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Wednesday, November 11, 2026Commercial real estate news

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RATE WATCHDaily benchmarks 10-year Treasury4.98%+10 bpAs of Nov 10 5-year Treasury4.81%+14 bpAs of Nov 10 SOFR3.88%-1 bpAs of Nov 9 Effective Fed funds3.88%UnchangedAs of Nov 9

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Headquarters lease / NEWS

Hovnanian sets Bell Works headquarters through two-stage office deal

The 72,388-square-foot arrangement begins with an iCIMS sublease and is followed by a direct extension with the Holmdel property’s owner.

Nina BrooksLeasing & OperationsNovember 11, 2026 · 2 min read

A multistory office interior at Bell Works, with illuminated floors overlooking a seating area and an iCIMS sign. — iCIMS offices inside Bell Works in Holmdel, New Jersey. Photo by Jonathan Schilling. Photo: Jonathan Schilling / Wikimedia Commons · CC BY-SA 4.0. Commons resize where applicable; CSS display crop. Adapted display remains under CC BY-SA 4.0.

Terms and timing

Hovnanian Cos. has a long-term commitment for a new headquarters at Bell Works in Holmdel, New Jersey, in a 72,388-square-foot deal that combines a sublease with a subsequent direct lease extension, Real Estate NJ reported Nov. 10. The report describes the commitment as in place but does not give a signing date or specify when the homebuilder will move in. Hovnanian moving headquarters to Bell Works with 72,000 sq. ft. sublease with iCIMS, long-term direc

The first stage is a sublease with iCIMS; the direct extension follows with building owner Inspired by Somerset Development. The publication did not disclose the duration of either stage or the rent. Hovnanian will occupy furnished, built-out offices on the third floor, in part of Building 3 at 101 Crawfords Corner Road. Hovnanian moving headquarters to Bell Works with 72,000 sq. ft. sublease with iCIMS, long-term direc

JLL represented Hovnanian in the transaction, while CBRE represented iCIMS in the sublease and NAI James E. Hanson represented ownership in the extension, according to Real Estate NJ. JLL’s Peter Ladas, quoted in the publication, said the company considered renewing its existing space, expanding or relocating before choosing Bell Works. He said the arrangement provided furnished space and greater long-term cost certainty. Hovnanian moving headquarters to Bell Works with 72,000 sq. ft. sublease with iCIMS, long-term direc

The 2 million-square-foot complex was formerly the Bell Labs research campus. Inspired by Somerset Development has been repositioning the property for more than a decade, the publication reported. Hovnanian, a homebuilder long based at the Jersey Shore, will use the Bell Works space as its headquarters. Hovnanian moving headquarters to Bell Works with 72,000 sq. ft. sublease with iCIMS, long-term direc

headquarters office lease corporate relocation