<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0603</schemaVersion>

    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001475799</cik>
        <entityName>PACE REALTY FUND II, L.L.C.</entityName>
        <issuerAddress>
            <street1>1401 SOUTH BRENTWOOD BLVD., SUITE 900</street1>
            <city>ST. LOUIS</city>
            <stateOrCountry>MO</stateOrCountry>
            <zipCode>63144</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>314-968-9898</issuerPhoneNumber>
        <jurisdictionOfInc>MISSOURI</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Limited Liability Company</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2009</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Pace</firstName>
                <lastName>Pace Equity Holdings, L.L.C.</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1401 South Brentwood Blvd., Suite 900</street1>
                <city>St. Louis</city>
                <stateOrCountry>MO</stateOrCountry>
                <zipCode>63144</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Pace Equity Holdings, L.L.C., a Missouri limited liability company, is the manager of the Issuer.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Pace</firstName>
                <lastName>Pace Realty Investors, LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1401 SOUTH BRENTWOOD BLVD., SUITE 900</street1>
                <city>ST. LOUIS</city>
                <stateOrCountry>MO</stateOrCountry>
                <zipCode>63144</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Pace Realty Investors, LLC, a Missouri limited liability company, is the manager of Pace Equity Holdings, LLC, the manager of the Issuer, and it holds a 10% membership interest in the Issuer.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Pace</firstName>
                <lastName>Pace Properties, Inc.</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1401 South Brentwood Blvd., Suite 900</street1>
                <city>St. Louis</city>
                <stateOrCountry>MO</stateOrCountry>
                <zipCode>63144</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Pace Properties, Inc., a Missouri corporation, has acted as a promoter.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Robert</firstName>
                <middleName>E.</middleName>
                <lastName>Sherwood</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1401 South Brentwood Blvd., Suite 900</street1>
                <city>St. Louis</city>
                <stateOrCountry>MO</stateOrCountry>
                <zipCode>63144</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Mr. Sherwood is a manager of Pace Realty Investors, LLC which is the manager of Pace Equity Holdings, LLC, the manager of Issuer.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Joseph</firstName>
                <middleName>P.</middleName>
                <lastName>Ciapciak</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1401 South Brentwood Blvd., Suite 900</street1>
                <city>St. Louis</city>
                <stateOrCountry>MO</stateOrCountry>
                <zipCode>63144</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Mr. Ciapciak is a manager of Pace Realty Investors, LLC which is the manager of Pace Equity Holdings, LLC, the manager of Issuer.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Denise</firstName>
                <middleName>M.</middleName>
                <lastName>Chomicki</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1401 South Brentwood Blvd., Suite 900</street1>
                <city>St. Louis</city>
                <stateOrCountry>MO</stateOrCountry>
                <zipCode>63144</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Ms. Chomicki is a manager of Pace Realty Investors, LLC which is the manager of Pace Equity Holdings, LLC, the manager of Issuer.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Richard</firstName>
                <middleName>J.</middleName>
                <lastName>Dames, Jr.</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1401 South Brentwood Blvd., Suite 900</street1>
                <city>St. Louis</city>
                <stateOrCountry>MO</stateOrCountry>
                <zipCode>63144</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Mr. Dames is a manager of Pace Realty Investors, LLC which is the manager of Pace Equity Holdings, LLC, the manager of Issuer.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Rick</firstName>
                <middleName>L.</middleName>
                <lastName>Matejka</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1401 South Brentwood Blvd., Suite 900</street1>
                <city>St. Louis</city>
                <stateOrCountry>MO</stateOrCountry>
                <zipCode>63144</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Mr. Matejka is a manager of Pace Realty Investors, LLC which is the manager of Pace Equity Holdings, LLC, the manager of Issuer.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>George</firstName>
                <middleName>F.</middleName>
                <lastName>Meyer, III</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1401 South Brentwood Blvd., Suite 900</street1>
                <city>St. Louis</city>
                <stateOrCountry>MO</stateOrCountry>
                <zipCode>63144</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Mr. Meyer is a manager of Pace Realty Investors, LLC which is the manager of Pace Equity Holdings, LLC, the manager of Issuer.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Richard</firstName>
                <middleName>M.</middleName>
                <lastName>Randall, Jr.</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1401 South Brentwood Blvd., Suite 900</street1>
                <city>St. Louis</city>
                <stateOrCountry>MO</stateOrCountry>
                <zipCode>63144</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Mr. Randall is a manager of Pace Realty Investors, LLC which is the manager of Pace Equity Holdings, LLC, the manager of Issuer.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Mark</firstName>
                <middleName>A.</middleName>
                <lastName>Sedgwick</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1401 South Brentwood Blvd., Suite 900</street1>
                <city>St. Louis</city>
                <stateOrCountry>MO</stateOrCountry>
                <zipCode>63144</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Mr. Sedgwick is a manager of Pace Realty Investors, LLC which is the manager of Pace Equity Holdings, LLC, the manager of Issuer.</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Other Investment Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <aggregateNetAssetValueRange>Decline to Disclose</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2009-10-16</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>250000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>None</recipientName>
                <recipientCRDNumber>None</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>None</street1>
                    <city>None</city>
                    <stateOrCountry>MO</stateOrCountry>
                    <zipCode>None</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>FL</state>
                    <state>IL</state>
                    <state>MO</state>
                    <state>VA</state>
                </statesOfSolicitationList>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>35000000</totalOfferingAmount>
            <totalAmountSold>11192222</totalAmountSold>
            <totalRemaining>23807778</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>40</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>PACE REALTY FUND II, L.L.C.</issuerName>
                <signatureName>/s/ Robert E. Sherwood</signatureName>
                <nameOfSigner>Robert E. Sherwood</nameOfSigner>
                <signatureTitle>Manager</signatureTitle>
                <signatureDate>2009-10-30</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
