UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10 - Q

(Mark One)

      |X|   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
            EXCHANGE ACT OF 1934
            For the quarterly period ended September 30, 2007.

                                       OR

      |_|   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
            EXCHANGE ACT OF 1934
            For the transition period from _________ to __________.

                        Commission File Number: 000-51940

                            FSP Galleria North Corp.
             ------------------------------------------------------
             (Exact name of registrant as specified in its charter)

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

                         401 Edgewater Place, Suite 200
                            Wakefield, MA 01880-6210
               --------------------------------------------------
               (Address of principal executive offices)(Zip Code)


                                 (781) 557-1300
              ----------------------------------------------------
              (Registrant's telephone number, including area code)

                                       N/A
              ----------------------------------------------------
              (Former name, former address and former fiscal year,
                         if changed since last report)

Indicate by check mark whether the registrant: (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 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 |_|

Indicate by check mark whether the registrant is a large accelerated filer, an
accelerated filer, or a non-accelerated filer. See definition of "accelerated
filer and large accelerated filer" in Rule 12b-2 of the Exchange Act. (Check
one):

Large Accelerated Filer |_|  Accelerated Filer |_|  Non-Accelerated Filer |X|

Indicate by check mark whether the registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act).

      YES |_|                                      NO |X|

The number of shares of common stock outstanding was 1 and the number of shares
of preferred stock outstanding was 860 each as of November 9, 2007.
<PAGE>

                            FSP Galleria North Corp.

                                    Form 10-Q

                                Quarterly Report
                               September 30, 2007

                                Table of Contents
                                                                            Page
Part I.  Financial Information

         Item 1. Financial Statements

                 Balance Sheets as of September 30, 2007 and
                 December 31, 2006..........................................   2

                 Statements of Operations for the three and nine months
                 ended September 30, 2007 and 2006..........................   3

                 Statements of Cash Flows for the nine months ended
                 September 30, 2007 and 2006................................   4

                 Notes to Financial Statements.............................  5-7

         Item 2. Management's Discussion and Analysis of Financial
                 Condition and Results of Operations....................... 8-10

         Item 3. Quantitative and Qualitative Disclosures About
                 Market Risk...............................................   11

         Item 4. Controls and Procedures...................................   11

Part II. Other Information

         Item 1. Legal Proceedings.........................................   12

         Item 1A. Risk Factors.............................................   12

         Item 2. Unregistered Sales of Equity Securities and Use of
                 Proceeds..................................................   12

         Item 3. Defaults Upon Senior Securities...........................   12

         Item 4. Submission of Matters to a Vote of Security Holders.......   12

         Item 5. Other Information.........................................   12

         Item 6. Exhibits..................................................   12

Signatures.................................................................   13


                                         1
<PAGE>

                         PART I - FINANCIAL INFORMATION

Item  1. Financial Statements

                            FSP Galleria North Corp.
                                 Balance Sheets
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                             September 30,       December 31,
(in thousands, except shares and par value amounts)                              2007               2006
==============================================================================================================

<S>                                                                          <C>                 <C>
Assets:

Real estate investments, at cost:
     Land                                                                    $      5,535        $      5,535
     Buildings and improvements                                                    58,461              58,461
--------------------------------------------------------------------------------------------------------------
                                                                                   63,996              63,996

     Less accumulated depreciation                                                  4,435               3,310
--------------------------------------------------------------------------------------------------------------

Real estate investments, net                                                       59,561              60,686

Acquired real estate leases, net of accumulated amortization
      of $2,037 and $1,521, respectively                                            1,577               2,093
Acquired favorable real estate leases, net of accumulated
      amortization of $878 and $656, respectively                                     679                 901
Cash and cash equivalents                                                           7,528               8,770
Tenant rent receivable                                                                337                 380
Step rent receivable                                                                   71                  95
Prepaid expenses and other assets                                                      56                  37
--------------------------------------------------------------------------------------------------------------

      Total assets                                                           $     69,809        $     72,962
==============================================================================================================

Liabilities and Stockholders' Equity:

Liabilities:
Accounts payable and accrued expenses                                        $      1,428        $      2,778
--------------------------------------------------------------------------------------------------------------

     Total liabilities                                                              1,428               2,778
--------------------------------------------------------------------------------------------------------------

Commitments and Contingencies:                                                         --                  --

Stockholders' Equity:
     Preferred Stock, $.01 par value, 860 shares authorized, issued and
       outstanding at September 30, 2007 and December 31, 2006,
       aggregate liquidation preference $86,000                                        --                  --

     Common Stock, $.01 par value, 1 share authorized,
        issued and outstanding                                                         --                  --
     Additional paid-in capital                                                    78,956              78,956
     Retained earnings and distributions in excess of earnings                    (10,575)             (8,772)
--------------------------------------------------------------------------------------------------------------

     Total Stockholders' Equity                                                    68,381              70,184
--------------------------------------------------------------------------------------------------------------

     Total Liabilities and Stockholders' Equity                              $     69,809        $     72,962
==============================================================================================================
                                                               See accompanying notes to financial statements.
</TABLE>


                                        2
<PAGE>

                            FSP Galleria North Corp.
                            Statements of Operations
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                          For the                      For the
                                                                     Three Months Ended            Nine Months Ended
                                                                       September 30,                 September 30,
(in thousands, except shares and per share amounts)                 2007           2006           2007           2006
======================================================================================================================

<S>                                                                <C>            <C>            <C>            <C>
Revenues:
     Rental                                                        $2,826         $2,881         $7,883         $8,205
----------------------------------------------------------------------------------------------------------------------

       Total revenue                                                2,826          2,881          7,883          8,205
----------------------------------------------------------------------------------------------------------------------

Expenses:

     Rental operating expenses                                        716            849          2,207          2,362
     Real estate taxes and insurance                                  569            529          1,051          1,259
     Depreciation and amortization                                    547            547          1,641          1,641
----------------------------------------------------------------------------------------------------------------------

       Total expenses                                               1,832          1,925          4,899          5,262
----------------------------------------------------------------------------------------------------------------------

Net income before interest income                                     994            956          2,984          2,943

Interest income                                                        91             96            254            254
----------------------------------------------------------------------------------------------------------------------

Net income attributable to preferred stockholders                  $1,085         $1,052         $3,238         $3,197
======================================================================================================================

Weighted average number of preferred shares outstanding,
     basic and diluted                                                860            860            860            860
======================================================================================================================

Net income per preferred share, basic and diluted                  $1,262         $1,223         $3,765         $3,717
======================================================================================================================
                                                                       See accompanying notes to financial statements.
</TABLE>


                                        3
<PAGE>

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

<TABLE>
<CAPTION>
                                                                                 For the
                                                                            Nine Months Ended
                                                                              September 30,
                                                                      -----------------------------
(in thousands)                                                          2007                 2006
===================================================================================================

<S>                                                                   <C>                  <C>
Cash flows from operating activities:
     Net income                                                       $ 3,238              $ 3,197
     Adjustments to reconcile net income to net cash
             provided by operating activities:
                     Depreciation and amortization                      1,641                1,641
                     Amortization of favorable real estate leases         222                  223
              Changes in operating assets and liabilities:
                     Tenant rent receivable                                43                  (88)
                     Step rent receivable                                  24                   24
                     Prepaid expenses and other assets                    (19)                   3
                     Accounts payable and accrued expenses             (1,350)                (190)
---------------------------------------------------------------------------------------------------

                       Net cash provided by operating activities        3,799                4,810
---------------------------------------------------------------------------------------------------

Cash flows from financing activities:
     Distributions to stockholders                                     (5,041)              (5,066)
---------------------------------------------------------------------------------------------------

                       Net cash used for financing activities          (5,041)              (5,066)
---------------------------------------------------------------------------------------------------

Net decrease in cash and cash equivalents                              (1,242)                (256)

Cash and cash equivalents, beginning of period                          8,770                8,787
---------------------------------------------------------------------------------------------------

Cash and cash equivalents, end of period                              $ 7,528              $ 8,531
===================================================================================================
                                                    See accompanying notes to financial statements.
</TABLE>


                                        4
<PAGE>

                            FSP Galleria North Corp.
                          Notes to Financial Statements
                                   (Unaudited)

1.    Organization, Properties, Basis of Presentation and Recent Accounting
      Pronouncements

Organization

FSP Galleria North Corp. (the "Company") was organized on September 21, 2004 as
a corporation under the laws of the State of Delaware to purchase, own and
operate a sixteen-story Class "A" office tower containing approximately 379,518
rentable square feet of space located on approximately 4.8 acres of land in
Dallas, Texas (the "Property"). The Company acquired the Property on October 14,
2004.

Basis of Presentation

The unaudited financial statements of the Company include all the accounts of
the Company. These financial statements should be read in conjunction with the
Company's financial statements and notes thereto contained in the Company's
Annual Report on Form 10-K for the year ended December 31, 2006, as filed with
the Securities and Exchange Commission (the "SEC").

The accompanying interim financial statements are unaudited; however, the
financial statements have been prepared in accordance with accounting principles
generally accepted in the United States of America for interim financial
information and in conjunction with the rules and regulations of the SEC.
Accordingly, they do not include all of the disclosures required by accounting
principles generally accepted in the United States of America for complete
financial statements. In the opinion of management, all adjustments (consisting
solely of normal recurring matters) necessary for a fair presentation of the
financial statements for these interim periods have been included. Operating
results for the nine months ended September 30, 2007 are not necessarily
indicative of the results that may be expected for the year ending December 31,
2007 or for any other period.

Recent Accounting Pronouncements

In September 2006, the Financial Accounting Standards Board ("FASB") issued SFAS
No. 157, which defines fair value, establishes a framework for measuring fair
value in accordance with generally accepted accounting principles ("GAAP"), and
expands disclosures about fair value measurements. SFAS No. 157 applies under
other accounting pronouncements that require or permit fair value measurements,
the FASB having previously concluded in those accounting pronouncements that
fair value is the relevant measurement attribute. SFAS No. 157 is effective for
financial statements issued for fiscal years beginning after November 15, 2007,
and interim periods within those fiscal years. The adoption of this standard is
not expected to have a material impact on the Company's financial position,
operations or cash flow.

In June 2006, the FASB issued FASB Interpretation No. 48 ("FIN 48"), which
clarifies the accounting for uncertainty in income taxes recognized in an
enterprise's financial statements in accordance with FASB Statement No. 109,
"Accounting for Income Taxes". This interpretation prescribes a recognition
threshold and measurement attribute for the financial statement recognition and
measurement of a tax position taken or expected to be taken in a tax return.
This interpretation also provides guidance on derecognition, classification,
interest and penalties, accounting for interim periods, disclosure and
transition. The guidance is effective for periods beginning after December 15,
2006. The adoption of this standard did not have a material impact on the
Company's financial position, operations or cash flow.


                                        5
<PAGE>

                            FSP Galleria North Corp.
                          Notes to Financial Statements
                                   (Unaudited)

2.    Income Taxes

The Company has elected to be taxed as a real estate investment trust ("REIT")
under the Internal Revenue Code of 1986, as amended (the "Code"). As a REIT, the
Company generally is entitled to a tax deduction for dividends paid to its
stockholders, thereby effectively subjecting the distributed net income of the
Company to taxation at the shareholder level only. The Company must comply with
a variety of restrictions to maintain its status as a REIT. These restrictions
include the type of income it can earn, the type of assets it can hold, the
number of stockholders it can have and the concentration of their ownership, and
the amount of the Company's income that must be distributed annually.

The Company's adoption of the provisions of FIN 48 effective January 1, 2007 did
not result in recording a liability, nor was any accrued interest and penalties
recognized with the adoption of FIN 48. Accrued interest and penalties will be
recorded as income tax expense, if the Company records a liability in the
future. The Company's effective tax rate was not affected by the adoption of FIN
48. The Company files income tax returns in the U.S. federal jurisdiction and
State of Texas jurisdiction. The statute of limitations for the Company's income
tax returns is generally three years and as such, the Company's returns that
remain subject to examination would be primarily from 2004 and thereafter.

3.    Related Party Transactions

The Company has in the past engaged in and currently engages in transactions
with a related party, Franklin Street Properties Corp. ("Franklin Street") and
its subsidiaries FSP Investments LLC and FSP Property Management LLC
(collectively "FSP"). The Company expects to continue to have related party
transactions with FSP in the form of management fees paid to FSP to manage the
Company on behalf of its stockholders. FSP Property Management LLC currently
provides the Company with asset management and financial reporting services. The
asset management agreement between the Company and FSP Property Management LLC
requires the Company to pay FSP Property Management LLC a monthly fee equal to
one percent (1%) of the gross revenues of the Property. The asset management
agreement between the Company and FSP Property Management LLC may be terminated
by either party without cause at any time, upon at least thirty (30) days
written notice, effective at the end of the notice period. For the nine months
ended September 30, 2007 and 2006, management fees paid were $85,000 and
$81,000, respectively.

Franklin Street is the sole holder of the Company's one share of common stock,
$.01 par value per share (the "Common Stock"), that is issued and outstanding.
Between December 2004 and August 2005, FSP Investments LLC (member, FINRA and
SIPC), a wholly-owned subsidiary of Franklin Street, completed the sale on a
best efforts basis of 860 shares of preferred stock, $.01 par value per share
(the "Preferred Stock") in the Company. FSP Investments LLC sold the Preferred
Stock in a private placement offering to "accredited investors" within the
meaning of Regulation D under the Securities Act of 1933. Subsequent to the
completion of the placement of the Preferred Stock in August 2005, Franklin
Street has not been entitled to share in earnings or any related dividend of the
Company.

4.    Net Income Per Share

Basic net income per share is computed by dividing net income by the weighted
average number of shares of Preferred Stock outstanding during the period.
Diluted net income per share reflects the potential dilution that could occur if
securities or other contracts to issue shares were exercised or converted into
shares. There were no potential dilutive shares outstanding at September 30,
2007 and 2006.

5.    Segment Reporting

The Company operates in one industry segment, which is real estate ownership of
commercial property. As of September 30, 2007 and 2006, the Company owned and
operated the Property.


                                        6
<PAGE>

                            FSP Galleria North Corp.
                          Notes to Financial Statements
                                   (Unaudited)

6.    Cash Distributions

The Company's declared and paid cash distributions were as follows:

                                          Distributions          Total
               Quarter Paid                 Per Share        Distributions
      ------------------------------      -------------      -------------

      First quarter of 2006                   $1,926          $1,656,000

      Second quarter of 2006                  $1,986          $1,708,000

      Third quarter of 2006                   $1,979          $1,702,000

      First quarter of 2007                   $1,954          $1,680,000

      Second quarter of 2007                  $1,965          $1,691,000

      Third quarter of 2007                   $1,943          $1,670,000

7.    Subsequent Event

The Company declared a cash distribution of $1,942 per preferred share on
October 19, 2007 to the holders of record of the Company's Preferred Stock on
October 31, 2007, payable on November 20, 2007.


                                        7
<PAGE>

Item 2. Management's Discussion and Analysis of Financial Condition and Results
        of Operations.

The following discussion should be read in conjunction with the financial
statements and notes thereto appearing elsewhere in this report and in our
Annual Report on Form 10-K for the year ended December 31, 2006. Historical
results and percentage relationships set forth in the consolidated financial
statements, including trends which might appear, should not be taken as
necessarily indicative of future operations. The following discussion and other
parts of this Quarterly Report on Form 10-Q may also contain forward-looking
statements based on current judgments and current knowledge of management, which
are subject to certain risks, trends and uncertainties that could cause actual
results to differ materially from those indicated in such forward-looking
statements. Accordingly, readers are cautioned not to place undue reliance on
forward-looking statements. Investors are cautioned that our forward-looking
statements involve risks and uncertainty, including without limitation changes
in economic conditions in the market where we own the Property, risks of a
lessening of demand for the type of real estate owned by us, changes in
government regulations, and expenditures that cannot be anticipated such as
utility rate and usage increases, unanticipated repairs, additional staffing,
insurance increases and real estate tax valuation reassessments. See the factors
set forth below in Part II under the caption, Item 1A. "Risk Factors". Although
we believe the expectations reflected in the forward-looking statements are
reasonable, we cannot guarantee future results, levels of activity, performance
or achievements. We may not update any of the forward-looking statements after
the date this Quarterly Report on Form 10-Q is filed to conform them to actual
results or to changes in our expectations that occur after such date, other than
as required by law.

Overview

We own and operate a sixteen-story Class A suburban office tower located in
Dallas, Texas containing approximately 379,518 square feet of rentable space
located on approximately 4.8 acres of land. The Property is 100% leased to its
single tenant, Tenet Hospitals Limited ("Tenet Hospitals"), whose lease expires
on December 31, 2009. The lease grants the tenant the option to extend the lease
for two consecutive five-year terms with at least 24 month's prior written
notice.

We operate in one business segment, which is real estate operations, and own a
single property. Our real estate operations involve real estate rental
operations, leasing services and property management services. The main factor
that affects our real estate operations is the broad economic market conditions
in the United States and, more specifically, the economic conditions in Dallas,
Texas, and finally, the relevant submarket where the Property is located. These
market conditions affect the occupancy levels and the rent levels on both a
national and local level. We have no influence on national or local market
conditions.

It is difficult for management to predict what will happen to occupancy or rents
after the expiration of our lease with Tenet Hospitals in 2009 because the need
for space and the price tenants are willing to pay are tied to both the local
economy and to the larger trends in the economy, such as job growth, interest
rates, and corporate earnings, which in turn are tied to larger macroeconomic
and political factors, such as volatility in energy pricing and the risk of
terrorism. In addition to the difficulty of predicting macroeconomic factors, it
is difficult to predict how our local market or tenants will suffer or benefit
from changes in the larger economy. In addition, because the Property is in a
single geographical market and leased to one tenant in the healthcare industry,
these macroeconomic trends may have a different effect on the Property and on
its tenant.

Trends and Uncertainties

In the fourth quarter of 2006, Tenet Hospitals informed us that it had hired a
broker for assistance in evaluating its alternatives for future space
requirements, which may include downsizing or leaving the Property. Because
Tenet Hospitals is not required to give us notice of its intention to exercise
its first option to extend the term of the lease until December 31, 2007, at
this time we are not able to predict what Tenet Hospitals' space requirements
will be nor are we able to predict whether rents will be above or below the
current expiring rents at the expiration of the lease.

Management cannot predict what changes may occur in the healthcare industry or
the tenant specifically and what effect, if any, they will have on the Property.
Bankruptcy or a material adverse change in the financial condition of the tenant
would likely cause a material adverse affect. Following termination of the
existing lease, we may only be able to lease the space at a rate that is
significantly lower than the current rate, possibly resulting in decreased cash
flows.


                                        8
<PAGE>

Critical Accounting Policies

We have certain critical accounting policies that are subject to judgments and
estimates by our management and uncertainties of outcome that affect the
application of these policies. We base our estimates on historical experience
and on various other assumptions we believe to be reasonable under the
circumstances. On an on-going basis, we evaluate our estimates. In the event
estimates or assumptions prove to be different from actual results, adjustments
are made in subsequent periods to reflect more current information. The
accounting policies that we believe are most critical to the understanding of
our financial position and results of operations, and that require significant
management estimates and judgments, are discussed in Item 7, Management's
Discussion and Analysis of Financial Condition and Results of Operations in our
Annual Report on Form 10-K for the year ended December 31, 2006.

Critical accounting policies are those that have the most impact on the
reporting of our financial condition and results of operations and those
requiring significant judgments and estimates. We believe that our judgments and
assessments are consistently applied and produce financial information that
fairly presents our results of operations.

No changes to our critical accounting policies have occurred since the filing of
our Annual Report on Form 10-K for the year ended December 31, 2006.

Results of Operations

The Property is currently 100% leased to one tenant pursuant to a lease that was
in place prior to the acquisition of the Property and that expires on December
31, 2009. However, provided that the landlord and the tenant agree to lease
terms, which is not assured, the lease may be extended beyond its current
December 31, 2009 expiration for two consecutive renewal terms of five years
each with at least 24 months' prior written notice. Base rents during both
option periods will be at an amount equal to the then current fair market rental
value, but in no event less than the rental rate then being paid by the tenant.

Comparison of the three months ended September 30, 2007 to the three months
ended September 30, 2006.

      Revenue

      Total revenue decreased $55,000 for the three months ended September 30,
2007, as compared to the same period in 2006. The decrease was primarily due to
a decrease in recovery of expenses. The majority of the operating expenses, real
estate taxes and insurance expenses represent amounts recoverable by the
Company.

      Expenses

      Total expenses decreased approximately $93,000 for the three months ended
September 30, 2007 as compared to the same period in 2006. This decrease was
primarily attributable to a decrease in maintenance and repairs between the
periods.

Comparison of the nine months ended September 30, 2007 to the nine months ended
September 30, 2006.

      Revenue

      Total revenue decreased $322,000 for the nine months ended September 30,
2007 as compared to the same period in 2006. The decrease was primarily due to a
decrease in recovery of expenses. The majority of the operating expenses, real
estate taxes and insurance expenses represent amounts recoverable by the
Company.

      Expenses

      Total expenses decreased approximately $363,000 for the nine months ended
September 30, 2007 as compared to the same period in 2006. The decrease was
primarily attributable to a decrease in real estate taxes resulting from our
successful petition for a reduced 2006 property tax assessment and a decrease in
rental operating expenses.


                                        9
<PAGE>

Liquidity and Capital Resources

      Cash and cash equivalents were $7.5 million at September 30, 2007 and $8.8
million at December 31, 2006. The $1.3 million decrease for the nine months
ended September 30, 2007 is attributable to approximately $3.8 million provided
by operating activities, which was offset by $5.1 million used for financing
activities.

      For the nine months ended September 30, 2007 our cash provided by
operating activities was $1.3 million lower than distributions paid and the
difference was funded by cash balances. We cannot predict if distributions will
exceed cash provided by operating activities in the future; however, management
believes that the existing cash and cash equivalents as of September 30, 2007 of
$7.5 million and cash anticipated to be generated internally by operations will
be sufficient to meet working capital requirements, distributions and
anticipated capital expenditures for at least the next 12 months.

      Operating Activities

      The cash provided by operating activities of $3.8 million is primarily
attributable to net income of approximately $3.2 million plus the add-back of
$1.9 million of depreciation and amortization, which was partially offset by a
$1.3 million decrease in accounts payable and accrued expenses. The decrease in
accounts payable and accrued expenses was primarily a result the timing of real
estate tax payments compared to the accrual of the related expenses.

      Financing Activities

      Cash used for financing activities of $5.1 million was attributable to
distributions to stockholders.

      Sources and Uses of Funds

      Our principal demands on liquidity are cash for operations and dividends
paid to equity holders. As of September 30, 2007, we had approximately $1.5
million in accrued liabilities and no long-term debt. In the near term,
liquidity is generated by cash from operations.

      Contingencies

      We may be subject to various legal proceedings and claims that arise in
the ordinary course of our business. Although occasional adverse decisions (or
settlements) may occur, we believe that the final disposition of such matters
will not have a material adverse effect on our financial position or results of
operations.

      Related Party Transactions

      We have in the past engaged in and currently engage in transactions with
FSP. We expect to continue to have related party transactions with FSP in the
form of management fees paid to FSP to manage us on behalf of our stockholders.
FSP Property Management LLC currently provides us with asset management and
financial reporting services. Our asset management agreement with FSP Property
Management LLC requires us to pay FSP Property Management LLC a monthly fee
equal to one percent (1%) of the gross revenues of the Property. The asset
management agreement may be terminated by either party without cause at any
time, upon at least thirty (30) days written notice, effective at the end of the
notice period. For the nine months ended September 30, 2007 and 2006, management
fees paid were $85,000 and $81,000, respectively.

      Franklin Street is the sole holder of our one share of Common Stock that
is issued and outstanding. Subsequent to the completion of the placement of the
Preferred Stock in August 2005, Franklin Street has not been entitled to share
in our earnings or any related dividend.


                                       10
<PAGE>

Item 3.  Quantitative and Qualitative Disclosures About Market Risk.

We were not a party to any derivative financial instruments at or during the
nine months ended September 30, 2007.

We had no outstanding loans at or during the nine months ended September 30,
2007 and therefore are not subject to interest rate sensitivity.

Item 4.  Controls and Procedures.

Disclosure Controls and Procedures

Our management, with the participation of our principal executive officer and
principal financial officer, evaluated the effectiveness of our disclosure
controls and procedures as of September 30, 2007. The term "disclosure controls
and procedures," as defined in Rules 13a-15(e) and 15d-15(e) under the
Securities Exchange Act of 1934 or the Exchange Act, means controls and other
procedures of a company that are designed to ensure that information required to
be disclosed by a company in the reports that it files or submits under the
Exchange Act is recorded, processed, summarized and reported, within the time
periods specified in the SEC's rules and forms. Disclosure controls and
procedures include, without limitation, controls and procedures designed to
ensure that information required to be disclosed by a company in the reports
that it files or submits under the Exchange Act is accumulated and communicated
to the company's management, including its principal executive and principal
financial officers, as appropriate to allow timely decisions regarding required
disclosure. Management recognizes that any controls and procedures, no matter
how well designed and operated, can provide only reasonable assurance of
achieving their objectives and management necessarily applies its judgment in
evaluating the cost-benefit relationship of possible controls and procedures.
Based on the evaluation of our disclosure controls and procedures as of
September 30, 2007, our principal executive officer and principal financial
officer concluded that, as of such date, our disclosure controls and procedures
were effective at the reasonable assurance level.

Changes in Internal Control Over Financial Reporting

No change in our internal control over financial reporting occurred during the
quarter ended September 30, 2007 that has materially affected, or is reasonably
likely to materially affect, our internal control over financial reporting.


                                       11
<PAGE>

                           PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

From time to time, we may be subject to legal proceedings and claims that arise
in the ordinary course of our business. Although occasional adverse decisions
(or settlements) may occur, we believe that the final disposition of such
matters will not have a material adverse effect on our financial position, cash
flows or results of operations.

Item 1A. Risk Factors.

There were no material changes to the risk factors disclosed in Part I, "Item
1A. Risk Factors" of our Annual Report on Form 10-K for the year ended December
31, 2006, except to the extent previously updated or to the extent additional
factual information disclosed elsewhere in this Quarterly Report on Form 10-Q
relates to such risk factors (including, without limitation, the matters
discussed in Trends and Uncertainties in Part I, "Item 2-Management's Discussion
and Analysis of Financial Condition and Results of Operations"). In addition to
the other information set forth in this report, you should carefully consider
the risk factors discussed in the Form 10-K, which could materially affect our
business, financial condition or future results. The risks described in our
Annual Report on Form 10-K are not the only risks facing our Company. Additional
risks and uncertainties not currently known to us or that we currently deem to
be immaterial also may materially adversely affect our business, financial
condition and/or operating results.

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

None.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Submission of Matters to a Vote of Security Holders.

None.

Item 5. Other Information.

None.

Item 6. Exhibits.

See Exhibit Index attached hereto, which is incorporated herein by reference.


                                       12
<PAGE>

                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

                                        FSP GALLERIA NORTH CORP.


        Date                  Signature                Title


Date: November 9, 2007   /s/ George J. Carter      President
                         -----------------------   (Principal Executive Officer)
                         George J. Carter


Date: November 9, 2007   /s/ Barbara J. Fournier   Chief Operating Officer
                         -----------------------   (Principal Financial Officer)
                         Barbara J. Fournier


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<PAGE>

                                  EXHIBIT INDEX

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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