activities
     1,371,554
        
     1,490,286Cash flows from investing activities:Payments for lease commissions
     (50,006
        )
     (10,566
        )Additions to rental property
     (18,614
        )
     (458,903
        )Cash flows used in investing activities
     (68,620
        )
     (469,469
        )Cash flows from financing activities:Payment on note payable
     (265,721
        )
     Cash flows used by financing activities
     (265,721
        )
     Net increase in cash
     1,037,213
        
     1,020,817Cash, beginning of period
     759,471
        
     1,138,043Cash, end of period
     $ 1,796,684
        
     $ 2,158,860The accompanying notes are an integral part of these financial statements.


EBS BUILDING, L.L.C.
Notes to Financial Statements (unaudited)June 30, 2004 and December 31, 2003


     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, 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 EndedJune 30, 2004(unaudited)
        
     June 30, 2003(unaudited)
        
     June 30, 2004(unaudited)
        
     June 30, 2003(unaudited)Numerator:Net Earnings - Basic and Diluted
     
     $     440,167
        
     $     186,112
        
     $     735,274
        
     $     822,442Denominator: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
     $           0.04
        
     $           0.02
        
     $           0.07
        
     $           0.083.
                    
                    Rental property consists of the following:June 30, 2004(unaudited)
        
     December 31, 2003Land
     
     $  2,250,520
        
     $  2,250,520Building
     17,765,629
        
     17,765,629Building Improvements
     1,477,475
     
     1,507,154Tenant Improvements
     8,806,810
        
     8,806,810Construction in progress
     991,056
        
     942,76331,291,490
        
     31,272,876Less Accumulated Depreciation
     6,818,343
        
     6,107,095$24,473,147
        
     $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.5.
                    
                    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. As of June 30, 2004,
                    the Company had outstanding borrowings of $14,625,786 under the Line of Credit.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.The
Company recently completed the sale of the Building on August 6, 2004 to Triple Net
Properties, LLC (Triple Net) pursuant to the Purchase and Sale Agreement
between Triple Net and EBS Building, L.L.C. dated June 17, 2004. All outstanding
borrowings and interest under the line of credit were repaid as of August 10, 2004, with
the net proceeds from the sale of the Building.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 implement a wind down plan to pursue the distribution of
the proceeds from the sale of the building located at 501 North Broadway, St. Louis,
Missouri (the Building), to the existing shareholders of the Company.


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 was $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 $14,655,646 was paid with the proceeds from the Sale. Accordingly, the net proceeds resulting
from the Sale was $20,853,052.


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, provided 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.


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 its credit facility from May 31, 2004 to November 30, 2004.
1Defined as the Gross Sales Price received by the Company less an allowance provided to the buyer
for roof repair or replacement.
During
the six months ended June 30, 2004, the Companys rental income increased by 4.4%
versus the first six months of the prior year, from $3,103,626 during the first half of
2003 to $3,239,077 during the first half of 2004. This increase is primarily driven by the
commencement of the Federal Reserve rental payments in November 2003 and additional
revenue from the expansion of rental space under the lease agreement with Baird, Kurtz
& Dobson. Other income decreased by $338,606 or 51.7% over prior year for the six
months ending June 2004. This decrease in other income is due to the one time termination fee related to the lease with
Bankers Trust that was included in other income in the prior year.


The
Companys total expenses for the first six months of 2004 declined by $115,987 or
3.9% versus the prior year. This decline was mainly due to a decline in utility expenses,
interest expense and other operating expenses. Utility expenses declined by $49,097, or
14.8%, for the first six months of 2004 versus the prior year. This decline is driven by
energy efficiencies achieved after the chillers were rebuilt and through energy management
measures put in place by Colliers. Interest expenses declined by 30.6% over the prior year
from $273,662 in the first half of 2003 to $190,054 in the first half of 2004. This
decrease was a result of lower variable interest rates on the Credit Facility compared to
the prior year. Other operating expenses declined by 76.2% from $219,607 for the six
months ended June 30, 2003 to $52,282 for the six months ended June 30, 2004. This
decrease was primarily due to an insurance refund received in the second quarter of 2004,
which reflected the unearned portion of the 2003 insurance policy that been
put in place by Insignia, the former property manager. The total refund received was
$89,704. In addition, insurance expenses have declined due to the negotiation of more
favorable insurance rates by Colliers.


Professional
fees and maintenance expenses experienced the largest increase over the prior year.
Professional fees increased by 7.9% from $292,579 in the first half of 2003 to $315,693 in
the first half of 2004. This was primarily driven by higher legal fees from an increase in
leasing and marketing activity in the first half of 2004. Maintenance expenses increased
from $468,585 for the six months ended June 30, 2003 to $629,833 for the same period in
2004 due to the deferral of various maintenance projects in the first half of 2003 into
later quarters of the year.


Item 3.    Controls and
Procedures


As
of June 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.


     (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 3.2.10.34:
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 10.34.10.35:
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 10.35.10.36:
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, 2004.10.37:
Purchase  and Sale  Agreement  by and  between  EBS  Building,  L.L.C.  and  Triple  Net
                           Properties, LLC, dated as of June 17, 2004.31:
Certification  of the Senior  Managing  Director of the Manager of the Company  pursuant
                           to Section 302 of Sarbanes-Oxley Act of 2002, 18 U.S.C. 1350.32:
Certification  of the Senior  Managing  Director of the Manager of the Company  pursuant
                           to Section 906 of Sarbanes-Oxley Act of 2002, 18 U.S.C. 1350.(b)       
          Reports on Form 8-K. The Issuer did not file any reports on Form 8-K during the
          second fiscal quarter.


SIGNATURES


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

REGISTRANT:EBS BUILDING, L.L.C.
By:     FTI Consulting, Inc., as ManagerBy:
     /s/  Keith F. CooperKeith F. Cooper, Senior Managing DirectorDate: August 13, 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 10.34.10.35:
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 10.35.10.36:
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, 2004.10.37:
Purchase  and Sale  Agreement  by and  between  EBS  Building,  L.L.C.  and  Triple  Net
                           Properties, LLC, dated as of June 17, 2004.31:
Certification  of the Senior  Managing  Director of the Manager of the Company  pursuant
                           to Section 302 of Sarbanes-Oxley Act of 2002, 18 U.S.C. 1350.32:
Certification  of the Senior  Managing  Director of the Manager of the Company  pursuant
                           to Section 906 of Sarbanes-Oxley Act of 2002, 18 U.S.C. 1350.