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 March 31, 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 May 9, 2007.

<PAGE>

                            FSP Galleria North Corp.

                                    Form 10-Q

                                Quarterly Report
                                 March 31, 2007

                                Table of Contents

                                                                            Page
                                                                            ----
Part I.  Financial Information

         Item 1.  Financial Statements

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

                  Statements of Operations for the three months ended
                  March 31, 2007 and 2006.................................     3

                  Statements of Cash Flows for the three months ended
                  March 31, 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

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

Part II. Other Information

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

         Item 1A. Risk Factors ........................................... 12-17

         Item 2.  Unregistered Sales of Equity Securities and
                  Use of Proceeds.........................................    18

         Item 3.  Defaults Upon Senior Securities.........................    18

         Item 4.  Submission of Matters to a Vote of Security Holders.....    18

         Item 5.  Other Information.......................................    18

         Item 6.  Exhibits................................................    18

Signatures ...............................................................    19



                                       1
<PAGE>

                         PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

                            FSP Galleria North Corp.
                                 Balance Sheets

<TABLE>
<CAPTION>
                                                                          March 31,
                                                                             2007        December 31,
(in thousands, except shares and par value amounts)                      (Unaudited)        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                                            3,685          3,310
-----------------------------------------------------------------------------------------------------

Real estate investments, net                                                 60,311         60,686

Acquired real estate leases, net of accumulated amortization
   of $1,693 and $1,521, respectively                                         1,921          2,093
Acquired favorable real estate leases, net of accumulated
   amortization of $730 and $656, respectively                                  827            901
Cash and cash equivalents                                                     6,912          8,770
Tenant rent receivable                                                          185            380
Step rent receivable                                                             87             95
Prepaid expenses and other assets                                               308             37
-----------------------------------------------------------------------------------------------------

      Total assets                                                         $ 70,551       $ 72,962
=====================================================================================================

Liabilities and Stockholders' Equity:

Liabilities:
Accounts payable and accrued expenses                                      $  1,002       $  2,778
-----------------------------------------------------------------------------------------------------

      Total liabilities                                                       1,002          2,778
-----------------------------------------------------------------------------------------------------

Commitments and Contingencies:                                                   --             --

Stockholders' Equity:
   Preferred Stock, $.01 par value, 860 shares authorized, issued and
      outstanding at March 31, 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
   Distributions in excess of retained earnings (deficit)                    (9,407)        (8,772)
-----------------------------------------------------------------------------------------------------

     Total Stockholders' Equity                                              69,549         70,184
-----------------------------------------------------------------------------------------------------

     Total Liabilities and Stockholders' Equity                            $ 70,551       $ 72,962
=====================================================================================================
                                                      See accompanying notes to financial statements.
</TABLE>


                                       2
<PAGE>

                            FSP Galleria North Corp.
                            Statements of Operations
                                   (Unaudited)

                                                                    For the
                                                              Three Months Ended
                                                                   March 31,
(in thousands, except shares and per share amounts)           2007        2006
================================================================================

Revenues:
     Rental                                                  $2,419      $2,674
--------------------------------------------------------------------------------

        Total revenue                                         2,419       2,674
--------------------------------------------------------------------------------

Expenses:

     Rental operating expenses                                  796         755
     Real estate taxes and insurance                            110         366
     Depreciation and amortization                              547         547
--------------------------------------------------------------------------------

       Total expenses                                         1,453       1,668
--------------------------------------------------------------------------------

Net income before interest income                               966       1,006

Interest income                                                  79          71
--------------------------------------------------------------------------------

Net income attributable to preferred stockholders            $1,045      $1,077
================================================================================

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

Net income per preferred share, basic and diluted            $1,215      $1,252
================================================================================
                                 See accompanying notes to financial statements.


                                       3
<PAGE>

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

<TABLE>
<CAPTION>
                                                                                 For the
                                                                            Three Months Ended
                                                                                March 31,
                                                                         ------------------------
(in thousands)                                                              2007          2006
=================================================================================================

<S>                                                                      <C>           <C>
Cash flows from operating activities:
   Net income                                                            $  1,045      $  1,077
   Adjustments to reconcile net income to net cash
      provided by (used for) operating activities:
          Depreciation and amortization                                       547           547
          Amortization of favorable real estate leases                         74            74
      Changes in operating assets and liabilities:
          Tenant rent receivable                                              195            79
          Step rent receivable                                                  8             8
          Prepaid expenses and other assets                                  (271)            4
          Accounts payable and accrued expenses                            (1,776)         (963)
-------------------------------------------------------------------------------------------------

               Net cash provided by (used for) operating activities          (178)          826
-------------------------------------------------------------------------------------------------

Cash flows from financing activities:
   Distributions to stockholders                                           (1,680)       (1,657)
-------------------------------------------------------------------------------------------------

               Net cash used for financing activities                      (1,680)       (1,657)
-------------------------------------------------------------------------------------------------

Net decrease in cash and cash equivalents                                  (1,858)         (831)

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

Cash and cash equivalents, end of period                                 $  6,912      $  7,956
=================================================================================================
                                                  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 three months ended March 31, 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 Standards

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 three months
ended March 31, 2007 and 2006, management fees paid were $30,000 and $27,000,
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, NASD 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 was not and is not currently 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 March 31, 2007
and 2006.

5.    Segment Reporting

The Company operates in one industry segment - real estate ownership of
commercial property. As of March 31, 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 2007                       $ 1,954.00              $ 1,680,000

First quarter of 2006                       $ 1,926.00              $ 1,657,000

7.    Subsequent Event

The Company declared a cash distribution of $1,965 per preferred share on April
20, 2007 to the holders of record of the Company's Preferred Stock on April 30,
2007, payable on May 21, 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 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, 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 even 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 release 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 expires on December 31,
2009. However, provided that the landlord and the tenant agree as to the terms,
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 being then being paid by the tenant.

Comparison of the three months ended March 31, 2007 to the three months ended
March 31, 2006.

      Revenue

         Total revenue decreased $0.3 million to $2.4 million for the three
months ended March 31, 2007, as compared to $2.7 million for the three months
ended March 31, 2006. This decrease was primarily due to a decrease in recovery
of expenses of $0.3 million. The majority of the operating expenses, real estate
taxes and insurance expenses represent amounts recoverable by the Company.

      Expenses

         Total expenses decreased approximately $0.3 million to $1.4 million for
the three months ended March 31, 2007 as compared to $1.7 million for the three
months ended March 31, 2006. This decrease was predominately attributable to a
$0.3 million decrease in real estate taxes resulting from our successful
petition for a reduced 2006 property tax assessment.

Liquidity and Capital Resources

Cash and cash equivalents were $6.9 million at March 31, 2007 and $8.8 million
at December 31, 2006. This $1.9 million decrease is attributable to $0.2 million
used for operating activities and $1.7 million used for financing activities.
Cash provided by net income plus depreciation and amortization and straight-line
rent was $6,000 less than distributions paid for the three months ended March
31, 2007. We anticipate net income plus depreciation and amortization will be
reasonably close to or exceed distributions in the future.

Management believes that the existing cash and cash equivalents as of March 31,
2007 of $6.9 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 used for operating activities of $0.2 million is primarily
attributable to net income of approximately $1.0 million plus the add-back of
$0.6 million of depreciation and amortization and was partially offset by
decreases in accounts payable and accrued expenses of approximately $1.8
million.


                                       9
<PAGE>

      Financing Activities

      Cash used for financing activities of $1.7 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 March 31, 2007, we had approximately $1.0 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 three months ended March 31, 2007 and 2006, management
fees paid were $30,000 and $27,000, 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 was not and is not currently
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
three months ended March 31, 2007.

We had no outstanding loans at or during the three months ended March 31, 2007
and therefore are not subject to interest rate sensitivity.

Item 4. Controls and Procedures.

Not applicable.

Item 4T. 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 March 31, 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 March 31, 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 March 31, 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 are 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.

The following important factors, among others, could cause actual results to
differ materially from those indicated by forward-looking statements made in
this Quarterly Report on Form 10-Q and presented elsewhere by management from
time to time. The following risk factors contain no material changes from the
risk factors previously disclosed in our Annual Report on Form 10-K for the year
ended December 31, 2006.

The Property is currently occupied by a single tenant.

         One tenant, Tenet Hospitals, leases 100% of the Property's rentable
space. Our financial position may be adversely affected by financial
difficulties experienced by this tenant or its parent, Tenet Healthcare
Corporation (NYSE: THC), which guarantees the lease, or any future tenant of the
Property, including a bankruptcy, insolvency or a general downturn in the
business of the tenant or the reduction in any funding source of the tenant, or
in the event any such tenant terminates or does not renew its lease. Tenet
Hospitals has informed us that it has hired a broker to assist it in evaluating
its alternatives for future space requirements, which space requirements 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 in
the event that Tenet Hospitals remains at the Property.

            In its filings with the SEC, Tenet Healthcare Corporation reported
that, among other risks facing companies in the health care industry, it faces
risks associated with being a highly leveraged company, including the risk of
default for failing to comply with the covenants in its debt instruments. During
the past several years, Tenet Healthcare Corporation and its subsidiaries have
also been subject to a number of claims and lawsuits, including an SEC
investigation and a federal securities class action lawsuit. The results of
claims, lawsuits and investigations cannot be predicted, and it is possible that
the ultimate resolution of these matters, individually or in the aggregate, may
have a material adverse effect on the business, financial position, results of
operations or cash flows of Tenet Healthcare Corporation and its subsidiaries.
In addition, Tenet Healthcare Corporation reported a net loss on a continuing
operations basis of $1.85 per share for the year ended December 31, 2006 and net
income on a continuing operations basis of $0.20 per share for the three months
ended March 31, 2007. Additional information about Tenet Healthcare Corporation,
including the risks and uncertainties that it believes may affect its financial
condition, is available in its SEC filings.

We face the risk that a tenant may default or declare bankruptcy or, if we are
not able to collect sufficient rents from the Property, we may suffer
significant operating losses or a reduction in cash available for future
distributions. The major risks of ownership of the Property include:

      o     the failure of any tenant to meet its obligations under its lease,
            either due to a business failure or a default under the terms of the
            lease;

      o     the possibility that an existing tenant will not renew its lease
            upon the expiration of the lease term at rent levels and terms
            favorable to us; and

      o     in the event that an existing tenant or a subsequent tenant
            terminates or does not renew its lease, the possibility that a new
            tenant or tenants cannot be found who will rent the Property at rent
            levels sufficient for us to pay dividends to the holders of
            Preferred Stock.

            At any time, a tenant could seek the protection of the bankruptcy
laws, which could result in termination and rejection of such tenant's lease and
thereby cause a reduction in our cash flow.

            If any of the risks described above occur, the Property may not
generate income sufficient to meet operating expenses and to fund adequate
reserves for capital expenditures. The occupancy of the Property may also be
adversely affected by various factors such as financial difficulties encountered
by tenants, an increase in local unemployment, excessive building resulting in
an oversupply of space, adverse characteristics of the area in which the
Property is located or management inadequacies.


                                       12
<PAGE>

The Property competes against other office buildings in the Dallas, Texas area,
which could require us to decrease rental rates and could adversely affect our
cash flow.

            The Property may encounter substantial competition from the other
office buildings which are or may become available in the general area in which
the Property is located and which may be priced at rental levels lower than
those for space in the Property or which may be more attractive to tenants. In
order to maintain or increase rental revenues following the expiration of our
lease with Tenet Hospitals, the Property must be competitive, in regards to cost
and amenities, with other buildings of similar use near our location. Some of
our competitors may have significantly more resources than we do and may be able
to offer more attractive rental rates or services. On the other hand, some of
our competitors may be smaller or have lower fixed overhead costs, less cash or
other resources that make them willing or able to accept lower rents in order to
maintain a certain occupancy level. If there is not currently significant
existing property competition, our competitors may decide to enter the market
and build new buildings to compete with our Property. Not only do we compete
with other landlords and developers, but we are also affected by larger market
forces (including changes in interest rates and tax treatment) and individual
decisions beyond our control which may affect our ability to compete.

We face the risk that operating expenses could exceed rental income, which could
adversely affect our cash flow and the value of the Property.

            Rental income from the Property may fluctuate from time to time,
based upon occupancy and rental levels. In contrast, certain expenses related to
real estate ownership, such as real estate taxes, utility costs, maintenance
costs and insurance, tend to increase rather than decrease, and mortgage
payments (which do not presently exist and are not contemplated) usually are
fixed over specified periods. In the event of termination of any lease, we will
continue to be responsible for all operating expenses attributable to the space
covered by such lease. There can be no assurance that we will be able to locate
new tenants for any space vacated by existing tenants or receive satisfactory
rents from any such tenants. The termination of one or more leases, whether by
reason of the financial failure of the tenants or the expiration of such leases
without renewal or replacement, would be likely to cause at least a temporary
reduction in our cash flow and might result in a decrease in the market value of
the Property.

We face the risk of possible future capital expenditures.

            If a tenant or tenants fail to continue in occupancy, possible
renovation of the Property could require large expenditures of money by us in
order to make the vacated space suitable for other tenants. In such case, all or
a portion of the Property may need to be renovated or reconfigured to attract a
new tenant or tenants. We have operating/capital reserves of approximately
$4,705,000 as of March 31, 2007, in anticipation of future capital needs of the
Property. If a lease expires and new tenants occupy the Property, some tenant
improvement work would likely be required. Although we have established
operating/capital reserves in anticipation of such expenses, it is possible that
we may not have sufficient funds to pay such costs and there is no guarantee
that an institutional lender would be willing to advance such funds to us.

We face the risk of the occurrence of a casualty at the Property.

            The occurrence of a fire or other major casualty could materially
and adversely affect the operation of the Property and could result in a default
under any outstanding loan documents (which do not presently exist and are not
contemplated) or in our liquidation if it were not practicable to rebuild or
restore the Property or if any lender did not consent thereto. Even if it were
practicable to restore the damage caused by a major casualty, operations of the
Property would be suspended for a period of time, and the economic benefits of
an investment in the Preferred Stock would be adversely affected. We believe
that the Property is and will continue to be adequately insured, and it is our
policy to insure our property against rent loss, fire and other perils in a
manner customary in the industry in an amount sufficient in our judgment to
rebuild the Property, exclusive of the value of the land and certain other
normal and customary exclusions. Nevertheless, in the event of any substantial
loss affecting the Property, disputes could arise as regards the then value of
the Property for purposes of insurance claims. Moreover, there are certain types
of losses, which are either uninsurable or not economically insurable; if such a
loss occurs with respect to the Property, we could lose both our investment and
the possibility of profit with respect thereto.

The holders of shares of Preferred Stock have limited control of the Company.

            Our directors have sole authority for the operation and management
of the Company and the Property. The holders of shares of Preferred Stock are
dependent on the capabilities of the board of directors or persons or entities
retained by it, such as the local management agent. Holders of Preferred Stock
have only limited voting rights and have no right to vote for the election of
directors except as described below. The affirmative vote of the holders of a
majority of the shares of Preferred Stock, voting as a separate class, is


                                       13
<PAGE>

required for (i) our merger with any other entity, (ii) the sale of the Property
or (iii) any amendment to our charter. In addition, the affirmative vote of the
holders of 66.67% of the shares of Preferred Stock is required for any change in
our authorized capital stock of the Company. The holders of a majority of the
outstanding shares of Preferred Stock may remove one or more members of the
board of directors without cause and replace such member or members with a
person or persons designated by such holders. Thereafter, the holders of shares
of Preferred Stock will, at each meeting of stockholders to elect directors,
vote as one class together with the holders of Common Stock for the election of
directors. The holders of shares of Preferred Stock have no redemption or
conversion rights.

The holders of shares of Preferred Stock face the risk of dilution.

            We, with the approval of the holders of at least 66.67% of the
shares of Preferred Stock, may dilute the interests of the holders of shares of
Preferred Stock by issuing additional shares of stock in the Company for such
cash or other consideration as may be determined at the time of the transaction.
While such provisions are intended to provide a source of additional funds to
the Company if the Property encounters financial difficulties, such a
transaction would reduce the economic benefits available to holders of shares of
Preferred Stock.

Holders of shares of Preferred Stock face certain restrictions relating to the
transfer of shares of Preferred Stock.

            We may require that, in order to transfer shares of Preferred Stock,
the transferor deliver to us an opinion of counsel to the effect that the
transfer will not violate state or federal securities laws, and such holder will
then be responsible for paying counsel's fees for the opinion. The transfer of
the shares of Preferred Stock may also be restricted by the securities laws of
certain states. Although it may be possible under certain circumstances to
dispose of an investment in us, no market currently exists for the shares of
Preferred Stock, and it is unlikely that a ready market for such disposition
will exist at any time in the future. Even if a holder of shares of Preferred
Stock is able to sell his or her share(s) to an unrelated third party, a holder
seeking to transfer his, her or its interest most probably would incur
substantial legal and other costs in connection with the transaction. The
transfer of shares of Preferred Stock is further restricted by provisions of our
charter designed to preserve our status as a REIT.

There are conflicts of interest, which may occupy the time and attention of the
Company's directors and officers.

            We are subject to numerous potential conflicts of interest with
Franklin Street and its affiliates. We are subject to potential conflicts of
interest arising from other real estate activities of Franklin Street and its
affiliates, including other real estate activities in the greater Dallas, Texas
area. Our officers and directors, who are affiliates of Franklin Street, will
not be spending full time, or a major portion of their time, in connection with
the management of the Property, and will be actively engaged in supervising the
development, construction, renovation, acquisition and/or operation of other
properties that may be in competition with the Property. Further, Franklin
Street and its affiliates are and will be actively engaged in the ownership and
operation of other projects, which may affect their ability to perform their
respective obligations to us. Franklin Street holds the sole outstanding share
of Common Stock and has the right to elect all of the members of the board of
directors, except as described above.

Holders of shares of Preferred Stock face a lack of diversification.

            We have been formed to invest in, own and operate only the Property.
We do not plan at this point in time to engage in any other business. Thus, our
success will depend entirely upon our investment in the Property. We will not
have the benefit of reducing risk by diversifying our funds among a portfolio of
properties.

Provisions in the Company's charter limit the liability of directors.

            The Company's charter contains certain provisions which are intended
to eliminate the Company's directors' liability for money damages, except to the
extent of:

      o     any breach of the director's duty of loyalty to the Company and its
            stockholders,

      o     acts and omissions not in good faith or which involve intentional
            misconduct or a knowing violation of law,

      o     unlawful payments of dividends or unlawful stock repurchases,
            redemptions or other distributions and

      o     any transaction from which the director derived an improper personal
            benefit.

            Therefore, holders of shares of Preferred Stock may have a more
limited right of action against the directors of the Company than he, she or it
would have if there were not such limitations.


                                       14
<PAGE>

We are dependent on key personnel that are not employed by us.

            We depend on the efforts of George J. Carter, our President and a
Director, Barbara J. Fournier, our Chief Operating Officer, Treasurer,
Secretary, a Vice President and a Director, R. Scott MacPhee, an Executive Vice
President and a Director, William W. Gribbell, an Executive Vice President and a
Director, and Janet Prier Notopoulos, a Vice President and a Director. The
foregoing officers and directors have years of experience in the real estate
business, and, if one or more of them were to resign, our operations could be
adversely affected. We do not have any employees.

Our level of distributions may fluctuate.

         The lease with Tenet Hospitals expires on December 31, 2009 and 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.
Because real estate occupancy levels and rental rates can fluctuate, there is no
predictable recurring level of revenue from such activities. As a result of
this, when the lease with Tenet Hospitals expires the amount of cash available
for distribution may fluctuate, which may result in our not being able to
maintain or grow distribution levels in the future.

The Property may significantly decrease in value.

            The Property may significantly decrease in value. To the extent the
Property decreases in value, our holders of Preferred Stock could lose some or
all the value of their investments. The value of our Preferred Stock may be
adversely affected if the Property decreases in value since the Property
represents the majority of the tangible assets held by us. Moreover, if changes
in the Property's condition or changes in market conditions force us to sell the
Property for a price less than its initial purchase price or its carrying cost
or to lease the Property at a rental rate less than the rate of the lease being
terminated, our results of operations would be adversely affected and such
negative results of operations may result in lower distributions being paid to
holders of our Preferred Stock.

We face risks in owning and operating the Property.

            An investment in us is subject to the risks incident to the
ownership and operation of real estate-related assets. These risks include the
fact that real estate investments are generally illiquid, as well as the risks
normally associated with:

      o     changes in general and local economic conditions;

      o     the supply or demand for similar types of property in this market;

      o     changes in market rental rates;

      o     the impact of environmental protection laws;

      o     changes in tax, real estate and zoning laws; and

      o     the impact of obligations and restrictions contained in
            title-related documents.

            Certain significant costs, such as real estate taxes, utilities,
insurance and maintenance costs, generally are not reduced even when a
property's rental income is reduced. In addition, environmental and tax laws,
interest rate levels, the availability of financing and other factors may affect
real estate values and property income. Furthermore, the supply of commercial
space fluctuates with market conditions.

We may encounter significant delays in reletting vacant space, resulting in
losses of income.

            When the lease with Tenet Hospitals expires, we will incur expenses
and may not be able to re-lease the space on the same terms. The type of
expenses that we may incur during a period of vacancy and to re-lease the space
include, but are not limited to, operating expenses, brokerage commissions and
the costs associated with any necessary tenant or common area improvements. The
amount of these expenses cannot be determined at this time. The actual amount of
expenses will depend on the market conditions in effect at the time of the lease
expiration. The lease with Tenet Hospitals expires on December 31, 2009 and 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.
If we are unable to re-lease space promptly, if the terms are significantly less
favorable than anticipated or if the costs are higher, we may have to reduce,
postpone or discontinue distributions to the holders of our Preferred Stock.


                                       15
<PAGE>

There is limited potential for revenue to increase from an increase in leased
space at our Property.

            Because the Property is currently 100% leased to one tenant, we
anticipate that future increases in revenue from the Property will be the result
of rental rate increases provided for in new leases or rental rate increases as
leases expire. The lease with Tenet Hospitals expires on December 31, 2009 and,
provided that the Company and Tenet Hospitals agree on the terms, 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.
If there is a soft economic market at the time of a lease expiration, it may be
difficult to lease space or realize increased revenues when vacant space is
re-leased.

We are subject to possible liability relating to environmental matters, and we
cannot assure you that we have identified all possible liabilities.

            Under various federal, state and local laws, ordinances and
regulations, an owner or operator of real property may become liable for the
costs of removal or remediation of certain hazardous substances released on or
in its property. Such laws may impose liability without regard to whether the
owner or operator knew of, or caused, the release of such hazardous substances.
The presence of hazardous substances on a property may adversely affect the
owner's ability to sell such property or to borrow using such property as
collateral, and it may cause the owner of the property to incur substantial
remediation costs. In addition to claims for cleanup costs, the presence of
hazardous substances on the property could result in the owner incurring
substantial liabilities as a result of a claim by a private party for personal
injury or a claim by an adjacent property owner for property damage.

         In addition, we cannot assure you that:

      o     future laws, ordinances or regulations will not impose any material
            environmental liability;

      o     the current environmental conditions of our Property will not be
            affected by the condition of properties in the vicinity of such
            Property (such as the presence of leaking underground storage tanks)
            or by third parties unrelated to us;

      o     tenants will not violate their leases by introducing hazardous or
            toxic substances into our Property that could expose us to liability
            under federal or state environmental laws; or

      o     environmental conditions, such as the growth of bacteria and toxic
            mold in heating and ventilation systems or on walls, will not occur
            at our Property and pose a threat to human health.

We are subject to compliance with the Americans With Disabilities Act and fire
and safety regulations, any of which could require us to make significant
capital expenditures.

            The Property is required to comply with the Americans With
Disabilities Act (ADA), and the regulations, rules and orders that may be issued
thereunder. The ADA has separate compliance requirements for "public
accommodations" and "commercial facilities," but generally requires that
buildings be made accessible to persons with disabilities. Compliance with ADA
requirements might require, among other things, removal of access barriers and
noncompliance could result in the imposition of fines by the U.S. government or
an award of damages to private litigants.

            In addition, we are required to operate the Property in compliance
with fire and safety regulations, building codes and other land use regulations,
as they may be adopted by governmental agencies and bodies and become applicable
to our Property. Compliance with such requirements may require us to make
substantial capital expenditures, which expenditures would reduce cash otherwise
available for distribution to the holders of shares of our Preferred Stock.


                                       16
<PAGE>

Contingent or unknown liabilities acquired in the acquisition of the Property
could require us to make substantial payments.

            The Property was acquired subject to liabilities and without any
recourse with respect to liabilities, whether known or unknown. As a result, if
liabilities were asserted against us based upon the Property, we might have to
pay substantial sums to settle them, which could adversely affect our results of
operations and financial condition and our cash flow and ability to make
distributions to the holders of shares of our Preferred Stock. Unknown
liabilities with respect to the Property acquired might include:

      o     liabilities for clean-up or remediation of environmental conditions;

      o     claims of tenants, vendors or other persons dealing with the former
            owners of the Property; and

      o     liabilities incurred in the ordinary course of business.

We would incur adverse tax consequences if we failed to qualify as a REIT.

            The provisions of the tax code governing the taxation of real estate
investment trusts are very technical and complex, and although we believe we are
organized and will operate in a manner that will enable us to meet such
requirements, no assurance can be given that we will always succeed in doing so.

            If in any taxable year we do not qualify as a real estate investment
trust, we would be taxed as a corporation and distributions to holders of shares
of our Preferred Stock would not be deductible by us in computing our taxable
income. In addition, if we were to fail to qualify as a real estate investment
trust, we could be disqualified from treatment as a real estate investment trust
in the year in which such failure occurred and for the next four taxable years
and, consequently, we would be taxed as a regular corporation during such years.
Failure to qualify for even one taxable year could result in a significant
reduction of our cash available for distribution to holders of shares of our
Preferred Stock or could require us to incur indebtedness or liquidate
investments in order to generate sufficient funds to pay the resulting federal
income tax liabilities.

There is no public trading market for our securities.

            There is no public trading market for our Preferred Stock or Common
Stock, and we cannot assure you that any market will develop or that, if such a
market develops, there will be any liquidity in such a market for our Preferred
Stock or Common Stock.


                                       17
<PAGE>

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.


                                       18
<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:  May 9, 2007     /s/ George J. Carter        President
                       --------------------        (Principal Executive Officer)
                       George J. Carter


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


                                       19
<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.


                                       20