GTIS PARTNERS LAUNCHES BUILD-TO-RENT DEVELOPMENT COMPANY TAVALO

Global real estate investment firm GTIS Partners has launched Tavalo, a dedicated build-to-rent community development company.

Tavalo develops purpose-built communities that provide a variety of product types and an amenitized lifestyle experience, reimagining

Extra Space Storage And Life Storage Merge

renting, GTIS said in the announcement. GTIS remains committed to ESG efforts through Tavalo, utilizing design and product construction to deliver sustainable solutions from energy and water efficiency to smart home technology. Tavalo has already completed its first project, called Tavalo at Cadence in Mesa, Arizona.

Extra Space Storage Inc. and Life Storage Inc. have entered into a merger agreement by which Extra Space will acquire Life Storage in an all-stock transaction. The combined company is expected to have a market capitalization of approximately $36 billion and total enterprise value of approximately $47 billion.

The transaction will increase the size of Extra Space's portfolio by more than 50% by store count with the addition of Life Storage's 1,198 properties. In total, the transaction adds over 88 million square feet to the portfolio. The transaction is expected to close in the second half of 2023.

City Innovations Collaborative Signs At Taystee Lab Building

The Taystee Lab Building in West Harlem has been selected as the new home of the City Innovations Collaborative (CInC), a new regional innovation engine created by the City College of New York and the Foundation for City College Inc. to seed, cultivate and sustain a thriving regional life science ecosystem in

New York City, announced The Janus Property Company.

CinC will provide access to advanced infrastructure, instrumentation and makerspaces, where they can test high-risk commercialization and translational ideas in a low-risk environment.

Detour Gallery Signs Lease In West Chelsea

Detour Gallery LLC signed a 10year, 2,656-square-foot lease at 555 West 23rd St., with an opening scheduled at press time for April 27, said Douglaston Development.

The ground floor retail space will be utilized as an art gallery and events venue with an extensive selection of carefully curated and handpicked contemporary artwork and exhibitions. Joshua Young of Brown Harris Stevens represented the landlord. The tenant was represented by Sido New York Real Estate.

Shayna Schwartz will serve as Detour’s gallery director.

Nelson Worldwide Relocates Office To Downtown Los Angeles

Architecture, design and strategy firm Nelson Worldwide has relocated its Los Angeles office to the historic Pershing Square Building at 448 South Hill St. in downtown. The highly amenitized building has a rooftop bar and restaurant.

Not only does the office act as a hub for collaboration, relationship building and mentorship opportunities, it provides a way for teammates and clients to physically immerse themselves in the Nelson brand.

The new office is close to the Metro Red Line, freeway entrances and the Civic Center.

PICKLEBALL AMERICA SIGNS FOR 80,000SF AT STAMFORD TOWN CENTER

Houlihan Lawrence Commercial Division negotiated a lease of more than 80,000 square feet of space in the Stamford Town Center to Pickleball America for what will become one of the world’s largest indoor pickleball venues. Mia Schipani of Houlihan Lawrence represented Pickleball America in the transaction.

Pickleball America is taking the former Saks Off 5th retail space at 140 Atlantic St. in downtown Stamford, Connecticut. Pickleball America plans 28 courts in two phases — Phase 1 will begin immediately with the first floor (43,000 square feet), with the second floor (37,000 square feet) opening in the coming months.