--------------------------
                                                              OMB APPROVAL
                                                      --------------------------
                                                      OMB Number:      3235-0145
                                                      Expires: December 31, 2005
                                                      Estimated  average  burden
                                                      hours per response......11
                                                      --------------------------



                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                  SCHEDULE 13G

                    Under the Securities Exchange Act of 1934
                               (Amendment No. 2)*


                              GMH Communities Trust
--------------------------------------------------------------------------------
                                (Name of Issuer)


        Common Shares of Beneficial Interest, par value $0.001 per share
--------------------------------------------------------------------------------
                         (Title of Class of Securities)


                                    36188G102
--------------------------------------------------------------------------------
                                 (CUSIP Number)


                                December 31, 2005
--------------------------------------------------------------------------------
             (Date of Event which Requires Filing of this Statement)


Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:

|_|      Rule 13d-1(b)
|X|      Rule 13d-1(c)
|_|      Rule 13d-1(d)

* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).



                         (Continued on following pages)
                               Page 1 of 24 Pages






                                       13G
===================
CUSIP No. 36188G102
===================

------------====================================================================
            NAMES OF REPORTING PERSONS
     1      I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

            Farallon Capital Partners, L.P.
------------====================================================================
            CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
                                                              (a) [   ]
                                                              (b) [ X ]**
     2
                  **       The  reporting  persons  making  this  filing hold an
                           aggregate of 0 Shares,  which is 0.0% of the class of
                           securities.  The reporting person on this cover page,
                           however, is a beneficial owner only of the securities
                           reported by it on this cover page.
------------====================================================================
     3      SEC USE ONLY

------------====================================================================
            CITIZENSHIP OR PLACE OF ORGANIZATION
     4
            California
------------====================================================================
                                     SOLE VOTING POWER
                              5
         NUMBER OF                   -0-
                         ------------===========================================
          SHARES                     SHARED VOTING POWER
       BENEFICIALLY           6
         OWNED BY                    -0-
                         ------------===========================================
           EACH                      SOLE DISPOSITIVE POWER
                              7
         REPORTING                   -0-
        PERSON WITH      ------------===========================================
                                     SHARED DISPOSITIVE POWER
                              8
                                     -0-
------------====================================================================
            AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
     9
            -0-
------------====================================================================
            CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
     10     CERTAIN SHARES (See Instructions)                     [   ]

------------====================================================================
            PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
     11
            0.0%
------------====================================================================
            TYPE OF REPORTING PERSON (See Instructions)
     12
            PN
------------====================================================================



                               Page 2 of 24 Pages





                                       13G
===================
CUSIP No. 36188G102
===================

------------====================================================================
            NAMES OF REPORTING PERSONS
     1      I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

            Farallon Capital Institutional Partners, L.P.
------------====================================================================
            CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
                                                              (a) [   ]
                                                              (b) [ X ]**
     2
                  **       The  reporting  persons  making  this  filing hold an
                           aggregate of 0 Shares,  which is 0.0% of the class of
                           securities.  The reporting person on this cover page,
                           however, is a beneficial owner only of the securities
                           reported by it on this cover page.
------------====================================================================
     3      SEC USE ONLY

------------====================================================================
            CITIZENSHIP OR PLACE OF ORGANIZATION
     4
            California
------------====================================================================
                                     SOLE VOTING POWER
                              5
         NUMBER OF                   -0-
                         ------------===========================================
          SHARES                     SHARED VOTING POWER
       BENEFICIALLY           6
         OWNED BY                    -0-
                         ------------===========================================
           EACH                      SOLE DISPOSITIVE POWER
                              7
         REPORTING                   -0-
        PERSON WITH      ------------===========================================
                                     SHARED DISPOSITIVE POWER
                              8
                                     -0-
------------====================================================================
            AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
     9
            -0-
------------====================================================================
            CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
     10     CERTAIN SHARES (See Instructions)                     [   ]

------------====================================================================
            PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
     11
            0.0%
------------====================================================================
            TYPE OF REPORTING PERSON (See Instructions)
     12
            PN
------------====================================================================



                               Page 3 of 24 Pages





                                       13G
===================
CUSIP No. 36188G102
===================

------------====================================================================
            NAMES OF REPORTING PERSONS
     1      I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

            Farallon Capital Institutional Partners II, L.P.
------------====================================================================
            CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
                                                              (a) [   ]
                                                              (b) [ X ]**
     2
                  **       The  reporting  persons  making  this  filing hold an
                           aggregate of 0 Shares,  which is 0.0% of the class of
                           securities.  The reporting person on this cover page,
                           however, is a beneficial owner only of the securities
                           reported by it on this cover page.
------------====================================================================
     3      SEC USE ONLY

------------====================================================================
            CITIZENSHIP OR PLACE OF ORGANIZATION
     4
            California
------------====================================================================
                                     SOLE VOTING POWER
                              5
         NUMBER OF                   -0-
                         ------------===========================================
          SHARES                     SHARED VOTING POWER
       BENEFICIALLY           6
         OWNED BY                    -0-
                         ------------===========================================
           EACH                      SOLE DISPOSITIVE POWER
                              7
         REPORTING                   -0-
        PERSON WITH      ------------===========================================
                                     SHARED DISPOSITIVE POWER
                              8
                                     -0-
------------====================================================================
            AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
     9
            -0-
------------====================================================================
            CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
     10     CERTAIN SHARES (See Instructions)                     [   ]

------------====================================================================
            PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
     11
            0.0%
------------====================================================================
            TYPE OF REPORTING PERSON (See Instructions)
     12
            PN
------------====================================================================



                               Page 4 of 24 Pages





                                       13G
===================
CUSIP No. 36188G102
===================

------------====================================================================
            NAMES OF REPORTING PERSONS
     1      I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

            Farallon Capital Institutional Partners III, L.P.
------------====================================================================
            CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
                                                              (a) [   ]
                                                              (b) [ X ]**
     2
                  **       The  reporting  persons  making  this  filing hold an
                           aggregate of 0 Shares,  which is 0.0% of the class of
                           securities.  The reporting person on this cover page,
                           however, is a beneficial owner only of the securities
                           reported by it on this cover page.
------------====================================================================
     3      SEC USE ONLY

------------====================================================================
            CITIZENSHIP OR PLACE OF ORGANIZATION
     4
            Delaware
------------====================================================================
                                     SOLE VOTING POWER
                              5
         NUMBER OF                   -0-
                         ------------===========================================
          SHARES                     SHARED VOTING POWER
       BENEFICIALLY           6
         OWNED BY                    -0-
                         ------------===========================================
           EACH                      SOLE DISPOSITIVE POWER
                              7
         REPORTING                   -0-
        PERSON WITH      ------------===========================================
                                     SHARED DISPOSITIVE POWER
                              8
                                     -0-
------------====================================================================
            AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
     9
            -0-
------------====================================================================
            CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
     10     CERTAIN SHARES (See Instructions)                     [   ]

------------====================================================================
            PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
     11
            0.0%
------------====================================================================
            TYPE OF REPORTING PERSON (See Instructions)
     12
            PN
------------====================================================================



                               Page 5 of 24 Pages





                                       13G
===================
CUSIP No. 36188G102
===================

------------====================================================================
            NAMES OF REPORTING PERSONS
     1      I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

            Tinicum Partners, L.P.
------------====================================================================
            CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
                                                              (a) [   ]
                                                              (b) [ X ]**
     2
                  **       The  reporting  persons  making  this  filing hold an
                           aggregate of 0 Shares,  which is 0.0% of the class of
                           securities.  The reporting person on this cover page,
                           however, is a beneficial owner only of the securities
                           reported by it on this cover page.
------------====================================================================
     3      SEC USE ONLY

------------====================================================================
            CITIZENSHIP OR PLACE OF ORGANIZATION
     4
            New York
------------====================================================================
                                     SOLE VOTING POWER
                              5
         NUMBER OF                   -0-
                         ------------===========================================
          SHARES                     SHARED VOTING POWER
       BENEFICIALLY           6
         OWNED BY                    -0-
                         ------------===========================================
           EACH                      SOLE DISPOSITIVE POWER
                              7
         REPORTING                   -0-
        PERSON WITH      ------------===========================================
                                     SHARED DISPOSITIVE POWER
                              8
                                     -0-
------------====================================================================
            AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
     9
            -0-
------------====================================================================
            CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
     10     CERTAIN SHARES (See Instructions)                     [   ]

------------====================================================================
            PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
     11
            0.0%
------------====================================================================
            TYPE OF REPORTING PERSON (See Instructions)
     12
            PN
------------====================================================================



                               Page 6 of 24 Pages





                                       13G
===================
CUSIP No. 36188G102
===================

------------====================================================================
            NAMES OF REPORTING PERSONS
     1      I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

            Farallon Partners, L.L.C.
------------====================================================================
            CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
                                                              (a) [   ]
                                                              (b) [ X ]**
     2
                  **       The  reporting  persons  making  this  filing hold an
                           aggregate of 0 Shares,  which is 0.0% of the class of
                           securities.  The reporting person on this cover page,
                           however, may be deemed a beneficial owner only of the
                           securities reported by it on this cover page.
------------====================================================================
     3      SEC USE ONLY

------------====================================================================
            CITIZENSHIP OR PLACE OF ORGANIZATION
     4
            Delaware
------------====================================================================
                                     SOLE VOTING POWER
                              5
         NUMBER OF                   -0-
                         ------------===========================================
          SHARES                     SHARED VOTING POWER
       BENEFICIALLY           6
         OWNED BY                    -0-
                         ------------===========================================
           EACH                      SOLE DISPOSITIVE POWER
                              7
         REPORTING                   -0-
        PERSON WITH      ------------===========================================
                                     SHARED DISPOSITIVE POWER
                              8
                                     -0-
------------====================================================================
            AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
     9
            -0-
------------====================================================================
            CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
     10     CERTAIN SHARES (See Instructions)                     [   ]

------------====================================================================
            PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
     11
            0.0%
------------====================================================================
            TYPE OF REPORTING PERSON (See Instructions)
     12
            OO
------------====================================================================



                               Page 7 of 24 Pages





                                       13G
===================
CUSIP No. 36188G102
===================

------------====================================================================
            NAMES OF REPORTING PERSONS
     1      I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

            Chun R. Ding
------------====================================================================
            CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
                                                              (a) [   ]
                                                              (b) [ X ]**
     2
                  **       The  reporting  persons  making  this  filing hold an
                           aggregate of 0 Shares,  which is 0.0% of the class of
                           securities.  The reporting person on this cover page,
                           however, may be deemed a beneficial owner only of the
                           securities reported by it on this cover page.
------------====================================================================
     3      SEC USE ONLY

------------====================================================================
            CITIZENSHIP OR PLACE OF ORGANIZATION
     4
            United States
------------====================================================================
                                     SOLE VOTING POWER
                              5
         NUMBER OF                   -0-
                         ------------===========================================
          SHARES                     SHARED VOTING POWER
       BENEFICIALLY           6
         OWNED BY                    -0-
                         ------------===========================================
           EACH                      SOLE DISPOSITIVE POWER
                              7
         REPORTING                   -0-
        PERSON WITH      ------------===========================================
                                     SHARED DISPOSITIVE POWER
                              8
                                     -0-
------------====================================================================
            AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
     9
            -0-
------------====================================================================
            CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
     10     CERTAIN SHARES (See Instructions)                     [   ]

------------====================================================================
            PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
     11
            0.0%
------------====================================================================
            TYPE OF REPORTING PERSON (See Instructions)
     12
            IN
------------====================================================================



                               Page 8 of 24 Pages





                                       13G
===================
CUSIP No. 36188G102
===================

------------====================================================================
            NAMES OF REPORTING PERSONS
     1      I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

            Joseph F. Downes [See Footnote 1 in Item 2]
------------====================================================================
            CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
                                                              (a) [   ]
                                                              (b) [ X ]**
     2
                  **       The  reporting  persons  making  this  filing hold an
                           aggregate of 0 Shares,  which is 0.0% of the class of
                           securities.  The reporting person on this cover page,
                           however, may be deemed a beneficial owner only of the
                           securities reported by it on this cover page.
------------====================================================================
     3      SEC USE ONLY

------------====================================================================
            CITIZENSHIP OR PLACE OF ORGANIZATION
     4
            United States
------------====================================================================
                                     SOLE VOTING POWER
                              5
         NUMBER OF                   -0-
                         ------------===========================================
          SHARES                     SHARED VOTING POWER
       BENEFICIALLY           6
         OWNED BY                    -0-
                         ------------===========================================
           EACH                      SOLE DISPOSITIVE POWER
                              7
         REPORTING                   -0-
        PERSON WITH      ------------===========================================
                                     SHARED DISPOSITIVE POWER
                              8
                                     -0-
------------====================================================================
            AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
     9
            -0-
------------====================================================================
            CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
     10     CERTAIN SHARES (See Instructions)                     [   ]

------------====================================================================
            PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
     11
            0.0%
------------====================================================================
            TYPE OF REPORTING PERSON (See Instructions)
     12
            IN
------------====================================================================



                               Page 9 of 24 Pages





                                       13G
===================
CUSIP No. 36188G102
===================

------------====================================================================
            NAMES OF REPORTING PERSONS
     1      I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

            William F. Duhamel
------------====================================================================
            CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
                                                              (a) [   ]
                                                              (b) [ X ]**
     2
                  **       The  reporting  persons  making  this  filing hold an
                           aggregate of 0 Shares,  which is 0.0% of the class of
                           securities.  The reporting person on this cover page,
                           however, may be deemed a beneficial owner only of the
                           securities reported by it on this cover page.
------------====================================================================
     3      SEC USE ONLY

------------====================================================================
            CITIZENSHIP OR PLACE OF ORGANIZATION
     4
            United States
------------====================================================================
                                     SOLE VOTING POWER
                              5
         NUMBER OF                   -0-
                         ------------===========================================
          SHARES                     SHARED VOTING POWER
       BENEFICIALLY           6
         OWNED BY                    -0-
                         ------------===========================================
           EACH                      SOLE DISPOSITIVE POWER
                              7
         REPORTING                   -0-
        PERSON WITH      ------------===========================================
                                     SHARED DISPOSITIVE POWER
                              8
                                     -0-
------------====================================================================
            AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
     9
            -0-
------------====================================================================
            CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
     10     CERTAIN SHARES (See Instructions)                     [   ]

------------====================================================================
            PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
     11
            0.0%
------------====================================================================
            TYPE OF REPORTING PERSON (See Instructions)
     12
            IN
------------====================================================================



                               Page 10 of 24 Pages





                                       13G
===================
CUSIP No. 36188G102
===================

------------====================================================================
            NAMES OF REPORTING PERSONS
     1      I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

            Charles E. Ellwein
------------====================================================================
            CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
                                                              (a) [   ]
                                                              (b) [ X ]**
     2
                  **       The  reporting  persons  making  this  filing hold an
                           aggregate of 0 Shares,  which is 0.0% of the class of
                           securities.  The reporting person on this cover page,
                           however, may be deemed a beneficial owner only of the
                           securities reported by it on this cover page.
------------====================================================================
     3      SEC USE ONLY

------------====================================================================
            CITIZENSHIP OR PLACE OF ORGANIZATION
     4
            United States
------------====================================================================
                                     SOLE VOTING POWER
                              5
         NUMBER OF                   -0-
                         ------------===========================================
          SHARES                     SHARED VOTING POWER
       BENEFICIALLY           6
         OWNED BY                    -0-
                         ------------===========================================
           EACH                      SOLE DISPOSITIVE POWER
                              7
         REPORTING                   -0-
        PERSON WITH      ------------===========================================
                                     SHARED DISPOSITIVE POWER
                              8
                                     -0-
------------====================================================================
            AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
     9
            -0-
------------====================================================================
            CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
     10     CERTAIN SHARES (See Instructions)                     [   ]

------------====================================================================
            PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
     11
            0.0%
------------====================================================================
            TYPE OF REPORTING PERSON (See Instructions)
     12
            IN
------------====================================================================



                               Page 11 of 24 Pages





                                       13G
===================
CUSIP No. 36188G102
===================

------------====================================================================
            NAMES OF REPORTING PERSONS
     1      I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

            Richard B. Fried
------------====================================================================
            CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
                                                              (a) [   ]
                                                              (b) [ X ]**
     2
                  **       The  reporting  persons  making  this  filing hold an
                           aggregate of 0 Shares,  which is 0.0% of the class of
                           securities.  The reporting person on this cover page,
                           however, may be deemed a beneficial owner only of the
                           securities reported by it on this cover page.
------------====================================================================
     3      SEC USE ONLY

------------====================================================================
            CITIZENSHIP OR PLACE OF ORGANIZATION
     4
            United States
------------====================================================================
                                     SOLE VOTING POWER
                              5
         NUMBER OF                   -0-
                         ------------===========================================
          SHARES                     SHARED VOTING POWER
       BENEFICIALLY           6
         OWNED BY                    -0-
                         ------------===========================================
           EACH                      SOLE DISPOSITIVE POWER
                              7
         REPORTING                   -0-
        PERSON WITH      ------------===========================================
                                     SHARED DISPOSITIVE POWER
                              8
                                     -0-
------------====================================================================
            AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
     9
            -0-
------------====================================================================
            CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
     10     CERTAIN SHARES (See Instructions)                     [   ]

------------====================================================================
            PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
     11
            0.0%
------------====================================================================
            TYPE OF REPORTING PERSON (See Instructions)
     12
            IN
------------====================================================================



                               Page 12 of 24 Pages





                                       13G
===================
CUSIP No. 36188G102
===================

------------====================================================================
            NAMES OF REPORTING PERSONS
     1      I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

            Monica R. Landry
------------====================================================================
            CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
                                                              (a) [   ]
                                                              (b) [ X ]**
     2
                  **       The  reporting  persons  making  this  filing hold an
                           aggregate of 0 Shares,  which is 0.0% of the class of
                           securities.  The reporting person on this cover page,
                           however, may be deemed a beneficial owner only of the
                           securities reported by it on this cover page.
------------====================================================================
     3      SEC USE ONLY

------------====================================================================
            CITIZENSHIP OR PLACE OF ORGANIZATION
     4
            United States
------------====================================================================
                                     SOLE VOTING POWER
                              5
         NUMBER OF                   -0-
                         ------------===========================================
          SHARES                     SHARED VOTING POWER
       BENEFICIALLY           6
         OWNED BY                    -0-
                         ------------===========================================
           EACH                      SOLE DISPOSITIVE POWER
                              7
         REPORTING                   -0-
        PERSON WITH      ------------===========================================
                                     SHARED DISPOSITIVE POWER
                              8
                                     -0-
------------====================================================================
            AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
     9
            -0-
------------====================================================================
            CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
     10     CERTAIN SHARES (See Instructions)                     [   ]

------------====================================================================
            PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
     11
            0.0%
------------====================================================================
            TYPE OF REPORTING PERSON (See Instructions)
     12
            IN
------------====================================================================



                               Page 13 of 24 Pages





                                       13G
===================
CUSIP No. 36188G102
===================

------------====================================================================
            NAMES OF REPORTING PERSONS
     1      I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

            William F. Mellin
------------====================================================================
            CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
                                                              (a) [   ]
                                                              (b) [ X ]**
     2
                  **       The  reporting  persons  making  this  filing hold an
                           aggregate of 0 Shares,  which is 0.0% of the class of
                           securities.  The reporting person on this cover page,
                           however, may be deemed a beneficial owner only of the
                           securities reported by it on this cover page.
------------====================================================================
     3      SEC USE ONLY

------------====================================================================
            CITIZENSHIP OR PLACE OF ORGANIZATION
     4
            United States
------------====================================================================
                                     SOLE VOTING POWER
                              5
         NUMBER OF                   -0-
                         ------------===========================================
          SHARES                     SHARED VOTING POWER
       BENEFICIALLY           6
         OWNED BY                    -0-
                         ------------===========================================
           EACH                      SOLE DISPOSITIVE POWER
                              7
         REPORTING                   -0-
        PERSON WITH      ------------===========================================
                                     SHARED DISPOSITIVE POWER
                              8
                                     -0-
------------====================================================================
            AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
     9
            -0-
------------====================================================================
            CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
     10     CERTAIN SHARES (See Instructions)                     [   ]

------------====================================================================
            PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
     11
            0.0%
------------====================================================================
            TYPE OF REPORTING PERSON (See Instructions)
     12
            IN
------------====================================================================



                               Page 14 of 24 Pages





                                       13G
===================
CUSIP No. 36188G102
===================

------------====================================================================
            NAMES OF REPORTING PERSONS
     1      I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

            Stephen L. Millham
------------====================================================================
            CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
                                                              (a) [   ]
                                                              (b) [ X ]**
     2
                  **       The  reporting  persons  making  this  filing hold an
                           aggregate of 0 Shares,  which is 0.0% of the class of
                           securities.  The reporting person on this cover page,
                           however, may be deemed a beneficial owner only of the
                           securities reported by it on this cover page.
------------====================================================================
     3      SEC USE ONLY

------------====================================================================
            CITIZENSHIP OR PLACE OF ORGANIZATION
     4
            United States
------------====================================================================
                                     SOLE VOTING POWER
                              5
         NUMBER OF                   -0-
                         ------------===========================================
          SHARES                     SHARED VOTING POWER
       BENEFICIALLY           6
         OWNED BY                    -0-
                         ------------===========================================
           EACH                      SOLE DISPOSITIVE POWER
                              7
         REPORTING                   -0-
        PERSON WITH      ------------===========================================
                                     SHARED DISPOSITIVE POWER
                              8
                                     -0-
------------====================================================================
            AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
     9
            -0-
------------====================================================================
            CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
     10     CERTAIN SHARES (See Instructions)                     [   ]

------------====================================================================
            PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
     11
            0.0%
------------====================================================================
            TYPE OF REPORTING PERSON (See Instructions)
     12
            IN
------------====================================================================



                               Page 15 of 24 Pages





                                       13G
===================
CUSIP No. 36188G102
===================

------------====================================================================
            NAMES OF REPORTING PERSONS
     1      I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

            Rajiv A. Patel
------------====================================================================
            CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
                                                              (a) [   ]
                                                              (b) [ X ]**
     2
                  **       The  reporting  persons  making  this  filing hold an
                           aggregate of 0 Shares,  which is 0.0% of the class of
                           securities.  The reporting person on this cover page,
                           however, may be deemed a beneficial owner only of the
                           securities reported by it on this cover page.
------------====================================================================
     3      SEC USE ONLY

------------====================================================================
            CITIZENSHIP OR PLACE OF ORGANIZATION
     4
            United States
------------====================================================================
                                     SOLE VOTING POWER
                              5
         NUMBER OF                   -0-
                         ------------===========================================
          SHARES                     SHARED VOTING POWER
       BENEFICIALLY           6
         OWNED BY                    -0-
                         ------------===========================================
           EACH                      SOLE DISPOSITIVE POWER
                              7
         REPORTING                   -0-
        PERSON WITH      ------------===========================================
                                     SHARED DISPOSITIVE POWER
                              8
                                     -0-
------------====================================================================
            AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
     9
            -0-
------------====================================================================
            CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
     10     CERTAIN SHARES (See Instructions)                     [   ]

------------====================================================================
            PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
     11
            0.0%
------------====================================================================
            TYPE OF REPORTING PERSON (See Instructions)
     12
            IN
------------====================================================================



                               Page 16 of 24 Pages





                                       13G
===================
CUSIP No. 36188G102
===================

------------====================================================================
            NAMES OF REPORTING PERSONS
     1      I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

            Derek C. Schrier
------------====================================================================
            CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
                                                              (a) [   ]
                                                              (b) [ X ]**
     2
                  **       The  reporting  persons  making  this  filing hold an
                           aggregate of 0 Shares,  which is 0.0% of the class of
                           securities.  The reporting person on this cover page,
                           however, may be deemed a beneficial owner only of the
                           securities reported by it on this cover page.
------------====================================================================
     3      SEC USE ONLY

------------====================================================================
            CITIZENSHIP OR PLACE OF ORGANIZATION
     4
            United States
------------====================================================================
                                     SOLE VOTING POWER
                              5
         NUMBER OF                   -0-
                         ------------===========================================
          SHARES                     SHARED VOTING POWER
       BENEFICIALLY           6
         OWNED BY                    -0-
                         ------------===========================================
           EACH                      SOLE DISPOSITIVE POWER
                              7
         REPORTING                   -0-
        PERSON WITH      ------------===========================================
                                     SHARED DISPOSITIVE POWER
                              8
                                     -0-
------------====================================================================
            AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
     9
            -0-
------------====================================================================
            CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
     10     CERTAIN SHARES (See Instructions)                     [   ]

------------====================================================================
            PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
     11
            0.0%
------------====================================================================
            TYPE OF REPORTING PERSON (See Instructions)
     12
            IN
------------====================================================================



                               Page 17 of 24 Pages





                                       13G
===================
CUSIP No. 36188G102
===================

------------====================================================================
            NAMES OF REPORTING PERSONS
     1      I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

            Thomas F. Steyer
------------====================================================================
            CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
                                                              (a) [   ]
                                                              (b) [ X ]**
     2
                  **       The  reporting  persons  making  this  filing hold an
                           aggregate of 0 Shares,  which is 0.0% of the class of
                           securities.  The reporting person on this cover page,
                           however, may be deemed a beneficial owner only of the
                           securities reported by it on this cover page.
------------====================================================================
     3      SEC USE ONLY

------------====================================================================
            CITIZENSHIP OR PLACE OF ORGANIZATION
     4
            United States
------------====================================================================
                                     SOLE VOTING POWER
                              5
         NUMBER OF                   -0-
                         ------------===========================================
          SHARES                     SHARED VOTING POWER
       BENEFICIALLY           6
         OWNED BY                    -0-
                         ------------===========================================
           EACH                      SOLE DISPOSITIVE POWER
                              7
         REPORTING                   -0-
        PERSON WITH      ------------===========================================
                                     SHARED DISPOSITIVE POWER
                              8
                                     -0-
------------====================================================================
            AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
     9
            -0-
------------====================================================================
            CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
     10     CERTAIN SHARES (See Instructions)                     [   ]

------------====================================================================
            PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
     11
            0.0%
------------====================================================================
            TYPE OF REPORTING PERSON (See Instructions)
     12
            IN
------------====================================================================



                               Page 18 of 24 Pages





                                       13G
===================
CUSIP No. 36188G102
===================

------------====================================================================
            NAMES OF REPORTING PERSONS
     1      I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

            Mark C. Wehrly
------------====================================================================
            CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
                                                              (a) [   ]
                                                              (b) [ X ]**
     2
                  **       The  reporting  persons  making  this  filing hold an
                           aggregate of 0 Shares,  which is 0.0% of the class of
                           securities.  The reporting person on this cover page,
                           however, may be deemed a beneficial owner only of the
                           securities reported by it on this cover page.
------------====================================================================
     3      SEC USE ONLY

------------====================================================================
            CITIZENSHIP OR PLACE OF ORGANIZATION
     4
            United States
------------====================================================================
                                     SOLE VOTING POWER
                              5
         NUMBER OF                   -0-
                         ------------===========================================
          SHARES                     SHARED VOTING POWER
       BENEFICIALLY           6
         OWNED BY                    -0-
                         ------------===========================================
           EACH                      SOLE DISPOSITIVE POWER
                              7
         REPORTING                   -0-
        PERSON WITH      ------------===========================================
                                     SHARED DISPOSITIVE POWER
                              8
                                     -0-
------------====================================================================
            AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
     9
            -0-
------------====================================================================
            CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
     10     CERTAIN SHARES (See Instructions)                     [   ]

------------====================================================================
            PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
     11
            0.0%
------------====================================================================
            TYPE OF REPORTING PERSON (See Instructions)
     12
            IN
------------====================================================================



                               Page 19 of 24 Pages




         This  Amendment No. 2 to Schedule 13G amends the Schedule 13G initially
filed on  November  8, 2004  (collectively,  with all  amendments  thereto,  the
"Schedule 13G").

Item 1.  Issuer
         ------

         (a) Name of Issuer:

             GMH Communities Trust (the "Company")

         (b) Address of Issuer's Principal Executive Offices:

             10 Campus Boulevard, Newtown Square, Pennsylvania 19073

Item 2.  Identity And Background
         -----------------------

         Title Of Class Of Securities And CUSIP Number (Item 2(d) and (e))
         ----------------------------------------------------------------

         This statement relates to Common Shares of Beneficial Interest, par
value $0.001 per share (the "Shares"), of the Company. The CUSIP number of the
Shares is 36188G102.

         Name Of  Persons  Filing,  Address  Of  Principal  Business  Office And
         -----------------------------------------------------------------------
         Citizenship (Item 2(a), (b) and (c))
         ------------------------------------

         This statement is filed by the entities and persons listed below, all
of whom together are referred to herein as the "Reporting Persons."

         The Farallon Funds
         ------------------

                  (i)      Farallon Capital Partners, L.P., a California limited
                           partnership ("FCP"), with respect to the Shares held
                           by it;

                  (ii)     Farallon Capital Institutional Partners, L.P., a
                           California limited partnership ("FCIP"), with respect
                           to the Shares held by it;

                  (iii)    Farallon Capital Institutional Partners II, L.P., a
                           California limited partnership ("FCIP II"), with
                           respect to the Shares held by it;

                  (iv)     Farallon Capital Institutional Partners III, L.P., a
                           Delaware limited partnership ("FCIP III"), with
                           respect to the Shares held by it; and

                  (v)      Tinicum Partners, L.P., a New York limited
                           partnership ("Tinicum"), with respect to the Shares
                           held by it.

         FCP, FCIP, FCIP II, FCIP III and Tinicum are together referred to
herein as the "Funds."


                               Page 20 of 24 Pages








         The Farallon General Partner
         ----------------------------

                  (vi)     Farallon Partners, L.L.C., a Delaware limited
                           liability company which is the general partner of
                           each of the Funds (the "Farallon General Partner"),
                           with respect to the Shares held by each of the Funds.

         The Farallon Managing Members
         -----------------------------

                  (vii)    The  following  persons  who  are  (or,  solely  with
                           respect to Joseph F. Downes,  were) managing  members
                           of the Farallon General Partner,  with respect to the
                           Shares  held by the  Funds:  Chun R.  Ding  ("Ding"),
                           Joseph F.  Downes1  ("Downes"),  William F. Duhamel
                           ("Duhamel"),  Charles E. Ellwein ("Ellwein"), Richard
                           B.  Fried  ("Fried"),  Monica R.  Landry  ("Landry"),
                           William F.  Mellin  ("Mellin"),  Stephen  L.  Millham
                           ("Millham"),  Rajiv  A.  Patel  ("Patel"),  Derek  C.
                           Schrier ("Schrier"),  Thomas F. Steyer ("Steyer") and
                           Mark C. Wehrly ("Wehrly").

         Ding, Downes, Duhamel,  Ellwein, Fried, Landry, Mellin, Millham, Patel,
Schrier,  Steyer and Wehrly are together  referred to herein as the  "Individual
Reporting Persons."

         The citizenship of each of the Funds and the Farallon General Partner
is set forth above. Each of the Individual Reporting Persons is a citizen of the
United States. The address of the principal business office of each of the
Reporting Persons is c/o Farallon Capital Management, L.L.C., One Maritime
Plaza, Suite 1325, San Francisco, California 94111.

Item 3.  If  This  Statement  Is  Filed  Pursuant  To  Sections  240.13d-1(b) or
         -----------------------------------------------------------------------
240.13d-2(b) or (c), Check Whether The Person Filing Is An Entity Specified In
--------------------------------------------------------------------------------
(a) - (j):
----------

           Not Applicable.

         If This Statement Is Filed Pursuant To Section 240.13d-1(c), Check This
         -----------------------------------------------------------------------
         Box. [X]
         ----



--------
1 Joseph F. Downes resigned as a managing member of the Farallon General Partner
effective September 30, 2005.




                               Page 21 of 24 Pages






Item 4.  Ownership
         ---------

         The information required by Items 4(a) - (c) and set forth in Rows 5
through 11 of the cover page for each Reporting Person hereto is incorporated
herein by reference for each such Reporting Person.

         The Shares reported hereby for the Funds are owned directly by the
Funds. The Farallon General Partner, as general partner to the Funds, may be
deemed to be the beneficial owner of all such Shares owned by the Funds. The
Individual Reporting Persons, other than Downes, as managing members of the
Farallon General Partner, may each be deemed to be the beneficial owner of all
such Shares owned by the Funds. Each of the Farallon General Partner and the
Individual Reporting Persons hereby disclaims any beneficial ownership of any
such Shares.

Item 5.  Ownership Of Five Percent Or Less Of A Class
         --------------------------------------------

         If this statement is being filed to report the fact that as of the date
hereof the Reporting Persons have ceased to be the deemed beneficial owner of
more than five percent of the class of securities, check the following [ X ].

Item 6.  Ownership Of More Than Five Percent On Behalf Of Another Person
         ---------------------------------------------------------------

         Not Applicable.

Item 7.  Identification  And Classification Of The Subsidiary Which Acquired
         -------------------------------------------------------------------
         The Security Being Reported On By The Parent Holding Company
         ------------------------------------------------------------

         Not Applicable.

Item 8.  Identification And Classification Of Members Of The Group
         ---------------------------------------------------------

         The Reporting Persons are filing this Schedule 13G pursuant to Section
240.13d-1(c). Consistent with Item 2 of the cover page for each Reporting Person
above, the Reporting Persons neither disclaim nor affirm the existence of a
group among them.

Item 9.  Notice Of Dissolution Of Group
         ------------------------------

         Not Applicable.





                               Page 22 of 24 Pages






Item 10. Certification
         -------------

         By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are not held for
the purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.









                               Page 23 of 24 Pages










                                   SIGNATURES
                                   ----------


         After reasonable inquiry and to the best of our knowledge and belief,
the undersigned certify that the information set forth in this statement is
true, complete and correct.

Dated:  January 4, 2006



        /s/ Monica R. Landry
        ---------------------------------------
        FARALLON PARTNERS, L.L.C.,
        On its own behalf and
        as the General Partner of
        FARALLON CAPITAL PARTNERS, L.P.,
        FARALLON CAPITAL INSTITUTIONAL PARTNERS, L.P.,
        FARALLON CAPITAL INSTITUTIONAL PARTNERS II, L.P.,
        FARALLON CAPITAL INSTITUTIONAL PARTNERS III, L.P., and
        TINICUM PARTNERS, L.P.
        By Monica R. Landry,
        Managing Member


        /s/ Monica R. Landry
        ----------------------------------------
        Monica R. Landry, individually and as attorney-in-fact for each of
        Chun R. Ding, Joseph F. Downes, William F. Duhamel, Charles E.
        Ellwein, Richard B. Fried, William F. Mellin, Stephen L. Millham,
        Rajiv A. Patel, Derek C. Schrier, Thomas F. Steyer and Mark C.
        Wehrly.


         The  Powers of  Attorney,  executed  by Joseph F.  Downes,  William  F.
Duhamel,  Richard B. Fried,  William F. Mellin,  Stephen L.  Millham,  Thomas F.
Steyer and Mark C.  Wehrly  authorizing  Monica R.  Landry to sign and file this
Schedule 13G on each person's  behalf,  which were filed with Amendment No. 2 to
the Schedule 13D filed with the Securities  and Exchange  Commission on July 16,
2003,  by such  Reporting  Persons with respect to the Common Stock of New World
Restaurant  Group,  Inc., are hereby  incorporated  by reference.  The Powers of
Attorney  executed by Chun R. Ding and Derek C.  Schrier  authorizing  Monica R.
Landry to sign and file this  Schedule 13G on his behalf,  which were filed with
Amendment  No. 1 to the  Schedule  13D filed with the  Securities  and  Exchange
Commission on July 2, 2003, by such Reporting Persons with respect to the Common
Stock of Salix Pharmaceuticals,  Ltd., are hereby incorporated by reference. The
Powers of Attorney executed by Charles E. Ellwein and Rajiv A. Patel authorizing
Landry to sign and file this  Schedule 13G on his behalf,  which were filed with
Amendment  No. 4 to the  Schedule  13G filed with the  Securities  and  Exchange
Commission  on January 8, 2004 by such  Reporting  Persons  with  respect to the
Common Stock of Catalytica  Energy  Systems,  Inc., are hereby  incorporated  by
reference.



                              Page 24 of 24 Pages