Bell Works at 101 Crawfords Corner Road in Holmdel — Courtesy: Inspired by Somerset Development
By Joshua Burd
The distinctive Bell Works campus in Holmdel is now 95 percent leased after a series of new leases and renewals totaling nearly 75,000 square feet of office space.
Inspired by Somerset Development, the developer behind the 2 million square-foot mixed-use campus, said the demand has come from both traditional office tenants and users of its prebuilt suites offering immediate occupancy and flexible, short-term leasing options. The largest of the recent deals include a 48,888-square-foot renewal by technology giant Cisco, while the largest new lease is a 3,292-square-foot commitment by Docupace, a digital operations technology provider for wealth management firms.
The Garibaldi Group President Jeff Garibaldi, Vice President Tara Keating and Broker Support Analyst Lindsey Florio represented Bell Works New Jersey in all office transactions. Sabre Vice President Sean Pyle and President Justin Korinis make up the property’s retail leasing team.
“If 2022 has shown us anything, it’s that companies are committed to the post-pandemic ‘office of the future,’ ” said Ralph Zucker, president of Inspired by Somerset Development. “Key decision-makers at businesses ranging from large enterprises to startups are seeking highly amenitized and purposefully designed spaces that cater to their evolving needs.
“Our Ready-To-Wear spaces are designed with the priorities of modern companies in mind with both short- and long-term leases. 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. We anticipate this momentum will only grow stronger throughout 2023.”
Bell Works, which has revitalized the iconic former Bell Labs research campus on Crawfords Corner Road, is also home to scores of office tenants alongside a selection of retail, food and beverage and entertainment-based offerings. The other recent commitments are as follows:
- Florio Perrucci, a full-service law firm with offices in New Jersey, Pennsylvania and New York, leased 1,005 square feet of prebuilt space.
- Sia Partners, a next-generation management consulting firm, leased 1,122 square feet of prebuilt space.
- Data Pros, a Microsoft Managed Service Provider helping small businesses adopt cloud technologies, leased 1,189 square feet of prebuilt space.
- Goldstone Realty, a modern real estate company servicing clients in residential and commercial real estate, leased 1,656 square feet of prebuilt space.
- 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, leased an additional 2,887 square feet of prebuilt space.
- Quest Group, an executive search solutions firm, renewed 520 square feet of prebuilt space.
- Prospect Capital Restaurants LLC, the fastest-growing restaurant investment group in New Jersey with more than 60 locations, 1,000 team members and some 10,000 customers served daily, renewed 1,580 square feet of prebuilt space.
- Two River Technologies Group LLC, an IT support firm focusing on helping businesses save time and money on IT services, renewed 1,483 square feet of prebuilt space.
- Smith Eibeler LLC, a law firm that fights for New Jersey employees’ right to a discrimination free workplace, renewed 1,478 square feet of prebuilt space.
- Comcast (EffectTV), the advertising sales division of Comcast Cable that advises local, regional and national advertisers, renewed 6,098 square feet of traditional office space.
- Garmany of Red Bank, a corporate office location for the refined clothing store offering designer brands, shoes and accessories for men and women, renewed 1,254 square feet of prebuilt space.
- Bridge Technology Partners, an information technology services company specializing in talent acquisition for both consulting and employment initiatives, renewed 478 square feet of prebuilt space.
- The DiGregorio Group, a financial advisory practice of Ameriprise Financial Services LLC, renewed 1,544 square feet of prebuilt space.
Inspired also noted that Momentum at CoLab, Bell Works’ coworking membership program, continued to rise in 2022 with all 66 private offices leased and 66 of its 68 dedicated desks leased. A total of 140 active companies with a combined headcount of more than 400 individuals use the flexible workspace platform, while more than 110 individuals were on the waitlist for its private offices as of Dec. 31.
“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. “Even after we expanded CoLab in 2020 to nearly six times the size of our original space, it hasn’t been enough to keep up with the growing demand for our expertly designed, turnkey spaces. As interest continues to rise in 2023, we’ll be identifying new ways to meet those demands and we’re excited for what’s in store.”
