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

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

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

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

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<P align="center" style="font-size: 24pt"><B>Excelsior LaSalle Property Fund, Inc.<BR></B>
<FONT style="font-size: 10pt">(Exact name of registrant as specified in its charter)
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    <TD style="border-bottom: 1px solid #000000"><B>Maryland</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>000-51948</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>20-1432284</B></TD>
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<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 style="border-bottom: 1px solid #000000"><B>225 High Ridge Road<BR>Stamford, CT<BR></B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>06905</B></TD>
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    <TD>(Address of Principal Executive Offices)</TD>
    <TD>&nbsp;</TD>
    <TD>(Zip Code)</TD>
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<P align="center" style="font-size: 10pt">Registrant&#146;s telephone number, including area code: <B>(203) 352-4400</B>


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    <TD nowrap>(Former name or former address if changed since last report.)</TD>
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<P align="left" style="font-size: 10pt">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:

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<FONT face="Wingdings">&#111;</FONT> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR><BR>
<FONT face="Wingdings">&#111;</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">&#111;</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 align="left" style="font-size: 10pt"><B>Item&nbsp;3.02. Unregistered Sales of Equity Securities.</B>


<P align="left" style="font-size: 10pt">On September&nbsp;29, 2008, Excelsior LaSalle Property Fund, Inc. (the &#147;Fund&#148;) accepted subscription agreements relating to
the sale by the Fund of its Class&nbsp;A Common Stock (&#147;Shares&#148;) in the amount of approximately $27.3&nbsp;million, which amount
was received from subscribers and placed into an escrow account with PNC Bank, as escrow agent for the subscribers.
Under the terms of the subscription agreements, the issuance and sale of Shares to the subscribers (the &#147;Closing&#148;) must
occur within 100 calendar days of September&nbsp;29, 2008, in one or more Closings. The right of the Fund&#146;s manager, Bank
of America Capital Advisors, LLC (the &#147;Manager&#148;) to delay the subscribers&#146; purchase of Shares for up to 100 calendar
days allows the Manager to manage the possible dilutive effect on the Fund&#146;s performance of new capital prior to the
time it can be invested and facilitates the ability of the Fund&#146;s advisor to make appropriate real estate investments
that correspond with the amount of capital raised.


<P align="left" style="font-size: 10pt">Each Share will be purchased at the per Share net asset value of the Fund, determined as of the end of the calendar
quarter immediately preceding the Closing (the &#147;Current Share Price&#148;). At the time of the Closing, the escrowed funds
and any interest earned thereon will be used to purchase Shares at the Current Share Price.


<P align="left" style="font-size: 10pt">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 &#147;Act&#148;), 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 &#147;accredited investor&#148;
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 align="left" style="font-size: 10pt">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 align="center" style="font-size: 10pt; display: none">2
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<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>



<P align="left" style="font-size: 10pt">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 align="left" style="margin-left:45%; font-size: 10pt"><FONT style="font-variant: SMALL-CAPS"><B>Excelsior LaSalle Property Fund, Inc.</B>
</FONT>


<P align="left" style="margin-left:45%; font-size: 10pt">By: <U><B>/</B>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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
James D. Bowden<BR>
Chief Executive Officer<BR>


<P align="left" style="font-size: 10pt">Date: September&nbsp;30, 2008


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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": "081099080"}, "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): September 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 September 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 $27.3 million, which amount
was received from subscribers and placed into an escrow account with PNC Bank, 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 September 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.
Each Share will be purchased at the per Share net asset value of the Fund, determined as of the end of the calendar
quarter immediately preceding the Closing (the "Current Share Price"). At the time of the Closing, the escrowed funds
and any interest earned thereon will be used to purchase Shares at the Current Share Price.
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: September 30, 2008