The purchase of the 101 Paragon Dr. building, for an undisclosed price, was orchestrated by EVP Mark Siegler and SVP Marc Hirschinger of Colliers Houston & Co., Teaneck. The identity of the seller was not released, but an SEC filing earlier this year listed the owner as a 50-50 partnership between Brandywine Realty Trust and Donald E. Axinn, a Brandywine trustee.

"Back in 2004, we actually initiated the corporate headquarters search for Benjamin Moore as they had outgrown their headquarters and also planned to consolidate their Bergen County operations in one facility," Siegler says. "We began touring building throughout Northern New Jersey in the 100,000-sf to 160,000-sf range, and additional sites in Rockland County, NY."

One aspect of the search was Benjamin Moore's corporate culture of being committed to owning rather than leasing, according to Hirschinger. "While the press has written volumes about the lagging office market in Northern New Jersey, the record clearly demonstrates that only a few office buildings in excess of 100,000 sf have been sold to end-users in recent years. Traditional owners have been resolved to lease rather than sell in order to retail their real estate assets."

The 101 Paragon Dr. building came onto the radar screen in August when full-building tenant Medco Health Solutions opted not to renew its lease, the brokers say. The pharmacy benefits management firm has since consolidated its operations at another Medco location in Franklin Lakes. To pave the way for occupancy, Benjamin Moore is renovating the building with new interiors, a new roof and operating systems.

Founded in 1883 in Brooklyn, NY, Benjamin Moore has been headquartered in Montvale since 1972. The company was acquired six years ago by Berkshire Hathaway, whose chairman is Warren Buffett.