I don't know the D700, but I suspect maybe not. That used to be called a T setting (Time) but today you use a cable release and lock it during very long exposures.
I also have the Hama radio remote control, as found HERE. Set the shutter speed to "Bulb", press the remote release for 3 seconds and the shutter opens. Release the button and the shutter stays open until you press the release button again.
Other makes of release are available and would almost certainly work just as well.
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