The seller was represented in the transaction by Jeff Kolodkinand Len Suskin of Grubb & Ellis, while Gregg Kelman of GKRealty Services represented Hampshire. The sale price was notdisclosed, but a source with knowledge of the transaction puts thenumber at "over $5 million," or something in the $85-90 per sfrange.

For Hampshire, the pick-up has substantial upside potential. Thebuilding is currently vacant—it was once occupied by wood careproducts company Minwax, which has subsequently relocated to UpperSaddle River, NJ.

And Hampshire is set to launch a makeover with an eye on gettinga single user into the building. "We plan an aggressivemulti-pronged marketing renovation and repositioning strategy toattract a long-term tenant on a net lease basis," says Norman A.Feinstein, executive vice president of the Morristown, NJ-basedHampshire. "We were able to buy the property for well belowreplacement cost in one of the top headquarters destinations in NewJersey."