The seller was represented in the transaction by Jeff Kolodkin and Len Suskin of Grubb & Ellis, while Gregg Kelman of GK Realty Services represented Hampshire. The sale price was not disclosed, but a source with knowledge of the transaction puts the number at "over $5 million," or something in the $85-90 per sf range.

For Hampshire, the pick-up has substantial upside potential. The building is currently vacant—it was once occupied by wood care products company Minwax, which has subsequently relocated to Upper Saddle River, NJ.

And Hampshire is set to launch a makeover with an eye on getting a single user into the building. "We plan an aggressive multi-pronged marketing renovation and repositioning strategy to attract a long-term tenant on a net lease basis," says Norman A. Feinstein, executive vice president of the Morristown, NJ-based Hampshire. "We were able to buy the property for well below replacement cost in one of the top headquarters destinations in New Jersey."