Designed by McLean, VA-based architectural firm Davis Carter Scott, Franklin Square will offer 269,000 sf of space over 12 floors; 253,000 sf will be for offices and 16,000-sf of ground-level space will be available for lease by retailers. Monument tells GlobeSt.com that the building is being marketed to both private and government organizations and could go to either a single tenant or several occupants.

The structure is located in the District's East End region, which is home to non-profit associations, law firms, government departments and union offices. "Monument Realty expects the building to appeal to large private and public sector tenants who are seeking a downtown location without having to pay top of the market rents," Monument principal Michael Darby says. According to Transwestern Commercial Services' April 2002 Market Watch report, there are currently about 1.65 million sf of office space under construction and the direct vacancy for the area is a mere 4.8%, the city average.

Rockville, MD's James G. Davis Construction Corporation is serving as the project's general contractor. Officially, construction begins this Monday, May 6, but Monument says--after having paid a visit to the sight today--some preliminary work has begun. Workers are already at the location and are removing parking lot signs and other evidence of the property's previous use. By the fall of next year, Franklin Square North is expected to be ready for occupancy.