Archstone Smith Trust - Statement of Changes in Beneficial Ownership (4)

FORM 4 [ X ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES	OMB APPROVAL OMB Number: 3235-0287 Expires: January 31, 2008 Estimated average burden hours per response... 0.5
	Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940

1. Name and Address of Reporting Person * POLK JAMES H III	2. Issuer Name and Ticker or Trading Symbol ARCHSTONE SMITH TRUST [ ASN ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director                      _____ 10% Owner _____ Officer (give title below)      __ X __ Other (specify below) Trustee
(Last)          (First)          (Middle) 9200 E. PANORAMA CIRCLE, SUTIE 400	3. Date of Earliest Transaction (MM/DD/YYYY) 10/5/2007
(Street) ENGLEWOOD, CO 80112 (City)        (State)        (Zip)	4. If Amendment, Date Original Filed (MM/DD/YYYY)	6. 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
1.Title of Security (Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	3. Trans. Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Shares of Beneficial Interest	7/5/2007		G	V	170	D	$0	21312   (1)	D
Common Shares of Beneficial Intersest	10/5/2007		D		21312   (2)	D	$60.75	0	D

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	4. Trans. Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Dividend Equivalent Unit	(3)	10/5/2007		D			3376	(3)	(3)	Common Shares	3376	(3)	0	D
Option-to-Buy	$22.5938	10/5/2007		D			2500	(4)	6/16/2009	Common Shares	2500	$38.1562	0	D
Option-to-Buy	$22.5625	10/5/2007		D			3750	(5)	5/17/2010	Common Shares	3750	$38.1875	0	D
Option-to-Buy	$23.95	10/5/2007		D			5000	(6)	5/9/2011	Common Shares	5000	$36.8	0	D

Explanation of Responses:
( 1)	Direct total includes 3,999 Restricted Stock Units.
( 2)	Directly-held shares disposed of pursuant to a merger agreement between Issuer and affiliates of Tishman Speyer Real Estate Venture VII, L.P. and Lehman Brothers Holdings Inc. (the "Merger Agreement"), and cancelled in exchange for the cash merger consideration of $60.75 per share.
( 3)	Represents outstanding Dividend Equivalent Units ("DEUs") awarded under Issuer's Equity Plan for Outside Trustees. DEUs accrue on certain option and Restricted Stock Unit grants and vest at the same rate as the underlying grant. Upon settlement DEUs convert to shares of ASN common stock on a 1 to 1 basis. DEUs have no expiration date. Pursuant to the Merger Agreement all DEUs became fully vested at the time of the merger and were cancelled in exchange for a cash payment of $60.75 per unit.
( 4)	This option, which is fully vested, was cancelled pursuant to the Merger Agreement in exchange for a cash payment of $95,391, representing the difference between the exercise price of the option and the cash merger consideration of $60.75. ($38.1563 per share).
( 5)	This option, which is fully vested, was cancelled pursuant to the Merger Agreement in exchange for a cash payment of $143,203, representing the difference between the exercise price of the option and the cash merger consideration of $60.75. ($38.1875 per share).
( 6)	This option, which is fully vested, was cancelled pursuant to the Merger Agreement in exchange for a cash payment of $184,000, representing the difference between the exercise price of the option and the cash merger consideration of $60.75. ($36.80 per share).

Reporting Owners
Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
POLK JAMES H III 9200 E. PANORAMA CIRCLE SUTIE 400 ENGLEWOOD, CO 80112				Trustee

Signatures
Thomas S. Reif, Attorney-in-Fact on behalf of James H. Polk, III		10/5/2007
** Signature of Reporting Person		Date

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).
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