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 *
MORIARTY ROWLAND
   2. Issuer Name and Ticker or Trading Symbol
TRAMMELL CROW CO [TCC] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
CUBEX CORPORATION, 200 CLARENDON		 3. Date of Earliest Transaction (Month/Day/Year)
05/18/2005
(Street)

BOSTON, MA 02116		 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 05/18/2005   M   1,988 (1) A $ 0 29,949 D  
Common Stock               15,000 I By Jenny F. Moriarty TTEE FBO Rowland Moriarty Irrevocable Trust (2)
Common Stock               5,000 I By non-issuer retirement trust
Common Stock               7,313 I By Anna Harte Moriarty Trust (3)
Common Stock               7,313 I By Caroline Ames Moriarty Trust (4)
Common Stock               7,313 I By Thomas Rowland Moriarty Trust (5)

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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
Performance Units (6) 05/18/2005   A   1,988   05/18/2005   (7) Common Stock 1,988 $ 0 1,988 D  
Performance Units (6) 05/18/2005   M     1,988 05/18/2005   (7) Common Stock 1,988 $ 0 0 D  
Performance Units (6)             05/19/2004   (7) Common Stock 3,591   3,591 D  
Stock Option (right to buy) $ 9.74             05/21/2003 05/21/2010 Common Stock 9,719   9,719 D  
Stock Option (right to buy) $ 13.9             05/24/2002 05/24/2009 Common Stock 6,200   6,200 D  
Performance Units (6)             05/25/2001   (7) Common Stock 3,922   3,922 D  
Stock Option (right to buy) $ 10.2             05/25/2001 05/25/2008 Common Stock 8,772   8,772 D  
Stock Option (right to buy) $ 11.44             03/08/2000 03/08/2010 Common Stock 4,615   4,615 D  
Stock Option (right to buy) $ 17.94             03/30/1999 03/30/2009 Common Stock 3,345   3,345 D  
Stock Option (right to buy) $ 22.75             12/22/1997 12/22/2007 Common Stock 5,274   5,274 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
MORIARTY ROWLAND
CUBEX CORPORATION
200 CLARENDON
BOSTON, MA 02116		   X      

Signatures

 /s/ Rowland T. Moriarty   05/18/2005
**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) Represents settlement of Performance Units for stock as described in Footnote 7 below.
(2) These shares are held in a trust for the benefit of the reporting person's spouse who shares the reporting person's household. The reporting person disclaims beneficial ownership of these securities, and the filing of this report is not an admission that the reporting person is the beneficial owner of these securities for purposes of Section 16 or for any other purpose.
(3) These shares are held in a trust for the benefit of the reporting person's daughter who shares the reporting person's household. The reporting person disclaims beneficial ownership of these securities, and the filing of this report is not an admission that the reporting person is the beneficial owner of these securities for purposes of Section 16 or for any other purpose.
(4) These shares are held in a trust for the benefit of the reporting person's daughter who shares the reporting person's household. The reporting person disclaims beneficial ownership of these securities, and the filing of this report is not an admission that the reporting person is the beneficial owner of these securities for purposes of Section 16 or for any other purpose.
(5) These shares are held in a trust for the benefit of the reporting person's son who shares the reporting person's household. The reporting person disclaims beneficial ownership of these securities, and the filing of this report is not an admission that the reporting person is the beneficial owner of these securities for purposes of Section 16 or for any other purpose.
(6) Each performance unit may be settled for one share of common stock.
(7) The units may be settled (a) in cash or in the Issuer's common stock, (b) in a single lump sum or in annual installments of up to five years and (c) upon the reporting person's termination of employment or service, completion of a stated number of years or a date specified by the reporting person.

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