FSP 303 East Wacker Drive Corp.

Exhibit 99.1

FSP 000 Xxxx Xxxxxx Xxxxx Corp.

FSP 000 Xxxx Xxxxxx Xxxxx Corp. (the "Company") owns a 28-story multi-tenant office tower located in downtown Chicago, Illinois containing approximately 859,187 rentable square feet of office and retail space and a 294-stall underground parking garage (the “Property”). The Property was approximately 86% leased as of February 17, 2009.  

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 31, 2012.  As previously reported, early in 2008 KPMG hired a broker, CB Xxxxxxx Xxxxx, to review potential locations for its Chicago office for the next 15-20 years.  On February 16, 2009, KPMG notified us that it will be relocating to a different property location following the expiration of its lease on August 31, 2012.  With approximately 3.5 years remaining on KPMG’s lease, management will use that time to implement a marketing plan designed to locate a replacement tenant (or tenants).

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

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.