|  (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, 2008.                                                |
|                  |                                                                                               |
| OR                    |
|                  |                                                                                               |
| o                     | TRANSITION      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES      EXCHANGE ACT OF 1934 |
|                  |                                                                                               |
|                  | For      the transition period from _________ to  __________.                                      |

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

| YES  x | NO  o |
|------------------|-----------------|

| Large accelerated      filer  o                                                             | Accelerated      filer  o         |
|-------------------------------------------------------------------------------------------------------|---------------------------------------------|
| Non-accelerated      filer  o  (Do not check if a      smaller reporting company) | Smaller reporting      company  x |
|                                                                                                  |                                        |

| YES  o | NO   x |
|------------------|-----------------------|

|          |                       | Page                                                                                                  |
|---------------|----------------------------|-------------------------------------------------------------------------------------------------------|
| Part      I.  | Financial      Information |                                                                                                  |
|          |                       |                                                                                                  |   |
|          | Item      1.               | Financial      Statements                                                                             |   |
|          |                       |                                                                                                  |   |
|          |                       | Consolidated      Balance Sheets as of March 31, 2008 and December 31, 2007                           | 2 |
|          |                       |                                                                                                  |   |
|          |                       | Consolidated      Statements of Operations for the three months ended March 31, 2008 and      2007    | 3 |
|          |                       |                                                                                                  |   |
|          |                       | Consolidated      Statements of Cash Flows for the three months ended March 31, 2008 and      2007    | 4 |
|          |                       |                                                                                                  |   |
|          |                       | Notes      to Consolidated Financial Statements                                                       | 5-7 |
|          |                       |                                                                                                  |   |
|          | Item      2.               | Management’s      Discussion and Analysis of Financial Condition and Results of      Operations | 8-11 |
|          |                       |                                                                                                  |   |
|          | Item      3.               | Quantitative      and Qualitative Disclosures About Market Risk                                       | 12 |
|          |                       |                                                                                                  |   |
|          | Item      4.               | Controls      and Procedures                                                                          | 12 |
|          |                       |                                                                                                  |   |
|          | Item      4T.              | Controls      and Procedures                                                                          | 12 |
|          |                       |                                                                                                  |   |
| Part      II. | Other      Information     |                                                                                                  |
|          |                       |                                                                                                  |   |
|          | Item      1.               | Legal      Proceedings                                                                                | 13 |
|          |                       |                                                                                                  |   |
|          | Item      1A.              | Risk      Factors                                                                                     | 13 |
|          |                       |                                                                                                  |   |
|          | Item      2.               | Unregistered      Sales of Equity Securities and Use of Proceeds                                      | 13 |
|          |                       |                                                                                                  |   |
|          | Item      3.               | Defaults      Upon Senior Securities                                                                  | 13 |
|          |                       |                                                                                                  |   |
|          | Item      4.               | Submission      of Matters to a Vote of Security Holders                                              | 13 |
|          |                       |                                                                                                  |   |
|          | Item      5.               | Other      Information                                                                                | 13 |
|          |                       |                                                                                                  |   |
|          | Item      6.               | Exhibits                                                                                              | 13 |
|          |                       |                                                                                                  |   |
| Signatures    | 14                         |

| (in      thousands, except shares and par value amounts)                                                                                             |   | March      31,2008 |    |   | December      31,2007 |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|---------|--------|-----------------------|--------|
|                                                                                                                                                 |   |               |    |   |                  |   |
| Assets:                                                                                                                                              |   |               |    |   |                  |   |
|                                                                                                                                                 |   |               |    |   |                  |   |
| Real      estate investments, at cost:                                                                                                               |   |               |    |   |                  |   |
|      Land                                                                                                                   |   | $                  | 5,535   |   |                  | $      | 5,535 |   |
|      Buildings      and improvements                                                                                        |   |               | 58,461  |   |                  |   | 58,461 |   |
|      Fixtures      and equipment                                                                                            |   |               | 27      |   |                  |   | - |   |
|                                                                                                                                                 |   |               | 64,023  |   |                  |   | 63,996 |   |
|                                                                                                                                                 |   |               |    |   |                  |   |   |   |
|      Less      accumulated depreciation                                                                                     |   |               | 5,184   |   |                  |   | 4,809 |   |
|                                                                                                                                                 |   |               |    |   |                  |   |   |   |
| Real      estate investments, net                                                                                                                    |   |               | 58,839  |   |                  |   | 59,187 |   |
|                                                                                                                                                 |   |               |    |   |                  |   |   |   |
| Acquired      real estate leases, net of accumulated amortization      of      $2,382 and $2,210, respectively         |   |               | 1,232   |   |                  |   | 1,404 |   |
| Acquired      favorable real estate leases, net of accumulated      amortization      of $1,026 and $952, respectively |   |               | 531     |   |                  |   | 605 |   |
| Cash      and cash equivalents                                                                                                                       |   |               | 7,990   |   |                  |   | 8,908 |   |
| Tenant      rent receivable                                                                                                                          |   |               | 205     |   |                  |   | 324 |   |
| Step      rent receivable                                                                                                                            |   |               | 55      |   |                  |   | 63 |   |
| Prepaid      expenses and other assets                                                                                                               |   |               | 124     |   |                  |   | 50 |   |
|                                                                                                                                                 |   |               |    |   |                  |   |   |   |
|       Total      assets                                                                                                |   | $                  | 68,976  |   |                  | $      | 70,541 |   |
|                                                                                                                                                 |   |               |    |   |                  |   |   |   |
| Liabilities      and Stockholders’ Equity:                                                                                                     |   |               |    |   |                  |   |   |   |
|                                                                                                                                                 |   |               |    |   |                  |   |   |   |
| Liabilities:                                                                                                                                         |   |               |    |   |                  |   |   |   |
| Accounts      payable and accrued expenses                                                                                                           |   | $                  | 1,819   |   |                  | $      | 2,743 |   |
|                                                                                                                                                 |   |               |    |   |                  |   |   |   |
|      Total      liabilities                                                                                                 |   |               | 1,819   |   |                  |   | 2,743 |   |
|                                                                                                                                                 |   |               |    |   |                  |   |   |   |
| Commitments      and Contingencies:                                                                                                                  |   |               | -       |   |                  |   | - |   |
|                                                                                                                                                 |   |               |    |   |                  |   |   |   |
| Stockholders’      Equity:                                                                                                                     |   |               |    |   |                  |   |   |   |
|      Preferred      Stock, $.01 par value, 860 shares                                                                       |   |               |    |   |                  |   |   |   |
|        authorized,      issued and outstanding,                                                                   |   |               |    |   |                  |   |   |   |
|        aggregate      liquidation preference $86,000                                                              |   |               |    |   |                  |   |   |   |
|        at      March 31, 2008 and December 31, 2007                                                               |   |               | -       |   |                  |   | - |   |
|                                                                                                                                                 |   |               |    |   |                  |   |   |   |
|      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                                                                      |   |               | (11,898 | )      |                  |   | (11,158 | ) |
|                                                                                                                                                 |   |               |    |   |                  |   |   |   |
|      Total      Stockholders’ Equity                                                                                  |   |               | 67,157  |   |                  |   | 67,798 |   |
|                                                                                                                                                 |   |               |    |   |                  |   |   |   |
|      Total      Liabilities and Stockholders’ Equity                                                                  |   | $                  | 68,976  |   |                  | $      | 70,541 |   |
| See      accompanying notes to consolidated financial statements.                                                                                    |   |

|                                                               |   | For      the            |   |
|--------------------------------------------------------------------|--------|-------------------------|--------|
|                                                               |   | Three      Months Ended |   |
|                                                               |   | March      31,          |   |
| (in      thousands, except shares and per share amounts)           |   | 2008                    |   |   | 2007 |   |
|                                                               |   |                    |   |   |   |   |
| Revenues:                                                          |   |                    |   |   |   |   |
|      Rental                               |   | $                       | 2,653  |   |   | $ | 2,419 |   |
|                                                               |   |                    |   |   |   |   |   |   |
|         Total      revenue |   |                    | 2,653  |   |   |   | 2,419 |   |
|                                                               |   |                    |   |   |   |   |   |   |
| Expenses:                                                          |   |                    |   |   |   |   |   |   |
|                                                               |   |                    |   |   |   |   |   |   |
|      Rental      operating expenses       |   |                    | 747    |   |   |   | 796 |   |
|      Real      estate taxes and insurance |   |                    | 343    |   |   |   | 110 |   |
|      Depreciation      and amortization   |   |                    | 547    |   |   |   | 547 |   |
|                                                               |   |                    |   |   |   |   |   |   |
|        Total      expenses      |   |                    | 1,637  |   |   |   | 1,453 |   |
|                                                               |   |                    |   |   |   |   |   |   |
| Income      before interest income                                 |   |                    | 1,016  |   |   |   | 966 |   |
|                                                               |   |                    |   |   |   |   |   |   |
| Interest      income                                               |   |                    | 59     |   |   |   | 79 |   |
|                                                               |   |                    |   |   |   |   |   |   |
|                                                               |   |                    |   |   |   |   |   |   |
| Net      income attributable to preferred stockholders             |   | $                       | 1,075  |   |   | $ | 1,045 |   |
|                                                               |   |                    |   |   |   |   |   |   |
| Weighted      average number of preferred shares outstanding,      |   |                    |   |   |   |   |   |   |
|      basic      and diluted               |   |                    | 860    |   |   |   | 860 |   |
|                                                               |   |                    |   |   |   |   |   |   |
| Net      income per preferred share, basic and diluted             |   | $                       | 1,250  |   |   | $ | 1,215 |   |
| See      accompanying notes to consolidated financial statements.  |   |

|                                                                                                                                                                                                                  |   | For      theThree      Months EndedMarch      31, |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------|--------|
| (in      thousands)                                                                                                                                                                                                   |   | 2008                                              |   |   | 2007 |   |
| Cash      flows from operating activities:                                                                                                                                                                            |   |                                              |   |   |   |   |
|      Net      income                                                                                                                                                                         |   | $                                                 | 1,075  |   |   | $ | 1,045 |   |
|      Adjustments      to reconcile net income to net cash                                                                                                                                    |   |                                              |   |   |   |   |   |   |
|              provided      by operating activities:                                                                                                  |   |                                              |   |   |   |   |   |   |
|                      Depreciation      and amortization                                                      |   |                                              | 547    |   |   |   | 547 |   |
|                      Amortization      of favorable real estate leases                                       |   |                                              | 74     |   |   |   | 74 |   |
|               Changes      in operating assets and liabilities:                                                                                 |   |                                              |   |   |   |   |   |   |
|                      Tenant      rent receivable                                                             |   |                                              | 119    |   |   |   | 195 |   |
|                      Step      rent receivable                                                               |   |                                              | 8      |   |   |   | 8 |   |
|                      Prepaid      expenses and other assets                                                  |   |                                              | (74    | )  |   |   | (271 | ) |
|                      Accounts      payable and accrued expenses                                              |   |                                              | (951   | ) |   |   | (1,776 | ) |
|                                                                                                                                                                                                                  |   |                                              |   |   |   |   |   |   |
|                           Net      cash provided by (used for) operating activities |   |                                              | 798    |   |   |   | (178 | ) |
|                                                                                                                                                                                                                  |   |                                              |   |   |   |   |   |   |
| Cash      flows from investing activities:                                                                                                                                                                            |   |                                              |   |   |   |   |   |   |
|      Purchase      of real estate assets                                                                                                                                                     |   |                                              | -      |   |   |   | - |   |
|                                                                                                                                                                                                                  |   |                                              |   |   |   |   |   |   |
|                           Net      cash used for investing activities               |   |                                              | -      |   |   |   | - |   |
|                                                                                                                                                                                                                  |   |                                              |   |   |   |   |   |   |
| Cash      flows from financing activities:                                                                                                                                                                            |   |                                              |   |   |   |   |   |   |
|      Distributions      to stockholders                                                                                                                                                      |   |                                              | (1,716 | ) |   |   | (1,680 | ) |
|                                                                                                                                                                                                                  |   |                                              |   |   |   |   |   |   |
|                           Net      cash used for financing activities               |   |                                              | (1,716 | ) |   |   | (1,680 | ) |
|                                                                                                                                                                                                                  |   |                                              |   |   |   |   |   |   |
| Net      decrease in cash and cash equivalents                                                                                                                                                                        |   |                                              | (918   | ) |   |   | (1,858 | ) |
|                                                                                                                                                                                                                  |   |                                              |   |   |   |   |   |   |
| Cash      and cash equivalents, beginning of period                                                                                                                                                                   |   |                                              | 8,908  |   |   |   | 8,770 |   |
|                                                                                                                                                                                                                  |   |                                              |   |   |   |   |   |   |
| Cash      and cash equivalents, end of period                                                                                                                                                                         |   | $                                                 | 7,990  |   |   | $ | 6,912 |   |
|                                                                                                                                                                                                                  |   |                                              |   |   |   |   |   |   |
| Disclosure      of non-cash investing activites:                                                                                                                                                                      |   |                                              |   |   |   |   |   |   |
|      Accrued      costs for purchase of real estate assets                                                                                                                                   |   | $                                                 | 27     |   |   | $ | - |   |
| See      accompanying notes to consolidated financial statements.                                                                                                                                                     |   |

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

| QuarterPaid                |   | DistributionsPer Share |   | TotalDistributions |
|----------------------------|--------|------------------------|--------|--------------------|
|                       |   |                   |   |               |   |
| First quarter of      2008 |   | $                      | 1,995  |               | $ | 1,716,000 |   |
|                       |   |                   |   |               |   |   |   |
| First quarter of      2007 |   | $                      | 1,954  |               | $ | 1,680,000 |   |
|                       |   |                   |   |               |   |   |   |

| Date                          | Signature                                                 | Title                         |
|------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                       |                                                                                                             |                                                                                                                                                  |
| Date:  May      9, 2008                                                                                                                     | /s/ George J.      Carter        George      J. Carter              | President(Principal      Executive Officer)                                                                                                           |
|                                                                                                                                                       |                                                                                                             |                                                                                                                                                  |
| Date:  May      9, 2008                                                                                                                     | /s/ Barbara J.      Fournier              Barbara      J. Fournier  | Chief      Operating Officer(Principal      Financial Officer)                                                                                        |

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