The subtenant was spoken for by David Simson, president of GVA Williams of New Jersey, based in Parsippany, who has represented Reckitt Benckiser on a long-term basis. Dan Loughlin, managing principal of The Staubach Co., Murray Hill, NJ, represented the sublessor, Aventis Pharmaceuticals.

In a market long on available sublease space and short on office activity, the deal is some good news for a change. "This transaction clearly bodes well for the commercial real estate market, and the Morris County economy as a whole," says Simson. "Reckitt Benckiser's decision is a great win for New Jersey."

"It is good news for the health and recovery of the real estate market," adds Loughlin. "This sublease transaction also demonstrates the extraordinary opportunities tenants have to help their businesses by taking advantage of extremely favorable market conditions."

By some estimates, the combined northern and central New Jersey office market of some 250 million sf has 10 million sf of sublease space available, or about 50% of the total amount of space currently being shopped. Those numbers compare to just two million sf and 25% of the total available space just two years ago. And industry sources indicate that as much as three million sf of sublet space will be hitting the direct market in just the next 24 months.

The 700,000-sf Morris Corporate Center IV, located at 399 Interpace Parkway and owned by SJP Properties of Parsippany, also provides Reckitt Benckiser with some expansion opportunities, according to Simson. The company's phased move-in is slated to begin in November and is expected to take about six weeks to complete.

Reckitt Benckiser isn't exactly a household name, but many of its products are. The company's consumer brands include names like Lysol, Airwick, French's Mustard, Frank's Redhot sauces, Woolite, Spray 'N Wash, Resolve carpet cleaners, Jet-Dry rinse agents and Electrasol dishwsher detergents, to name a few. It has North American sales of about $1.8 billion a year.

The company also isn't a newcomer to the Garden State. Besides its new Parsippany location, Reckitt Benckiser operates a 380,000-sf, 200-employee manufacturing facility in Belle Mead, NJ, as well as a 100-employee R&D facility in Montvale, NJ.