| (Mark One)           |                                                                                     |
|----------------------|------------------------------------------------------------------------------------------|
| [ X ]                | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934  |
|                 | For the quarterly period ended March 31, 2010.                                           |
|                 |                                                                                     |
| OR                   |
|                 |                                                                                     |
| [   ] | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|                 | For the transition period from _________ to __________.                                  |

| Delaware                         | 20-1641289           |
|---------------------------------------|---------------------------|
| (State or other jurisdiction of  | (I.R.S. Employer     |
| incorporation or organization)   | Identification No.)  |

|   | YES     [ X ] | NO     [   ] |
|--------|----------------------------------------|------------------------------------------------------|

|   | YES     [   ] | NO     [   ] |
|--------|-------------------------------------------------------|------------------------------------------------------|

|   | Large accelerated filer [   ]                                                                          | Accelerated filer [   ]  |
|--------|----------------------------------------------------------------------------------------------------------------------------|----------------------------------------------|
|   | Non-accelerated filer   [   ]  (Do not check if a smaller reporting company)  | Smaller reporting company [ X ]         |

|   | YES     [   ] | NO     [ X ] |
|--------|-------------------------------------------------------|---------------------------------------|

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|       |                  |                                                                                     | Page   |
|------------|-----------------------|------------------------------------------------------------------------------------------|--------|
| Part I.    | Financial Information |                                                                                     |
|       |                  |                                                                                     |   |
|       | Item 1.               | Financial Statements                                                                     |   |
|       |                  |                                                                                     |   |
|       |                  | Consolidated Balance Sheets as of March 31, 2010 and December 31, 2009                   | 2      |
|       |                  |                                                                                     |   |
|       |                  | Consolidated Statements of Operations for the three months ended                         |   |
|       |                  | March 31, 2010 and 2009                                                                  | 3      |
|       |                  |                                                                                     |   |
|       |                  | Consolidated Statements of Cash Flows for the three months ended March 31, 2010 and 2009 | 4      |
|       |                  |                                                                                     |   |
|       |                  | Notes to Consolidated Financial Statements                                               | 5-7    |
|       |                  |                                                                                     |   |
|       | Item 2.               | Management’s Discussion and Analysis of Financial Condition                        |   |
|       |                  | and Results of Operations                                                                | 8-11   |
|       |                  |                                                                                     |   |
|       | Item 3.               | Quantitative and Qualitative Disclosures About Market Risk                               | 12     |
|       |                  |                                                                                     |   |
|       | Item 4.               | Controls and Procedures                                                                  | 12     |
|       |                  |                                                                                     |   |
|       | Item 4T.              | Controls and Procedures                                                                  | 12     |
|       |                  |                                                                                     |   |
| Part II.   | Other Information     |                                                                                     |
|       |                  |                                                                                     |   |
|       | Item 1.               | Legal Proceedings                                                                        | 13     |
|       |                  |                                                                                     |   |
|       | Item 1A.              | Risk Factors                                                                             | 13     |
|       |                  |                                                                                     |   |
|       | Item 2.               | Unregistered Sales of Equity Securities and Use of Proceeds                              | 13     |
|       |                  |                                                                                     |   |
|       | Item 3.               | Defaults Upon Senior Securities                                                          | 13     |
|       |                  |                                                                                     |   |
|       | Item 4.               | Removed and Reserved                                                                     | 13     |
|       |                  |                                                                                     |   |
|       | Item 5.               | Other Information                                                                        | 13     |
|       |                  |                                                                                     |   |
|       | Item 6.               | Exhibits                                                                                 | 13     |
|       |                  |                                                                                     |   |
| Signatures |                  | 14                                                                                       |

----

| Item 1. | Financial Statements. |
|---------|-----------------------|

| FSP Galleria North Corp.Consolidated Balance Sheets |
|-----------------------------------------------------|
| (Unaudited)                                         |

|                                                                               |   | March 31, |    |   | December 31, |   |
|------------------------------------------------------------------------------------|--------|-----------|---------|--------|--------------|--------|
| (in thousands, except shares and par value amounts)                                |   | 2010      |    |   | 2009         |   |
|                                                                               |   |      |    |   |         |   |
| Assets:                                                                            |   |      |    |   |         |   |
|                                                                               |   |      |    |   |         |   |
| Real estate investments, at cost:                                                  |   |      |    |   |         |   |
|      Land                                                 |   | $         | 5,535   |   |         | $      | 5,535 |   |
|      Building and improvements                            |   |      | 58,560  |   |         |   | 58,491 |   |
|      Fixtures and equipment                               |   |      | 69      |   |         |   | 69 |   |
|                                                                               |   |      | 64,164  |   |         |   | 64,095 |   |
|                                                                               |   |      |    |   |         |   |   |   |
|      Less accumulated depreciation                        |   |      | 8,198   |   |         |   | 7,820 |   |
|                                                                               |   |      |    |   |         |   |   |   |
| Real estate investments, net                                                       |   |      | 55,966  |   |         |   | 56,275 |   |
|                                                                               |   |      |    |   |         |   |   |   |
| Cash and cash equivalents                                                          |   |      | 7,274   |   |         |   | 9,480 |   |
| Tenant rent and other receivable, less allowance for                               |   |      |    |   |         |   |   |   |
|     doubtful accounts of $206 and $196, respectively           |   |      | 42      |   |         |   | 77 |   |
| Prepaid expenses and other assets                                                  |   |      | 40      |   |         |   | 31 |   |
|                                                                               |   |      |    |   |         |   |   |   |
|       Total assets                                   |   | $         | 63,322  |   |         | $      | 65,863 |   |
|                                                                               |   |      |    |   |         |   |   |   |
| Liabilities and Stockholders’ Equity:                                        |   |      |    |   |         |   |   |   |
|                                                                               |   |      |    |   |         |   |   |   |
| Liabilities:                                                                       |   |      |    |   |         |   |   |   |
| Accounts payable and accrued expenses                                              |   | $         | 466     |   |         | $      | 2,028 |   |
|                                                                               |   |      |    |   |         |   |   |   |
|      Total liabilities                                    |   |      | 466     |   |         |   | 2,028 |   |
|                                                                               |   |      |    |   |         |   |   |   |
| Commitments and Contingencies:                                                     |   |      | -       |   |         |   | - |   |
|                                                                               |   |      |    |   |         |   |   |   |
| Stockholders’ Equity:                                                        |   |      |    |   |         |   |   |   |
|      Preferred Stock, $.01 par value, 860 shares          |   |      |    |   |         |   |   |   |
|        authorized, issued and outstanding,      |   |      |    |   |         |   |   |   |
|        aggregate liquidation preference $86,000 |   |      |    |   |         |   |   |   |
|        at March 31, 2010 and December 31, 2009  |   |      | -       |   |         |   | - |   |
|                                                                               |   |      |    |   |         |   |   |   |
|      Common Stock, $.01 par value, 1 share                |   |      |    |   |         |   |   |   |
|         authorized, issued and outstanding |   |      | -       |   |         |   | - |   |
|      Additional paid-in capital                           |   |      | 78,956  |   |         |   | 78,956 |   |
|      Distributions in excess of retained earnings         |   |      | (16,100 | )      |         |   | (15,121 | ) |
|                                                                               |   |      |    |   |         |   |   |   |
|      Total Stockholders’ Equity                     |   |      | 62,856  |   |         |   | 63,835 |   |
|                                                                               |   |      |    |   |         |   |   |   |
|      Total Liabilities and Stockholders’ Equity     |   | $         | 63,322  |   |         | $      | 65,863 |   |
|  See accompanying notes to consolidated financial statements.                 |   |

----

|                                                          |   | For the            |   |
|---------------------------------------------------------------|--------|--------------------|--------|
|                                                          |   | Three Months Ended |   |
|                                                          |   | March 31,          |   |
| (in thousands, except share and per share amounts)            |   | 2010               |   |   | 2009 |   |
|                                                          |   |               |   |   |   |   |
| Revenues:                                                     |   |               |   |   |   |   |
|      Rental                          |   | $                  | -      |   |   | $ | 2,771 |   |
|                                                          |   |               |   |   |   |   |   |   |
|         Total revenue |   |               | -      |   |   |   | 2,771 |   |
|                                                          |   |               |   |   |   |   |   |   |
| Expenses:                                                     |   |               |   |   |   |   |   |   |
|                                                          |   |               |   |   |   |   |   |   |
|      Rental operating expenses       |   |               | 375    |   |   |   | 772 |   |
|      Real estate taxes and insurance |   |               | 233    |   |   |   | 445 |   |
|      Depreciation and amortization   |   |               | 378    |   |   |   | 549 |   |
|                                                          |   |               |   |   |   |   |   |   |
|        Total expenses      |   |               | 986    |   |   |   | 1,766 |   |
|                                                          |   |               |   |   |   |   |   |   |
| Income (loss) before interest income                          |   |               | (986   | ) |   |   | 1,005 |   |
|                                                          |   |               |   |   |   |   |   |   |
| Interest income                                               |   |               | 7      |   |   |   | 13 |   |
|                                                          |   |               |   |   |   |   |   |   |
|                                                          |   |               |   |   |   |   |   |   |
| Net income (loss) attributable to preferred stockholders      |   | $                  | (979   | ) |   | $ | 1,018 |   |
|                                                          |   |               |   |   |   |   |   |   |
| Weighted average number of preferred shares outstanding,      |   |               |   |   |   |   |   |   |
|      basic and diluted               |   |               | 860    |   |   |   | 860 |   |
|                                                          |   |               |   |   |   |   |   |   |
| Net income (loss) per preferred share, basic and diluted      |   | $                  | (1,138 | ) |   | $ | 1,184 |   |

----

| FSP Galleria North Corp.Consolidated Statements of Cash Flows(Unaudited) |
|--------------------------------------------------------------------------|

|                                                                                                                                                                                               |   | For theThree Months EndedMarch 31, |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------|--------|
| (in thousands)                                                                                                                                                                                     |   | 2010                               |   |   | 2009 |   |
| Cash flows from operating activities:                                                                                                                                                              |   |                               |   |   |   |   |
|      Net income (loss)                                                                                                                                                    |   | $                                  | (979   | ) |   | $ | 1,018 |   |
|      Adjustments to reconcile net (loss) income to net cash                                                                                                               |   |                               |   |   |   |   |   |   |
|              used for operating activities:                                                                                       |   |                               |   |   |   |   |   |   |
|                      Depreciation and amortization                                        |   |                               | 378    |   |   |   | 549 |   |
|                      Amortization of favorable real estate leases                         |   |                               | -      |   |   |   | 75 |   |
|                      Increase in bad debt reserve                                         |   |                               | 10     |   |   |   | - |   |
|               Changes in operating assets and liabilities:                                                                   |   |                               |   |   |   |   |   |   |
|                      Tenant rent receivable                                               |   |                               | 25     |   |   |   | (6 | ) |
|                      Step rent receivable                                                 |   |                               | -      |   |   |   | 8 |   |
|                      Prepaid expenses and other assets                                    |   |                               | (9     | ) |   |   | 3 |   |
|                      Accounts payable and accrued expenses                                |   |                               | (1,545 | ) |   |   | (2,409 | ) |
|                                                                                                                                                                                               |   |                               |   |   |   |   |   |   |
|                           Net cash used for operating activities |   |                               | (2,120 | ) |   |   | (762 | ) |
|                                                                                                                                                                                               |   |                               |   |   |   |   |   |   |
| Cash flows from investing activities:                                                                                                                                                              |   |                               |   |   |   |   |   |   |
|      Purchase of real estate assets                                                                                                                                       |   |                               | (86    | ) |   |   | - |   |
|                                                                                                                                                                                               |   |                               |   |   |   |   |   |   |
|                           Net cash used for investing activities |   |                               | (86    | ) |   |   | - |   |
|                                                                                                                                                                                               |   |                               |   |   |   |   |   |   |
| Cash flows from financing activities:                                                                                                                                                              |   |                               |   |   |   |   |   |   |
|      Distributions to stockholders                                                                                                                                        |   |                               | -      |   |   |   | (1,500 | ) |
|                                                                                                                                                                                               |   |                               |   |   |   |   |   |   |
|                           Net cash used for financing activities |   |                               | -      |   |   |   | (1,500 | ) |
|                                                                                                                                                                                               |   |                               |   |   |   |   |   |   |
| Net decrease in cash and cash equivalents                                                                                                                                                          |   |                               | (2,206 | ) |   |   | (2,262 | ) |
|                                                                                                                                                                                               |   |                               |   |   |   |   |   |   |
| Cash and cash equivalents, beginning of period                                                                                                                                                     |   |                               | 9,480  |   |   |   | 9,265 |   |
|                                                                                                                                                                                               |   |                               |   |   |   |   |   |   |
| Cash and cash equivalents, end of period                                                                                                                                                           |   | $                                  | 7,274  |   |   | $ | 7,003 |   |
|                                                                                                                                                                                               |   |                               |   |   |   |   |   |   |
| See accompanying notes to consolidated financial statements.                                                                                                                                       |   |

----

| 1. | Organization, Basis of Presentation, Financial Instruments and Recent Accounting Pronouncements |
|----|-------------------------------------------------------------------------------------------------|

----

| 2. | Income Taxes |
|----|--------------|

| 3. | Related Party Transactions |
|----|----------------------------|

| 4. | Net Income Per Share |
|----|----------------------|

| 5. | Segment Reporting |
|----|-------------------|

----

| 6. | Cash Distributions |
|----|--------------------|

| Quarter Paid          |   | Distributions Per Preferred Share |   |   | Total Distributions |   |
|-----------------------|--------|-----------------------------------|--------|--------|---------------------|--------|
|                  |   |                              |   |   |                |   |
| First quarter of 2010 |   | $                                 | -      |   |                | $      | - |   |
|                  |   |                              |   |   |                |   |   |   |
| First quarter of 2009 |   | $                                 | 1,744  |   |                | $      | 1,500,000 |   |

| 7. | Subsequent Event |
|----|------------------|

----

| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations. |
|---------|----------------------------------------------------------------------------------------------|

----

----

----

----

| Item 3. | Quantitative and Qualitative Disclosures About Market Risk. |
|---------|-------------------------------------------------------------|

| Item 4. | Controls and Procedures. |
|---------|--------------------------|

| Item 4T. | Controls and Procedures. |
|----------|--------------------------|

----

|   | Item 1. | Legal Proceedings. |
|--------|---------|--------------------|

| Item 1A. | Risk Factors. |
|----------|---------------|

| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds. |
|---------|--------------------------------------------------------------|

| Item 3. | Defaults Upon Senior Securities. |
|---------|----------------------------------|

| Item 4. | Removed and Reserved. |
|---------|-----------------------|

| Item 5. | Other Information. |
|---------|--------------------|

| Item 6. | Exhibits. |
|---------|-----------|

----

|                          | FSP GALLERIA NORTH CORP. |
|-------------------------------|--------------------------|
|                          |                     |   |   |
| Date                          | Signature                |   | Title |
|                          |                     |   |   |
| Date:  May 12, 2010 | /s/ George J. Carter     |   | President |
|                          | George J. Carter         |   | (Principal Executive Officer) |
|                          |                     |   |   |
| Date:  May 12, 2010 | /s/ Barbara J. Fournier  |   | Chief Operating Officer |
|                          | Barbara J. Fournier      |   | (Principal Financial Officer) |

----

| Exhibit No. | Description                                                                                                                                                                       |
|-------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|        |                                                                                                                                                                              |
| 31.1        | Certification of FSP Galleria North Corp.'s principal executive officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                |
|        |                                                                                                                                                                              |
| 31.2        | Certification of FSP Galleria North Corp.'s principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                |
|        |                                                                                                                                                                              |
| 32.1        | Certification of FSP Galleria North Corp.'s principal executive officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|        |                                                                                                                                                                              |
| 32.2        | Certification of FSP Galleria North Corp.'s principal financial officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |

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