Bel Fuse Inc. this past week announced it closed on the sale of its longtime headquarters building in Jersey City for $5.9 million.
Located at 206 Van Vorst St., the building has been in use by Bel for the last 60 years, with it being utilized as its corporate headquarters for the past 20 years.
Effective July 1, Bel’s corporate office will transition to West Orange.
Dan Bernstein, CEO and president, commented: “While we will certainly miss the city that we have called home for many decades, times are changing. The move to West Orange will improve the work-life balance for most of the 25 associates physically based out of our corporate office, reducing their commute. The timing makes sense due to the current market value of the property and our expectation of lower annual operating costs. This move supports our team and is in the best interest of our shareholders.”
Bel Fuse Inc. designs, manufactures markets a broad array of products that include circuit protection, connectors, cable assemblies, discrete components, magnetics and power supplies. The company serves a global market and operates facilities around the world.