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Value Fund's Whirlwind Buying Spree Touches Down in Dallas

DALLAS-Third Avenue Value Fund, one of the nation's best known, and related mutual funds stake a claim in Dallas. On a buying binge since Sept. 11, Third Avenue gets 2.4 million shares of the Trammell Crow Co. from majority stockholder, Crow Holdings.

By Connie Gore | Updated on October 18, 2001

DALLAS-Crow Holdings of Dallas relinquishes 2.4 million common stock shares in Dallas-based Trammell Crow Co., selling to the US’ best known value fund, Third Avenue and related mutual funds. According to published reports, Third Avenue Value Fund has been on a buying binge since the Sept. 11 attacks in New York City and Washington, DC.

Crow remains the majority stockholder, retaining more than 3.5 million or about 9.9% of the total outstanding shares. Yesterday’s sale is in line with a previously stated intent, Harlan Crow, chairman of Crow Holdings, said in a prepared statement. “The privately negotiated transaction…accomplishes our diversification objectives insofar as they relate to our investment in TCC,” he says.

Third Avenue Value Fund, a Delaware business, now ranks second in the shareholder base, according to Robert Sulentic, Trammell Crow president and CEO. At the close of business yesterday, Trammell Crow’s stock was valued at $9.71 per share.

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