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): March 19, 2012

(Exact name of registrant as specified in its charter)

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

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):

Item 1.01 Entry into a Material Definitive Agreement.

FSP Galleria North Corp. (the “Registrant”) is a Delaware corporation formed 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 Registrant operates in a manner intended to qualify as a real estate investment trust, or REIT, for federal income tax purposes. The Registrant acquired the Property through a limited partnership, FSP Galleria North Limited Partnership (the “Property Owner”), of which the Registrant is the sole limited partner and of which FSP Galleria North LLC, a wholly-owned subsidiary of the Registrant, is the sole general partner. The sole business of the Property Owner is to own and operate the Property; the sole business of each of FSP Galleria North LLC and the Registrant is to hold the equity interests of the Property Owner.

Effective March 15, 2012, the Property Owner and EmCare, Inc. (“EmCare”) entered into an Office Lease Agreement (the “Lease”) whereby EmCare will lease an aggregate of approximately 82,972 square feet, or approximately 21.86% of the Property’s rentable area, in two phases. The first phase (“Phase I”) consists of an aggregate of approximately 45,440 square feet, comprises the entireties of the fifteenth and sixteenth floors and amounts to approximately 11.97% of the Property’s rentable area. The Phase I commencement date is August 1, 2012. The second phase (“Phase II”) consists of an aggregate of approximately 37,532 square feet, comprises the entire fourteenth floor and a portion of the thirteenth floor and amounts to approximately 9.89% of the Property’s rentable area. The Phase II commencement date is January 1, 2014. The term of the Lease, both for Phase I and for Phase II, expires on January 31, 2024.

EmCare has the right to extend the term of the Lease for two additional periods of five years each or one additional term of ten years at prevailing market rental rates. EmCare also has a right of first refusal to lease the remaining vacant space on the thirteenth floor that is not part of Phase II and that becomes available for lease after the Phase I commencement date. In addition, EmCare has an on-going first right and opportunity to lease any space on the thirteenth floor that is not part of Phase II and that the Property Owner intends to offer for lease after the Phase I commencement date. Finally, EmCare has a one-time contraction right to reduce the size of its leased premises at the Property effective as of midnight on December 31, 2020 upon satisfaction of certain conditions, including delivery of written notice to the Property Owner no later than December 31, 2019 and payment of a contraction fee. The amount of space that is subject to contraction is limited to the amount of rentable area on the lowest floor that constitutes a portion of EmCare’s leased premises at the time of election.

Rent consists of base rental, EmCare’s electricity costs and EmCare’s share of basic operating costs and taxes above the initial base year of August 1, 2012 through July 31, 2013 for Phase I and 2014 for Phase II. Base rental increases during the term of the Lease and includes “free-rent” periods during lease months 30-39 for Phase I and lease months 13-18 for Phase II. The Property Owner is also obligated to fund an improvement allowance of up to $2,986,992 on or before December 31, 2014.

EmCare’s obligations under the Lease are secured by a letter of credit from Bank of America, N.A. in the initial principal amount of $1,000,000 (subject to further reduction) and a guaranty from EmCare’s parent corporation, Emergency Medical Services Corporation.

The Lease is attached to this Current Report on Form 8-K as Exhibit 10.1 and is incorporated herein by reference. The foregoing summary of the Lease is qualified in its entirety by the complete text of the Lease filed herewith.

Item 7.01. Regulation FD Disclosure.

On or about March 20, 2012, the Registrant will be mailing a letter to the holders of its preferred stock with information regarding recent leasing activity at the Property. The full text of the letter is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information contained in 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.

See Exhibit Index attached hereto.

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.

EXHIBIT INDEX