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<TITLE>Filed by Bowne Pure Compliance</TITLE>
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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 16, 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>
<TABLE style="font-size: 10pt; text-align: center" cellspacing="0"
cellpadding="0" width="100%" border="0">

 <TR>
  <TD width="32%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="32%">&nbsp;</TD>
 </TR>
 <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>
 </TR>

</TABLE>
<TABLE style="font-size: 10pt; text-align: center" cellspacing="0"
cellpadding="0" width="100%" border="0">

 <TR>
  <TD width="49%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="49%">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <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>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="center">Registrant&#8217;s telephone number,
including area code: <B>(203) 352-4400</B>
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cellpadding="0" width="30%" border="0">

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  <TD width="100%">&nbsp;</TD>
 </TR>
 <TR>
  <TD style="border-bottom: #000000 1px solid" nowrap><B>&nbsp;</B></TD>
 </TR>
 <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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</DIV>

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

<P style="display: none; font-size: 10pt" align="center">1
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<P style="font-size: 10pt" align="left"><B>Item&nbsp;1.01 Entry into a Material
Definitive Agreement</B>

<P style="font-size: 10pt; text-indent: 4%" align="left">On December&nbsp;16,
2008, Excelsior LaSalle Property Fund, Inc. (the &#8220;Fund&#8221;) entered
into an Expense Limitation and Reimbursement Agreement (the
&#8220;Agreement&#8221;) with Bank of America Capital Advisors LLC (the
&#8220;Manager&#8221;). The Manager serves as the Fund&#8217;s current manager
pursuant to a management agreement between the Fund and the Manager (the
&#8220;Management Agreement&#8221;).

<P style="font-size: 10pt; text-indent: 4%" align="left">The Agreement renews
the Fund&#8217;s current expense limitation agreement, which was set to expire
on December&nbsp;31, 2008. Pursuant to the terms of the Agreement, the Manager
agrees to limit certain Fund expenses to 0.75% per annum (the &#8220;Expense
Limitation&#8221;) of the Fund&#8217;s net asset value (&#8220;NAV&#8221;), as
determined in accordance with the Management Agreement. The expenses subject to
the Expense Limitation include fees paid to the various professional service
providers, auditors, stockholder administrator, legal counsel related to the
organization of the Fund or offerings of shares of the Fund, printing costs,
mailing costs, fees associated with the board of directors, cost of maintaining
directors and officers insurance, blue sky fees and all Fund-level
organizational costs (collectively, &#8220;Specified Expenses&#8221;).
Specified Expenses in excess of the Expense Limitation will be carried forward
for up to three years and may be reimbursed to the Manager in a year that
Specified Expenses are less than 0.75% of NAV, but only to the extent Specified
Expenses do not exceed the Expense Limitation. If the Agreement is terminated
by the Fund or if the Agreement terminates because the Fund terminates or fails
to renew the Management Agreement, the Fund agrees to reimburse any amount
waived, paid or absorbed by the Manager pursuant to the Agreement, for a period
not to exceed three years from the end of the fiscal year in which such expense
is incurred by the Manager, without regard to the Expense Limitation.

<P style="font-size: 10pt; text-indent: 4%" align="left">The Agreement
terminates on December&nbsp;31, 2009, unless earlier terminated by the Manager
or the Fund upon thirty days written notice to the other party, and may be
renewed by mutual agreement of the Manager and the Fund for successive one year
terms. Subject to certain exceptions, the Agreement terminates automatically
upon the termination of the Management Agreement.

<P style="font-size: 10pt; text-indent: 4%" align="left">The foregoing
description is qualified in its entirety by reference to the Agreement, a copy
of which is filed as Exhibit&nbsp;99.1 hereto and is herein incorporated by
reference.

<P style="font-size: 10pt" align="left"><B>Item&nbsp;9.01 Financial Statements
and Exhibits.</B>

<P style="font-size: 10pt" align="left">(d)&nbsp;Exhibits.
<DIV align="center">
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<DIV style="margin-left: 0px; text-indent: 0px">Exhibit&nbsp;Number </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Description</TD>
 </TR>
 <TR style="font-size: 1px">
  <TD style="border-top: #000000 1px solid" valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">&nbsp;</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD style="border-top: #000000 1px solid" valign="top"
align="left">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px"><BR>99.1 </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left"><BR>Expense Limitation and Reimbursement Agreement
by and between Excelsior LaSalle Property Fund, Inc. and Bank of America
Capital Advisors LLC, dated as of December&nbsp;16, 2008.</TD>
 </TR>
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</DIV>

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

<P style="display: none; font-size: 10pt" align="center">2
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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.
<BR>
&nbsp; <BR>
&nbsp;
<DIV align="center">
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border="0">
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  <TD width="50%">&nbsp;</TD>
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  <TD>&nbsp;</TD>
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">&nbsp;</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left"><FONT
style="font-variant: small-caps"><B>Excelsior LaSalle Property Fund,
Inc.</B></FONT></TD>
 </TR>
 <TR valign="bottom">
  <TD>&nbsp;</TD>
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px"><BR>By: </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left"><BR>/s/ James. D. Bowden</TD>
 </TR>
 <TR style="font-size: 1px">
  <TD>&nbsp;</TD>
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">&nbsp;</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD style="border-top: #000000 1px solid" valign="top"
align="left">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD>&nbsp;</TD>
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">&nbsp;</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">James D. Bowden</TD>
 </TR>
 <TR valign="bottom">
  <TD>&nbsp;</TD>
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">&nbsp;</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Chief Executive Officer</TD>
 </TR>
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</TABLE>
</DIV>&nbsp;


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border="0">
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  <TD width="4%">&nbsp;</TD>
  <TD width="3%">&nbsp;</TD>
  <TD width="30%">&nbsp;</TD>
  <TD width="63%">&nbsp;</TD>
 </TR>
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  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">Date: </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">December&nbsp;22, 2008</TD>
  <TD>&nbsp;</TD>
 </TR>
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</DIV>

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

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

<P style="display: none; font-size: 10pt" align="center">3
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<P style="font-size: 10pt" align="center"><B>Exhibit&nbsp;Index</B>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
border="0">
<!-- Begin Table Head -->

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  <TD width="9%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="86%">&nbsp;</TD>
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<!-- End Table Head -->
<!-- Begin Table Body -->
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">Exhibit&nbsp;Number </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Description</TD>
 </TR>
 <TR style="font-size: 1px">
  <TD style="border-top: #000000 1px solid" valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">&nbsp;</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD style="border-top: #000000 1px solid" valign="top"
align="left">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px"><BR>99.1 </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left"><BR>Expense Limitation and Reimbursement Agreement
by and between Excelsior LaSalle Property Fund, Inc. and Bank of America
Capital Advisors LLC, dated as of December&nbsp;16, 2008.</TD>
 </TR>
<!-- End Table Body -->

</TABLE>
</DIV>

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

<P style="display: none; font-size: 10pt" align="center">4
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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 16, 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 1.01 Entry into a Material
Definitive Agreement
On December 16,
2008, Excelsior LaSalle Property Fund, Inc. (the "Fund") entered
into an Expense Limitation and Reimbursement Agreement (the
"Agreement") with Bank of America Capital Advisors LLC (the
"Manager"). The Manager serves as the Fund's current manager
pursuant to a management agreement between the Fund and the Manager (the
"Management Agreement").
The Agreement renews
the Fund's current expense limitation agreement, which was set to expire
on December 31, 2008. Pursuant to the terms of the Agreement, the Manager
agrees to limit certain Fund expenses to 0.75% per annum (the "Expense
Limitation") of the Fund's net asset value ("NAV"), as
determined in accordance with the Management Agreement. The expenses subject to
the Expense Limitation include fees paid to the various professional service
providers, auditors, stockholder administrator, legal counsel related to the
organization of the Fund or offerings of shares of the Fund, printing costs,
mailing costs, fees associated with the board of directors, cost of maintaining
directors and officers insurance, blue sky fees and all Fund-level
organizational costs (collectively, "Specified Expenses").
Specified Expenses in excess of the Expense Limitation will be carried forward
for up to three years and may be reimbursed to the Manager in a year that
Specified Expenses are less than 0.75% of NAV, but only to the extent Specified
Expenses do not exceed the Expense Limitation. If the Agreement is terminated
by the Fund or if the Agreement terminates because the Fund terminates or fails
to renew the Management Agreement, the Fund agrees to reimburse any amount
waived, paid or absorbed by the Manager pursuant to the Agreement, for a period
not to exceed three years from the end of the fiscal year in which such expense
is incurred by the Manager, without regard to the Expense Limitation.
The Agreement
terminates on December 31, 2009, unless earlier terminated by the Manager
or the Fund upon thirty days written notice to the other party, and may be
renewed by mutual agreement of the Manager and the Fund for successive one year
terms. Subject to certain exceptions, the Agreement terminates automatically
upon the termination of the Management Agreement.
The foregoing
description is qualified in its entirety by reference to the Agreement, a copy
of which is filed as Exhibit 99.1 hereto and is herein incorporated by
reference.
Item 9.01 Financial Statements
and Exhibits.
(d) Exhibits.
Exhibit Number
Description
99.1
Expense Limitation and Reimbursement Agreement
by and between Excelsior LaSalle Property Fund, Inc. and Bank of America
Capital Advisors LLC, dated as of December 16, 2008.
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:
December 22, 2008
Exhibit Index
Exhibit Number
Description
99.1
Expense Limitation and Reimbursement Agreement
by and between Excelsior LaSalle Property Fund, Inc. and Bank of America
Capital Advisors LLC, dated as of December 16, 2008.