| [ X ] | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the quarterly period ended September 30, 2010 |
|-------|------------------------------------------------------------------------------------------------------------------------------------------|

| [   ] | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For 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 September 30, 2010 and December 31, 2009                            |   | 2      |
|       |                  |                                                                                                  |   |   |
|       |                  | Consolidated Statements of Operations for the three and nine months ended September 30, 2010 and 2009 |   | 3      |
|       |                  |                                                                                                  |   |   |
|       |                  | Consolidated Statements of Cash Flows for the nine months ended September 30, 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     |
|       |                  |                                                                                                  |   |   |
|       |                  |                                                                                                  |   |   |
| 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     |

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|                                                                                  |   | September 30, |    |   | 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                               |   |          | 59,036  |   |         |   | 58,491 |   |
|      Fixtures and equipment                                  |   |          | 69      |   |         |   | 69 |   |
|                                                                                  |   |          | 64,640  |   |         |   | 64,095 |   |
|                                                                                  |   |          |    |   |         |   |   |   |
|      Less accumulated depreciation                           |   |          | 8,953   |   |         |   | 7,820 |   |
|                                                                                  |   |          |    |   |         |   |   |   |
| Real estate investments, net                                                          |   |          | 55,687  |   |         |   | 56,275 |   |
|                                                                                  |   |          |    |   |         |   |   |   |
| Cash and cash equivalents                                                             |   |          | 6,579   |   |         |   | 9,480 |   |
| Tenant rent and other receivable, less allowance for                                  |   |          |    |   |         |   |   |   |
|     doubtful accounts of $219 and $196, respectively              |   |          | 23      |   |         |   | 77 |   |
| Step rent receivable                                                                  |   |          | 1       |   |         |   | - |   |
| Prepaid expenses and other assets                                                     |   |          | 32      |   |         |   | 31 |   |
|                                                                                  |   |          |    |   |         |   |   |   |
|       Total assets                                      |   | $             | 62,322  |   |         | $      | 65,863 |   |
|                                                                                  |   |          |    |   |         |   |   |   |
| Liabilities and Stockholders’ Equity:                                           |   |          |    |   |         |   |   |   |
|                                                                                  |   |          |    |   |         |   |   |   |
| Liabilities:                                                                          |   |          |    |   |         |   |   |   |
| Accounts payable and accrued expenses                                                 |   | $             | 1,128   |   |         | $      | 2,028 |   |
|                                                                                  |   |          |    |   |         |   |   |   |
|      Total liabilities                                       |   |          | 1,128   |   |         |   | 2,028 |   |
|                                                                                  |   |          |    |   |         |   |   |   |
| Commitments and Contingencies                                                         |   |          |    |   |         |   |   |   |
|                                                                                  |   |          |    |   |         |   |   |   |
| Stockholders’ Equity:                                                           |   |          |    |   |         |   |   |   |
|      Preferred Stock, $.01 par value, 860 shares             |   |          |    |   |         |   |   |   |
|        authorized, issued and outstanding,         |   |          |    |   |         |   |   |   |
|        aggregate liquidation preference $86,000    |   |          |    |   |         |   |   |   |
|        at September 30, 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            |   |          | (17,762 | )      |         |   | (15,121 | ) |
|                                                                                  |   |          |    |   |         |   |   |   |
|      Total Stockholders’ Equity                        |   |          | 61,194  |   |         |   | 63,835 |   |
|                                                                                  |   |          |    |   |         |   |   |   |
|      Total Liabilities and Stockholders’ Equity        |   | $             | 62,322  |   |         | $      | 65,863 |   |
|  See accompanying notes to consolidated financial statements.                    |   |

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|                                                                                  |   | For the            |   |   | For the           |   |
|---------------------------------------------------------------------------------------|--------|--------------------|--------|--------|-------------------|--------|
|                                                                                  |   | Three Months Ended |   |   | Nine Months Ended |   |
|                                                                                  |   | September 30,      |   |   | September 30,     |   |
| (in thousands, except shares and per share amounts)                                   |   | 2010               |   |   | 2009              |   |   | 2010 |   |   | 2009 |   |
|                                                                                  |   |               |   |   |              |   |   |   |   |   |   |   |
| Revenues:                                                                             |   |               |   |   |              |   |   |   |   |   |   |   |
|      Rental                                                  |   | $                  | 43     |   |              | $      | 2,733 |   |   | $ | 67 |   |   | $ | 7,755 |   |
|                                                                                  |   |               |   |   |              |   |   |   |   |   |   |   |   |   |   |   |
|         Total revenue                         |   |               | 43     |   |              |   | 2,733 |   |   |   | 67 |   |   |   | 7,755 |   |
|                                                                                  |   |               |   |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Expenses:                                                                             |   |               |   |   |              |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                  |   |               |   |   |              |   |   |   |   |   |   |   |   |   |   |   |
|      Rental operating expenses                               |   |               | 257    |   |              |   | 693 |   |   |   | 994 |   |   |   | 2,199 |   |
|      Real estate taxes and insurance                         |   |               | 104    |   |              |   | 475 |   |   |   | 598 |   |   |   | 1,000 |   |
|      Depreciation and amortization                           |   |               | 378    |   |              |   | 549 |   |   |   | 1,133 |   |   |   | 1,647 |   |
|                                                                                  |   |               |   |   |              |   |   |   |   |   |   |   |   |   |   |   |
|        Total expenses                              |   |               | 739    |   |              |   | 1,717 |   |   |   | 2,725 |   |   |   | 4,846 |   |
|                                                                                  |   |               |   |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Income (loss) before interest income                                                  |   |               | (696   | )      |              |   | 1,016 |   |   |   | (2,658 | ) |   |   | 2,909 |   |
|                                                                                  |   |               |   |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Interest income                                                                       |   |               | 3      |   |              |   | 7 |   |   |   | 17 |   |   |   | 30 |   |
|                                                                                  |   |               |   |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss) attributable to preferred stockholders                              |   | $                  | (693   | )      |              | $      | 1,023 |   |   | $ | (2,641 | ) |   | $ | 2,939 |   |
|                                                                                  |   |               |   |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average number of preferred shares outstanding,  basic and diluted |   |               | 860    |   |              |   | 860 |   |   |   | 860 |   |   |   | 860 |   |
|                                                                                  |   |               |   |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss) per preferred share, basic and diluted                              |   | $                  | (806   | )      |              | $      | 1,190 |   |   | $ | (3,071 | ) |   | $ | 3,417 |   |
|  See accompanying notes to consolidated financial statements.                    |   |

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|                                                                                                                                                                                                             |   | For theNine Months EndedSeptember 30, |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------|--------|
| (in thousands)                                                                                                                                                                                                   |   | 2010                                  |   |   | 2009 |   |
| Cash flows from operating activities:                                                                                                                                                                            |   |                                  |   |   |   |   |
|      Net income (loss)                                                                                                                                                                  |   | $                                     | (2,641 | ) |   | $ | 2,939 |   |
|      Adjustments to reconcile net income (loss) to net cash                                                                                                                             |   |                                  |   |   |   |   |   |   |
|              provided by (used for) operating activities:                                                                                       |   |                                  |   |   |   |   |   |   |
|                      Depreciation and amortization                                                      |   |                                  | 1,133  |   |   |   | 1,647 |   |
|                      Amortization of favorable real estate leases                                       |   |                                  | -      |   |   |   | 223 |   |
|                      Increase in bad debt reserve                                                       |   |                                  | 23     |   |   |   | - |   |
|               Changes in operating assets and liabilities:                                                                                 |   |                                  |   |   |   |   |   |   |
|                      Tenant rent receivable                                                             |   |                                  | 31     |   |   |   | 105 |   |
|                      Step rent receivable                                                               |   |                                  | (1     | ) |   |   | 24 |   |
|                      Prepaid expenses and other assets                                                  |   |                                  | (1     | ) |   |   | (29 | ) |
|                      Accounts payable and accrued expenses                                              |   |                                  | (1,355 | ) |   |   | (353 | ) |
|                                                                                                                                                                                                             |   |                                  |   |   |   |   |   |   |
|                           Net cash provided by (used for) operating activities |   |                                  | (2,811 | ) |   |   | 4,556 |   |
|                                                                                                                                                                                                             |   |                                  |   |   |   |   |   |   |
| Cash flows from investing activities:                                                                                                                                                                            |   |                                  |   |   |   |   |   |   |
|      Purchase of real estate assets                                                                                                                                                     |   |                                  | (90    | ) |   |   | - |   |
|                                                                                                                                                                                                             |   |                                  |   |   |   |   |   |   |
|                           Net cash used for investing activities               |   |                                  | (90    | ) |   |   | - |   |
|                                                                                                                                                                                                             |   |                                  |   |   |   |   |   |   |
| Cash flows from financing activities:                                                                                                                                                                            |   |                                  |   |   |   |   |   |   |
|      Distributions to stockholders                                                                                                                                                      |   |                                  | -      |   |   |   | (3,899 | ) |
|                                                                                                                                                                                                             |   |                                  |   |   |   |   |   |   |
|                           Net cash used for financing activities               |   |                                  | -      |   |   |   | (3,899 | ) |
|                                                                                                                                                                                                             |   |                                  |   |   |   |   |   |   |
| Net increase (decrease) in cash and cash equivalents                                                                                                                                                             |   |                                  | (2,901 | ) |   |   | 657 |   |
|                                                                                                                                                                                                             |   |                                  |   |   |   |   |   |   |
| Cash and cash equivalents, beginning of period                                                                                                                                                                   |   |                                  | 9,480  |   |   |   | 9,265 |   |
|                                                                                                                                                                                                             |   |                                  |   |   |   |   |   |   |
| Cash and cash equivalents, end of period                                                                                                                                                                         |   | $                                     | 6,579  |   |   | $ | 9,922 |   |
|                                                                                                                                                                                                             |   |                                  |   |   |   |   |   |   |
| Supplemental disclosure of cash flow information:                                                                                                                                                                |   |                                  |   |   |   |   |   |   |
|      Disclosure of non-cash investing activities:                                                                                                                                       |   |                                  |   |   |   |   |   |   |
|              Accrued costs for purchase of real estate assets                                                                                   |   | $                                     | 472    |   |   |   | - |   |
|                                                                                                                                                                                                             |   |                                  |   |   |   |   |   |   |
| See accompanying notes to consolidated financial statements.                                                                                                                                                     |   |

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|   | Category          | Years  |
|--------|------------------------|-------------|
|   |                   |        |
|   | Building - Commercial  | 39          |
|   | Building Improvements  | 15-39       |
|   | Furniture and Fixtures | 5-7         |

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

| Quarter Paid           |   | Distributions PerPreferred Share                                                                                                                                     |   | TotalDistributions                                                                                                                                                   |
|------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                   |   |                                                                                                                                                                 |   |                                                                                                                                                                 |
| First quarter of 2010  |   | $                           - |   | $                           - |
| Second quarter of 2010 |   | $                           - |   | $                           - |
| Third quarter of 2010  |   | $                           - |   | $                           - |
| First quarter of 2009  |   | $                   1,744                                             |   | $            1,500,000                                                                                   |
| Second quarter of 2009 |   | $                   1,395                                             |   | $            1,200,000                                                                                   |
| Third quarter of 2009  |   | $                   1,395                                             |   | $            1,200,000                                                                                   |

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

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

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| 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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