K. Hovnanian Companies LLC has signed a 72,388-square-foot headquarters relocation at Bell Works, the former Bell Labs research campus located at 101 Crawfords Corner Rd. in Holmdel, NJ. The transaction includes a sublease with iCIMS followed by a direct lease extension with building ownership, Inspired by Somerset Development.
“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,” said Peter Ladas, EVP, JLL. “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.”
Ladas and JLL EVP Scott Stange represented K. Hovnanian. The sublandlord, iCIMS, was represented by Joseph Sarno, Joseph A. Sarno Jr. and Jon Miesel of CBRE. Representing building ownership, Jeff Garibaldi, Lindsey Florio and Tara Keating of NAI James E. Hanson played an instrumental role in facilitating the transaction and securing K. Hovnanian’s long-term commitment.
