Prior to our incorporation in Maryland in April 1997 and our initial public offering (the "Offering") of 4,000,000 shares of common stock in July 1997, JLL conducted its real estate services and investment management businesses as LaSalle Partners Limited Partnership and LaSalle Partners Management Limited Partnership (collectively, the "Predecessor Partnerships"). Immediately prior to the Offering, the general and limited partners of the Predecessor Partnerships contributed all of their partnership interests in the Predecessor Partnerships in exchange for an aggregate of 12,200,000 shares of common stock.
In March 1999, LaSalle Partners merged its business with that of JLW and changed its name to Jones Lang LaSalle Incorporated. In connection with the merger, we issued 14,300,000 shares of common stock and paid cash consideration of $6.2 million.
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From 2005 through 2016, we have completed more than 100 acquisitions as part of our global growth strategy. These acquisitions have given us additional share in key geographical markets, expanded our capabilities in certain service areas, and further broadened the global platform we make available to our clients. These acquisitions have also increased our presence and product offering globally, and have included acquisitions in the following locations:
|Finland||Netherlands||United Arab Emirates|
In July 2008, we acquired Staubach Holdings Inc. ("Staubach"), a U.S. real estate services company specializing in tenant representation. Staubach, with 1,000 employees, significantly enhanced our presence in key markets across the United States and made us an industry leader in local, national and global tenant representation. The acquisition also established us as the market leader in public sector services and added scale to our industrial brokerage, investment sales, corporate finance and project and development services.
In May 2011, we completed the acquisition of King Sturge, a United Kingdom-based international property consultancy. The King Sturge acquisition, which extended our historical roots back to its founding in 1760, significantly enhanced the strength and depth of our service capabilities in the United Kingdom and in Continental Europe, adding approximately 1,400 employees.
In August 2015, we completed the acquisition of Oak Grove Commercial Mortgage, LLC ("Oak Grove Capital"), one of the longest standing providers of debt financing for multifamily and seniors housing real estate. The Oak Grove Capital acquisition brought greater full-service mortgage lending and mortgage banking capabilities to JLL, including Fannie Mae, Freddie Mac and HUD/GNMA capabilities which expanded our market-rate, affordable, seniors housing and healthcare financial expertise, as well as complemented our multifamily sales and equity services.