Presidents Park was once a hot-spot. Back in 1999 during the high-flying days when the Internet bubble had yet to burst, technology firm WinStar leased the entire 200,000-sf Presidents Park I. But the company vacated the property after filing for bankruptcy in late 2001.

The property purchase, however, marks more than just a major addition to Republic's Northern Virginia real estate portfolio; it signifies the "turning around" of a market that was devastated by the sudden ending of the Internet boom. ""We have been projecting an economic upturn in the office market," says Mike Jones, Republic Properties director of Leasing and Marketing."With 50% of the project available for lease, we believe Presidents Park is extremely well positioned to service the expanding space requirements of federal contractors and technology companies. We would not have considered acquiring the asset 12 months ago."