Completed in 1999, the building is owned by Two Canal Park LLC,an affiliate of Boston-based TA Realty Associates, which is headedby principal Michael Ruane. The landlord declined comment, withofficial Beth Halverson telling GlobeSt.com, "We're not ready todisclose any information about that deal yet." The building'sexclusive leasing agent, Steve Purpura of Richards Barry Joyce& Partners, also would not discuss the matter. Monitor Group isbeing represented by FHO Partners principals John Boyle and MichaelBrown, who were unavailable as of press deadline.

Despite the silence among those involved, sources say the pacthas been signed. "The (lease) is done," insists one industryprofessional tracking the extended negotiations. "They are stayingput." For a time, that result seemed in jeopardy after the companymade it known that other locations were being considered, both inCambridge and beyond. Suburban communities such as Lexington andWaltham have become increasingly popular for Cambridge companiesfacing rental increases, and that option is considered even morereal given sudden tightness in the urban leasing landscape.

Besides the improving economy, a sizeable block of office spacein Cambridge has been converted into laboratories during the pastfew years, a use that can reap a substantially higher rate. In itsfirst quarter 2007 office market survey, Jones Lang LaSalle givesthe core East Cambridge submarket a direct vacancy rate of just6.9% and an availability rate of 11.2%. The lack of supply in the12.0 million sf district has helped boost the average asking rentalrate up to $35.86 per sf, well above the suburban average of $21.11per sf, and supposedly enough of a difference to motivate companieswith space needs to consider alternatives. "A lot of companies areat least willing to take a look now," says one suburban broker. Thesource nonetheless acknowledges such a step can be challenging foran entrenched company such as Monitor, which reportedly employsclose to 500 people, many reliant on public transportation.