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

                                   FORM 13F

                              Form 13F Cover Page

INFORMATION REQUIRED OF INSTITUTIONAL INVESTMENT MANAGERS PURSUANT TO SECTION
13(f) OF THE SECURITIES EXCHANGE ACT OF 1934 AND RULES THEREUNDER

Report for the Calendar Year or Quarter Ended: March 31, 2009

Check here if Amendment [_]; Amendment Number: ______

This Amendment (Check only one.):  [_]  is a restatement.
                                   [_]  adds new holdings entries.

Institutional Investment Manager Filing this Report:

Name:     Mercury Real Estate Advisors LLC
Address:  Three River Road
          Greenwich, CT 06807

13F File Number 28-11650

The institutional investment manager filing this report and the person by whom
it is signed hereby represent that the person signing the report is authorized
to submit it, that all information contained herein is true, correct and
complete, and that it is understood that all required items, statements,
schedules, lists, and tables are considered integral parts of this form.

Person Signing this Report on Behalf of Reporting Manager:

Name:   Malcolm F. MacLean IV
Title:  Managing Member
Phone:  (203) 769-2980

Signature, Place and Date of Signing

 /s/ Malcolm F. MacLean IV  Greenwich, Connecticut        April 24, 2009
 ------------------------- ------------------------  ------------------------

Report Type (Check only one.)

[X] 13F Holdings Report (Check here if all holdings of this reporting manager
    are reported in this report.)

[_] 13F Notice (Check here if no holdings reported are in this report, and all
    holdings are reported by other reporting manager(s).)

[_] 13F Combination Report (Check here if a portion of the holdings for this
    reporting manager are reported in this report and a portion are reported by
    other reporting manager(s).)



                             FORM 13F SUMMARY PAGE

Report Summary:

Number of Other Included Managers:  2

Form 13F Information Table Entry Total:  4

Form 13F Information Table Value Total:  $5,343 (x 1000)

List of Other Included Managers:

                     
                 01 File Number 28-11653  David R. Jarvis
                 02 File Number 28-11654  Malcolm F. MacLean IV

               

Mercury Real Estate Advisors, LLC, Mr. Jarvis and Mr. MacLean share investment
discretion with respect to the reported securities.



                          FORM 13F INFORMATION TABLE

13F Report: (03/31/09) Mercury Real Estate Advisors LLC



                                                                               Voting    Voting    Voting
                                  Value  Shares  SH/ Put/ Investment  Other   Authority Authority Authority
    Issuer        Type    Cusip   x 1000 Prn Amt PRN Call Discretion Managers   Sole     Shared     None
- ---------------- ------ --------- ------ ------- --- ---- ---------- -------- --------- --------- ---------
                                                                 
PROSHARES
  ULTRASHORT
  MSCI
  EMERGING
  MARKETS
  ETF........... ETF    74347R354  2538   61913  SH         OTHER               61913       0         0
PROSHARES
  TRUST
  PROSHARES
  ULTRASHORT
  REAL ESTATE
  ETF........... ETF    74347R552  1057   20000  SH         OTHER               20000       0         0
SONESTA
  INTERNATIONAL  COMMON
  HOTELS........ STOCK  835438409  1605  207158  SH         OTHER              207158       0         0
CALIFORNIA
  COASTAL C      COMMON
  MNTYS INC..... STOCK  129915203   143  233644  SH         OTHER              233644       0         0