IPG’s 20,000-square-foot lease at the former Bell Labs research facility has pushed the facility over a 1 million-square-foot leasing mark, Somerset Development said.
“We are extremely excited to welcome IPG Photonics to Bell Works, and bring yet another global, groundbreaking technology company to our state-of-the-art campus,” Ralph Zucker, president of Somerset Development, said. “This lease also represents an important milestone for our building, as we have now officially leased more than 1 million square feet of its space. This is a momentous occasion for a nationally renowned building that sat empty just five years ago, and a true testament to our vision and the success we have enjoyed in turning the metroburb into a reality.”
IPG is a manufacturer of fiber lasers. In addition to its new space at Bell Works, it has manufacturing facilities and sales offices in Germany, Russia, Italy, China, Japan, Korea, Taiwan, India, Turkey, Brazil, Mexico, Singapore, Spain, Poland, Czech Republic, Canada and the United Kingdom.
“It’s truly an incredible opportunity for IPG Photonics to call an iconic building as Bell Works our home,” Ekaterina Golovchenko, vice president, IPG Photonics, said. “We’re thrilled to be a part of a thriving community with a rich legacy of technological innovation, and look forward to adding our own chapter to its history as we continue to grow.”
IPG’s lease has resulted in the 2 million-square-foot Bell Work’s being more than 80 percent occupied, Somerset Development said.
“The Bell Works metroburb is a one-of-a-kind destination and office environment—combining urban convenience with suburban calm amid a mix of office space, dining and shopping options,” Jeff Garibaldi, president of The Garibaldi Group, said. “With IPG Photonics now joining its growing roster of innovative companies, it’s evident Bell Works offers the kind of live-work-play environment that first-class office tenants are seeking today.”
Garibaldi and vice presidents Tara Keating and Kyle Mahoney represented both Somerset Development and IPG Photonics in the deal.