Bell Works, Now 99% Leased, Celebrates 10-Year Milestone

On Mar 1, 2024

Inspired by Somerset Development (Inspired), announced the successful leasing of more than 120,000 square feet of commercial space across the Bell Works New Jersey and Chicago metroburbs in 2023. Bell Works New Jersey is now 99% leased as it celebrates its 10-year milestone since being redeveloped.

“As we mark the 10-year milestone of our Holmdel metroburb, I am immensely proud of the leasing success at Bell Works New Jersey and Bell Works Chicagoland in 2023,” said Ralph Zucker, CEO of Inspired by Somerset Development. “These spaces continue to surpass industry standards, defy trends and highlight the staggering demand for high-design, amenity-rich assets. They are more than just offices; they are vibrant hubs showcasing the transformative power of community-driven innovation.”

Throughout 2023, these companies at Bell Works in New Jersey have contributed to the metroburbs’ vibrant ecosystem. The leases encompass both traditional office spaces and Bell Works’ signature Ready-To-Wear (RTW) designer office suites, showcasing distinctive, immediately available designs and flexible, short-term leasing options.

These companies are:

• Vydia, an end-to-end music technology platform that provides labels with the infrastructure and tools to power their business, expanded its lease to include an additional 2,858-square-foot suite and extended its lease for both units.
• MACOM, a high-performance semiconductor products manufacturer, extended its 3,000-square-foot lease for one year.
• LeagueMed Enterprises, a digital community for physicians and healthcare executives, leased 1,133 square feet.
• Roam Pets, a protein-based pet food company, leased 520 square feet.
• Onyx Equities, a real estate investment and property services firm, extended its 1,739-square-foot lease for five years.
• Movement Mortgage, a home loan provider, extended its 1,590-square-foot lease for three years.
• Northeast Financial, a financial services firm, relocated its company headquarters to Bell Works New Jersey, and in doing so expanded its lease to include an additional 6,648 square feet.
• On The Mark, a full-service marketing agency leased 1,660 square feet.
• LotLinx Inc., a company specializing in car-business leasing technology, leased 1,091 square feet.
• Goldstone, a residential and commercial real estate company, extended its 1,656-square-foot lease for one year.
• Flexible Architecture and Simplified Technologies, an automation technology platform developer, signed two individual leases for a 3,301-square-foot office suite and a 2,960-square-foot office suite.
• SilverPoint Technologies, a floor care solutions company, leased 1,443 square feet.
• Liberty Elevator, a commercial elevator services provider, expanded its lease to include an additional 1,436 square feet.
• Optessa, an advanced planning and scheduling software company, leased 2,102 square feet.
• Astrix Technology, a scientific & IT staffing and recruitment company, leased 1,590 square feet
• CFG Management, an influencer marketing agency, leased 1,095 square feet.
• The Lotter, an online lottery ticket-purchasing service, leased 1,686 square feet.
• Bridge Technology, a talent acquisition company, extended its 478-square-foot lease for two years.
• Brightest Day Labs leased 1,886 square feet.

“Bell Works, now open to the public, is a magnet for visitors from the region and beyond, having gained recognition as a reborn landmark,” said Zucker. “Home to Fortune 500 companies, startups, restaurants, retailers, a local public library, a Montessori School, and an entire indoor pedestrian street, Bell Works’ office community continues to thrive. We host events and public activations including roof deck fitness classes, a weekly Bell Works Fresh Farmers market, industry conferences, community fundraisers, networking events, 5k runs around the sprawling campus, and more. Bell Works is a vision turned reality, and as a testament to its success, the metroburb welcomes as many as 6,000 people through its doors every single day.”

Bell Works History

Zucker said his fascination with New Urbanism originally fueled his interest in the development of Bell Works.

“The concept is characterized by walkable streets, houses near retail, and accessible public spaces,” he said. “Unlike what you might see in spaces designed for cars and trucks, new urbanist spaces are built specifically to encourage daily interaction. The prospect of transforming obsolete, abandoned spaces into vibrant hubs of activity aligned with the vision of creating environments that naturally encourage daily interaction.”

When Zucker bought Bell Labs in 2008, the property was in disrepair and considered a stranded asset, with a leaking ceiling and rapidly spreading weeds throughout.

“I found myself drawn to both the building’s history and its unique physical attributes – most notably the quarter-mile-long open atrium surrounded by skywalks with a unique glass roof,” Zucker said. “This 2-million-square-foot building was once home to the scientists responsible for modern-day cell phone technology and the transistor, built to purposefully inspire connectivity. I saw potential—an opportunity to start afresh, strip down, and rebuild. This let my dream of creating a ‘metroburb’—a self-contained metropolis in suburbia— come to life, ultimately creating something incredible.”

Of course, the 2008 financial crisis posed its own challenges.

“We were determined to get creative, overcome the challenge, and give people a taste of what Bell Works could be,” Zucker said. “We did this by opening the doors to the entire community and hosting a ‘block party’ event in the main atrium. Through clever decorations and displays, we essentially created a simulation for what could be — a place for people to shop, work, play, dine, connect, innovate, and inspire! Thankfully, that evening, in combination with a lot of hard work, long conversations, and an unwavering commitment to the dream, we began to see the first signs of success in what would become a five-year process of obtaining the necessary approvals and entitlements to bring the metroburb to life.”

Zucker explains that the journey towards success unfolded gradually as businesses began to put down roots, starting small at first and progressively expanding. A vibrant community began to emerge, breathing life back into the building. Fast forward ten years, and that budding community has burst into bloom. A steady stream of office and retail tenants has brought daily life back to the building and it has become known as the unofficial ‘downtown’ of Holmdel by residents.

Momentum at CoLab

Momentum at CoLab, the official coworking membership experience at Bell Works New Jersey, which offers flexible workspaces such as shared and dedicated desks, private executive offices and team suites, also continued to rise in 2023 with all 66 private offices leased and 66 of its 68 dedicated desks leased. A total of 140 active companies utilize the metroburb’s flexible workspaces at CoLab, with a total headcount of more than 400 employees. More than 50 individuals were on the waitlist for its private offices as of December 2023.  Due to this skyrocketing demand, plans for an additional 15,000-square-foot CoLab workspace called “Colab 2.0” are currently underway.

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