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) 04/26/2006 (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 04/26/2006   M   15,000 A $ 13.9 66,318 (1) D   Common Stock 04/26/2006   M   20,000 A $ 11.44 86,318 (1) D   Common Stock 04/26/2006   S(2)   15,000 D $ 38.95 71,318 (1) D   Common Stock 04/26/2006   S(2)   20,000 D $ 39.95 51,318 (1) D   Common Stock 04/26/2006   S(3)   12,500 D $ 38.95 62,805 (4) I By Belcher Family Living Trust Common Stock 04/26/2006   S(3)   12,500 D $ 39.95 50,305 (5) I 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)

$ 13.9

04/26/2006

M

15,000

05/24/2003(6)

05/24/2009

Common Stock

15,000

(7)

10,000

D

Employee Stock Option (right to buy)

$ 11.44

04/26/2006

M

20,000

03/08/2001(8)

03/08/2010

Common Stock

20,000

(7)

20,000

D

Employee Stock Option (right to buy)

$ 10.2

05/25/2002(9)

05/25/2008

Common Stock

500

500

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/ E. Stevenson Belcher		04/28/2006
**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 51,042 shares of restricted stock, with 20,000 shares vesting on 3/5/2007, 20,000 shares vesting on 3/5/2008, and 11,042 shares vesting on 5/18/2009. Also includes 276 shares acquired under the Issuer's Employee Stock Purchase Plan.
(2)	The sale reported in this Form 4 was pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on 2/28/2006. The shares sold in such sale were sold in connection with a broker assisted cashless exercise of options.
(3)	The sale reported in this Form 4 was pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on 2/28/2006.
(4)	Comprised or composed of 62,805 shares transferred by the reporting person to a revocable trust for the benefit of the reporting person's family.
(5)	Comprised or composed of 50,305 shares transferred by the reporting person to a revocable trust for the benefit of the reporting person's family.
(6)	The options vest in four equal annual installments beginning 5/24/2003.
(7)	The options were exercised in a broker assisted cashless exercise.
(8)	The options vested in four equal annual installments beginning 3/8/2001.
(9)	The options vested in four equal annual installments beginning 5/25/2002.

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