UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                  SCHEDULE 13G
                    Under the Securities Exchange Act of 1934
                                 Amendment No. 1



                              Trammell Crow Company
-------------------------------------------------------------------------------
                                (Name of Issuer)



                          Common Stock, $0.01 par value
-------------------------------------------------------------------------------
                         (Title of Class of Securities)


                                    89288R106
                  --------------------------------------------
                                 (CUSIP Number)





                                December 31, 2004
-------------------------------------------------------------------------------
             (Date of Event Which Requires Filing of this Statement)


Check the  appropriate box to designate the rule pursuant to which this Schedule
is filed:

[ ] Rule 13d-1(b)

[X] Rule 13d-1(c)

[ ] Rule 13d-1(d)



                                Page 1 of 4 pages


-----------------------
  CUSIP No. 89288R106                     13G
-----------------------

------------------------------------------------------------------------------
 1.   Name of Reporting Person
      I.R.S. Identification No. of above Person

           Goldman Sachs Asset Management, L.P.

------------------------------------------------------------------------------
 2.   Check the Appropriate Box if a Member of a Group
                                                                (a) [_]
                                                                (b) [_]

------------------------------------------------------------------------------
 3.   SEC Use Only



------------------------------------------------------------------------------
 4.   Citizenship or Place of Organization
 
           Delaware

------------------------------------------------------------------------------
                     5.   Sole Voting Power
                     
     Number of                 1,797,681

      Shares        ----------------------------------------------------------
                     6.   Shared Voting Power
   Beneficially      
                               0
     Owned by
                    ----------------------------------------------------------
       Each          7.   Sole Dispositive Power
                     
    Reporting                  1,800,481

      Person        ----------------------------------------------------------
                     8.   Shared Dispositive Power
       With:          
                               0
                               
------------------------------------------------------------------------------
 9.   Aggregate Amount Beneficially Owned by Each Reporting Person
 
           1,800,481

------------------------------------------------------------------------------
10.   Check if the Aggregate Amount in Row (9) Excludes Certain Shares

                                                                    [_]

------------------------------------------------------------------------------
11.   Percent of Class Represented by Amount in Row (9)

           5.1%

------------------------------------------------------------------------------
12.   Type of Reporting Person

           IA

------------------------------------------------------------------------------

                      

                                Page 2 of 4 pages


Item 4.            Ownership. (*)

          (a).     Amount beneficially owned:
                   See the response(s) to Item  9 on the attached cover page(s).

          (b).     Percent of Class:
                   See the response(s) to Item 11 on the attached cover page(s).

          (c).     Number of shares as to which such person has:

                   (i).     Sole power to  vote or to direct  the vote:  See the
                            response(s) to Item 5 on the attached cover page(s).
                            
                   (ii).    Shared power to vote or to direct the vote:  See the
                            response(s) to Item 6 on the attached cover page(s).
                            
                   (iii).   Sole power to  dispose or to direct  the disposition
                            of:  See the response(s) to  Item 7  on the attached
                            cover page(s).

                   (iv).    Shared power to dispose or to direct the disposition
                            of:  See the response(s) to  Item 8  on the attached
                            cover page(s).

Item 10.           Certification.  
                         By  signing  below I  certify  that,  to the best of my
                   knowledge and belief,  the securities  referred to above were
                   not acquired and are not held  for the purpose of or with the
                   effect of changing or influencing  the control  of the issuer
                   of the  securities and were not acquired and are not  held in
                   connection  with  or  as a  participant  in  any  transaction
                   having that purpose or effect.

--------------------------
     * In accordance with Securities and Exchange Commission ("SEC") Release No.
34-39538  (January 12, 1998),  this filing reflects the securities  beneficially
owned by  Goldman  Sachs  Asset  Management,  L.P.  ("GSAM  LP").  GSAM  LP,  an
investment advisor, disclaims beneficial ownership of any securities managed, on
GSAM LP's behalf, by third parties.



                                Page 3 of 4 pages




                                    SIGNATURE



            After reasonable inquiry and to the best of my knowledge
            and belief,  I certify that the information set forth in
            this statement is true, complete and correct.


Date:  February 9, 2005


                                GOLDMAN SACHS ASSET MANAGEMENT, L.P.

                                By: /s/ Ted Chang
                                   ----------------------------------------
                                Name:   Ted Chang
                                Title:  Attorney-in-fact



                                Page 4 of 4 pages