Somerset Development announced the signing of renewed and expanded lease terms with Spirent Communications in addition to three new office leases at Bell Works New Jersey, the successful revitalization of the two-million-square-foot Bell Laboratories in Holmdel.
Spirent, the leading provider of automated test and assurance solutions for networks, cybersecurity, and positioning, renewed its lease and expanded its footprint to approximately 35,000 square feet. The global communications company plans to combine its New Jersey-based staff at the iconic metroburb, shifting its lab and research operations to Bell Works and creating a new regional headquarters to accommodate its tri-state workforce in a single location. 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 wellbeing 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 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; and Liberty Elevator, one of the largest independent elevator companies in the Northeast, for 1,123 square feet. In total, the new lease signings amount to over 38,000 square feet of the mixed-use metroburb.
The latest office users to join the mixed-use metroburb further boost the historic landmark’s successful transformation into a popular destination to work, shop, dine, stay, entertain, and more, and reaffirm its modern appeal as companies continue to reassess their office space needs amid the COVID-19 pandemic. Bell Works recently announced its comprehensive reopening strategy in light of the pandemic, which included a partnership with Hackensack Meridian Health’s Reopening America Assist Program, facility and operational upgrades, design enhancements, and new “Stop the Spread” guidelines.
“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.”
Somerset Development was represented in each of the transactions by The Garibaldi Group President Jeff Garibaldi, Vice President Tara Keating and Broker Support Analyst Lindsey Florio – its exclusive team of office leasing agents. James Scancarella & 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,” said Jeff Garibaldi, President of The Garibaldi Group. “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.”
In addition to Bell Works New Jersey, Somerset Development is transforming the former AT&T corporate campus in Hoffman Estates into Bell Works Chicagoland – the region’s first ‘metroburb’. The three-building, 1.65-million square foot campus has been revitalized into an exciting, walkable downtown-style centerpiece, complete with 1.2 million square feet of office space, 60,000 square feet of conference facilities, storage and amenities, and 60,000 square feet of restaurant and retail space. Leasing is currently underway with Colliers and The Garibaldi Group serving as exclusive brokers.
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