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As it celebrates a decade in Holmdel, Bell Works New Jersey is 99% leased.

Inspired by Somerset Development, the company behind the adaptive reuse of the former Bell Works Lab, revealed the milestone for the 1.6 million-square-foot property this month.

Days later, Cushman & Wakefield announced Victory Home Remodeling signed a long-term sublease at the property located at 101 Crawfords Road. The Edison-based contractor is relocating its headquarters from Edison to occupy 42,949 square feet at Bell Works.

Commenting on the move, Victory Home Remodeling co-founder Jared Brown highlighted the draw of the property. “As a people first business, we are constantly searching for new ways to excite and motivate them. Our people are our most valuable asset and they deserve the absolute best place to work,” Brown stated. “We strive to be the best company someone can work for and that is only amplified by this historic move. When Jerry and Curtis presented Bell Works, it was clear that Victory and our culture was a perfect fit. We feel this is a decision that will change the trajectory of the business forever.”

For Bell Works’ newest tenant, Cushman & Wakefield Vice Chairman Curtis Foster and Executive Director Jerry Shifrin represented Victory Home Remodeling in the sublease. JLL Executive Vice Presidents Peter Ladas and Scott Stange and Vice Prsident Erin Moran represented The Guardian Life Insurance Co. of America, the subtenant.

Strategic location

Foster described the transaction as one of 2023’s largest subleases, calling it significant in the market.

Also significant: According to JLL, though it closed its 91,000-square-foot office at Bell Works, The Guardian Life Insurance Co. is not leaving the property altogether.

The global real estate service company was retained by Guardian Life in 2022 as part of a plan to reorganize its real estate footprint. JLL said it was able to convince the company of the benefits having a presence at a space like Bell Works offers: surrounded by innovative startups, tech companies, financial services providers and creatives – not to mention the live-work-play atmosphere the property has finetuned. Guardian Life now occupies 48,000 square feet at the metroburb.

“The significance of Guardian’s decision to maintain a presence at Bell Works cannot be understated,” Ladas said in a statement. “While there has been a systematic shift in office utilization, there remains unprecedented demand for trophy space designed to embrace a holistic work/life balance and Bell Works is undoubtedly the region’s leader in meeting that demand.”

The 21 companies that joined the tenant roster at Bell Works in 2023 underscore that sentiment. As does the property’s persistent high occupancy rate.

Adding up to 40,000 square feet, the leases (see box) cover both traditional office space as well as the property’s Ready-To-Wear designer office suites. The flexible space options are rounded out with Bell Work’s official coworking membership experience, Momentum at CoLab.

In 2023, Inspired said all 66 private desks and 66 of its 68 dedicated desks at the CoLab were leased. Representing more than 400 employees, 140 active companies use the coworking option’s flexible workspaces.

As of December 2023, Inspired said 50 individuals were on the waitlist for private offices. This demand has prompted Inspired to plan for an additional 15,000 square feet of Colab space, Colab 2.0.

Together with Bell Works Chicagoland – the 150-acre Midwest metroburb – Inspired said it leased more than 120,000 square feet of commercial space across the Bell Works banner in 2023.

‘More than just offices’

“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 Inspired CEO Ralph Zucker. “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.”

Inspired was also busy outside of Bell Works over the past 12 months.

The company began the year with the launch of its Third-Party Buildout and Tenant Improvement Services, led by Executive Vice President David Schreiber.

Discussing the new venture in the spring with NJBIZ, Schreiber described his hands-on approach, “And really micromanaging both the dollars, the schedule, and the results to ensure that everybody feels that they are the one and only and they’re getting individual attention at every single level.

“Because at the end of the day, it’s not just about the cost and the construction, it’s about the relationship. And that’s something that we take really seriously,” he said.

In the Midwest, Inspired received approvals to begin the residential component of Chicagoland. Meanwhile, in New Jersey, the company’s residential work also recorded high marks in 2023.

Inspired acquired a waterfront site in Asbury Park to close out the year. The site, adjacent to the well-known Wonder Bar, was approved for an eight-story luxury condominium development that is set to include 155 residences and 9,340 square feet of retail space. Earlier in the year, the company started on a mixed-use project in Long Branch located one block from the beach.

Editor’s Note: This story was updated at 3:40 p.m. ET on Jan. 26, 2024, to clarify that The Guardian Life Insurance Co. of America remains a tenant at Bell Works where it occupies 48,000 square feet of space.