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Trammell Crow Switching to a Corporate Structure

January 12, 1991|From United Press International

DALLAS — Trammell Crow Co., the nation's largest developer of commercial real estate, will sharply curtail new development, consolidate management and switch from an individual partnership system to a corporate structure as part of a major reorganization.

The company's 130 partners approved the changes, which will also include an overhaul of compensation procedures, at their annual meeting Thursday.

The changes were made to reflect the current downturn in the real estate industry and to redirect the company's efforts toward available opportunities, like property management and leasing and acquisitions.

The reorganization is designed to "rationalize our operations to better serve our customers and reduce our cost to respond to the changing conditions in the industry," said Steve Laver, a principal with the company.

Laver said the changes would mean consolidating 16 regional groups into six operating companies, all reporting to J. McDonald Williams. Currently the managing partner, he will become chief executive after the switch to a corporate structure.

"Each group will be a stand-alone operation with a mix of its own business," Laver said. "In today's market, it is increasingly a fee-for-service business.

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