Bell Works Fort Monmouth at 1 Commvault Way in the Tinton Falls section of Fort Monmouth — File photo/Courtesy: Rotwein+Blake
By Joshua Burd
With an initial public offering in the works, Jersey Mike’s Subs has found new office space at the historic Fort Monmouth property thanks to a lease with Inspired by Somerset Development.
Multiple market reports say the sandwich chain has taken roughly 70,000 square feet at 1 Commvault Way in Tinton Falls, listing the deal as one of the largest and most notable leases of the first quarter. It also marks a major addition to what’s known as Bell Works Fort Monmouth, a mixed-use campus that Inspired by Somerset Development is creating within the building formerly owned by the cybersecurity firm Commvault.
It was not immediately clear if Jersey Mike’s, an iconic Jersey Shore business long based in Manasquan, was shifting its full corporate team to Fort Monmouth. The company did not respond to a request for additional details, although a press release earlier this week featured a Tinton Falls dateline.
In the meantime, its new landlord said the chain was a natural fit for the 276,900-square-foot property.
“We are thrilled to welcome a homegrown brand of this caliber to Bell Works Fort Monmouth. It’s a strong validation of the Bell Works vision and the success of our ‘metroburb’ model,” said Ralph Zucker, CEO of Inspired by Somerset Development. “Adding Jersey Mike’s to our roster of tenants reinforces Bell Works as a vibrant, collaborative hub and a true destination for the community.”
Founded by Point Pleasant native Peter Cancro, Jersey Mike’s has grown to thousands of stores nationwide since it began franchising in 1987. The company announced earlier this week that it had confidentially filed for an IPO, following Blackstone’s acquisition of a majority stake for a reported $8 billion, in a bid to help the chain accelerate its expansion across and beyond the U.S. and continue its investment in technology and digital transformation.
Inspired by Somerset Development acquired 1 Commvault Way in a deal announced early last year, seeking to repurpose the building as a new phase of its landmark Bell Works campus in nearby Holmdel. That plan included enhancing and leasing out the property to tenants seeking high-quality, experiential office and retail spaces with extensive amenities and offerings for employees, while offering new features such as flexible coworking space and the addition of local restaurants, a Bell Market, a coffee shop, retail spaces and a health club, all of it under the Bell Works brand.
Commvault, which opened the building in 2015, remains a prominent tenant as part of a leaseback agreement, according to a news release at the time. NAI James E. Hanson spearheads the leasing agency at the building, which sits off Route 36 and within the revitalized Fort Monmouth property.
A report by Savills listed the size of the Jersey Mike’s lease as 68,750 square feet.
