Fireside Chat: The Metroburb Model

Case Study on The Bell Works Project

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  Ralph Zucker

  Somerset Development achieved the nearly unthinkable, transforming the former Bell Labs into the current 2 million-square-foot multifaceted Bell Works in Holmdel. In 2022, that company, where Zucker is CEO and Founder, transformed itself, rebranding to Inspired. “[W]e’re harnessing the lessons from our storied history, and building upon them for a new era of innovative and sustainable redevelopment,” Zucker said over the summer. Guided by its modern spin on New Urbanism, work is underway in Chicago for the company’s second metroburb and now that there’s a plan in place, Inspired has eyes on developing more of the destinations. The timing could be right for that kind of roll-out, in a post-COVID environment where employers are looking to draw workers back to cooperative spaces. The company expanded its residential portfolio in 2022 as well, as demand for housing persists, partnering with iStar to make its entrance to Asbury Park with plans for a luxury community located along 5th Avenue. Also in the shore area, the company scooped up 15 acres at the former Fort Monmouth where it plans to build 144 townhouses and 36 affordable units.

  Inspired by Somerset Development

  CEO & Founder

  Ralph Zucker

  CEO & Founder

  Inspired by Somerset Development

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  Alexander Gorlin

  Founder & CEO

  Alexander Gorlin Architects

• Moderator

  Paola Zamudio

  Founder, npz studio+ and Lead Designer + Creative

  Bell Works

Developing and Amenitizing The New Age of Workplace

Innovations Driving The Next Generation Of Office Environments

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  Ralph Zucker

  Ralph Zucker is CEO & Founder of Somerset Development, one of the New York Metropolitan region’s foremost pioneers of New Urbanism and Traditional Neighborhood Design development. Throughout his career, Zucker has worked hands-on in every facet of the building and development process, and has demonstrated a commitment to working with municipalities to create innovative communities based on the principles of New Urbanism. Zucker is perhaps best known for Bell Works, the two-million-square-foot redevelopment of the former Bell Labs property in Holmdel, N.J., where he and the Somerset Development team successfully transformed the iconic Saarinen-designed research facility into a “metroburb,” a term that Somerset coined to describe the suburban building’s revival into a blossoming, downtown-style ecosystem of technology, traditional office, retail, dining and hospitality. Today, Zucker and his team are in the midst of redeveloping The Ameritech Center in Hoffman Estates, Illinois, originally built as the former AT&T research facility, into Bell Works Chicagoland. The 1.65-million square foot building, which has already welcomed retail and office tenants, is quickly transforming into another successful metroburb. Under Zucker’s leadership, Somerset and its projects have earned numerous industry awards and recognition for their contributions to furthering responsible development practices, including the New Jersey Future Smart Growth Award for Wesmont Station, Somerset's 70-acre transit-oriented mixed-use redevelopment located in Wood-Ridge, N.J., where Somerset partnered with NJ TRANSIT to build a brand new train station that provides access to Manhattan.

  Inspired by Somerset Development

  CEO & Founder

  Ralph Zucker

  CEO & Founder

  Inspired by Somerset Development

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  Michael Bergman

  President & CEO

  Bergman Real Estate Group

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  Frank Recine

  For decades, Frank D. Recine has been a towering figure in the commercial real estate arena before assuming the prestigious mantle of Principal at Accordia. Having held the esteemed position of Executive Managing Director at JLL, Frank’s influence reverberates throughout the industry, characterized by groundbreaking initiatives that have reshaped markets nationwide. His tenure underscores a legacy of visionary leadership and adept navigation through multifaceted landscapes. His strong background in transaction structures, lease negotiations and consulting services resulted in the successful negotiations of over 14 million square feet of space and over $3 Billion in total lease transaction value during his tenure at JLL. Prior to joining JLL, Recine spent 13 years at Newmark, climbing the ranks to become the youngest Principal in the firm. Over the span of his career, Recine secured high-profile tenant representation assignments for some of the industry’s most iconic brands and clients, including Ferrari North America, DHL, Gucci, Yang Ming Shipping, The RealReal, Fresenius Medical, WebMD/Internet Brands, among others. Recine also specialized in landlord representation, working on many high-profile agency repositionings and development projects across the state. His prowess in deal-making has garnered widespread acclaim, evidenced by consecutive appearances on NJBiz’s “Power 50” list and the prestigious “Top Gun” award at JLL throughout his tenure, among others.

  Accordia Realty

  Principal

  Frank Recine

  Principal

  Accordia Realty

• Office Tenant

  Jenna Gaudio

  Co-President & COO

  Vydia

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  Marc Reissman

  Marc Reissman, Executive Vice President at JRM, is a seasoned leader who plays a pivotal role in JRM’s ventures in New York and spearheads operations in New Jersey. His extensive career path within the construction realm has seen him excel as a field Superintendent, Project Manager, and Project Director, showcasing his versatility. Beyond this, Marc actively contributes to shaping marketing strategies, fostering employee engagement, and driving business development. Since the inception of JRM, Marc’s unwavering dedication has positioned him as a driving force behind the company’s industry-leading estimating and purchasing services. Additionally, he takes charge of overseeing crucial accounts for JRM, which includes projects of all types and sizes. As Executive Vice President, Marc is more than an executive; he’s a visionary leader who consistently sets ambitious goals and processes, propelling JRM to new heights. His comprehensive approach ensures that every facet of the company flourishes under his guidance, making him the ultimate jack-of-all-trades at JRM.

  JRM

  Executive VP

  Marc Reissman

  Executive VP

  JRM

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  Caitlin Ormsbee

  Caitlin is a Associate Principal, with particular expertise in building isolation and vibration. Many of the biggest media companies in the world count on Caitlin’s creative problem solving approach and request her team on their projects, as do healthcare facilities, where vibration analysis of sensitive equipment is paramount. She recently earned her Project Management Professional (PMP) accreditation so that she could gain greater purview and efficiently manage projects for Discovery, Facebook, Twitter, and LinkedIn. Caitlin has built a strong practice in environmental noise, working closely with the Department of City Planning and the Office of Environmental Remediation to prepare and evaluate environmental reviews (EIS, EAS), focusing in CEQR Noise and Construction Analysis, and Noise Restrictive and Environmental Designations.

  Cerami & Associates

  Associate Principal

  Moderator

  Caitlin Ormsbee

  Associate Principal

  Cerami & Associates

Market Outlook: Assessing Financing, Deal Activity and Leasing Environment

Navigating Capital Strategies & Understanding Leasing Momentum Amidst Economic Shifts

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  Christopher DeLorenzo

  Prior to his position as Vice president and Director of Leasing and Marketing, DeLorenzo was the executive vice president, for The Birch Group where he was responsible for leasing across the company’s 6.5 million square foot portfolio. He also held the same title at JLL where he maximized brokerage efficiency and leasing activities while winning new business and overseeing national accounts in collaboration with marketing and tenant representation. He has 25 years of commercial real estate experience, including serving as executive vice president at Mack-Cali Realty Corporation, where he was responsible for all leasing and asset management activities for a portfolio of 26.2 million square feet and was involved in over 1,500 transactions totaling more than $2.5 billion.

  Alfred Sanzari Enterprises

  VP, Leasing

  Christopher DeLorenzo

  VP, Leasing

  Alfred Sanzari Enterprises

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  Jeff Garibaldi

  CEO

  Garibaldi

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  Jeremy Neuer

  Jeremy Neuer is a Senior Managing Director in the New Jersey office of JLL Capital Markets, Americas. Jeremy specializes in office investment advisory throughout New Jersey, New York and Connecticut. Since 2017, he’s been involved in more than $2 billion of office sales. Prior to JLL, Jeremy was co-lead of Capital Markets for CBRE NJ, focusing on office transactions. After an 18-year leasing career, he transitioned to Capital Markets in 2016 to leverage his unique experience with respect to the workplace–and how buildings need to change to meet the needs of modern occupiers. His success in leasing, on both the tenant and landlord side, gives him a distinct perspective to drive asset value and provide comprehensive advisory to owners and investors.

  JLL

  Senior Managing Director, Capital Markets

  Jeremy Neuer

  Senior Managing Director, Capital Markets

  JLL

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  David Wolfe

  Mr. Wolfe is the Managing Partner in the Property Tax Department at Skoloff & Wolfe, PC, where he focuses his practice on representing taxpayers in significant real estate tax appeals and property tax related matters. He has extensive experience in all types of property tax appeals, including hotel, multi-family, retail, office, and industrial properties. Mr. Wolfe frequently counsels clients on the property tax implications of the development, acquisition, and disposition of significant assets. He also counsels clients with respect to property tax exemptions and PILOT agreements. Mr. Wolfe serves on the Board of the National Association of Property Tax Attorneys (NAPTA) and as the Co-Chair of the Real Property Tax Practice Committee of the New Jersey State Bar Association. Mr. Wolfe has been featured or quoted in a wide variety of local and national publications, including Forbes.com, GlobeSt.com, Marketwatch.com, The Washington Post, The Wall Street Journal, Law.com, Law360.com, The New York Law Journal, and Commerce Magazine. Mr. Wolfe has a track record of obtaining significant assessment reductions on behalf of his clients. Examples of those assessment reductions include: • Reduced hotel assessment from $188 million to $131million; • Reduced multi-family assessment from $116 million to $67 million; • Reduced office assessment from $115.5 million to $90million; • Reduced supermarket anchored center from $66.9 million to $46 million; • Reduced nursing home assessment from $36 million to $10.1million; • Reduced big box retail assessment from $21.3 million to $13.4 million; • Reduced office assessment from $27.8 million to $6.5million. Mr. Wolfe began his career as an associate at the law firm of Davis Polk and Wardwell in New York. While at Davis Polk, he focused his practice on regulatory investigations, securities litigation and banking disputes. Mr. Wolfe is a member of the American Bar Association House of Delegates and is the Co-Chair of the ABA’s Diversity & Inclusion 360 Presidential Commission. As a young lawyer, Mr. Wolfe served as the Chair of the ABA Young Lawyers Division, the ABA’s largest entity with more than 130,000 members. Mr. Wolfe received his J.D. from New York University School of Law, and graduated from Cornell University with distinction in all subjects.

  Skoloff & Wolfe

  Partner

  David Wolfe

  Partner

  Skoloff & Wolfe

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  Andrew Lofredo

  Andrew Lofredo has nearly three decades of broad commercial real estate experience, as a real estate broker, property manager, attorney, and asset manager, along with leadership roles in both institutional and entrepreneurial environments. Andrew is currently CEO of CRE Vertical Advisors, which was founded to provide comprehensive real estate asset management, property management and advisory services to direct investments and select third parties with a concentration in retail, industrial and office properties in the New York Tri-State and Mid-Atlantic Regions. Previously, he was CEO of MCP Real Estate & Investment Management, a real estate family office; Head of Asset Management for Fortis Property Group, overseeing investor/lender relations, leasing and operations of a commercial portfolio in excess of 6 million square feet in the Northeast US and Texas; Senior Vice President of Operations at Ashkenazy Acquisitions, responsible for running a national retail portfolio, including all operations and construction; in-house counsel and Director of Asset Services in NYC at CBRE, with corporate management responsibilities and oversight of over 9 million square feet of commercial assets in NYC, Westchester and Connecticut. He currently serves as a Co-Chair of the New York Commercial Real Estate Industry's Spirit of Hope Event to benefit St. Jude Children's Research Hospital. Additionally, he has guest lectured on multiple occasions for The Real Estate Associates Program and was an adjunct professor teaching real estate asset management at the Fordham Real Estate Institute’s MSRE program and New York University (NYU).

  CRE Vertical Advisors

  CEO

  Moderator

  Andrew Lofredo

  CEO

  CRE Vertical Advisors