<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0708</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0002094924</cik>
        <entityName>Griffin Capital Development Partners Fund III, L.P.</entityName>
        <issuerAddress>
            <street1>GRIFFIN CAPITAL PLAZA</street1>
            <street2>266 KANSAS STREET</street2>
            <city>EL SEGUNDO</city>
            <stateOrCountry>CA</stateOrCountry>
            <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
            <zipCode>90245</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>(310) 469-6100</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2025</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Kevin</firstName>
                <middleName>A.</middleName>
                <lastName>Shields</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Griffin Capital Plaza</street1>
                <street2>266 Kansas Street</street2>
                <city>El Segundo</city>
                <stateOrCountry>CA</stateOrCountry>
                <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                <zipCode>90245</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Co-Chief Executive Officer of the General Partner of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>N/A</firstName>
                <lastName>Griffin Capital Company, LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Griffin Capital Plaza</street1>
                <street2>266 Kansas Street</street2>
                <city>El Segundo</city>
                <stateOrCountry>CA</stateOrCountry>
                <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                <zipCode>90245</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Sponsor of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>N/A</firstName>
                <lastName>GCDP III GP, LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Griffin Capital Plaza</street1>
                <street2>266 Kansas Street</street2>
                <city>El Segundo</city>
                <stateOrCountry>CA</stateOrCountry>
                <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                <zipCode>90245</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>General Partner of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Nick</firstName>
                <lastName>Rosenthal</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Griffin Capital Plaza</street1>
                <street2>266 Kansas Street</street2>
                <city>El Segundo</city>
                <stateOrCountry>CA</stateOrCountry>
                <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                <zipCode>90245</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Co-Chief Executive Officer of the General Partner of the Issuer</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Other Real Estate</industryGroupType>
        </industryGroup>
        <issuerSize>
            <revenueRange>Decline to Disclose</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06c</item>
            <item>3C</item>
            <item>3C.5</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>0002094924-26-000012</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2025-11-13</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>false</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>50000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>DFPG Investments, LLC</recipientName>
                <recipientCRDNumber>155576</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>9017 South Riverside Drive</street1>
                    <street2>Suite 210</street2>
                    <city>Sandy</city>
                    <stateOrCountry>UT</stateOrCountry>
                    <stateOrCountryDescription>UTAH</stateOrCountryDescription>
                    <zipCode>84070</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                    <state>HI</state>
                    <description>HAWAII</description>
                    <state>MT</state>
                    <description>MONTANA</description>
                    <state>NJ</state>
                    <description>NEW JERSEY</description>
                    <state>PA</state>
                    <description>PENNSYLVANIA</description>
                    <state>UT</state>
                    <description>UTAH</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Concorde Investment Services, LLC</recipientName>
                <recipientCRDNumber>151604</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>3909 Research Park Drive</street1>
                    <street2>Suite 200</street2>
                    <city>Ann Arbor</city>
                    <stateOrCountry>MI</stateOrCountry>
                    <stateOrCountryDescription>MICHIGAN</stateOrCountryDescription>
                    <zipCode>48108</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                    <state>IA</state>
                    <description>IOWA</description>
                    <state>TN</state>
                    <description>TENNESSEE</description>
                    <state>UT</state>
                    <description>UTAH</description>
                    <state>WI</state>
                    <description>WISCONSIN</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Cambridge Investment Research, Inc.</recipientName>
                <recipientCRDNumber>39543</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>4242 Six Forks Road</street1>
                    <street2>Suite 1550</street2>
                    <city>Raleigh</city>
                    <stateOrCountry>NC</stateOrCountry>
                    <stateOrCountryDescription>NORTH CAROLINA</stateOrCountryDescription>
                    <zipCode>27609</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CT</state>
                    <description>CONNECTICUT</description>
                    <state>FL</state>
                    <description>FLORIDA</description>
                    <state>IL</state>
                    <description>ILLINOIS</description>
                    <state>KY</state>
                    <description>KENTUCKY</description>
                    <state>MO</state>
                    <description>MISSOURI</description>
                    <state>NJ</state>
                    <description>NEW JERSEY</description>
                    <state>NY</state>
                    <description>NEW YORK</description>
                    <state>NC</state>
                    <description>NORTH CAROLINA</description>
                    <state>OH</state>
                    <description>OHIO</description>
                    <state>SC</state>
                    <description>SOUTH CAROLINA</description>
                    <state>VA</state>
                    <description>VIRGINIA</description>
                    <state>WI</state>
                    <description>WISCONSIN</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Ryan Finch</recipientName>
                <recipientCRDNumber>6379871</recipientCRDNumber>
                <associatedBDName>Emerson Equity LLC</associatedBDName>
                <associatedBDCRDNumber>130032</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>9250 E Costilla Avenue</street1>
                    <street2>Suite 105</street2>
                    <city>Greenwood Village</city>
                    <stateOrCountry>CO</stateOrCountry>
                    <stateOrCountryDescription>COLORADO</stateOrCountryDescription>
                    <zipCode>80112</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                    <state>CO</state>
                    <description>COLORADO</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>James Nelson</recipientName>
                <recipientCRDNumber>1931451</recipientCRDNumber>
                <associatedBDName>Realta Equities, Inc.</associatedBDName>
                <associatedBDCRDNumber>23769</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>237 E Stuart Avenue</street1>
                    <city>Lake Wales</city>
                    <stateOrCountry>FL</stateOrCountry>
                    <stateOrCountryDescription>FLORIDA</stateOrCountryDescription>
                    <zipCode>33853</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>FL</state>
                    <description>FLORIDA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Robert Annable</recipientName>
                <recipientCRDNumber>4657825</recipientCRDNumber>
                <associatedBDName>Realta Equities, Inc.</associatedBDName>
                <associatedBDCRDNumber>23769</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>16220 N Scottsdale Road</street1>
                    <street2>Suite 440</street2>
                    <city>Scottsdale</city>
                    <stateOrCountry>AZ</stateOrCountry>
                    <stateOrCountryDescription>ARIZONA</stateOrCountryDescription>
                    <zipCode>85254</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>AZ</state>
                    <description>ARIZONA</description>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                    <state>FL</state>
                    <description>FLORIDA</description>
                    <state>ID</state>
                    <description>IDAHO</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Tobin Short</recipientName>
                <recipientCRDNumber>7980874</recipientCRDNumber>
                <associatedBDName>Realta Equities, Inc.</associatedBDName>
                <associatedBDCRDNumber>23769</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>16220 N Scottsdale Road</street1>
                    <street2>Suite 440</street2>
                    <city>Scottsdale</city>
                    <stateOrCountry>AZ</stateOrCountry>
                    <stateOrCountryDescription>ARIZONA</stateOrCountryDescription>
                    <zipCode>85254</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>FL</state>
                    <description>FLORIDA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Derek Hicks</recipientName>
                <recipientCRDNumber>5444298</recipientCRDNumber>
                <associatedBDName>CliftonLarsonAllen Wealth Advisors, LLC</associatedBDName>
                <associatedBDCRDNumber>38357</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>220 S. Sixth Street</street1>
                    <street2>Suite 300</street2>
                    <city>Minnapolis</city>
                    <stateOrCountry>MN</stateOrCountry>
                    <stateOrCountryDescription>MINNESOTA</stateOrCountryDescription>
                    <zipCode>55402-4505</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>FL</state>
                    <description>FLORIDA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Jason Pueschel</recipientName>
                <recipientCRDNumber>2257351</recipientCRDNumber>
                <associatedBDName>Patrick Capital Markets, LLC</associatedBDName>
                <associatedBDCRDNumber>16518</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>11152 South Towne Square</street1>
                    <city>St. Louis</city>
                    <stateOrCountry>MO</stateOrCountry>
                    <stateOrCountryDescription>MISSOURI</stateOrCountryDescription>
                    <zipCode>63123</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>NC</state>
                    <description>NORTH CAROLINA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Rena Morris</recipientName>
                <recipientCRDNumber>4867589</recipientCRDNumber>
                <associatedBDName>Emerson Equity LLC</associatedBDName>
                <associatedBDCRDNumber>130032</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>9940 Research Drive</street1>
                    <street2>Suite 200</street2>
                    <city>Irvine</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                    <zipCode>92618</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Kelly Clyde</recipientName>
                <recipientCRDNumber>4825839</recipientCRDNumber>
                <associatedBDName>Independent Financial Group, LLC</associatedBDName>
                <associatedBDCRDNumber>7717</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>1520 N El Camino Real</street1>
                    <street2>Unit 1</street2>
                    <city>San Clemente</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                    <zipCode>92672</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Christopher Vizzi</recipientName>
                <recipientCRDNumber>5095868</recipientCRDNumber>
                <associatedBDName>Independent Financial Group, LLC</associatedBDName>
                <associatedBDCRDNumber>7717</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>1520 N El Camino Real</street1>
                    <street2>Unit 1</street2>
                    <city>San Clemente</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                    <zipCode>92672</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>100000000</totalOfferingAmount>
            <totalAmountSold>67038302</totalAmountSold>
            <totalRemaining>32961698</totalRemaining>
            <clarificationOfResponse>Regarding Item 11, the Issuer may accept smaller investments in the Issuer's sole discretion.</clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>315</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>6500000</dollarAmount>
                <isEstimate>true</isEstimate>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </findersFees>
            <clarificationOfResponse>Sales Commissions include estimates of the maximum amount of Placement Agent Fees that may be paid.</clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>1000000</dollarAmount>
                <isEstimate>true</isEstimate>
            </grossProceedsUsed>
            <clarificationOfResponse>Item 16 is an estimate of organizational and offering expenses that may accrue to one or more Related Persons.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>Griffin Capital Development Partners Fund III, L.P.</issuerName>
                <signatureName>/s/Daniel Snell</signatureName>
                <nameOfSigner>Daniel Snell</nameOfSigner>
                <signatureTitle>Chief Financial Officer of the General Partner of Issuer</signatureTitle>
                <signatureDate>2026-10-14</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
