Garden State franchise Jersey Mike’s Subs recently agreed to lease approximately 70,000 square feet of office space at the former Commvault headquarters in Tinton Falls. The company is headquartered in Manasquan but now lists its international headquarters at the 276,900 square-foot office building at 1 Commvault Way.
The company was headquartered at 2251 Landmark Place in Manasquan, but property records show that the building is actually located in Wall Township. Peter Cancro, the founder and chairman of the sub-franchise, purchased the property for $975,000 in 2003. Those two buildings were built in 1997 and span 5,960 square feet, according to the Monmouth County Tax Board.
Jersey Mike’s new international HQ building was purchased last year by real estate firm Somerset Development. The firm renamed the building ‘Bell Works Fort Monmouth’ after acquiring the 55-acre lot from Commvault for $36 million.
A report in RE-NJ said that brokerage firm NAI James E. Hanson represented the landlord while Lakis Commercial represented Jersey Mike’s in the lease transaction. That report came just a few days after Jersey Mike’s announced that it had filed for an initial public offering with the Securities Exchange Commission.
Commvault, a software and data management company, purchased the entire 55-acre site, formerly known as Parcel E, when it was owned by the U.S. Army, in 2013. The main office building opened in 2014, according to an NJBIZ report, and is known for its indoor slide and for being featured in the film “Happy Gilmore 2.”
A listing on LoopNet.com says that 34,930 square feet of office space is available in the building, which would put the building at around 87% leased.
A January 2013 press release from the New Jersey Economic Development Authority about the sale of the parcel states that Commvault was expected to build up to 650,000 square feet of space and create up to 1,500 new jobs across three phases. Instead, Commvault is now a tenant in the building and leases 75,000 square feet of space, as reported by Jersey Digs in February 2025.
Jersey Mike’s was founded in Point Pleasant by Peter Cancro in 1987 and was taken over by Blackstone in November 2024.
The first official store, known as Mike’s Giant Size Submarines, was opened in 1956 at 1009 Trenton Avenue. Cancro purchased the shop in 1975, when he was 17, after securing a loan from his football coach, who was also a local banker. The shop officially became a franchise in 1987 and has expanded to Canada and Europe.
Blackstone did not disclose its total investment in the franchise, but a report in Reuters said that the sub-franchise was valued at around $8 billion, including debt.
Jersey Mike’s lists 147 locations in New Jersey, over 3,300 locations across the U.S., and 297 planned stores. The restaurant chain did not return a request for comment from Jersey Digs.
