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With newest lease, Bell Works hits 1 million sq. ft. milestone

Joshua Burd | REALESTATE-NJ

Somerset Development has reached a new milestone at its landmark Bell Works project in Holmdel, surpassing more than 1 million square feet of leasing activity at the repositioned former Bell Labs campus.

The developer and its leasing team announced Monday that IPG Photonics, a maker of high-power fiber lasers and amplifiers, has leased 20,000 square feet of office space at the complex. The company is slated to move into its space in the second quarter, adding to a long list of technology tenants that anchor Bell Works’ current office-using population.

“We are extremely excited to welcome IPG Photonics to Bell Works, and bring yet another global, groundbreaking technology company to our state-of-the-art campus,” said Ralph Zucker, president of Somerset Development, who hailed the leasing milestone at the Crawfords Corner Road property. “This is a momentous occasion for a nationally renowned building that sat empty just five years ago, and a true testament to our vision and the success we have enjoyed in turning the metroburb into a reality.”

The Garibaldi Group President Jeff Garibaldi, Vice President Tara Keating and Vice President Kyle Mahoney represented both Somerset Development and IPG Photonics in the transaction. With the addition of IPG Photonics and other recent tenants, office space at Bell Works is now more than 80 percent leased.

The campus, whose other uses include retail, entertainment and residential on the grounds of the former Bell Labs property, has seen a flurry of office leasing activity over the past two years. Tech tenants such as iCIMS and WorkWave anchor Bell Works with leases of about 350,000 and 72,000 square feet, respectively, but the property also has large users in other industries such as Guardian Life Insurance.

The office space at the campus is now more than 80 percent leased.

“The Bell Works metroburb is a one-of-a-kind destination and office environment —combining urban convenience with suburban calm amid a mix of office space, dining and shopping options,” said Garibaldi, president of The Garibaldi Group. “With IPG Photonics now joining its growing roster of innovative companies, it’s evident Bell Works offers the kind of live-work-play environment that first-class office tenants are seeking today.”

The lasers and amplifiers developed by IPG Photonics are used in materials processing, communications, entertainment, medical, biotechnology, scientific and advanced applications, according to a news release. In addition to its office at Bell Works, the global company maintains manufacturing facilities and regional sales offices in Germany, Russia and Italy, plus other regional sales offices on four continents.

“It’s truly an incredible opportunity for IPG Photonics to call an iconic building as Bell Works our home,” said IPG Photonics Vice President Ekaterina Golovchenko, a former Bell Labs employee who worked at its Holmdel facility as a director of engineering for three years. “We’re thrilled to be a part of a thriving community with a rich legacy of technological innovation, and look forward to adding our own chapter to its history as we continue to grow.”

Bell Works is anchored by a quarter-mile-long atrium that is now a publicly accessible destination for shops, restaurants, health care, community services and more. A host of retailers and restaurants have opened within the complex, while several others are on the way in 2019.

Somerset Development has also completed construction on a 40,000-square-foot conference and event space, while the rooftop of the building will soon house a 186-room hotel along with a restaurant, bar, lounge area and infinity pool.

The developer and its leasing team have also secured tenants for more than 40 percent of retail space at Bell Works. Today, the building is home to more than 3,500 workers daily, as well as regular shoppers, diners and other visitors.

 

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