Interior of Bell Works atrium space, Holmdel, NJ

TRENTON, NJ—The New Jersey Economic Development Authority is dangling some juicy carrots to try to get a couple of companies to commit to bringing jobs to the Bell Works redevelopment in Holmdel, NJ.

The only question is whether the companies are going to bite the carrots, as neither one has actually committed to leasing space at the former Bell Laboratories site owned by Somerset Development.

The NJEDA said Tuesday it had awarded Grow New Jersey tax credits to encourage Matawan-based iCIMS, a software services company specializing in applicant-tracking software for human resources professionals, and to Manhattan Telecommunication Corporation, which offers communication and related support services to corporate clients, but only if they lease space at the iconic two-million square foot research facility.

According to the NJEDA agenda for its June 14 meeting, the iCIMS grant would be valued at $3.8 million per year over 10 years, or about $38.3 million. Manhattan Telecommunications would receive about $400,000 per year for a 10-year term, or $4 million..

A spokesman for Somerset Development declined to comment on the prospects for the leases getting signed, other than to acknowledge that Somerset was aware that the Grow NJ credits had been awarded. The two firms would lose the tax credits if they lease elsewhere in the state or relocate outside of New Jersey.

“Calculation of a Grow NJ award is based on a specific address in New Jersey,” says Virginia Pellerin, the NJEDA's communications officer, in an email to GlobeSt.com. “Any change to another address within New Jersey would require a new approval. Projects located outside the state are not eligible.”

Last month, NJEDA awarded Grow NJ tax credits to WorkWave, a cloud-based logistics software company, which, as previously reported by GlobeSt.com, is moving into more than 71,000 square feet at Bell Works to accommodate its expansion. WorkaWave is expected to create 247 new jobs and retain 154 jobs that were at-risk of leaving the state, NJEDA says.

If iCIMS leases at Bell Works instead of leaving for a potential site in Arizona, NJEDA says it would result in the creation of 390 new jobs and the retention of 552 jobs at-risk of leaving the state. Manhattan Telecommunications, which has been considering a Utah location, would create 100 new jobs if it signs on at Bell Works.

“For decades, the former Bell Laboratories site was at the global forefront of innovation,” NJEDA chief executive officer Melissa Orsen says. “We are hopeful that these companies will choose to locate their operations at the Holmdel site and bring hundreds of high-paying jobs back to the region.”

Spokespeople at iCIMS and Manhattan Telecommunications did not respond to a GlobeSt.com request for comment on the Grow NJ credits.

CORRECTION, 7/21/2016 11:57 A.M.: Because of an editing error, an earlier version of this story included incorrect amounts for the total value of the Grow NJ tax credits awarded to iCIMS and MetTel. The actual amount for iCIMS is just under $3.83 million per year for ten years, for a total of $38.295 million, and $400,000 per year for ten years for MetTel, for a total of $4 million.

Spokespeople at iCIMS and Manhattan Telecommunications did not respond to a GlobeSt.com request for comment on the Grow NJ credits.

Instant Insights /

NJ EDA Dangles Grow NJ Carrots for Two Companies Considering Bell Works

Related Stories

Recommended For You