Arranging this monster-sized transaction took creativity since Titan is not only leasing but subleasing space as well. The task of bringing it all together fell to Insignia//ESG.

In essence, Titan was doing business with four different building owners in an effort to cull the necessary 60% of the 425,000-sf Two Freedom Square. The company is leasing 146,000 sf straight from the owner/developers Boston Properties Inc. and Terrabrook Communities. Titan is also subleasing a total of 136,000 sf from law firms Wilson Sonsini Goodrich & Rosati and Finnegan Henderson Farabow Garrett & Dunner.

It was last year when Wilson Sonsini pre-leased 109,000 sf--with 40,000 feet of that space on the top two floors of the 16-story tower--for the purpose of relocating its headquarters from McLean, VA. Finnegan Henderson also pre-leased its space, which totals 96,000 sf, before the last summer's completion of the building.

While the financial terms of the lease and subleases have not been revealed, Delta Associates concludes in its First Quarter 2003 office market report that--based on actual direct leasing activity--office space in the Reston/Herndon market leases for about $23 per-sf. Direct vacancies in the market are up to 18.2%; 26.1%, including vacant sublets.