FORM 4
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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

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(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person *
MUELLER CHARLES E JR
 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
__X__ Officer (give title below) _____ Other (specify below)
Chief Financial Officer & EVP
(Last)
(First)
(Middle)

9200 E. PANORAMA CIRCLE, SUITE 400		 3. Date of Earliest Transaction (Month/Day/Year)
10/05/2007
(Street)

ENGLEWOOD, CO 80112
(City)
(State)
(Zip)
4. If Amendment, Date Original Filed(Month/Day/Year)
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. Transaction Date (Month/Day/Year)

2A. Deemed Execution Date, if any (Month/Day/Year)

3. Transaction 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

10/05/2007 A 39,878 (1) A $ 0 144,424D 

Common Shares of Beneficial Interest

10/05/2007 D 144,424 (2) D $60.75 0 D 

Common Shares of Beneficial Interest

10/05/2007 D 2,088 (3) D $60.75 0 I

Held in 401(k) Plan

Common Shares of Beneficial Interest

10/05/2007 D 373 (4) D $60.75 0 I

Held in Deferred Compensation Plan



Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security
(Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction 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 (Month/Day/Year)

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

Option-to-Buy

 $23.0910/05/2007 D  56,962  (5) 12/03/2012

Common Shares

56,962 $37.66 0 D 

Dividend Equivalent Units

 (6) 10/05/2007 D  520  (6)   (6)

Common Shares

520 (6) 0 D 

Explanation of Responses:
1.

Represents performance units issued under the Issuer's Special Long-Term Incentive Program, subject to three-year performance period running from 2006-2009. 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"), such units became fully vested and free of any forfeiture restrictions, and were each considered an outstanding common share for purposes of the Merger Agreement. In connection with the the merger, the units were cancelled in exchange for a cash payment of $60.75 per unit

2.

Direct total includes 8,892 common shares, the 39,878 performance units and 95,654 Restricted Stock Units, all of which were disposed of in the merger at $60.75 per share.

3.

Shares held in Issuer's 401(k) Plan, disposed of pursuant to the Merger Agreement, and cancelled in exchange for the cash merger consideration of $60.75 per share.

4.

Shares held in Issuer's Deferred Compensation Plan, disposed of pursuant to the Merger Agreement, and cancelled in exchange for the cash merger consideration of $60.75 per share.

5.

This option, which is fully vested, was cancelled pursuant to the Merger Agreement in exchange for a cash payment of $2,145,189, representing the difference between the exercise price of the option and the cash merger consideration of $60.75 ($37.66 per share).

6.

Represents outstanding Dividend Equivalent Units ("DEUs") awarded under Issuer's Long-Term Incentive Plan. 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.



Signatures

Thomas S. Reif, Attorney-in-Fact on behalf of Charles E. Mueller, Jr.

10/05/2007
** Signature of Reporting PersonDate
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