A longtime commercial real estate attorney in New Jersey has joined Somerset Development, having been tapped to help steer the firm’s ambitious residential and mixed-use pipeline.
In a market that has been hurt by densification and lackluster job growth, many of the state’s largest office leases in recent years have been tied to tenants looking to consolidate and upgrade their space. But technology and information firms have been a rare source of expansion in New Jersey, fueling new space needs that are about more than just a flight to quality.
Making sure the Garden State can grow its technology sector is a matter of creating the right environment and promoting what the state can offer in the way of labor, education and accessibility. Experts say it’s also up to landlords to ensure that they provide the space that tech users are looking for.
In a state that is undergoing sweeping changes to its economy and demographics, real estate leaders are gearing up to make sure that those changes are well-known to elected officials.
A flavor and fragrance creator is the latest tenant to commit to the newly imagined Bell Labs complex in Holmdel, where it has leased 60,000 square feet for a new creative hub.
Investors Bank is providing a $70 million loan to Somerset Development for its landmark Bell Works project in Holmdel, under a financing deal negotiated by Meridian Capital Group.
With at least 6,000 daily office workers set to occupy the building by next year, the effort to bring a distinctive mix of retailers, services and dining options to Bell Works is now well underway. That mix includes everything from a florist and a beauty salon to a 24-hour health club and an urgent care center, offerings that will serve both office tenants at the building and residents from the surrounding communities.
Somerset Development has hired a creative director to help it implement the transformation of the 2 million-square-foot former Bell Labs building into the mixed-use hub known as Bell Works.
Somerset Development has started construction on what will be the latest distinctive piece of its vast Bell Works complex in Holmdel: the largest photovoltaic glass skylight in the United States.