Aventis' North American headquarters and global drug development operations arebased in Bridgewater, NJ, about 30 miles to the south of here. Thecompany's plans for the Parsippany location haven't been disclosed,pending completion of its merger-related reconfiguration. But Aventis isexpected to maintain a portion of its operations at the location atleast through the 2010 date.

Lexington and its institutional partner spent $81 million for theproperty, $53 million of which was financed. The seller was not named. Thepartnership, which was formed to invest in single-tenant, net-leasedoffice and industrial properties, has now invested some $270 million outof a total anticipated war chest of $420 million.

Altogether, Lexington in its various ventures is involved in some 65commercial properties (warehouses, manufacturing, office and retailfacilities totaling 11 million sf) in 30 states. Prior its latest dealfor the Aventis building, its New Jersey holdings had only included some smallretail properties.

As far as Lexington's previous deals involving its institutionalinvestor partner, "each one has met our underwriting criteria for tenantcredit, lease term and total return characteristics," according tocompany vice chairman and co-CEO Richard Rouse. "This program acquiredabout $235 million of net-lease properties last year. That exceeded ourestimates, and our acquisition pipeline is still strong."

Lexington Corporate Properties Trust has been a publicly traded REITsince 1993. Lexington Realty Advisors, an affiliate, provides managementand investment advisory services in the net lease area.

For its part, Aventis makes and sells a variety of prescription drugs.Its best-known brands include Allegra, Cardizem and Lasix.