With the Grow New Jersey program set to expire in less than a year, the prospect of losing the incentive is already weighing heavily on the state’s commercial real estate market.
A boutique fitness studio has joined the tenant mix at Bell Works in Holmdel, leasing more than 2,000 square feet within the complex’s indoor pedestrian plaza.
A bank, a dental network and a home goods boutique have leased space at Bell Works, making them the latest retail tenants to commit to the mixed-use, 2 million-square-foot campus in Holmdel.
The complex now known as Bell Works has earned another national distinction — being named the most iconic building in New Jersey by Architectural Digest magazine.
Seven new retail tenants have committed to Bell Works, the mixed-use campus that now occupies the landmark, 2 million-square-foot former Bell Labs complex in Holmdel.
At full build-out, the massive Bell Works project in Holmdel will be home to some 8,000 daily office workers. But newly unveiled plans for a rooftop hotel are a reminder of the project’s potential to be much more than a repurposed corporate campus.
Multifamily projects in Morristown and Monroe are among the latest developments financed by Investors Bank, contributing to more than $2.5 billion in commercial real estate activity completed by the lender in 2017.
Local officials have cleared the way for Somerset Development to build a new 200-room hotel atop Bell Works, its adaptive reuse of the iconic Bell Labs complex in Holmdel.
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.