Toting Grow NJ Tax Credits, Staffing Software Firm iCIMS Will Anchor Bell Works

Bell Works, Holmdel, NJ, in a night rendering

HOLMDEL, NJ— Wielding $38.295 million in Grow New Jersey tax incentives, human resources software vendor iCIMS has signed a 350,000-square-foot lease at Somerset Development’s Bell Works redevelopment in Holmdel, NJ, with an option to take additional space for future expansion. iCIMS will serve as the anchor commercial tenant at the iconic mixed-use development on the site of the legendary Bell Laboratories. “Our unique approach has transformed Bell Works into a world-class venue that brings the feel and aesthetic of an urban downtown to this suburban location,” said Ralph Zucker , president of Somerset Development . “We are working to create one of the most unique and attractive commercial properties in the region, and, in less than two years, we are already seeing the environment we envisioned come to life.” As previously reported by GlobeSt.com, the New Jersey Economic Development Authority awarded iCIMS $3.8 million per year in tax incentives over ten years if the company leased space in Bell Works . At the time of the NJEDA grant, the iCIMS lease had not yet been signed. An NJEDA spokeswoman told GlobeSt.com at that time that the incentives were only valid for a relocation to Bell Works. The addition of iCIMS , which is relocating its headquarters, brings Bell Works to more than 50 percent leased, less than two years after the historic two-million-square-foot property sat as one of the single largest vacant office buildings in the nation. Somerset is currently executing a $200-million adaptive reuse redevelopment, transforming the former Bell Labs facility into a dynamic “live-work-play” community. “The continued success of Bell Works is essential to the strength of New Jersey’s job market,” says Lieutenant Governor Kim Guadagno . “Technology-driven companies like iCIMS are attracted to Bell Works for its unique and innovative atmosphere, which rivals any office environment found in the New York Metropolitan Area. An increasing number of companies are recognizing the advantages of remaining in New Jersey or relocating here from out of state, and this remarkable property is providing us with a competitive edge.” “We are thrilled that iCIMS has made the decision to bring its headquarters to Holmdel’s blossoming business community,” says Mayor Eric Hinds . “This dynamic atmosphere is ideal for a company such as iCIMS , which was in need of a space that could accommodate its continued growth and subsequent need for a state-of-the-art, progressive work environment.” iCIMS , which is relocating from Matawan, NJ, provides Software-as-a-Service (SaaS) human resources software that enables growing organizations to manage the process of attracting, screening and hiring employees. “I feel as if I’ve come full circle. Early in my career as a recruiter, I placed exceptional candidates into Bell Labs,” says Colin Day , founder and chief executive officer of iCIMS . “The impressive technology created by talented people in this building will once again echo as iCIMS will usher in a new era of technology and innovation in the Garden State and continue our strong growth and profitability as we make our transition into Bell Works opens a new chapter for iCIMS .” iCIMS’ lease is the latest in a string of office agreements with growing technology companies at Bell Works . Previously, in May, cloud-based business management and fleet management solutions company WorkWave finalized a deal for a 72,000-square-foot headquarters space at Bell Works . Other prominent commercial tenants include: Acacia Communications , a recognized optical transmissions manufacturer; MetTel , a NYC-based telecommunications firm that also received Grow NJ tax credits as an incentive to move from New York;  McCann Systems , a national audiovisual company; NVIDIA Corporation , a publicly traded technology firm; Spirent Communications , an international telecommunications firm; Suttons International , a worldwide logistics company; Symbolic IO , a data storage company; and vi Collaboration Hub , a co-working space and networking group for technology companies and innovators in the region. The Garibaldi Group’s Jeff Garibaldi , president, Tara Keating Freeman , vice president, and Kyle Mahoney , associate vice president, represented Somerset Development in the leases as Bell Works’ exclusive office leasing agency. The CBRE team of Joseph Sarno Jr ., executive vice president, Jeremy Neuer , senior vice president, and Matthew Wassel , associate, represented iCIMS . ” iCIMS ‘ commitment to Bell Works marks a historic success for Holmdel Township, for the state of New Jersey and, especially, for the state’s thriving technology community,” Sarno tells GlobeSt.com exclusively . “As iCIMS continues to accelerate its rapid growth at Bell Works, we can expect to see additional companies follow suit and commit to the building, which is again becoming a world-renowned hub for innovation.” “This leasing milestone truly signifies the vision of Bell Works manifesting into a reality,” says Jeff Garibaldi , president of The Garibaldi Group . “The property has already distinguished itself among the region’s suburban office product, and this lease agreement only adds to its momentum. Having iCIMS amongst the already impressive roster of New Jersey-based companies at Bell Works paves the way for notable retail companies to follow suit.” CORRECTION, 7/21/2016, 11:54 A.M.: Because of an editing error, an earlier version of this story repeated an incorrect amount for the total value of the Grow NJ tax credits awarded to iCIMS. The actual amount, confirmed in a copy of the NJEDA board memo provided to GlobeSt.com, is just under $3.83 million per year for ten years, for a total of $38.295 million.