JLL to Acquire Oak Grove Capital

by Jeff Shaw

CHICAGO — Global real estate firm Jones Lang LaSalle (JLL) has announced plans to acquire lender Oak Grove Capital for a yet-to-be-disclosed price.

Based in St. Paul, Minn., Oak Grove Capital specializes in loans for seniors housing, affordable housing and market-rate housing. The acquisition is expected to close before the end of the year.

The announcement was made in a memo from David Williams, Oak Grove’s CEO.

“Over the past few years, the market has changed dramatically, and our clients now require more lending options, and other non-lending services to complement our full suite of agency/GSE loan products,” says Williams. “In order to broaden our strategic position within the industry, we felt we needed to find a partner that would help us to continue to meet our clients’ shifting needs, support our approach to business and appreciate the value inherent in our entire staff.”

JLL (NYSE: JLL) is a professional services and investment management firm. A Fortune 500 company with annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000.

The stock price for JLL closed at $179.35 on Tuesday, Aug. 11, up from $130.22 a year prior.

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