After embarking on an elaborate game of national Hide and Seek, the presenters were found hiding out in the Live Building in Liverpool.
One listener found them after James described what he could see out of the top floor on Wednesday morning.
Faye, driving past, recognised the description given and called up the station.
Presenter Dev, who was also out seeking the duo, initially scouted around a building in Birmingham before hunting further North following a series of clues given on-air.
Eagled-eyed watchers and listeners took note of the chairs the presenters used when they were shooting photos and videos, which matched that of the meeting rooms in the building.
Tweeting about successfully locating the pair, the listener wrote: “FOUND THEM! #liverbuilding Using my day job skills... #hideandseek @BBCR1 @gregjames @grimmers .”
The news comes after Grimshaw announced that he will be stepping down from his role as host of the flagship breakfast show.
The presenter, 33, told listeners, earlier this year, that he would be swapping shows with James, who presents Drive Time, from September.
Grimshaw said: “It was always my dream to do the breakfast show and I’m very grateful that I got to live my dream every day for what will be nearly six years.
“I love Radio 1 and can’t wait to get on with the new time slot and the removal of all alarms from my house.”