HOLMDEL, NJ—The two-million-square-foot Bell Works project here is close to naming a large office tenant from the tech sector that will take up about 200,000 square feet, as part of the overall $100-million readapative-reuse project, Ralph Zucker, president of Somerset Development, tells GlobeSt.com.
Additionally, the developer is in talks with several retaurant and food concepts; a gym and a hotel and conference space are also planned. "We don't have names that we can release," Zucker says of potential tenants. "There is a huge amount of interest on the restaurant and food."
The one tenant that been named so far is Community Health Associates. Their contracct allows the company to take anywhere from 100,000 squre feet to 400,000 square feet of medical office, and they will likely begin to move in October. A total of 750,000 square feet of office is planned for the total development.
About 75,000 to 105,000 square feet will be retail, and Toll Brothers will be building 225 single-family and townhouse units on the site starting in the fourth quarter. The building's quarter-mile-long atrium will be home to musical performances and cultural events.
Zucker likens the future development's feel to Lincoln Road in Miami's South Beach area with pedestrial streetscapes, and an outdoor-pedestrian environment.
As for adding more office space to Central New Jersey, Zucker says: "We like to say it doesn't need more office space, it needs better office space," remarking that "a suburban office park is a mind numbing place to work."
Bell Works is named after the former Bell Laboratories site on which it is being built. Bell Labs built its complex between 1962 and 1964 and expanded it in 1982. Somerset has chosen Alexander Gorlin Architects as the lead design firm on the site. Meanwhile, the Garibaldi Group is leasing the site's office space and M. Wilk Consulting is the retail-leasing specialist.
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