DREXEL BURNHAM LAMBERT REAL ESTATE ASSOCIATES III
15-15D, 2000-10-31
REAL ESTATE
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                                    FORM 15

Certification  and Notice of Termination of Registration  under Section 12(g) or
Suspension of Duty to File Reports Under Sections 13 and 13(d) of the Securities
Exchange Act

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                         Commission File Number 2-95502

          DREXEL BURNHAM LAMBERT REAL ESTATE ASSOCIATES III (Exact name
                   of registrant as specified in its charter)

                                55 Beattie Place
                                  P.O. Box 1089
                        Greenville, South Carolina 29602
                         Telephone Number (864) 239-1000
       (Address, including zip code, and telephone number, including area
               code, of registrant's principal executive offices)

                       Units of Limited Partnership Interest
              (Title of each class of securities covered by this Form)

                                      None
         (Titles of all other classes of securities for which a duty to
               file reports under section 13(a) or 15(d) remains)

Please place an X in the box(es) to designate the appropriate rule provision(s)
         relied upon to terminate or suspend the duty to file reports:

                  Rule 12g-4(a)(1)(i)     (x)         Rule 12h-3(b)(1)(ii)   ( )
                  Rule 12g-4(a)(1)(ii)    ( )         Rule 12h-3(b)(2)(i)    ( )
                  Rule 12g-4(a)(2)(i)     ( )         Rule 12h-3(b)(2)(ii)   ( )
                  Rule 12g-4(a)(2)(ii)    ( )         Rule 15d-6             ( )
                  Rule 12h-3(b)(1)(i)     ( )

 Approximate number of holders of record as of the certification or notice date:
                                      None
Pursuant  to the  requirements  of the  Securities  Exchange  Act of 1934 Drexel
Burnham Lambert Real Estate Associates III has caused this  certification/notice
to be signed on its behalf by the undersigned duly authorized person.

                              DREXEL BURNHAM LAMBERT REAL ESTATE ASSOCIATES III

                              BY:   DBL Properties Corporation
                                    Its General Partner

DATE:                         BY:   /s/Patrick J. Foye
                                    Patrick J. Foye
                                    Executive Vice President

Instruction:  This  form is  required  by Rules  12g-4,  12h-3  and 15d-6 of the
General Rules and  Regulations  under the  Securities  Exchange Act of 1934. The
registrant  shall file with the Commission three copies of Form 15, one of which
shall be manually signed.  It may be signed by an officer of the registrant,  by
counsel or by any other duly authorized person. The name and title of the person
signing the form shall be typed under the signature.



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