Real estate services firm JLL announced on Monday that it has arranged a 72,388-square-foot headquarters relocation for national homebuilder K. Hovnanian Companies LLC at Bell Works, the iconic two-million-square-foot “metroburb” located at 101 Crawfords Corner Road in Holmdel.
The complex, multi-phase transaction was structured first as a sublease with cloud software company iCIMS, followed by a direct long-term lease extension with building owner Inspired by Somerset Development. Under the agreement, K. Hovnanian will occupy fully built, high-end finished, and furnished Class A+ office space on the third floor of Building 3.
Advisors on the transaction noted that the dual-track sublease-to-direct structure allowed K. Hovnanian to secure turnkey executive space while hedging capital expenditure requirements.
“Our team evaluated every scenario, from remaining in place and renewing to expanding and pursuing a relocation, before identifying an exceptional opportunity at Bell Works. By first structuring a new sublease with iCIMS, followed by a direct lease extension, we were able to secure premium, fully furnished space at favorable economics and greater long-term cost certainty. More importantly, this was a strategic decision that will strengthen K. Hovnanian’s employee experience, corporate identity, and organizational culture for years to come,” Peter Ladas, Executive Vice President, JLL, said.
Scott Stange, Executive Vice President at JLL, added that rigorous due diligence regarding property ownership stability and long-term capital plans was essential to finalizing the multi-year commitment.
“Navigating New Jersey’s commercial real estate market requires a thorough understanding of property ownership and the capital commitments necessary to maintain a Class A workplace. That due diligence was an important part of this assignment,” Scott Stange, Executive Vice President, JLL, said.
Originally constructed as the historical Bell Labs research facility, Bell Works has been reimagined by Inspired by Somerset Development as a self-contained suburban metropolis featuring tech firms, retail shops, restaurants, entertainment venues, and community spaces.
Executives from both K. Hovnanian and Inspired by Somerset Development praised the relocation as a milestone for corporate culture and regional talent retention:
“Our new headquarters at Bell Works represents an important investment in our people and the future of our company. We wanted a workplace that reflects who we are as an organization while providing flexibility and long-term stability to support our business,” Brad O’Connor, Chief Financial Officer, K. Hovnanian Companies LLC, said.
“Having a company with such a strong presence and history in New Jersey choose Bell Works for its headquarters speaks to the unique environment we’ve created here. We look forward to welcoming their team into our growing community,” Ralph Zucker, President and CEO, Inspired by Somerset Development, said.
Transaction representation
The transaction involved brokerage teams across three leading commercial real estate firms:
- Tenant Representation (K. Hovnanian): Peter Ladas and Scott Stange of JLL.
- Sublandlord Representation (iCIMS): Joseph Sarno, Joseph A. Sarno Jr., and Jon Miesel of CBRE.
- Building Ownership Representation (Inspired by Somerset Development): Jeff Garibaldi, Lindsey Florio, and Tara Keating of NAI James E. Hanson.
