PAINEWEBBER GROWTH PARTNERS THREE L P
15-12G, 1998-02-13
REAL ESTATE
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                                     FORM 15
      [Adopted in Release No. 34-20784 (Paragraph 83,508), March 22, 1984,
                   effective March 30, 1984, 49 F.R., 12688.]

                    U. S. SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                     FORM 15

Certification  and Notice of Termination of Registration  under Section 12(g) of
the Securities  Exchange Act of 1934 or Suspension of Duty to File Reports Under
Sections 13 and 15 (d) of the Securities Exchange Act of 1934.

                         Commission File Number: 0-15035


                     PAINEWEBBER GROWTH PARTNERS THREE L.P.
                     --------------------------------------
             (Exact name of registrant as specified in its charter)

265  Franklin  Street,  Boston,  Massachusetts  02110       (617)  439-8118  
- ---------------------------------------------------------------------------  
(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)


<PAGE>



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)         [  x  ]

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
PaineWebber Growth Partners Three L.P. has caused this  certification/notice  to
be signed on its behalf by the undersigned duly authorized person.


DATE:  February 13, 1998            PaineWebber Growth Partners Three L.P.

                                    By:  Third PW Growth Properties, Inc.
                                         Managing General Partner

                                     By:     /s/ Walter V. Arnold
                                             --------------------
                                     Name:   Walter V. Arnold
                                     Title:  Senior Vice President
                                             and Chief Financial Officer



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