Exhibit 10.5

[TRAMMELL CROW LETTERHEAD]

November 13, 2003

William
F. Concannon
[XXXXXXXXX]
[XXXXXXXXX]



Dear
Bill:

We
are pleased to present you with this employment letter agreement ("Agreement") which sets forth the terms upon which you will continue to be employed by Trammell Crow Company (the
"Company", or "we", or "us").

1.Employment Period.Subject to the terms and provisions of this Agreement, we
agree to
continue to employ you, and you agree to continue to be employed by us, for a period (the "Employment Period") commencing effective as of
November 13, 2003 and expiring March 31, 2006; provided, that on March 31, 2006 and on each subsequent March 31, this Agreement will automatically be extended for one
additional year unless, during the four month period beginning June 1 and ending October 1 immediately prior to the next scheduled extension, you or we will have given written notice (a
"Non-Renewal Notice") that the Employment Period will not be extended (a
"Non-Renewal").

2.Employment Terms and Conditions.



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3.Termination of Employment.



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4.Compensation Upon Termination Prior to a Change in Control and After the Second Anniversary of such Change in
Control.Prior to a Change in Control and after the second anniversary of such Change in Control, conditioned on the effectiveness of a Release and, where
indicated below, your written resignation from the Board signed by you or your legal representative, you will be entitled to the following compensation from the Company upon the termination of your
employment, which shall be in lieu of any other severance pay or employment benefits to which you might otherwise be entitled (whether contractual, under a severance plan, the WARN Act, any other
applicable law, or otherwise):



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Notwithstanding
the provisions of any plan or agreement governing such an Award, the Company will also continue to vest all of your outstanding Awards that would have otherwise vested
during the twelve (12) month period beginning on the date of termination and such Awards will continue to vest and, if applicable, be exercisable during such twelve (12) month period;
provided, however, that nothing set forth herein shall result in an extension of the term of any Award beyond the term of the Award that would be applicable absent any termination of your employment;
provided, further, however, that, in the case of a termination of your employment pursuant to thisSection 4(c), if the terms of the plan or
agreement governing such Award are more favorable to you as to vesting or exercisability than the terms of this paragraph, then the more favorable term(s) of such Award agreement or plan (in lieu of
the corresponding less favorable term(s) in this paragraph) shall govern the vesting or exercisability, as the case may be, of such Award upon your termination.
"Award" means any option to acquire common stock, restricted stock award, stock appreciation right or similar equity-based award granted under the
Trammell Crow Long-Term Incentive Plan or any other option or equity-based incentive plan sponsored by the Company. Except as described in this Section 4(c), in the event of your termination by us
without Cause or by you for Good Reason, you will forfeit all rights to any other
compensation.

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5.Compensation Upon Termination Occurring On or Within Two Years After a Change in
Control.After a Change in Control and on or before the second anniversary of such Change in Control, conditioned on the effectiveness of a Release and, where
indicated below, your resignation from the Board signed by you or your legal representative, you will be entitled to the following compensation from the Company upon termination of your employment
(including a termination resulting from the delivery of a Non-Renewal Notice by the Company or you during such two-year period), which shall be in lieu of any other severance
pay or employment benefits to which you might otherwise be entitled (whether contractual, under a severance plan, the WARN Act, any other applicable law, or otherwise):



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Notwithstanding
the provisions of any plan or agreement governing such an Award and without limitingSection 2(d), (A) the
Company will also continue to vest all of your outstanding Awards granted on or after a Change in Control that would have otherwise vested during the twelve (12) month period beginning on the
date of termination and such Awards will continue to vest and, if applicable, be exercisable during such twelve (12) month period and (B) all of your outstanding Awards that are vested
immediately prior to the date of termination shall be exercisable during the twelve (12) month period beginning on the date of termination; provided, however, that nothing set forth herein
shall result in an extension of the term of any Award beyond the term of the Award that would be applicable absent any termination of your employment; provided, further, however, that, in the case of
a termination of your employment pursuant to thisSection 5(c), if the terms of the plan or agreement governing such Award are more favorable to
you as to vesting or exercisability than the terms of this paragraph, then the more favorable term(s) of such Award agreement or plan (in lieu of the corresponding less favorable term(s) in this
paragraph) shall govern the vesting or exercisability, as the case may be, of such Award upon your termination. Except as described in this Section 5(c), in the event of your termination by us
without Cause or due to a Non-Renewal election by us or by you for Good Reason
(taking into account in each such case the definition of Change in Control), you will forfeit all rights to any other compensation.

6.Other Provisions Relating to Termination.



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7.Confidential Information.



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8.Non-Competition; Non-Solicitation.



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Notwithstanding
the foregoing, the Company agrees that you may own less than one percent of the outstanding voting securities of any publicly traded company that is a Competing Business
so long as you do not otherwise participate in such competing business in any way prohibited by this Section.



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9.Successors; Binding Agreement.



10.Miscellaneous.



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By
signing and countersigning this Agreement in the appropriate space set forth below, we and you have agreed to be bound by the terms and conditions set forth herein, effective as of
November 13, 2003.

| |  | Sincerely,                                  
| |  | --------------------------------------------
| |  | TRAMMELL CROW COMPANY,a Delaware corporation
| |  | By:                                         
| |  | Name:                                       
| |  | Title:                                      
| |  | Address:                                    

|ACKNOWLEDGED AND AGREED BY EXECUTIVE:
|-------------------------------------
|By:                                  
|Name:                                
|Address:                             

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