Guardian Life Signs 90 KSF NJ Lease
- Apr 13, 2017
Somerset Development secured a new lease at the recently rebranded Bell Works, formerly known as Bell Labs. The tenant is Guardian Life Insurance Co., one of the largest mutual insurance companies in the United States. Guardian will occupy 90,000 square feet of space, moving hundreds of employees to the facility by 2018. The Garibaldi Group’s Jeff Garibaldi, Tara Keating and Kyle Mahoney, who acted on behalf the owner, arranged the 15-year lease. FISCHER President Ted Uzelac, Guardian’s real estate services partner, represented the tenant. Tim Greiner with Newmark Grubb Knight Frank acted as brokerage representative for the transaction.
As reported by Yardi Matrix, the two-million-square-foot historic site was completed in phases, between 1962 and 1982. The building served as a research laboratory that harbored seven Nobel Prize winners and several revolutionary findings. The owners acquired the asset in 2013. Since then, its revitalization has been in the works. According to submitted plans, Somerset retained Mancini•Duffy to create a master plan for the interior design. Moreover, the project will offer a health and wellness center; skilled nursing facility; assisted living center; a hotel; restaurants and shopping; a spa; multiple office spaces and a 20,000-square foot library. Toll Brothers will develop luxury residential and recreational spaces. The property is bounded by Crawfords Corner Road, Middletown Road and Holmdel Road, offering easy access throughout the area via Garden State Parkway and Exit 114.
“Welcoming Guardian to Bell Works is significant to the building’s breadth of next-level organizations,” Somerset Development President Ralph Zucker said in a prepared statement. “People are attracted to Bell Works for its ability to foster collaboration across industries and all walks of life. As the Bell Works community continues to grow and thrive, it will be comprised of those who are the best in their craft coming together to create and inspire,” he further added.
Bell Works recently signed a lease with Holmdel Township Library and Learning Center. Notable tenants include mostly tech giants like iCIMS, WorkWave, Acacia Communications, Jersey Central Power and Light, MetTel, NVIDIA Corporation, Spirent Communications, Sutton International, Symbolic IO and vi Collaboration Hub, bringing occupancy close to 74 percent. In the past, the building headquartered not only Bell Laboratories, but also Lucent and Alcatel-Lucent.
Image courtesy of Mancini•Duffy