Holmdel's Bell Works Hits 95 Percent Occupancy: Developer

HOLMDEL, NJ — Six new tenant office leases and nine office renewals add up to 95 percent occupancy at Bell Works, the "metroburb" in Holmdel, the developer of the former Bell Labs site says.

Bell Works is often described as the "Eero Saarinen-designed" former Bell Labs campus.

The site is known for its striking architecture and size, in the middle of an open suburban setting.

Constructed between 1959 and 1962, the complex was one of the final projects of Finnish-American architect Eero Saarinen before his death in 1961, according to internet sources.

And now it's the country’s first metroburb - or self-contained metropolis in suburbia - in a vast setting in Holmdel, according to the company.

"Whether it’s a result of Bell Works’ singular energy, idyllic setting, or diverse roster of both office and retail tenants, people are placing their bets on the metroburb and we cannot build these spaces fast enough," said Ralph Zucker, president of Inspired by Somerset Development, the developer behind Bell Works New Jersey.

He said the company expects "this momentum will only grow stronger throughout 2023."

The company gave a sort of beginning-of-the-year profile of its tenants and services in a recent news release.

For example, Cisco renewed its lease of 48,888 square feet.

The 15 companies either signing leases or renewing them will join other office tenants, in addition to Bell Works' retail, food and beverage, and entertainment-based offerings, the development company says.

The leases span both traditional office and Bell Works’ pre-built, "Ready-To-Wear" office suites that are immediately ready to occupy and offer flexible, short-term leasing options, the company adds.

“If 2022 has shown us anything, it’s that companies are committed to the post-pandemic ‘office of the future,’” Zucker said.

Newly signed office tenants leasing Ready-To-Wear space include:

• Florio Perrucci, a law firm with offices in New Jersey, Pennsylvania and New York, which leased 1,005 square feet.
• Sia Partners, a management consulting firm and pioneer of Consulting 4.0, which leased 1,122 square feet.
• Docupace, a digital operations technology provider that simplifies how wealth management firms process and digitize key business functions, which leased 3,292 square feet.
• Data Pros, a Microsoft Managed Service Provider helping small businesses adopt cloud technologies, which leased 1,189 square feet.
• Goldstone Realty, a real estate company servicing clients in residential and commercial real estate, which leased 1,656 square feet.
• Vydia, an end-to-end music technology platform and services company that provides labels and music entrepreneurs with the infrastructure and tools to power their business, which leased an additional 2,887 square feet.

Tenant office renewals of Ready-To-Wear space include:

• Quest Group, an executive search solutions firm, which renewed 520 square feet.
• Prospect Capital Restaurants LLC, a restaurant investment group in New Jersey with 60-plus locations, 1,000-plus team members, and 10,000-plus customers served daily, which renewed 1,580 square feet.
• Two River Technologies Group LLC, an IT support firm focusing on helping businesses save time and money on IT services, which renewed 1,483 square feet.
• Smith Eibeler LLC, a law firm that fights for New Jersey employees’ right to a discrimination free workplace, which renewed 1,478 square feet.
• Garmany of Red Bank, a corporate office location for the clothing store, which renewed 1,254 square feet.
• Bridge Technology Partners, an information technology services company specializing in talent acquisition for both consulting and employment initiatives, which renewed 478 square feet.
• The DiGregorio Group, a financial advisory practice of Ameriprise Financial Services, LLC, which renewed 1,544 square feet.

Bell Works’ Creative Director Paola Zamudio and her team at NPZ studio+ curated the interior design for the Ready-To-Wear workspaces, the developer notes.

Renewing traditional space were:

• Cisco, the worldwide leader in technology that powers the Internet, which renewed 48,888 square feet.
• Comcast (EffectTV), the advertising sales division of Comcast Cable, which renewed 6,098 square feet.

Momentum at CoLab, the co-working membership offering at Bell Works, has a range of flexible workspaces, such as shared and dedicated desks, private executive offices and team suites. In 2022, all 66 private offices were leased and 66 of its 68 dedicated desks were leased, the company says.

And it said a total of 140 companies, with 400 people, use the flexible workspaces at CoLab.

“Nearly three years since the onset of the COVID-19 pandemic, co-working and flexible workspaces remain highly sought after by both individual employees and companies as hybrid work models increasingly become the norm,” said Sean Donohue, managing director of CoLab at Bell Works New Jersey.

In 2022, Bell Works signed two new retail leases and one expansion for a total of 3,757 square feet, the company said in its 2022 review.

The new tenants included:

• Floafers, a designer, marketer, and producer of innovative foam footwear for men, women, and children that leased 800 square feet
• Enchanted Blossoms, a local family run, sustainable flower shop that leased 886 square feet
• Fitness Factory Health Clubs, a rapidly growing brand of high-end health and wellness clubs across New York and New Jersey, that leased an additional 2,071 square feet

For office leasing inquiries at Bell Works New Jersey, contact The Garibaldi Group at 973-507-0316 or florio@garibaldi.com.

For retail leasing inquiries at Bell Works New Jersey, contact Sabre at 908-670-8372 or pyle@sabre.life.

To learn more about Bell Works New Jersey, visit https://bell.works/new-jersey.

Inspired by Somerset Development is a real estate developer focusing on large-scale transit-oriented and brownfield redevelopment projects.

For more information on Inspired by Somerset Development, contact the company at 732-367-2828 or via the company’s new website at inspiredsd.com.