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| FORM 4 | UNITED STATES SECURITIES AND EXCHANGE COMMISSION
+--------+ WASHINGTON, D.C. 20549
[_] Check this box if
no longer subject STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
to Section 16.
Form 4 or Form 5 Filed pursuant to Section 16(a) of the Securities
obligations may Exchange Act of 1934, Section 17(a) of the
continue. See Public Utility Holding Company Act of 1935 or
Instruction 1(b). Section 30(f) of the Investment Company Act of 1940
(Print or Type Responses)
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1. Name and Address of Reporting Person*
Taubman, Robert S.
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(Last) (First) (Middle)
200 East Long Lake Road
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(Street)
Bloomfield Hills, Michigan 48303
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(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol Taubman Centers, Inc. - TCO
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3. IRS or Social Security Number of Reporting Person (Voluntary)
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4. Statement for Month/Year 12/98
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5. If Amendment, Date of Original (Month/Year)
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6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
[XX] Director [XX] Officer [ ] 10% Owner [ ] Other
(give title below) (Specify below)
President & Chief Executive Officer
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7. Individual or Joint/Group Filing (Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
TABLE I--NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
<TABLE>
<CAPTION>
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1. Title of Security 2. Trans- 3. Trans- 4. Securities Acquired (A) 5. Amount of 6. Owner- 7. Nature
(Instr. 3) action action or Disposed of (D) Securities ship of In-
Date Code (Instr. 3, 4 and 5) Beneficially Form: direct
(Month/ (Instr. 8) Owned at Direct Bene-
Day/ ----------------------------------------------- End of (D) or ficial
Year) Month Indirect Owner-
Code V Amount (A) or Price (Instr. 3 and 4) (I) ship
(D) (Instr. 4) (Instr. 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction
4(b)(v).
(Over)
SEC 1474 (7-96)
<PAGE>
FORM 4 (continued)
TABLE II--DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
(e.g., puts, calls, warrants, options, convertible securities)
<TABLE>
<CAPTION>
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1. Title of Derivative 2. Conver- 3. Trans- 4. Transac- 5. Number of Deriv-
Security (Instr. 3) sion or action tion Code ative Securities
Exercise Date (Instr. 8) Acquired (A) or
Price of (Month/ Disposed of (D)
Deriv- Day/ (Instr. 3, 4 and 5)
ative Year)
Security
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Code V (A) (D)
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<S> <C> <C> <C> <C> <C> <C>
Unit of
Partnership Interest (1) 12/11/98 P 445,191
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</TABLE>
TABLE II--DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
(e.g., puts, calls, warrants, options, convertible securities)--CONTINUED
<TABLE>
<CAPTION>
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6. Date Exer- 7. Title and Amount of 8. Price 9. Number 10. Owner- 11. Na-
cisable and Underlying Securities of of Deriv- ship ture
Expiration (Instr. 3 and 4) Deriv- ative Form of In-
Date ative Secur- of De- direct
(Month/Day/ Secur- ities rivative Bene-
Year) ity Bene- Secu- ficial
(Instr. 5) ficially rity: Owner-
-------------------------------------------- Owned Direct ship
Date Expira- Amount or at End (D) or (Instr.
Exer- tion Title Number of of Indi- 4)
cisable Date Shares Month rect (1)
(Instr. 4) (Instr. 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
(1) (1) Common Stock 445,191 $13.48 445,191 (2) I (3)
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</TABLE>
Explanation of Responses:
(1) Under Taubman Centers, Inc.'s (the "Company") continuous offer to certain
partners (a "Unit") in The Taubman Realty Group Limited Partnership ("TRG"),
of which the Company is the Managing General Partner, each Unit of
Partnership Interest in TRG held by such offerees is exchangeable for one
share of the Company's Common Stock.
(2) Excludes:
(i) 5,925 TRG Units owned by Robert S. Taubman;
(ii) 3,160,128 TRG Units subject to vested but unexercised incentive
options owned by Robert S. Taubman;
(iii) 83,151.65 Notional TRG Units acquired by Robert S. Taubman pursuant
to the Taubman Company Long-Term Compensation Plan as of March 15,
1998;
(iv) 547,945 TRG Units owned by a limited liability company in which
Robert S. Taubman is a member;
(v) 17,699,879 TRG Units owned by a partnership in which Robert S.
Taubman is a partner; and
(vi) 6,327,098 TRG Units owned by a partnership in which Robert S.
Taubman owns an indirect interest.
Robert S. Taubman disclaims any interest in the TRG Units owned by
the entities referenced in this footnote beyond his pro-rata pecuniary
interest in each such entity.
(3) The TRG Units are beneficially owned by an entity in which Mr. Taubman owns
an indirect interest. Robert S. Taubman disclaims any interest in the TRG
Units beyond his pro-rata indirect pecuniary interest in the entity
beneficially owning the TRG Units.
** Intentional misstatements or omissions of facts constitute Federal Criminal
Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed.
If space is insufficient, see Instruction 6 for procedure.
Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a currently
valid OMB Number.
/s/ Robert S. Taubman 1/8/99
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**Signature of Reporting Person Date
