Inspired by Somerset Development Lands HQ Lease at Bell Works

November 11, 2026

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The tenant will relocate from another New Jersey location to the 2 million-square-foot metroburb.

Inspired by Somerset Development’s Bell Works — Inspired by Somerset Development turned the historic Bell Labs campus into Bell Works, a 2 million-square-foot metroburb. *Image courtesy of Inspired by Somerset Development*

Residential homebuilder and real estate developer K. Hovnanian Cos. has signed a 72,338-square-foot headquarters lease at Inspired by Somerset Development’s Bell Works, in Holmdel N.J. The tenant will relocate from Matawan, N.J., to the third floor of Building 3 at the 2 million-square-foot mixed-use property.

K. Hovnanian subleased the space from cloud software company iCIMS while signing a direct lease extension with the ownership. JLL represented the tenant, CBRE worked on behalf of iCIMS and NAI James E. Hanson assisted Inspired.

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K. Hovnanian currently occupies 61,863 square feet at 90 Matawan Road, according to Yardi Matrix information. The firm serves as anchor tenant of the 221,966-square-foot building known as Parkway 120.

New Jersey’s office listing rate averaged $35.79 per square foot in September, up 3.6 percent year-over-year and slightly above the national $33.18 per square foot. Meanwhile, the market’s vacancy rate contracted 80 basis points over the year to 18.3 percent, according to a recent Yardi Matrix report.

The new and improved Bell Works

Initially designed by Eero Saarinen in 1962 as Bell Labs, the property served as a research facility until 2007, when it closed and remained vacant. In 2013, Inspired acquired the campus from Alcatel-Lucent and redeveloped it into Bells Works.

Inspired CEO Ralph Zucker referred Bell Works as a metroburb, a combination between a metropolis and a suburb. The mixed-use complex might include residential components within the next few years, Zucker told Commercial Property Executive.

The LEED Gold-certified property, rising six stories, currently comprises four pavilions surrounding a quarter-mile long, glass-enclosed atrium. Bell Works includes 135,000 square feet of retail space, more than 50,000 square feet of event space, coworking areas and a grade-level parking lot with more than 4,250 spots. The hub is listed on the National Register of Historic Places.

The campus’ tenant roster features WorkWave, which leases 71,667 square feet at Bell Works for its U.S. headquarters. Spirent, Jersey Central Power & Light, CentralReach and International Flavors & Fragrances are property tenants as well.

Bell Works occupies some 135 acres at 101 Crawfords Corner Road, close to Garden State Parkway, which connects Holmdel to Staten Island and downtown Manhattan. The property is surrounded by more than 2.5 million square feet of commercial space within a 3-mile radius, according to Yardi Matrix data.

JLL Executive Vice Presidents Peter Ladas and Scott Stange represented K. Hovnanian in the leasing transaction. CBRE Vice President Joseph A. Sarno Jr., Senior Vice President Jon Miesel and Executive Vice President Joseph Sarno assisted iCIMS. NAI James E. Hanson Senior Vice President Jeff Garibaldi, Leasing Administrator Lindsey Florio and Vice President Tara Keating worked on behalf of the building ownership.