Search
 

Monitor Group Renews 195,000-SF Lease

CAMBRIDGE, MA-RBJ Real Estate and FHO Partners negotiated the 2 Canal Park deal, among the region's biggest of 2007.

By Joe Clements | Updated on May 09, 2007

CAMBRIDGE, MA-In one of Greater Boston’s heftiest office transactions of 2007, the Monitor Group has agreed to renew its full-building lease at 2 Canal Park, according to industry sources. The international consulting firm has reportedly signed on for another 10 years at the 195,000-sf building, which is located along the Charles River in the core East Cambridge business district.

Completed in 1999, the building is owned by Two Canal Park LLC, an affiliate of Boston-based TA Realty Associates, which is headed by principal Michael Ruane. The landlord declined comment, with official Beth Halverson telling GlobeSt.com, “We’re not ready to disclose any information about that deal yet.” The building’s exclusive leasing agent, Steve Purpura of Richards Barry Joyce & Partners, also would not discuss the matter. Monitor Group is being represented by FHO Partners principals John Boyle and Michael Brown, who were unavailable as of press deadline.

Despite the silence among those involved, sources say the pact has been signed. “The (lease) is done,” insists one industry professional tracking the extended negotiations. “They are staying put.” For a time, that result seemed in jeopardy after the company made it known that other locations were being considered, both in Cambridge and beyond. Suburban communities such as Lexington and Waltham have become increasingly popular for Cambridge companies facing rental increases, and that option is considered even more real given sudden tightness in the urban leasing landscape.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.