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, 2003

|[  ] | Transition report under Section 13 or 15 (d)
of the Exchange Act
|---- | ----------------------------------------------------------------

For the transition period from
________ to ________

Commission file number:  000-24167

|EBS Building, L.L.C.                                             
|-----------------------------------------------------------------
|(Exact Name of Small Business Issuer as
Specified in Its Charter)

|Delaware                                                       |  | 43-1794872                          
|-------------------------------------------------------------- |  | ------------------------------------
|(State or Other Jurisdiction of
Incorporation or Organization) |  | (I.R.S. Employer
Identification No.)

|c/o FTI Consulting, 1200 Abernathy Road, Suite 1700, 600 Northpark Town Center, Atlanta, GA 30328
|-------------------------------------------------------------------------------------------------
|(Address of Principal Executive Offices)                                                         

|(770) 551-8259                                  
|------------------------------------------------
|(Issuer's Telephone Number, Including Area Code)

|N/A                                                                              
|---------------------------------------------------------------------------------
|(Former Name, Former Address and Former Fiscal Year, if ChangedSince Last Report)

Check
whether the issuer: (1) filed all reports required to be filed by Section 13 or 15 (d) of
the Exchange Act during the past 12 months (or for such shorter period that the
registrant was required to file such reports), and  (2) has been subject to such filing
requirements for the past 90 days.

Yes  X  No

APPLICABLE ONLY TO ISSUERS INVOLVED IN
BANKRUPTCY PROCEEDINGS DURING THE
PRECEDING FIVE YEARS

Check
whether the registrants filed all documents and reports required to be filed by Section
12, 13 or 15 (d) of the Exchange Act after the distribution of securities under a plan
confirmed by a court.

Yes  X  No

APPLICABLE ONLY TO CORPORATE ISSUERS

State
the number of shares outstanding of each of the issuer's classes of common equity, as of
the latest practicable date: As of June 30, 2003, there were 10,000,000 Class A
Membership Units outstanding.

Transitional
Small Business Disclosure Format (check one):

Yes    
  No  X
PART I
FINANCIAL INFORMATION


Item 1.    Financial
Statements.

EBS BUILDING, L.L.C.
Balance SheetsSeptember 30, 2003
(unaudited)
        
     December 31, 2002Assets  Rental property, net
     
     $ 25,055,631
        
     $ 25,646,046Cash - operating
     899,192
        
     1,138,043Security deposit escrow
     10,439
        
     10,381Tax and insurance escrow
     441,628
        
     163,355Rents receivable
     1,204,568
        
     1,051,297Prepaid expenses
     126,789
        
     80,721Lease commissions, net
     1,853,483
        
     2,047,564Loan costs, net
     89,337
        
     135,630Deposits
     202
        
     202Total assets
     $ 29,681,269
        
     $ 30,273,239LiabilitiesNote payable
     $ 15,064,375
        
     $ 16,853,140Accounts payable
     318
        
     43,675Accrued expenses
     530,121
        
     288,196Tenant security deposits
     9,477
        
     9,902Total liabilities
     15,604,291
        
     17,194,913Members' equity:Membership Units (Class A - 10,000,000 authorized,issued and outstanding at September 30, 2003 andDecember 31, 2002)
     
        
     Paid-in capital
     19,810,522
        
     19,810,522Retained earnings (deficit)
     (5,733,544
        )
     (6,732,196
        )Total members' equity
     14,076,978
        
     13,078,326Total liabilities and members' equity
     $ 29,681,269
        
     $ 30,273,239The accompanying notes are an integral part of these financial statements.


EBS BUILDING, L.L.C.
Statements of OperationsFor the 3 months ended
        
     For the 9 months endedSept. 30, 2003
(unaudited)
        
     Sept. 30, 2002
(unaudited)
        
     Sept. 30, 2003
(unaudited)
        
     Sept. 30, 2002
(unaudited)Income:    Rent
     
     $ 1,529,314
        
     $ 1,208,004
        
     $4,632,940
        
     $ 2,869,375Other
     175,050
        
     127,589
        
     830,287
        
     394,038Total income
     1,704,364
        
     1,335,593
        
     5,463,227
        
     3,263,413Expenses:Maintenance
     316,289
        
     277,863
        
     784,874
        
     906,340Professional fees
     138,906
        
     110,468
        
     431,484
        
     379,594Utilities
     211,674
        
     227,737
        
     543,474
        
     556,704General and administrative
     111,250
        
     153,123
        
     370,158
        
     454,052Depreciation and amortization
     449,403
        
     449,412
        
     1,348,209
        
     1,236,606Real estate taxes
     99,999
        
     99,999
        
     300,997
        
     299,997Interest expense
     121,365
        
     160,740
        
     395,027
        
     472,635Other operating expenses
     79,268
        
     85,473
        
     290,352
        
     208,995Total expenses
     1,528,154
        
     1,564,815
        
     4,464,575
        
     4,514,923Net Income (Loss)
     $    176,210
        
     $  (229,222
        )
     $    998,652
        
     $    (1,251,510
        )Net income (loss) per Class A Unit -
     $          0.02
        
     $       (0.02
        )
     $         0.10
        
     $       (0.13
        )basic and dilutedThe 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, 2003Class AMembershipUnits
        
     Paid-InCapital
        
     RetainedEarnings(Deficit)
        
     TotalBalance, December 31, 2002
     
     10,000,000
        
     $  19,810,522
        
     $  (6,732,196
        )
     $  13,078,326Net Income (unaudited)
     
        
     
        
     998,652
        
     998,652Balance, Sept. 30, 2003 (unaudited)
     10,000,000
        
     $  19,810,522
        
     $  (5,733,544
        )
     $  14,076,978The accompanying notes are an integral part of these financial statements.


EBS BUILDING, L.L.C.
Statements of Cash FlowsFor the 9
months endedSept. 30, 2003(unaudited)
        
     For the 9
months endedSept. 30, 2002(unaudited)Cash flows from operating activities:
    Net income (loss)
     
     $        998,652
        
     $       (1,251,510
        )Reconciliation of net income (loss) to cash flows provided by(used in) operating activities:Depreciation and amortization
     1,348,209
        
     1,236,606Changes in assets and liabilities:(Increase) in escrows, rents receivable, prepaidexpenses and deposits
     (477,669
        )
     (461,985
        )Increase in liabilities, excluding note payable
     198,142
        
     238,160Cash flows provided by (used in) operating activities
     2,067,334
        
     (238,729
        )Cash flows from investing activities:Payments for lease commissions
     (10,566
        )
     Additions to rental property
     (476,854
        )
     (648,506
        )Cash flows used in investing activities
     (487,420
        )
     (648,506
        )Cash flows from financing activities:Payments for loan fees
     (30,000
        )
     (Payments on) proceeds from note payable
     (1,788,765
        )
     1,255,811Cash flows (used in) provided by financing activities
     (1,818,765
        )
     1,255,811Net (decrease) increase in cash
     (238,851
        )
     368,576Cash, beginning of period
     1,138,043
        
     198,160Cash, end of period
     $        898,192
        
     $        566,736The accompanying notes are an integral part of these financial statements.

EBS BUILDING, L.L.C.
Notes to Financial Statements (unaudited)
September 30, 2003 and December 31, 20021.
          The accompanying unaudited financial statements, in the opinion of the Manager,
          include all adjustments necessary for a fair presentation of the results for the
          interim periods presented. These adjustments consist of normal recurring
          accruals. The financial statements are presented in accordance with the
          requirements of Form 10-QSB and consequently do not include all the disclosures
          required by generally accepted accounting principles. For further information,
          refer to the financial statements and notes thereto for the period ended
          December 31, 2002 included in the Companys Annual Report on Form 10-KSB
          filed on March 31, 2003.2.
          The following table sets forth the computation of primary and fully diluted
          earnings (loss) per unit for the periods ended:For the 3 Months Ended
        
     For the 9 Months EndedSept. 30, 2003
(unaudited)
        
     Sept. 30, 2002
(unaudited)
        
     Sept. 30, 2003
(unaudited)
        
     Sept. 30, 2002
(unaudited)Numerator:Net Earnings/(Loss) - Basic and Diluted
     
     $     176,210
        
     $    (229,222
        )
     $     998,652
        
     $   (1,251,510
        )Denominator: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/(Loss) per Unit
     $           0.02
        
     $         (0.02
        )
     $           0.10
        
     $            (0.13
        )3.
          Rental property consists of the following:Sept. 30, 2003
(unaudited)
        
     December 31, 2002Land
     
     $       2,250,520
        
     $       2,250,520Building
     17,765,629
        
     17,765,629Building Improvements
     1,507,154
        
     1,507,154Tenant Improvements
     8,806,810
        
     8,806,810Construction in progress
     476,854
        
     30,806,967
        
     30,330,113Less Accumulated Depreciation
     5,751,336
        
     4,684,067$     25,055,631
        
     $     25,646,046The
building and building improvements are depreciated using the straight-line method over
their estimated useful life of 38 and 39 years, respectively. Tenant improvements are
depreciated over the term of the tenants lease.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 May 31, 2001, the Company entered into a $18,600,000 revolving line of credit
          with Commerce Bank, N.A. (the Line of Credit). The Line of Credit,
          which expires in May 2004, replaced the $12,000,000 line of credit previously
          extended by FINPRO L.L.C. which became due and payable on May 31, 2001. The
          Company presently intends to use the Line of Credit for working capital needs,
          tenant improvements and lease commissions. Borrowings under the Line of Credit
          bear interest at a rate equal to the ninety (90) day LIBOR interest rate plus
          one hundred ninety (190) basis points. As of September 30, 2003, the Company had
          outstanding borrowings of $15,064,375 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 are at an interest rate equal to the ninety (90) day
LIBOR interest rate plus one hundred ninety (190) basis points. Borrowings under the
Credit Facility are secured by substantially all of the assets of the Company. Management
believes that funds from operations and the Companys present availability under its
revolving line of credit provide sufficient resources to meet the Companys present
and anticipated financing needs.


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


During
the nine months ended September 30, 2003, the Companys rental income increased by
61.5%, from $2,869,375 in 2002 to $4,632,940 in 2003. This increase is primarily
attributable to the commencement of rental payments on September 1, 2002 by Jacobs
Engineering, Inc. The Jacobs Engineering, Inc. lease was entered into on February 22,
2001, however rental payments did not commence until September 1, 2002. Other income
increased by $436,249 or 110.7% over the prior year for the nine months ended September 30,
2003. The primary contributor to this increase is additional revenue for parking fees,
conference room usage, storage rental and other expenses from the Jacobs Engineering, Inc.
lease.

The
Companys total expenses for the first nine months of 2003 declined by $50,348, or
1.1%, from the prior year. The primary drivers of this decline included lower maintenance
costs, general and administrative costs and interest expense. Maintenance expense declined
from $906,340 for the first nine months of 2002 to $784,874 for the first nine months of
2003, a 13.4% decrease. This decrease was due to additional maintenance expenses incurred
in 2002 for elevator repairs performed as a result of the state inspection. In addition,
the janitorial contract was re-bid at the end of 2002 resulting in janitorial cost savings
in 2003. General and administrative expenses declined by 18.5% from $454,052 for the nine
months ended September 30, 2002 to $370,158 for the nine months ended September 30, 2003.
This decrease was primarily attributable to a $61,071 decline in salaries and a $16,278
decline in related salary expenses over the prior year due to a reduction in maintenance
staffing. A vacated chief engineer position was filled internally by a supervisor, whose
position will not be replaced. Interest expenses declined from $472,635 for the first nine
months of 2002 to $395,027 for the first nine months of 2003, a 16.4% decrease. The
decline in interest expenses was primarily due to lower variable interest rates on the
revolving credit facility versus the prior year. Other operating expenses increased by $81,357
or 38.9% for the nine months ended September 30, 2003 over the prior year. The
contributors to this increase included a $16,663 increase in insurance expenses and a
$64,694 increase in property management fees related to increased monthly management fees
and the termination fee paid to Insignia in May 2003.


Item 3.    Controls and
Procedures


Within
the 90 days prior to the date of this report, the Company carried out an evaluation, under
the supervision and with the participation of the Companys management, including the
Senior Managing Director of the Manager of the Company, of the effectiveness of the design
and operation of the Companys disclosure controls and procedures pursuant to
Exchange Act Rule 13a-14. Based upon that evaluation, the Senior Managing Director of the
Manager of the Company concluded that the Companys disclosure controls and
procedures are effective in timely alerting them to material information relating to the
Company required to be included in the Companys periodic SEC filings.


There
have been no significant changes in our internal controls or in other factors that could
significantly affect those controls subsequent to the date of their last evaluation.



PART II OTHER INFORMATION


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


(a)       Exhibits (listed by numbers corresponding to the Exhibit Table of Item 601 of
Regulation S-B)



3.1:

Articles of  Organization of the Issuer filed with the
Delaware Secretary of State on September 24, 1997 incorporated by reference to the Issuer's
Registration  Statement on Form 10-SB filed on April 30, 1998, Exhibit 2.1.3.2:

Members Agreement of EBS Building,  L.L.C.
a Limited  Liability  Company,  dated as of September 26, 1997 incorporated by reference to the Issuer's  Registration
Statement on Form 10-SB filed on April 30, 1998, Exhibit 2.2.4:

See the Members Agreement, referenced as Exhibit 3.2.10:

Commercial Property Management Agreement for One Financial Plaza between EBS Building, L.L.C. and Colliers Turley
Martin Tucker Co. dated May 23, 2003 incorporated by reference from the Issuer's Form 10-QSB filed on
June 30, 2003, Exhibit 10.30.31:

Certification of the Senior Managing Director of the Manager of the Company pursuant to Section 302 of
Sarbanes-Oxley Act of 2002, 18 U.S.C. 1350.32:

Certification of the Senior Managing Director of the Manager of the Company pursuant to Section 906 of
Sarbanes-Oxley Act of 2002, 18 U.S.C. 1350.(b)       Reports on Form 8-K. The Issuer did not file any reports on Form 8-K during the second
fiscal quarter.




SIGNATURES


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


REGISTRANT:
EBS Building, L.L.C.
By:  FTI Consulting, as ManagerBy:
 /s/ Keith F. CooperKeith F. Cooper, Senior Managing DirectorDate: November 14, 2003
Exhibit Index



3.1:

Articles of  Organization of the Issuer filed with the
Delaware Secretary of State on September 24, 1997 incorporated by reference to the Issuer's
Registration  Statement on Form 10-SB filed on April 30, 1998, Exhibit 2.1.3.2:

Members Agreement of EBS Building,  L.L.C.
a Limited  Liability  Company,  dated as of September 26, 1997 incorporated by reference to the Issuer's  Registration
Statement on Form 10-SB filed on April 30, 1998, Exhibit 2.2.4:

See the Members Agreement, referenced as Exhibit 3.2.10:

Commercial Property Management Agreement for One Financial Plaza between EBS Building, L.L.C. and Colliers Turley
Martin Tucker Co. dated May 23, 2003 incorporated by reference from the Issuer's Form 10-QSB filed on
June 30, 2003, Exhibit 10.30.31:

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.