SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549

FORM 10-K

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF 
THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 1996

OR
   
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Commission file number 0-19180

Exact name of registrant as specified in its charter: 
T. ROWE PRICE RENAISSANCE FUND, LTD., A SALES-COMMISSION-FREE
REAL ESTATE INVESTMENT

State or other jurisdiction of incorporation or organization:
Maryland         

IRS Employer Identification Number:  52-1657028      
                                       
Address of principal executive offices: 
100 East Pratt Street, Baltimore, Maryland 21202  

Registrant's telephone number: 1-800-638-5660       

Securities registered pursuant to Section 12(b) of the Act:  NONE 

Securities registered pursuant to Section 12(g) of the Act: 
Shares of Common Stock

Indicate by check mark whether the Registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
and (2) has been subject to such filing requirements for the past
90 days.           Yes   X               No     

Indicate by check mark if disclosure of delinquent filers
pursuant to Item 405 of Regulation S-K is not contained herein,
and will not be contained, to the best of registrant's knowledge,
in definitive proxy or information statements incorporated by
reference in Part III of this Form 10-K or any amendment to this
Form 10-K [X]

Shares of common stock outstanding as of March 16, 1997:   
1,607,757.  The aggregate sales price of these shares was
$20,060,906.  This does not reflect market value.  Although it is
possible that a current market for these shares will develop, no
such market currently exists.

                            DOCUMENTS INCORPORATED BY REFERENCE

Portions of the Prospectus of the Registrant dated November 1,
1989, filed with the Commission pursuant to Rule 424(b) under the
Securities Act of 1933 are incorporated herein in Parts I, II,
III, and IV by reference.

Index to Exhibits is located on page 19.













































                           T. ROWE PRICE RENAISSANCE FUND, LTD.,
                      A SALES-COMMISSION-FREE REAL ESTATE INVESTMENT


                                           INDEX

                                                         Page

PART I.

          Item 1.                   Business                  4
          Item 2.                   Properties                8
          Item 3.                   Legal Proceedings                   9
          Item 4.                   Submission of Matters to a Vot      9
                                        of Security Holders                  


PART II.

          Item 5.                  Market for Registrant's Common Equity and  9
                                       Related Stockholder Matters
     Item 6.   Selected Financial Data                                  10
          Item 7.             Management's Discussion and Analysis of    11
                                   Financial Condition and Results of 
                                   Operations                 
          Item 8.              Financial Statements and Supplementary Data  15
          Item 9.                Changes in and Disagreements with          16
                                      Accountants on Accounting and Financial 
                                      Disclosure


PART III.

 Item 10. Directors and Executive Officers of the                  16
                Corporation                                              
 Item 11. Executive Compensation                                   18
 Item 12. Security Ownership of Certain Beneficial                 18
                 Owners and Management
 Item 13. Certain Relationships and Related Transactions           18


PART IV.

 Item 14. Exhibits, Financial Statement Schedules,                 19
               and Reports on Form 8-K                                  








                                          PART I

Item 1.  Business

T. Rowe Price Renaissance Fund, Ltd., A Sales-Commission-Free
Real Estate Investment (the "Corporation"), was formed on June
14, 1989, under the General Corporation Law of the State of
Maryland for the primary purpose of investing in quality income-
producing properties that its
adviser believes are priced below
their intrinsic worth.  On November 1, 1989, the Corporation
commenced an offering of $25,000,000 of Shares of Common Stock
($12.50 per Share) pursuant to a Registration Statement on Form
S-11 under the Securities Act of 1933 (Registration No. 33-29400)
(the "Registration Statement").  The Prospectus filed pursuant to
Rule 424(b) under the Securities Act of 1933 (the "Prospectus")
sets forth a complete description of the business of the
Corporation in the sections entitled "Investment Objectives" and
"Fund Policies" on pages 19 - 29 of the Prospectus,  which pages
are incorporated by reference herein.  The gross proceeds from
the initial public offering totaled $16,510,000, including
$200,000 invested by T. Rowe Price Real Estate Group, Inc. in
connection with the original capitalization of the Corporation. 
The initial public offering terminated on April 30, 1990, and
additional Shares will be sold, if at all, only in connection
with the Corporation's reinvestment plan.  As of February 1,
1997,$5,257,329 additional Shares had been sold under the
Corporation's reinvestment plan.  There were 2,606 stockholders
as of February 1, 1997.  

In December of 1991, LaSalle Advisors Limited Partnership
("LaSalle") entered into a contract with the Corporation to
perform day-to-day management and real estate advisory services
for the Corporation under the supervision of Corporate management
and its Affiliates.  LaSalle's duties under the contract include
acquisition, disposition, and asset management services,
including record-keeping, contracting with tenants and service
providers, and preparation of financial statements and other
reports for management use.  Management of the Corporation
continues to be responsible for overall supervision and
administration of the Corporation's operations, including setting
policies and making all acquisition and disposition decisions. 
T. Rowe Price Real Estate Group, Inc. ("Real Estate Group")
continues to provide administrative, advisory, and oversight
services to the Corporation.

Annual compensation to LaSalle from the Corporation consists of a
fee of .50% of the "fair market value" of the Corporation's
assets, plus reimbursement of accountable expenses, which are
subject to a fixed maximum amount per year.  Annual compensation
to the Real Estate Group is .45% of the "fair market value" of
the Corporation's assets, plus reimbursement of accountable
expenses which are subject to a fixed maximum amount per year. 
Under the Corporation's contracts with LaSalle and Real Estate
Group, payment of these fees is subject to expense limitations
adopted by the Corporation pursuant to Guidelines promulgated by
the North American Securities Administration Association
("NASAA"). 

Any Disposition Fees payable by the Corporation will be paid 25%
to LaSalle and 75% to Real Estate Group; the aggregate
Disposition Fee to be paid by the Corporation will remain
constant.  Payment of acquisition and disposition fees is also
contractually  subject to limitations pursuant to the NASAA
Guidelines.

In 1994, the Corporation owned interests in four properties:
Valley Business Center, Buckley Square, Post Oak Place, and
Gatehall I, and each of these investments accounted for 15% or
more of the Corporation's revenue.  In June of 1995, the
Corporation acquired Buschwood III, and in that year Valley
Business Center, Buckley Square and Gatehall I each accounted for
15% or more of the Corporation's revenue.  In 1996, each property
except Post Oak Place accounted for more than 15% of the
Corporation's revenue.  In 1994 and 1995 no tenant accounted for
10% or more of the Corporation's revenues.  In 1996 only one
tenant, Liberty Mutual at Buschwood III, produced more than 10%
of the Corporation's revenue related to real estate activity,
producing 10.1% of such revenue.  

The Corporation has received unsolicited offers to purchase one
or more of its properties, and is pursuing some of these offers.

Information regarding the properties or interests therein owned
by the Corporation is set forth in Schedule III to this report,
"Consolidated Real Estate and Accumulated Depreciation," which
contains information as to acquisition date and total cost of
each of the properties, and is hereby incorporated by reference
herein, and in Exhibit 99(b) to this report, "Real Estate
Investment," which is hereby incorporated by reference herein and
contains information regarding the size of these properties
and/or interests, and percentage leased as of December 31, 1996. 
A brief narrative description of each property or investment
therein which the Corporation has acquired is as follows.

Valley Business Center

The Corporation owns a 100% interest in the Valley Business
Center which is located in the southwest market sector very close
to the border of the central industrial market in downtown
Denver, Colorado.  It contains 202,000 square feet of space. 
This site consists of five free-standing buildings which are a
hybrid of R&D and traditional distribution warehouse space set on
9.3 acres of land.

At year-end 1996, this property was 87% leased versus 94% twelve
months earlier.  Although there were three new leases totaling
12,124 square feet or 6% of the property signed during the year,
the loss of two tenants, the largest of which vacated at the end
of the year, caused occupancy to decline.  A lease for part of
the vacant space was signed after year-end, resulting in
occupancy increasing to 96% as of the beginning of 1997. In 1997,
leases covering 43,627 square feet, or 22% of the property
expire.

The combined southwest and central Denver submarkets contain
approximately 36.7 million square feet.  Although vacancy in this
area increased from approximately 2% to 3% over the past twelve
months, the results were due to frictional vacancy and not market
deterioration.  Market rates averaged a net effective rent of
$5.00 to $6.00 per square foot for Class A buildings such as
Valley Business Center.  This was approximately 9% higher than
the 1995 levels.

There are a number of tenants looking for between 15,000 and
20,000 square feet with dock-high loading, and  the low vacancy
is encouraging speculative construction.  However, the lack of
available industrial parcels in the submarket is limiting the
number of projects.  Thus, only one 150,000 square foot building
is under construction in the submarket.  Consequently, Valley
Business Center should continue to remain one of the newer and
higher quality projects in the two submarkets for the foreseeable
future.

Post Oak Place

The Corporation owns a 100% interest in 4615 Post Oak Place,
located in the Galleria/West Loop section of the Houston, Texas 
market.  It contains 57,000 square feet.  This property consists
of one two-story office building set on 2.4 acres of land. 
During 1996, the Partnership recorded a provision for value
impairment in connection with Post Oak Place of $907,000.  The
General Partner determined that this adjustment was a prudent
course of action based upon the uncertainty of the Partnership's
ability to recover the net carrying value of Post Oak Place
through future operations over a shorter anticipated holding
period and the ultimate sale of the property. 

At year-end 1996, the property was 81% leased versus 75% one year
ago.  Leasing in 1996 included four new leases representing 7,059
square feet and five renewal or expansion leases totaling 4,931
square feet.  Five tenants totaling 6,390 square feet did not
renew there leases.  One of the four new leases signed, included
a deal for 4165 square feet.  The new tenant will occupy almost
7.5% of the building. Leases covering 32% of the building's space
are scheduled to expire in 1997.   

According to published reports, Houston continued to experience
modest positive absorption citywide in 1996.  The Galleria/West
Loop submarket has the second greatest concentration of office
space in the Houston area.  It has 211 office buildings which
have a total of approximately 33 million square feet of net
rentable area.  Vacancy in the submarket declined to
approximately 15% versus 17% in 1995.  

The office market has remained very competitive for tenants over
the past year.  Quoted Class A and Class B rents have risen only
slightly.  One reason is that several buildings which were
"mothballed" when the market deteriorated, are still being
renovated and returned to the market.  In Post Oak's immediate
area, one building totaling 150,000 square feet recently
reopened.  This new competition places considerable pressure on
all of the vacant spaces and rental rates in the market.  Post
Oak Place, a Class B property, is achieving above-market rates of
between $12.50 and $13.50 per square foot.  There is no
significant speculative construction of office buildings
anticipated for 1997.

Gatehall I

The Corporation owns a 100% interest in Gatehall I, located in
the submarket of Parsippany, New Jersey, which is a major
component of the Morris County marketplace.  It contains
approximately 112,000 square feet.  This property consists of one
four-story office building set on approximately 9.7 acres of
land.

At year-end 1996, the property was 82% leased versus 71% one year
ago.  Four new leases totaling 31,073 square feet were signed. 
In addition, one renewal and five expansion leases representing
12,406 square feet were signed during the year.  Despite two
tenants that did not renew and one whose lease was terminated for
credit reasons, occupancy increased 11% during the year.

The Parsippany submarket is comprised of approximately 10 million
square feet of office space.  The vacancy rate for all classes of
space is approximately 15% versus 16% last year.  The shortage of
Class A space available is expected to continue to tighten the
Class B vacancy rates in properties such as Gatehall I.  Although
there is not any new speculative space being built in the market,
new build-to-suits like the 450,000 square foot, four building
Florham Park project are expected to start appearing. Gross
rental rates for Class A space are approximately $25.15 per
square foot while the Class B rates are up slightly over the
prior year to approximately $17.65 per square foot.  One
continuing issue which could have a negative impact on occupancy
and rental rates in the market is the reduction of employees by
AT&T, which currently leases a significant amount of space in the
area. The effect of this reduction is still not determinable at
this time.

Buschwood III

The Corporation owns a 100% interest in Buschwood III, located in
the suburban submarket of Carrollwood, Florida near Tampa. 
Purchased in June 1995,  this two-story office building contains
approximately 77,000 square feet and is set on approximately 7.6
acres of land.

The asset has remained 100% leased since it was purchased.  Three
leases totaling 12% of the building expire in 1997.  The tenants'
interest and intent will not be known until later in 1997, but
there is a reasonable possibility that all will renew their
leases.  In addition, during the first quarter of 1997 the energy
management system at the property is scheduled for replacement,
at estimated costs of between $50,000 and $100,000. 

The Carrollwood Class A submarket in which Buschwood III competes
comprises approximately 692,000 square feet.  The vacancy rate
for the submarket is approximately 11% versus 14% at the prior
year end.  Gross rental rates for Class A space range between
$13.25 and $15.00 per square foot.  At this time, plans have been
made for the building of a 40,000 square foot speculative
development in the subjects submarket.  In 1997 approximately two
million square feet of build-to-suit projects are scheduled to be
built within the Tampa Bay, St. Petersburg markets. 

Employees

The Corporation has no employees.  Reference is made to Item 9
for the identity of the Corporation's officers.  The
Corporation's investment adviser, LaSalle, the Corporation's
investment manager, Real Estate Group, and their affiliates and
independent contractors perform services on behalf of the
Corporation in connection with administering the affairs of the
Corporation and acquiring and operating properties for the
Corporation.  LaSalle and Real Estate Group and their affiliates
receive compensation in connection with such activities, as
described above.  Compensation to the Corporation's investment
manager and its affiliates, and the terms of transactions between
the Corporation and the investment manager and its affiliates are
set forth in Items 10 and 12, below, to which reference is made
for a description of those terms and the transactions involved.

Item 2.  Properties

The Corporation owns the properties referred to under Item 1,
above, to which reference is made for the name, location and
description of such property.





Item 3.  Legal Proceedings

The Corporation is not aware of any material pending legal
proceedings against it, nor did any proceedings terminate during
the period ended December 31, 1996.

Item 4.  Submission of Matters to a Vote of Security Holders

None.

                                         PART II

Item 5.  Market for the Registrant's Common Equity and Related
Stockholder Matters

On February 1, 1997, there were 2,606 record holders.  Although
the Corporation's shares of common stock are fully transferable,
there is no active public market for the shares, and it is not
anticipated that a public market for the shares will develop.

The Corporation has a Reinvestment Plan through which
stockholders may elect to have their dividends automatically
reinvested in additional shares, or fractions thereof, instead of
receiving cash payments. The per-share price under the plan was
initially set at $12.50 per share in 1990. The Board of Directors
determines the value of the shares to be sold pursuant to the
plan on at least an annual basis, based on its good faith
estimate of the amount stockholders would receive if the
Corporation's real estate investments were sold for their
estimated values and if such proceeds, together with the other
assets of the Corporation, were distributed in a liquidation of
the Corporation.   The Board has determined the per-share value
to be $12.45 for reinvestments in 1997 (subject to adjustment in
the case of any material changes).  Historical activity in the
Reinvestment Plan is discussed in the "Liquidity and Capital
Resources" section of "Management's Discussion and Analysis of
Financial Condition and Results of Operations" section of this
report, below, which section is hereby incorporated by reference
herein.  The plan may be terminated at any time.

The Corporation also has a Liquidity Enhancement Plan, which
provides stockholders with the opportunity to present some or all
of their shares to the Corporation for repurchase, and to have
those shares repurchased if the Corporation has sufficient
proceeds from the Reinvestment Plan available for this purpose.
The Liquidity Enhancement Plan was implemented in the second
quarter of 1992.  Under the Plan, the repurchase price per share
is 90% of the fair market value ($11.21 in 1997).  Completed
repurchase requests must be received in good order by the
Corporation at least 30 days prior to the end of a quarter for
the shares to qualify for repurchase at the end of that quarter. 
Historical activity in the Liquidity Enhancement Plan is
discussed in the "Liquidity and Capital Resources" section of
"Management's Discussion and Analysis and Results of Operations"
in this report, below, which section is hereby incorporated by
reference herein.  The Corporation may terminate the Plan at any
time.

The Corporation intends to pay dividends on a quarterly basis,
payable within 45 days after the end of each calendar quarter, to
stockholders of record on the record date or dates declared for
such quarter as determined by the Board of Directors.  The
Corporation intends to pay dividends each year to stockholders in
an amount at least equal to 100% of its taxable income in order
to continue to qualify as a real estate investment trust in
accordance with the Internal Revenue Code of 1986, as amended,
and to avoid the payment of federal income tax at the corporate
level.  Quarterly dividends declared during the past two years
were: $.18 for each of the first three quarters of 1995, $.05 for
the fourth quarter of 1995, $.15 for each of the first three
quarters of 1996, and $.99 for the fourth quarter of 1996. 
Dividends declared for the first three quarters of 1995 and 1996
were based on estimates of cash flows and net income for tax
purposes made at the beginning of each year.  Fourth quarter
dividends were declared in order to set the total dividends paid
for each year equal to 100% of taxable income.  The dividend for
the fourth quarter of 1996 included a capital gain dividend of
$.912.

Item 6.  Selected Financial Data

The following table sets forth a summary of the selected
financial data for the Corporation.


                                 Years Ended December 31
                     (Dollars in thousands except per-share amounts)

                                    1996      1995      1994

Total Assets at year end          $22,980   $28,036   $22,472

Debt at year end                $ 4,106   $ 8,976   $ 3,522

Revenues                      $ 5,320   $ 4,878   $ 3,364

Net Income                      $ 1,145   $   678   $   860

Net Income per share      $   .75   $   .45   $   .58

Dividends declared                          
  per share                    $  1.44   $   .59   $   .64

                                            
                                            
                                            
                                 Years Ended December 31
                     (Dollars in thousands except per-share amounts)

                                          1993      1992

Total Assets at year end          $20,696   $20,716
Debt at year end                    $ 2,100   $ 2,100
Revenues                             $ 2,507   $ 2,761
Net Income                          $   490   $   940
Net Income Per Share              $   .34   $   .65

Dividends declared                          
    per share                       $   .68   $   .56


NOTES:

1.  The above financial data should be read in conjunction with
the financial statements and the related notes appearing
elsewhere in this report.

2.  The figure above for Net income in 1996 includes a provision
for value impairment of $907 at Post Oak Place, and a gain from
the sale of Buckley Square (net of minority interest) of $1,368.

3.  The figure above for Net Income per share in 1996 includes
$.59 per share attributable to the provision for value impairment
discussed at Note 2 above, and $.89 per share attributable to the
gain on sale discussed at Note 2 above.

4.  All of the foregoing dividends were paid from cash flows
from operating activities with the exception of the dividends for
1996, which included $.912 per share from the taxable gain on the
sale of Buckley Square.

Item 7.  Management's Discussion and Analysis of Financial
Condition and Results of Operations

Liquidity and Capital Resources

The Corporation sold 1,306,559 shares in connection with the
public offering of shares in 1990, for a total of $16,310,000,
including the purchase of 16,000 shares for $200,000 by T. Rowe
Price Real Estate Group, Inc.  After deduction of organizational
and offering costs of $976,000, the Corporation had $15,534,000
available for investment and capital reserves.
    
Additional shares have been and will continue to be sold, if at
all, only in connection with the Corporation's reinvestment plan.
Additional capital in the amount of $5,257,329 was raised from
dividend distributions reinvested through February 1, 1997, and
420,290 additional shares were issued in connection therewith.
The amount of additional capital to be raised from this source in
the future will depend on the size of the Corporation's dividends
per share and the number of shares in the Reinvestment Plan at
any given time. There are no organizational or offering expenses
associated with or deducted from such proceeds. This capital has
been and will be used, to the extent necessary, to repurchase
shares in connection with the Corporation's Liquidity Enhancement
Plan; the balance will be available for investment in or
improvements to real estate, including the repayment of debt. As
of February 1, 1997, 135,092 shares had been repurchased under
the Liquidity Enhancement Plan for a total of $1,511,000.

In 1996, the Corporation sold Buckley Square and received net
proceeds after deduction of minority interest of $6,189,000.  The
net book value of the Corporation's interest at the date of sale
was $4,821,000.  As of December 31, 1996, the Corporation held
four properties for a total investment in real estate, before
deduction of accumulated depreciation and amortization, of
$21,683,000, representing initial acquisition costs and
subsequent improvements.  This figure also includes an adjustment
of $907,000 for a valuation impairment at Post Oak Place in 1996. 
The Corporation recognized this impairment based on management's
belief that the Corporation may be unable to recover the net
carrying value of this property through future operations and
sale.

Initial acquisition costs were partially funded by a $2.1 million
loan secured by Valley Business Center, bearing interest at
9.875% per annum, all due and payable in 1997 and a $1.4 million
loan secured by Gatehall I, bearing interest at a floating rate
which as of February 2, 1997, stood at 7.29% per annum, due and
payable in 1998 (subject to the Corporation's option to extend
the loan for two one-year terms), and a $5.5 million loan secured
by Buschwood III bearing interest at 8.5% per annum.  In February
1996, the Corporation made an optional $200,000 payment on the
latter, reducing the principal balance to $6.7 million.  In
addition, in 1996, the Corporation repaid a portion of this loan
using proceeds from the Buckley Square disposition, leaving a
loan balance of $2 million.  

For 1996, the ratio of revenue produced by the Corporation's
properties to total debt service under these loans is
approximately 7 to 1.  Based on the portion of debt utilized to
acquire the properties, each of Valley Business Center, Gatehall
I, and Buschwood III generated sufficient revenue in 1996 to
cover debt service related to the property and contribute to
dividends paid to the Corporation's stockholders.  Management
anticipates such a level will continue to be maintained in 1997
for Gatehall I,  Buschwood III, and Valley Business Center.  

The Corporation expects to incur capital expenditures during 1997
totaling approximately $1,200,000 for tenant improvements, lease
commissions, and other major repairs and improvements;
approximately 73% of these expenditures are dependent on the
execution of leases with new and renewing tenants.  As of
December 31, 1996, the Corporation maintained cash and cash
equivalents aggregating $2,738,000, an increase of $1,130,000
from the prior year end.  Cash from financing activities resulted
in net outflows in 1996 as compared to net inflows in 1995,
primarily as a result of the receipt of the proceeds of the
mortgage loan utilized to purchase Buschwood III in 1995 and the
repayment of a substantial portion of the loan in 1996.  Net cash
provided by operating activities remained generally unchanged
from the prior year.  Cash from investing activities increased by
$12,160,000 as a result of the purchase of Buschwood III in 1995
and the sale of Buckley Square in 1996.

The Corporation maintains cash balances to fund its operating and
investing activities including the costs of tenant improvements
and leasing commissions, costs which must be disbursed prior to
the collection of any resultant revenues.  The Corporation also
has additional borrowing capacity of $778,000 for use in
connection with tenant improvements, leasing commissions and
other capital expenditures at Gatehall I.  Management believes
that year-end cash balances, cash generated from operating
activities in 1997, and its borrowing capacity will be adequate
to fund its current operating needs. 

1996 v. 1995

The Corporation's net income of $1,145,000 for 1996 equates to
$0.75 per share compared with $678,000, or $0.45 per share, in
1995.  The increase was driven by the $1,368,000 gain on the sale
of Buckley Square.  Excluding the gain on the sale of Buckley
Square, the Corporation experienced a loss from operations of
$223,000 in 1996.  The difference between 1995 and 1996 was a
direct result of a valuation impairment of $907,000 at Post Oak
Place.

Revenues from rental income and interest resulted in total
revenues of $5,320,000 for the year compared with $4,878,000 a
year earlier.  Revenues and operating expenses, excluding the
Post Oak Place impairment, were up by comparable amounts,
$442,000 and $436,000, respectively, due primarily to the
inclusion of Buschwood III for the full year in 1996.  Increases
in operating income at Buckley Square prior to the sale, and at
Buschwood III for a full year, offset operating declines at
Gatehall I due to a lower average leased status over the year,
and at Post Oak Place due to greater depreciation and bad debt
expenses.

Leases representing 16% of the portfolio's leasable square
footage are scheduled to expire in 1997.  These leases represent
approximately 18% of the portfolio's rental income for 1996. 
This amount of potential lease turnover is normal for the types
of properties in the portfolio, which typically lease to tenants
under three to five year leases.  There are no single-tenant
properties in the Corporation's portfolio, and only one tenant,
Liberty Mutual at Buschwood III, accounted for more than 10% of
the Corporation's revenue in 1996, providing slightly in excess
of 10%.  The Corporation therefore does not expect any material
adverse effect on revenue in the event of the failure of any
single tenant in 1997.

The directors of the Corporation declared dividends of $1.44 per
share during 1996.  The gain on the sale of Buckley Square
resulted in  higher per-share dividends than last year's $0.59
per share.  Total dividends declared in 1996 were $2,201,000,
compared to $891,000 in 1995.  All of the 1995 dividends were
paid from the Corporation's cash flow.  Of the 1996 dividends,
$1,394,000 derived from the proceeds of the sale of Buckley
Square, and the balance from the Corporation's cash flow.

1995 v. 1994

The Corporation's net income of $678,000 for 1995 equated to
$0.45 per share compared with $860,000, or $0.58 per share, in
1994.  The decrease was driven by a lower leased level at Post
Oak Place (which was partially offset by lower operating
expenses), and by increased operating expenses and higher
depreciation expenses relating to charge-offs of tenant
improvements at Valley Business Center.

Rental revenue was up $1,576,000 over the prior year, with
Gatehall I contributing $1,002,000 of the total (up $349,000 over
the increase in 1994), and Buschwood III contributing $600,000. 
Gatehall I was held for only four months in 1994, versus 12
months in 1995 and Buschwood III was held for only 6 months in
1995.  Interest expense on the debt incurred to purchase Gatehall
I and Buschwood III, together with operating expenses at these
properties, offset almost completely the improvements in rental
revenue.

Other Information.

Information or statements provided by or on behalf of the
Corporation from time to time may contain certain "forward-looking 
information", including information relating to
anticipated growth in revenues or net income, anticipated
disposition of properties, anticipated expense levels, and
expectations regarding real estate market conditions.  The
cautionary statements provided below are being made pursuant to
the Private Securities Litigation Reform Act of 1995 and with the
intention of obtaining the benefits of the "safe harbor"
provisions of the Act for any such forward-looking information. 
Many of the following important factors discussed below as well
as other factors have also been discussed in the Corporation's
prior public filings.  The Corporation cautions readers that any
forward-looking information provided by or on behalf of the
Corporation is not a guarantee of future performance and that
actual results may differ materially from those in the forward-looking 
information as a result of various factors, including but
not limited to those discussed below.  Further, such forward-looking 
statements speak only as of the date on which such
statements are made, and the Corporation undertakes no obligation
to update any forward-looking statement to reflect events or
circumstances after the date on which such statement is made or
to reflect the occurrence of unanticipated events.

The Corporation's future revenues may fluctuate due to factors
such as: changes in demand for space in its properties, due to
either local conditions or general economic trends; changes in
demand by purchasers for the types of properties owned by the
Corporation, or changes in the prices prospective purchasers are
willing to pay for properties.

The Corporation's future operating results are also dependent
upon the level of operating expenses, which are subject to
fluctuation for the following or other reasons: expenses and
capital costs, including depreciation, amortization and other
non-cash charges, incurred by the Corporation to maintain its
properties and procure tenants and purchasers; assessed value of
real estate or local tax rates; and costs of environmental
remediation.

Item 8.  Financial Statements and Supplementary Data

The financial statements appearing on pages 5 through 12 of the
Corporation's 1996 Annual Report to Stockholders are incorporated
by reference in this Form 10-K Annual Report.  The report on such
financial statements of KPMG Peat Marwick LLP dated January 24,
1997, is filed as Exhibit 99(c) to this form 10-K Annual Report
and is hereby incorporated by reference herein.  Financial
Statement Schedule III, Consolidated Real Estate and Accumulated
Depreciation, is filed as Exhibit 99(b) to this Form 10-K Annual
Report, and is hereby incorporated by reference herein.  All
other schedules are omitted either because the required
information is not applicable or because the information is shown
in the financial statements or notes thereto.

Item 9.  Changes in and Disagreements with Accountants on
Accounting and Financial Disclosure

None.

                                         PART III

Item 10.  Directors and Executive Officers of the Corporation

The Directors and principal officers of the Corporation are as
follows: 

  Name                       Office With the Corporation

James S. Riepe               Chairman of the Board, President 
                             and Managing Director
Jeffrey H. Donahue           Director*
A. MacDonough Plant          Director*
Lucy B. Robins               Vice President
Mark B. Ruhe                 Vice President
Kenneth J. Rutherford        Vice President
Joseph P. Croteau            Treasurer and Principal
                             Financial Officer
Mark S. Finn                 Chief Accounting Officer for the
                             Partnership


There is no family relationship among any of the foregoing
individuals or the directors of the Fund.  All have been in their
present capacities with the Fund since its inception except for
Mr. Croteau and Mr. Rutherford.  Mr. Croteau was elected
Treasurer in 1992 and Vice President in 1996, and Mr. Rutherford
was elected a Vice President in 1994.  Mr. Finn was designated as
Chief Accounting Officer in 1996.  
 
  James S. Riepe (Born 1943) is Managing Director and Director,
T. Rowe Price Associates, Inc. ("Associates") and Director of its
Investment Services Division; President and Chairman of T. Rowe
Price Real Estate Group, Inc., (the "Investment Manager") and
each of the general partners of T. Rowe Price Realty Income Fund
I, A No-Load Limited Partnership, T. Rowe Price Realty Income
Fund II, America's Sales-Commission-Free Real Estate Limited
Partnership, T. Rowe Price Realty Income Fund III, America's
Sales-Commission-Free Real Estate Limited Partnership, and T.
Rowe Price Realty Income Fund IV, America's Sales-Commission-Free
Real Estate Limited Partnership (the "Realty Income Funds");
Chairman of six of the 42 mutual funds sponsored by Associates on
which he serves as a director or trustee; Chairman of New Age
Media Fund; Director, Rhone-Poulenc Rorer, Inc., a
pharmaceuticals company.  Mr. Riepe joined Associates in 1982.

*Messrs. Donahue and Plant are the Independent Directors of the
Corporation.                 
  Jeffrey H. Donahue (Born 1946) is Senior Vice President and
Chief Financial Officer of the Rouse Company, a full-service real
estate and development company, Columbia, Maryland, since 1993. 
From 1985 to 1993, Mr. Donahue was Vice President and Treasurer
of the Rouse Company.  Also Director, T. Rowe Price Spectrum
Fund, Inc., and New Age Media Fund, Inc.

  A. MacDonough Plant (Born 1937) is a Partner at the law firm
of Stewart, Plant & Blumenthal, Baltimore, Maryland, since 1991. 
Also Director, T. Rowe Price Spectrum Fund, Inc., and New Age
Media Fund, Inc.

  Kenneth J. Rutherford  (Born 1963) is Marketing Manager for
Associates since 1996 and Vice President of each of the general
partners of the Realty Income Funds.  Mr. Rutherford joined
Associates in 1992.  From 1992 to 1996 he was Assistant to the
Director of Associates' Investment Services Division.  From 1990
to 1992 he was a student at the Stanford Graduate School of
Business.

  Lucy B. Robins  (Born 1952) is Vice President and Associate
Legal Counsel of Associates and Vice President of the Investment
Manager and each of the general partners of the Realty Income
Funds.  Ms. Robins joined Associates in 1986.

  Mark B. Ruhe  (Born 1954) is an Asset Manager for the
Investment Manager, and Vice President of the Investment Manager
and each of the general partners of the Realty Income Funds.  Mr.
Ruhe joined Associates in 1987.

  Joseph P. Croteau  (Born 1954) is a Vice President and
Controller of Associates, and Director and Controller of each of
the general partners of the Realty Income Funds.  Mr. Croteau
joined Associates in 1987.

  Mark S. Finn (Born 1963) is Assistant Vice President of
Associates, and Chief Accounting Officer of the Realty Income
Funds and the Renaissance Fund.  Mr. Finn joined Associates in
1990.

There have been no legal proceedings during the past five years
which are material to an evaluation of the ability or integrity
of any of the aforementioned directors or officers.

No Forms 3 or 4 or amendments to Forms 3 or 4 were furnished to
the registrant for its most recent fiscal year.  Based on a
review of Forms 5's furnished to the registrant pursuant to Rule
16a-3(e) for its most recent fiscal year and written
representations pursuant to Item 405(b)(2)(i) of Regulation S-K,
none of the directors or officers of the Corporation or Real
Estate Group, nor any beneficial owner of more than 10% of the
shares of the Corporation, if any, failed to file on a timely
basis reports required by Section 16(a) of the Exchange Act
during the most recent fiscal or prior fiscal years.

Item 11.  Executive Compensation

The executive officers of the Corporation and the affiliated
director receive no current or proposed remuneration from the
Corporation.  The independent directors each receive a fee of
$5,000 per year plus $500 for each meeting of the Board of
Directors which they attend ($250 for attendance by telephone). 
For the fiscal year ended December 31, 1996, Mr. Donahue and Mr.
Plant each received a fee of $5,000, plus $2,250 for five
meetings held and attended (including one by telephone).  There
are no compensatory plans or arrangements resulting from
resignation or retirement of a director or executive officer
which require payments from or to be paid by the Corporation.

Certain officers and directors of the Corporation receive
compensation from Associates and/or its affiliates (but not from
the Corporation) for services performed for various affiliated
entities, which may include services performed for the
Corporation or the Investment Manager.  Such compensation may be
based, in part, on the performance of the Corporation. Any
portion of such compensation which may be indirectly attributable
to such performance is not material. 

Item 12.  Security Ownership of Certain Beneficial Owners and
Management

As of March 17, 1997, no Stockholder is known by the Corporation
to own beneficially more than 5% of the outstanding interests of
the Corporation.

The percentage of outstanding interests of the Corporation held
by each director is less than 1%.  A total of 16,000 shares (1%)
are owned of record by Real Estate Group, as to which Mr. Riepe
holds joint voting and investment power, but in which he
disclaims all beneficial ownership.  The percentage of
outstanding interests held by all directors and officers as a
group is 1%.  No officer or director other than Mr. Riepe
beneficially owns 1% or more of the Corporation's outstanding
common stock.

There exists no arrangement, known to the Corporation, the
operation of which may at any subsequent date result in a change
in control of the Corporation.

Item 13.  Certain Relationships and Related Transactions

Pursuant to contracts executed in 1991, the Corporation pays
advisory fees to Real Estate Group, an affiliate of the sponsor
("Investment Manager"), and LaSalle ("Investment Advisor").  The
Investment Manager provides communications, cash management,
administrative and other related services to the Corporation for
an advisory fee of .45% per year of the fair market value, as
defined, of the Corporation's assets and earned $133,000 in 1996. 
The Investment Advisor provides the Corporation with real estate
advisory, accounting and other related services for an advisory
fee of .50% per year of the fair market value, as defined, of the
Corporation's assets and earned $147,000 in 1996.  Under the
contracts, payment of each of these fees is subject to expense
limitations adopted by the Corporation pursuant to Guidelines
promulgated by the North American Securities Administrators
Association.

Under the contracts referenced above the Corporation is obligated
to pay acquisition fees for services rendered in connection with
the purchase of properties.  Such fees equal 2% of the proceeds
from sale of common stock.  The Investment Adviser received
$58,000 in connection with the acquisition of Gatehall I in 1994
and $52,500 in connection with the Buschwood III acquisition in
1995.  The Investment Manager received $23,000 in connection with
the acquisition of Gatehall I in 1994, and $52,500 in connection
with the Buschwood III acquisition in 1995.

An affiliate of the General Partner received a fee of $3,000 from
the money market mutual funds in which the Partnership made its
interim cash investments in 1996. 

The Corporation has also reimbursed the Investment Manager and
the Investment Advisor for certain defined expenses incurred in
operating and administering the affairs of the Corporation. The
Investment Manager received $40,000 in expense reimbursement in
1996.  The Investment Advisor received $30,000 in expense
reimbursements in 1996. 

Item 14.  Exhibits, Financial Statement Schedules, and Reports on
Form 8-K

(a)    The following documents are filed as part of this report:

   (1) Financial Statements:

Incorporated by reference from the indicated pages of the
Partnership's 1996 Annual Report to Stockholders:

                                            PAGES IN 
                                            ANNUAL REPORT

   Consolidated Balance Sheets at               5
       December 31, 1996 and 1995

   Consolidated Statements of Operations        6
       for each of the three years in the 
       period ended December 31, 1996                
   Consolidated Statements of Stockholders'     7
       Equity for each of the three years 
       in the period ended December 31, 1996

   Consolidated Statements of Cash Flows        8
       for each of the three years in the 
       period ended December 31, 1996         

   Notes to Consolidated Financial Statements  9-12


Independent Auditors' Report - Incorporated by reference from
Exhibit 99(c) hereof.

   (2) Financial Statement Schedules:

       III - Consolidated Real Estate and Accumulated
       Depreciation, incorporated by reference to Exhibit 99(b)
       hereof.

       All other schedules are omitted because they are not
       applicable or the required information is presented in
       the financial statements and notes hereto.
   


         (3)                            Exhibits

                   3,4.  (a)  Articles of Amendment of the Corporation,
                              as filed on June 30, 1994, incorporated by
                              reference to Exhibit 3,4(a) to Registrant's
                              Report on Form 10-K for the year ended
                              December 31, 1994 ("the 1994 10-K"). 

                    (b)  Second Amended and Restated By-Laws of  the  
                    Corporation, as amended as of April 26, 1994,
                    incorporated by reference to Exhibit 3,4(b) to
                    the 1994 10-K.

                 10.     (a)  Advisory Agreement by and between the
                              Corporation and LaSalle Advisors Limited
                              Partnership dated as of July 15, 1991,
                              incorporated by reference to Exhibit 10(a) to
                              Registrant's Report on Form 10-K for the year
                              ended December 31, 1991 (the "1991 10-K")

                    (b)  Agreement of General Partnership of Buckley
                         Square Associates, incorporated by reference
                         to Exhibit 10(e) to the 1991 10-K.

                    (c)       Purchase and Sale Agreement between 
                    Aetna Life Insurance Company as  Seller and the
            Corporation as Purchaser, dated August 19,                 
            1994, relating to Gatehall I, incorporated by
            reference to Exhibit 10(d) to the 1994 10-K.

                    (d)  Loan Agreement between Harris Trust and
                    Savings Bank and the Corporation, dated June
                    27, 1995, relating to the loan secured by
                    Gatehall I and Buschwood III, incorporated by
                    reference to Exhibit 10(d) to Registrant's
                    Report on Form 10-K for the year ended
                    December 31, 1995 ("the 1995 10-K").

                    (e)Purchase and Sale Agreement between
                    CrossLand Federal Savings Bank as Seller and
                    LaSalle Advisors Limited as Purchaser, dated
                    April 26, 1995, relating to Buschwood III,
                    incorporated by reference to Exhibit 10(e) to
                    the 1995 10-K. 

                    (f) Assignment of Purchase and Sale Agreement
                    from LaSalle Advisors Limited to the
                    Corporation, dated June 29, 1995, relating to
                    Buschwood III, incorporated by reference to
                    Exhibit 10(f) to the 1995 10-K.

                    (g) Real Estate Sale Agreement between Pacific
                    Retail Trust as Purchaser and Buckley Square
                    Associates as Seller, dated September 4, 1996,
                    relating to the sale of Buckley Square.

                 13.     Annual Report for the year ended December 31,
                         1996, distributed to stockholders on or about
                         February 28, 1997, furnished for the
                         information of the Commission.

                 24.     Accountants' Consent of KPMG Peat Marwick LLP

                 99.     (a) Pages 7-9, 19-29, 34, and 55-56 of the
                         Prospectus.

                    (b)  Financial Statement Schedule III -
                         Consolidated Real Estate and Accumulated
                         Depreciation.

                    (c) Report of KPMG Peat Marwick LLP dated 
                    January 24, 1997 regarding the financial
                    statements of the Corporation.

         (b)     Reports on Form 8-K

            The following reports on Form 8-K were filed for the last
            quarter of the period covered by this report. - None.




                                        SIGNATURES


Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned,
thereunto duly authorized:

Dated:   March 27, 1997      T. ROWE PRICE RENAISSANCE FUND,
                             LTD., A SALES-COMMISSION-FREE REAL
                             ESTATE INVESTMENT



                             By:    
                                 /s/James S. Riepe               
                                James S. Riepe, 
                                President


Pursuant to the requirements of the Securities Exchange Act of
1934, this report has been signed below by the following persons
on behalf of the registrant and in the capacities and on the
dates indicated:




/s/James S. Riepe               Date:  March 27, 1997 
James S. Riepe, President, 
Director, Chairman of the Board,
and Principal Executive Officer, 
T. Rowe Price Renaissance Fund, 
Ltd., A Sales-Commission-Free 
Real Estate Investment


/s/Jeffrey H. Donahue           Date:  March 27, 1997
Jeffrey H. Donahue,
Director, T. Rowe Price 
Renaissance Fund, Ltd., A 
Sales-Commission-Free
Real Estate Investment



/s/A. MacDonough Plant          Date:  March 27, 1997            
A. MacDonough Plant,
Director, T. Rowe Price 
Renaissance Fund, Ltd., A 
Sales-Commission-Free
Real Estate Investment





/s/Joseph P. Croteau            Date:  March 27, 1997            
Joseph P. Croteau, 
Principal Financial Officer, 
T. Rowe Price Renaissance Fund, 
Ltd., A Sales-Commission-Free 
Real Estate Investment




/s/Mark S. Finn                 Date:  March 27, 1997
Mark S. Finn
Chief Accounting Officer
T. Rowe Price Renaissance Fund, 
Ltd., A Sales-Commission-Free
Real Estate Investment<PAGE>