K. Hovnanian Companies LLC has committed to a new 72,388-square-foot headquarters relocation at Bell Works, the former Bell Labs research campus at 101 Crawfords Corner Rd. in Holmdel, NJ. The move keeps the homebuilder in a large-format office environment while shifting its corporate base into one of the region’s most prominent repositioned office properties.
The deal is structured as a two-step transaction, beginning with a sublease and transitioning into a direct lease. K. Hovnanian will initially occupy the space through a sublease with existing tenant iCIMS, giving the company immediate access to a large, fully built-out office footprint within Bell Works.
Following the sublease period, K. Hovnanian’s occupancy will roll into a direct lease extension with building ownership, Inspired by Somerset Development. This sequencing effectively aligns the needs of the incoming headquarters tenant, the sublandlord and the ownership, while locking in long-term tenancy for the property.
JLL structured the headquarters relocation on behalf of K. Hovnanian. Executive vice president Peter Ladas, who led the advisory team alongside JLL executive vice president Scott Stange, noted that the firm reviewed scenarios ranging from a renewal in the company’s prior location to expansion options and full relocation alternatives before selecting Bell Works.
According to Ladas, the combination of a new sublease with iCIMS, followed by a direct lease extension with Inspired by Somerset Development, enabled K. Hovnanian to secure premium, fully furnished space on terms that provide favorable economics and greater long-term cost certainty. The approach underscores how sublease inventory can be used to bridge near-term occupancy needs while setting up longer-duration commitments with ownership.
On the sublandlord side, iCIMS was represented by a CBRE team consisting of Joseph Sarno, Joseph A. Sarno Jr. and Jon Miesel. Building ownership, Inspired by Somerset Development, was represented by NAI James E. Hanson brokers Jeff Garibaldi, Lindsey Florio and Tara Keating. Their involvement was described as instrumental in facilitating the transaction and securing K. Hovnanian’s long-term commitment to Bell Works.
The headquarters relocation further reinforces Bell Works’ role as a multi-tenant corporate campus attracting sizable office users. With K. Hovnanian’s new lease structure in place, the property gains an additional long-term headquarters tenant while K. Hovnanian benefits from a large, move-in-ready space and a defined occupancy path under both sublease and direct lease arrangements.
