Bell Works in Holmdel — Courtesy: Somerset Development
By Joshua Burd
Somerset Development has secured a renewal and expansion with a communications testing firm, in the largest of four new leases at its flagship Bell Works complex in Holmdel.
The tenant, Spirent Communications, is growing its footprint at 101 Crawfords Corner Road to roughly 35,000 square feet. The company plans to combine its New Jersey-based staff and shift its lab and research operations to Bell Works — the iconic former home of Bell Labs — while creating a new regional headquarters to combine its tristate workforce.
In total, Bell Works will now house roughly 135 Spirent employees.
“We’ve all experienced challenging times and obstacles over the past several months, but we’ve remained steadfast in our commitment to the well-being of the entire Bell Works community,” said Ralph Zucker, president of Somerset Development. “Bell Works’ ability to continue to attract new businesses, coupled with the trust we’ve established with existing tenants such as Spirent, is a testament to the value of what we’ve created at the metroburb. We look forward to welcoming new faces at Bell Works as we continue the process of reopening in a deliberate and responsible way.”
Somerset Development, which has repurposed the 2 million-square-foot complex into a mixed-use, indoor community, also agreed to lease terms with:
- Integra Advisors, an executive search and advisory firm focused on the financial services and technology fields, for 1,436 square feet
- Monmouth Capital Management, a national independent financial management firm, for 1,203 square feet
- Liberty Elevator, one of the largest independent elevator companies in the Northeast, for 1,123 square feet.
The Garibaldi Group CEO Jeff Garibaldi, Vice President Tara Keating and Broker Support Analyst Lindsey Florio represented Somerset Development in each of the transactions. James Scancarella and Michael Hetchkop of Cresa Global represented Spirent.
“Bell Works provides a truly unique office environment and dynamic that continues to attract new tenants from throughout the region, even in this challenging time,” Garibaldi said. “Businesses are drawn to the diverse mix of retail, entertainment and event programming, along with its top-notch management team, who worked tirelessly throughout the pandemic to maintain a level of comfort and quality for its tenants. We’re proud to be part of the team that’s helping shape a truly collaborative community at the metroburb.”
The leases are among the first announced by Somerset since it reopened Bell Works, which includes both office and retail space. The complex went dark on March 21 as the COVID-19 outbreak escalated in New Jersey, but has since reopened under a set of health and safety protocols developed with Hackensack Meridian Health.
The landlord on Thursday noted that Bell Works’ open, mixed-use model remains appealing as companies continue to assess their post-COVID office needs. Spirent, which provides automated test and assurance solutions for networks, cybersecurity and positioning, echoed that belief on Thursday.
“The Bell Works facility and its management team are truly unrivaled in the metropolitan region, which helped solidify the decision to renew our lease and expand our footprint,” said Ray Lee, Spirent’s director of global properties. “Our staff appreciates not only the constant activity and programming in the building, but also the attention to detail and care that was taken to ensure their safety and security as the building reopened following government regulations. We’re thrilled that Bell Works will now serve as one of our regional corporate locations.”