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<P style="font-size: 14pt" align="center"><B>UNITED STATES<BR>
SECURITIES AND
EXCHANGE COMMISSION<BR>
<FONT style="font-size: 12pt">Washington, D.C. 20549
</FONT></B>

<P style="font-size: 18pt" align="center"><B>FORM 8-K</B>

<P style="font-size: 12pt" align="center"><B>CURRENT REPORT<BR>
Pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934</B>

<P style="font-size: 10pt" align="center"><B>Date of Report (Date of earliest
event reported): December 29, 2008</B>


<P style="font-size: 24pt" align="center"><B>Excelsior LaSalle Property Fund,
Inc.<BR>
</B><FONT style="font-size: 10pt">(Exact name of registrant as
specified in its charter) </FONT>
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  <TD width="32%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%">&nbsp;</TD>
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  <TD width="32%">&nbsp;</TD>
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 <TR valign="bottom">
  <TD style="border-bottom: #000000 1px solid"><B>Maryland</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>000-51948</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>20-1432284</B></TD>
 </TR>
 <TR valign="top">
  <TD>(State or other Jurisdiction of Incorporation)</TD>
  <TD>&nbsp;</TD>
  <TD>(Commission File Number)</TD>
  <TD>&nbsp;</TD>
  <TD>(IRS Employer Identification No.)</TD>
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  <TD width="49%">&nbsp;</TD>
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  <TD style="border-bottom: #000000 1px solid"><B>225 High Ridge
Road<BR>
Stamford, CT<BR>
</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>06905</B></TD>
 </TR>
 <TR valign="top">
  <TD>(Address of Principal Executive Offices)</TD>
  <TD>&nbsp;</TD>
  <TD>(Zip Code)</TD>
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<P style="font-size: 10pt" align="center">Registrant&#8217;s telephone number,
including area code: <B>(203) 352-4400</B>
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 <TR>
  <TD nowrap>(Former name or former address if changed since last report.)</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="left">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:

<P style="font-size: 10pt" align="left"><FONT face="Wingdings">o</FONT> Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)<BR>
<BR>
<FONT face="Wingdings">o</FONT> Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR>
<BR>
<FONT
face="Wingdings">o</FONT> Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR>
<BR>
<FONT
face="Wingdings">o</FONT> Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>



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<P style="font-size: 10pt" align="left"><B>Item&nbsp;3.02. Unregistered Sales
of Equity Securities.</B>

<P style="font-size: 10pt" align="left">On December&nbsp;29, 2008, Excelsior
LaSalle Property Fund, Inc. (the &#8220;Fund&#8221;) accepted subscription
agreements relating to the sale by the Fund of its Class&nbsp;A Common Stock
(&#8220;Shares&#8221;) in the amount of approximately $6.0&nbsp;million, which
amount was received from subscribers and placed into an escrow account with PNC
Bank (the &#8220;Escrow Account&#8221;), as escrow agent for the subscribers.
Under the terms of the subscription agreements, the issuance and sale of Shares
to the subscribers (the &#8220;Closing&#8221;) must occur within 100 calendar
days of December&nbsp;29, 2008, in one or more Closings. The right of the
Fund&#8217;s manager, Bank of America Capital Advisors, LLC (the
&#8220;Manager&#8221;) to delay the subscribers&#8217; purchase of Shares for
up to 100 calendar days allows the Manager to manage the possible dilutive
effect on the Fund&#8217;s performance of new capital prior to the time it can
be invested and facilitates the ability of the Fund&#8217;s advisor to make
appropriate real estate investments that correspond with the amount of capital
raised.

<P style="font-size: 10pt" align="left">On January&nbsp;2, 2009, the Fund took
in the $6.0&nbsp;million from the Escrow Account. The Fund will issue Shares at
the per Share net asset value of the Fund, determined as of December&nbsp;31,
2008 (the end of the calendar quarter immediately preceding the Closing)
pursuant to the terms of the subscription agreements.

<P style="font-size: 10pt" align="left">The Shares are being sold in reliance
upon the exemption from registration provided by Section&nbsp;4(2) of the
Securities Act of 1933, as amended (the &#8220;Act&#8221;), and Rule&nbsp;506
of Regulation&nbsp;D promulgated thereunder, as a transaction not involving a
public offering. Each investor provided a written representation that it is an
&#8220;accredited investor&#8221; within the meaning of Rule&nbsp;501 of
Regulation&nbsp;D promulgated under the Act, and the Fund did not engage in
general solicitation.

<P style="font-size: 10pt" align="left">Affiliates of the Manager acted as
placement agents in connection with the sale of these Shares. These affiliates
will not receive a fee from the Fund for acting as placement agent and may be
compensated by the Manager or by the purchasing shareholder through payment of
a placement fee.




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<P style="font-size: 10pt" align="center"><B>SIGNATURES</B><BR>
&nbsp;

<P style="font-size: 10pt" align="left">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.


<P style="font-size: 10pt; margin-left: 48%" align="left"><FONT style="font-variant: small-caps"><B>Excelsior LaSalle Property Fund, Inc.</B>
</FONT>

<P style="font-size: 10pt; margin-left: 48%" align="left">By: <U>/s/ James D.
Bowden&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
James
D. Bowden<BR>
Chief Executive Officer<BR>
&nbsp;




<P style="font-size: 10pt" align="left">Date: January&nbsp;2, 2009 <BR>
&nbsp;

<P style="font-size: 10pt" align="left">&nbsp;

<P style="font-size: 10pt" align="center">&nbsp;

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{"company-data": {"conformed-name": "EXCELSIOR LASALLE PROPERTY FUND INC", "cik": "0001314152", "assigned-sic": "6798", "irs-number": "000000000", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-51948", "film-number": "09500946"}, "business-address": {"street1": "US TRUST CO", "street2": "225 HIGH RIDGE ROAD", "city": "STAMFORD", "state": "CT", "zip": "06-6905"}, "mail-address": {"street1": "US TRUST CO", "street2": "225 HIGH RIDGE ROAD", "city": "STAMFORD", "state": "CT", "zip": "06-6905"}}
Filed by Bowne Pure Compliance
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): December 29, 2008
Excelsior LaSalle Property Fund,
Inc.
(Exact name of registrant as
specified in its charter)
Maryland
000-51948
20-1432284
(State or other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
225 High Ridge
Road
Stamford, CT
06905
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number,
including area code:
(203) 352-4400
(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:
o
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o
Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 3.02. Unregistered Sales
of Equity Securities.
On December 29, 2008, Excelsior
LaSalle Property Fund, Inc. (the "Fund") accepted subscription
agreements relating to the sale by the Fund of its Class A Common Stock
("Shares") in the amount of approximately $6.0 million, which
amount was received from subscribers and placed into an escrow account with PNC
Bank (the "Escrow Account"), as escrow agent for the subscribers.
Under the terms of the subscription agreements, the issuance and sale of Shares
to the subscribers (the "Closing") must occur within 100 calendar
days of December 29, 2008, in one or more Closings. The right of the
Fund's manager, Bank of America Capital Advisors, LLC (the
"Manager") to delay the subscribers' purchase of Shares for
up to 100 calendar days allows the Manager to manage the possible dilutive
effect on the Fund's performance of new capital prior to the time it can
be invested and facilitates the ability of the Fund's advisor to make
appropriate real estate investments that correspond with the amount of capital
raised.
On January 2, 2009, the Fund took
in the $6.0 million from the Escrow Account. The Fund will issue Shares at
the per Share net asset value of the Fund, determined as of December 31,
2008 (the end of the calendar quarter immediately preceding the Closing)
pursuant to the terms of the subscription agreements.
The Shares are being sold in reliance
upon the exemption from registration provided by Section 4(2) of the
Securities Act of 1933, as amended (the "Act"), and Rule 506
of Regulation D promulgated thereunder, as a transaction not involving a
public offering. Each investor provided a written representation that it is an
"accredited investor" within the meaning of Rule 501 of
Regulation D promulgated under the Act, and the Fund did not engage in
general solicitation.
Affiliates of the Manager acted as
placement agents in connection with the sale of these Shares. These affiliates
will not receive a fee from the Fund for acting as placement agent and may be
compensated by the Manager or by the purchasing shareholder through payment of
a placement fee.
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.
Excelsior LaSalle Property Fund, Inc.
By:
/s/ James D.
Bowden
James
D. Bowden
Chief Executive Officer
Date: January 2, 2009