Ownership Submission
FORM 4
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

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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(Print or Type Responses)
1. Name and Address of Reporting Person *
BELCHER E STEVENSON
   2. Issuer Name and Ticker or Trading Symbol
TRAMMELL CROW CO [TCC] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Regional Director, Global Serv
(Last)
(First)
(Middle)
2001 ROSS AVENUE, SUITE 3400		 3. Date of Earliest Transaction (Month/Day/Year)
08/18/2005
(Street)

DALLAS, TX 75201		 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
(City)
(State)
(Zip)
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 Stock 08/18/2005   M   23,656 A $ 17.5 94,974 (1) D  
Common Stock 08/18/2005   M   10,800 A $ 10.2 105,774 (1) D  
Common Stock 08/18/2005   S   34,456 (2) D $ 26.49 71,318 (1) D  
Common Stock               89,340 I (3) By Belcher Family Living Trust

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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 Underlying Securities
(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
Employee Stock Option (right to buy) $ 17.5 08/18/2005   M     23,656 11/24/1998(4) 11/24/2007 Common Stock 23,656 (5) 0 D  
Employee Stock Option (right to buy) $ 10.2 08/18/2005   M     10,800 05/25/2002(6) 05/25/2008 Common Stock 10,800 (5) 44,200 D  
Employee Stock Option (right to buy) $ 13.9             05/24/2003(7) 05/24/2009 Common Stock 40,000   40,000 D  
Employee Stock Option (right to buy) $ 11.44             03/08/2001(8) 03/08/2010 Common Stock 40,000   40,000 D  
Employee Stock Option (right to buy) $ 17.88             05/18/2002(9) 05/18/2009 Common Stock 15,000   15,000 D  
Employee Stock Option (right to buy) $ 17.44             05/05/2000(10) 05/05/2009 Common Stock 13,147   13,147 D  
Employee Stock Option (right to buy) $ 18.06             02/18/2000(11) 02/18/2009 Common Stock 6,644   6,644 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
BELCHER E STEVENSON
2001 ROSS AVENUE
SUITE 3400
DALLAS, TX 75201		       Regional Director, Global Serv  

Signatures

 /s/ J. Christopher Kirk, by power of attorney   08/22/2005
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Includes 60,000 shares of restricted stock, with 20,000 shares vesting on 3/5/2006, 20,000 shares vesting on 3/5/2007, and 20,000 shares vesting on 3/5/2008, a restricted stock award granted on 5/18/2005 of 11,042 shares vesting on 5/18/2009, and 276 shares acquired under the Issuer's Employee Stock Purchase Plan.
(2) The shares were sold by Mr. Belcher in connection with a broker assisted cashless exercise of options exercised on the same day.
(3) Comprised or composed of 89,340 shares transferred by the reporting person to a revocable trust for the benefit of the reporting person's family.
(4) The options vested in three equal annual installments beginning 11/24/1998.
(5) The options were exercised in a broker assisted cashless exercise.
(6) The options vest in four equal annual installments beginning 5/25/2002
(7) The options vest in four equal annual installments beginning 5/24/2003.
(8) The options vest in four equal annual installments beginning 3/8/2001.
(9) The options vested in three equal annual installments beginning 5/18/2002.
(10) The options vested in four equal annual installments beginning 5/5/2000.
(11) The options vested in three equal annual installments beginning 2/18/2000.

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