Sequoia Plaza was acquired by Foulger-Pratt in 2004 and considered to be a value-play in comparison to office assets in the Rosslyn-Ballston corridor. The project had historically been well-occupied by Defense/Government Contractors and performed per underwriting for the first few years of ownership. A shift in occupancy due to BRAC and financial reasons caused many major tenants to vacate, resulting in a 45% occupancy level. After careful analysis, occupants were shifted to allow large continuous blocks of space to be marketed, resulting in lease-up of the majority of vacant space. Foulger-Pratt sold Sequoia Plaza in 2018, and managed the property until August 2021.
The project is an eight-story, 166,000 square foot self-storage facility located in the thriving NoMa/Union District/Eckington corridor along Florida Avenue in northeast DC. The project opened for leasing in March 2020 and was sold in August 2022.