8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  May 12, 2010

FSP 303 EAST WACKER DRIVE CORP.

(Exact name of registrant as specified in its charter)

Delaware	000-53165	20-8061759
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

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

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

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01.  Regulation FD Disclosure.

On or about May 14, 2010, FSP 303 East Wacker Drive Corp. will be mailing a letter to the holders of its preferred stock regarding the dividend declaration and property updates for the three months ended March 31, 2010.  The full text of the letter is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information in this Form 8-K (including Exhibit 99.1) shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 9.01.  Financial Statements and Exhibits.

(d) Exhibits

See Exhibit Index attached hereto.

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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 hereunto duly authorized.

	FSP 303 EAST WACKER DRIVE CORP.
Date:  May 12, 2010	By:	/s/ George J. Carter
		George J. Carter
		President

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EXHIBIT INDEX

Exhibit No.	Description
99.1	Letter to be mailed by FSP 303 East Wacker Drive Corp. on or about May 14, 2010.

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EX-99.1

Exhibit 99.1

FSP 303 East Wacker Drive Corp.

FSP 303 East Wacker Drive Corp. (the "Company") has declared a dividend in the amount of $997 per share of preferred stock, representing property operations for the quarter ended March 31, 2010.  The dividend will be payable on May 28, 2010, and will be distributed by the Company’s transfer agent, American Stock Transfer & Trust Co. (“AST”).NOTE:  if your investment is in a retirement account, the dividend will be sent to your custodian or plan administrator.

The Company owns a twenty-eight story multi-tenant office tower located in downtown Chicago, Illinois containing approximately 859,000 square feet of office and retail space and a 294-stall underground parking garage (the “Property”).  The Property was approximately 73% leased as of March 31, 2010.  Subsequent to quarter’s end, management executed a lease amendment with XO Communications Services (“XO”) to expand by 3,381 square feet and to extend its lease term by eight years.  XO’s lease will expire in April 2022, and XO now leases 30,077 square feet in the concourse level.  During calendar 2010, there will be approximately 47,482 square feet of leases expiring which represent approximately 5.5% of the Property’s rentable space.  Management has been working diligently with most of these tenants to extend their respective leases and is in the process of finalizing approximately 39,000 square feet of short-term renewals with four tenants.  Finally, management has agreed to business terms and is currently in the process of negotiating the final lease language regarding a new lease for a full floor or approximately 30,000 square feet.  The prospective tenant is currently located in a different submarket in Chicago, and management is encouraged that the East Loop and the Company’s Property are attracting interest from larger prospects in the broader market place.  Management will continue to work on finalizing these transactions and is hopeful to report good news in the next quarterly update.  It is important to keep in mind that leasing space in Chicago properties is very expensive in an economic downturn.  The Company has incurred and will continue to incur significant leasing costs in an effort to stabilize the occupancy.  It is possible the Company's board of directors could decide to reduce the amount of the dividend in the near future, for some period of time, in order to replenish capital reserves that will be required to pay for costs associated with current and upcoming leasing/re-leasing efforts.

The Property’s largest tenant is KPMG LLP (“KPMG”), which leases approximately 259,000 square feet (30%) of the Property’s rentable space through August 2012.  In the first half of 2009, management reported that KPMG notified us that it will be relocating to a different property location following the expiration of its lease on August 31, 2012.  With more than two years remaining on KPMG’s lease, management has implemented a marketing plan designed to locate a replacement tenant (or tenants) and will continue to proactively hunt for prospects.  Large users of space are often looking at their options many years in advance of the desired commencement date.  The leasing team has been actively pursuing these prospects for a late 2012 or early 2013 occupancy.

The leasing environment in Chicago over the past six quarters has been extremely challenging.  Despite the unfavorable conditions, management was successful in negotiating and signing over 34,000 square feet of leases during 2009.  This activity represents approximately 4% of the total rentable space in the Property and comprises both renewals and new deals.  Unfortunately, as previously reported, a few tenants that had occupied approximately 15% of aggregate space at the Property decided to relocate elsewhere in Chicago during the past year.  None of these recent departures came as a surprise to management as the tenants communicated their intentions to leave because they were consolidating into other locations or relocating to different submarkets.  Please be assured that management has been very diligent and proactive in retaining any and all existing tenants, as well as trying to attract new tenants to the Property.  However, management’s leasing efforts are guided by its belief that it should not compromise the potential long-term value of the Property for short-term leasing gains on unfavorable terms as a result of current economic conditions.

The Company’s quarterly filing on Form 10-Q will be submitted to the SEC within approximately 45 days after the end of the quarter, and you will be able to access the document via the SEC’s website.To view Company filings with the SEC, access the following link:

http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001431766

If the link does not work properly, go to www.sec.gov, Filings & Forms, Search for Company Filings; Company or fund name, ticker symbol, CIK (Central Index Key), file number, state, country, or SIC (Standard Industrial Classification); Company Name:  type FSP 303 East Wacker (no need to type complete name, but be sure to include FSP); click on Find Companies at bottom of page and you should be brought to the correct location to view filings.

Please feel free to contact your FSP Investment Executive (800-950-6288) with any questions you may have.

FSP 303 East Wacker Drive Corp. - Dividend Summary
QUARTER ENDING	DIVIDEND PER SHARE	TOTAL DIVIDENDS PAID	ANUALIZED YIELD*
(1/5-3/31)
03/31/2007	$1,340	$2,961,400	5.6%
06/30/2007	$1,400	$3,094,000	5.6%
09/30/2007	$1,400	$3,094,000	5.6%
12/31/2007	$1,400	$3,094,000	5.6%
03/31/2008	$1,400	$3,094,000	5.6%
06/30/2008	$1,400	$3,094,000	5.6%
09/30/2008	$1,400	$3,094,000	5.6%
12/31/2008	$1,400	$3,094,000	5.6%
03/31/2009	$1,400	$3,094,000	5.6%
06/30/2009	$1,013	$2,238,730	4.1%
09/30/2009	$1,013	$2,238,730	4.1%
12/31/2009	$1,011	$2,234,310	4.0%
03/31/2010	$   997	$2,203,370	4.0%
*Yield based on original offering amount of $221,000,000 and $100,000/share

Forward-Looking Statements

Statements made in this letter that state the Company’s or management's intentions, beliefs, expectations, or predictions for the future may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  This letter 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.  Readers are cautioned that our forward-looking statements involve risks and uncertainty, including without limitation, disruptions in the debt markets, economic conditions, risks of a lessening demand for the 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.  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 will not update any of the forward-looking statements after the date of this letter to conform them to actual results or to changes in our expectations that occur after such date, other than as required by law.