Huntington Tower (2025 Woodward Avenue, Detroit, MI)
Office (single-tenant net lease, financial services HQ implied by trust name) property in Detroit, MI — sponsored by Net Lease Capital Advisors
Files with the SEC as NLC Financial Service HQ DST
Minimum investment
$150k
Offering size
$137.7M
How much has sold
67.0%
Asset type
Office (single-tenant net lease, financial services HQ implied by trust name) property
Location
Detroit, MI
Financing
Leveraged. This offering reports mortgage debt on the property.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
NLC Financial Service HQ DST is a Delaware statutory trust — fractional, passive ownership of a single property, used mainly by 1031 exchange investors — sponsored by Net Lease Capital Advisors. It holds Huntington Tower at 2025 Woodward Avenue in downtown Detroit, reported fully leased to The Huntington National Bank on a triple-net lease running to June 30, 2044.1 Interests are sold privately to accredited investors under Rule 506(b).
Min $150k; $92.2M sold of $137.7M, $45.5M remaining (Form D/A 6/25/26); first sale 4/27/26; 506(b), not publicly marketed
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These links support the public record as a whole; individual details may come from different sources.
On a 45-day clock? Find day 45 and day 180 from the sale date, then come back to this record.
What exactly is the property?
Huntington Tower stands at 2025 Woodward Avenue in downtown Detroit, across from Comerica Park, and opened in 2022.2 The Herrick Co., a Florida investment firm, had paid $150 million for it in 2023 and sold it in March 2026 for $156 million.2 Crain's Detroit Business named Net Lease Capital Advisors as the buyer.3 Sponsor material instead describes a newly constructed 20-story Class A tower with an attached 319-space garage — a conflict the reviewed record leaves open.1
- Reported location
- Detroit, MI
- Property size
- 203,300 square feet
Who is the tenant, and what's the lease?
Sponsor material reports the tower fully leased to The Huntington National Bank — successor by merger to TCF National Bank and Chemical Bank — on a 22.5-year triple-net lease, meaning the tenant carries taxes, insurance and maintenance, expiring June 30, 2044, with four seven-year renewal options and a corporate guaranty from Huntington Bancshares Incorporated.1
How are sales going?
These are the sponsor’s own numbers. They can lag what has actually sold, and they do not confirm that interests are still available.
67.0% reported sold
- Amount sold
- $92,234,640
- Still available
- $45,457,926
- Investors reported
- 36
- Total offering
- $137,692,566
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How is it financed, and what does it pay?
No SEC filing reviewed for this profile states loan terms. Sponsor material describes a zero-cash-flow structure — lease rent is applied to service assumed senior and subordinated mortgage debt rather than paid out to investors — and names Wells Fargo Trust Company, N.A. as lender.1
Who's behind it?
Net Lease Capital Advisors is a Nashua, New Hampshire firm that describes itself as a single-tenant net-lease investment and advisory business with experience sponsoring Delaware statutory trusts.4 Crain's Detroit Business reported on March 24, 2026 that the firm was the new owner of the Huntington Bank tower on Woodward Avenue, after a $156 million purchase it called the highest-priced office sale in Detroit history.3 Sponsor material distributed by Baker 1031 Investments describes a two-tier trust structure in which 79.30% of beneficial interests are offered and 20.70% held by third parties.1
- Sponsor
- Net Lease Capital Advisors
- Legal Trust name
- NLC Financial Service HQ DST
- May convert to a REIT
- No
- Offerings from this sponsor
- 8 active / 22 total offerings from Net Lease Capital Advisors
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
The original Form D — the short notice an issuer files with the SEC to claim a private-placement exemption — reported no sales; two later amendments recorded subscriptions as they came in, the second lifting the reported total sharply. Rule 506(b) bars general solicitation, so the Trust reaches accredited investors through existing broker-dealer and adviser relationships.
- First Form D filedThe public offering record begins.
- Offering amount recordedA Form D amendment recorded offering and sales totals.
- Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
- Filings on record
- 3
- How it may be offered
- Rule 506(b)Not advertised publicly. Offered through existing relationships.
- Source filing
- Read the filings on SEC EDGAR
A Form D is the notice a sponsor files when it starts raising money. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
DST interests are illiquid private securities. You may lose some or all of your investment. Distributions, tax treatment, and exit timing are not guaranteed. Review the current Private Placement Memorandum before investing.
Common questions
Is Huntington Tower (2025 Woodward Avenue, Detroit, MI) still raising money?
Top1031 lists Huntington Tower (2025 Woodward Avenue, Detroit, MI) as active because the sponsor is still filing with the SEC. That does not confirm that interests remain available.
Where does Top1031 get the data for Huntington Tower (2025 Woodward Avenue, Detroit, MI)?
Top1031 builds this record from the sponsor’s own SEC filings and cited sponsor disclosures. Filings can lag what is happening now. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
What exactly does this Trust own?
An interest in Huntington Tower, an office building at 2025 Woodward Avenue in downtown Detroit. Sponsor material distributed by Baker 1031 Investments describes a two-tier trust structure holding a newly constructed 20-story Class A office tower of roughly 421,481 square feet with an attached garage of about 319 spaces on approximately 0.51 acres, with 79.30% of beneficial interests offered to accredited investors and 20.70% held by third parties. Independent transaction coverage by REJournals describes the same address as a 21-story tower completed in 2022 with 203,300 square feet of office space across ten floors and ten levels of structured parking. The reviewed record does not reconcile the completion year, story count or area convention; the Private Placement Memorandum (PPM), the offering's governing disclosure document, carries the controlling building description and the legal title holder.
Who is the tenant, and how long is the lease?
The Huntington National Bank, described in sponsor material as successor by merger to TCF National Bank and Chemical Bank, with the building serving as administrative headquarters office space for Huntington Bancshares in Detroit. That material reports the property 100% leased on a triple-net lease — the tenant pays operating costs, real-estate taxes, insurance and maintenance — with an original term of 22.5 years expiring June 30, 2044, four seven-year renewal options, and obligations backed by a corporate guaranty from Huntington Bancshares Incorporated. Colliers, which brokered the March 2026 sale, separately described the tower as secured by a long-term net lease to Huntington Bancshares.
What does the record say about distributions?
Sponsor material describes this as a zero-cash-flow program: the Baker 1031 Investments offering page states that no cash distributions are expected during the initial 22.5-year lease term because rent is applied to service the assumed senior and subordinated mortgage debt. Form D discloses nothing about distributions, and no SEC filing reviewed for this profile addresses how rent is allocated between debt service and investors. The distribution and debt-service sections of the PPM are the controlling text.
How is the Trust capitalized, and who is the lender?
With mortgage debt well in excess of investor equity. Sponsor material distributed by Baker 1031 Investments reports a total offering of $137,692,566 made up of $23,751,968 of equity and $113,940,598 of debt, an in-place loan-to-value of 82.75%, and names Wells Fargo Trust Company, N.A. as lender. The same sponsor memorandum separately states the property is encumbered by approximately $143.68 million of assumed non-recourse mortgage financing as of the memorandum date, and the reviewed material does not reconcile the two bases. Top1031's filing data records the leverage structure as unknown, and no reviewed SEC filing names the lender or states loan terms.
Is the offering still open, and what is the minimum investment?
The most recent public filing is a Form D amendment filed June 25, 2026, which reported interests still unsold as of that date; those amounts appear in the sales rows on this page. A Form D records sales as of its filing date and is not a statement of continuing availability, and offerings can fill between filings — the Baker 1031 Investments offering page, last updated August 5, 2026, displayed a 'Confirm Availability' status and zero available equity rather than a firm open or closed label, and listed a $100,000 minimum against the $150,000 minimum in the SEC filings. Those filings report a first sale on April 27, 2026. Current availability has to be confirmed with the sponsor or a broker-dealer.
Is there a 721/UPREIT exit?
Nothing on record indicates one. A 721/UPREIT exit is where DST interests are later exchanged for operating-partnership units in a real estate investment trust, converting a direct property position into REIT units. This Trust is not recorded as convertible into REIT interests, and public filings describe no exit plan. Sponsor material puts the initial lease term out to 2044, so the hold and disposition provisions of the PPM govern what happens and when.
Chapter 9Colliers closes sale of Huntington Tower in downtown DetroitIndustry trade press coverage of the Colliers-brokered sale of Huntington Tower, 2025 Woodward Avenue, Detroit, to a Net Lease Capital Advisors-affiliated DST buyer for a record-setting price. Meet the company that bought Detroit's most expensive office buildingCrain's Detroit Business later identified Net Lease Capital Advisors as the company that bought Huntington Tower in a record-setting Detroit office sale. Huntington Tower in Downtown Detroit Sells for $156M to Undisclosed BuyerDBusiness reported that the Huntington Tower, which opened in 2022, sold for $156 million to an undisclosed buyer. Detroit's most expensive office-building sale ever just closedReports the record $156 million sale of the Huntington Bank tower at 2025 Woodward Avenue in downtown Detroit to Nashua, NH-based Net Lease Capital Advisors; described as the highest-priced office sale in Detroit history.