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PARSIPPANY, NJ-In one of the largest blocks of sublet space to become available in New Jersey so far in this year of the sublet, Aventis Pharmaceuticals has put its 340,000 sf at Morris Corporate Center IV on the market. Lexington Corporate Properties of New York City owns the class A office complex.

Aventis Pharma isn’t cutting back or moving. The pharmaceutical arm of Aventis SA, formed 18 months ago by the merger of Hoechst AG and Rhone-Poulenc SA, is consolidating most of its US operations about 25 miles down I-287 in Bridgewater, NJ. The latter has been the home base for American Hoechst for a number of years.

The marketing assignment for the space has gone to the Staubach Co.’s New Jersey office in Murray Hill. Managing principals Dan Loughlin and Tom Stanton will lead the effort.

Subletting has sent the region’s vacancy rate up in recent months, especially in the Parsippany market. There is almost no new spec space in the works, and Stanton is optimistic about moving the Aventis space: “Companies looking for a large block of class A space in Morris County have a great opportunity. We expect the demand to be substantial.”

The two-year-old, two-building Morris Corporate Center IV sits on a 35-acre site; its hillside setting offers sweeping views of the New York skyline, some 25 miles to the east. Among other amenities, it offers Cat 5 enhanced wiring, according to Stanton. The Aventis space is being marketing for both large single tenant and multi-tenant use.

Staubach, which has worked with Aventis on several recent transactions, put together the deal for the company’s 415,000 sf at Bridgewater Crossing, located in Somerset County. Aventis will occupy all of 200 Crossing Blvd. and three floors of 400 Crossing Blvd. with several of its global functions.

Bridgewater is currently home to Aventis Pharma’s Global Drug Development Center and US Drug Innovation & Approval facilities. The company’s commercial operations’ headquarters relocated earlier this year to its permanent site in Bridgewater.

Aventis Pharma AG is the pharmaceutical arm of Aventis SA, headquartered in Strasbourg, France. Aventis Pharma’s world headquarters is in Frankfurt, Germany.

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