USCIS Headquarters - One Town Center
Office (GSA government-leased, single tenant) property in Camp Springs, MD — sponsored by Net Lease Capital Advisors
Sponsor Net Lease Capital; GSA 15-yr lease to USCIS HQ; min $100k; $177.5M/$295M sold as of 8/25 D/A
Show sources (4)Hide sources (4)
These links support the public record as a whole; individual details may come from different sources.
What is this, in one paragraph?
GSA CIS Camp Springs DST is a Delaware statutory trust — a structure letting 1031 exchangers hold fractional interests in one property — that holds the Camp Springs, Maryland office building the General Services Administration leased for U.S. Citizenship and Immigration Services headquarters.1 Net Lease Capital Advisors sponsors it; the Offering was reported as continuing in the Form D amendment filed August 8, 2025, still the latest filing on record.2
Minimum investment
$100k
Offering size
$295.0M
How much has sold
60.0%
Financing
Not stated. The filings for this offering do not say whether it carries mortgage debt.
Sponsor-reported, from SEC filings and cited 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?
GSA announced a 15-year lease at One Town Center on August 31, 2017, consolidating U.S. Citizenship and Immigration Services headquarters into this Camp Springs building.1 Federal News Network covered the groundbreaking on October 31, 2017. Congressman Steny Hoyer reported touring the consolidated headquarters on February 14, 2024. Filings do not state what the Trust paid or when it took title.
- Property address
- 5900 Capital Gateway Dr (One Town Center), Camp Springs, MD
- Property size
- 574,767 RSF
Who is the tenant, and what's the lease?
The occupying agency is U.S. Citizenship and Immigration Services, under a 15-year lease held by the General Services Administration, which contracts space on behalf of federal agencies.1 That 2017 announcement described the intended arrangement; commencement, expiration, renewal options and any government termination rights sit in the lease itself, not in the SEC filings.
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.
60.0% reported sold
- Amount sold
- $177,512,817
- Reported unsold
- $117,487,183
- Investors reported
- 295
- Total offering
- $295,000,000
See how much of this offering has soldSign in by email and confirm you’re an accredited investor.
How is it financed, and what does it pay?
Form D notices disclose an offering's size and sales, never its debt, and no filing on record here names a lender or a loan. Whether the property carries mortgage debt, and on what terms, is not established anywhere in the public records reviewed; it remains a PPM and loan-document question.
Who's behind it?
Net Lease Capital Advisors is a repeat sponsor of DST offerings sold to 1031 exchangers, and on June 8, 2023 it announced placing a 1031-exchange DST solution on the iCapital marketplace for registered investment advisers. On September 17, 2025, The White Law Group, a plaintiffs' securities law firm, published an investor alert saying it was investigating whether brokerage firms unsuitably recommended this Trust — a law firm's own statement, not a court judgment or a regulatory finding.
- Sponsor
- Net Lease Capital Advisors
- 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 initial notice reported nothing yet sold, with the first sale following on December 28, 2022; every filing since has been an amendment restating dollars sold and investor count against an unchanged offering target.2 The exemption used permits general advertising only where each purchaser's accredited-investor status — the income or net-worth thresholds — is verified.
- First Form D filedThe public offering record begins.
- Offering amount recordedA Form D amendment recorded offering and sales totals.
- Filing record updatedA later amendment updated the sponsor’s filing record.
- Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
- Legal Trust name
- GSA CIS CAMP SPRINGS DST
- Filings on record
- 15
- How it may be offered
- Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
- 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 USCIS Headquarters - One Town Center still raising money?
The sponsor’s SEC filings show the offering raising money within the past 15 months. A filing does not by itself confirm you can still buy in.
Where does Top1031 get the data for USCIS Headquarters - One Town Center?
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 One Town Center at 5900 Capital Gateway Drive, Camp Springs, Maryland — a 574,767-rentable-square-foot office building leased for the headquarters of U.S. Citizenship and Immigration Services. GSA announced that 15-year lease on August 31, 2017. The legal owner is GSA CIS CAMP SPRINGS DST, a Delaware statutory trust. Public filings do not state the purchase price, the closing date, or whether the Trust holds the entire fee interest, so confirm ownership in the PPM — the private placement memorandum governing the offering.
Is the tenant USCIS or the U.S. government?
The General Services Administration signs leases on behalf of federal agencies, and GSA announced the 15-year lease for USCIS at this building on August 31, 2017; USCIS is the occupying agency. The SEC filings contain no lease terms — no commencement date, expiration, renewal options, or termination rights. Federal leases often include government rights a public announcement does not mention, so read the lease abstract in the PPM.
Is the Offering still open?
It was as of the most recent filing on record, the Form D amendment of August 8, 2025, which reported the Offering as continuing with a $100,000 minimum investment from outside investors. Dollars sold, the amount still available, and the investor count appear in the sales rows on this page; those figures move only when the sponsor files a further amendment, so confirm current availability with the sponsor or your broker-dealer.
Does the Trust use borrowed money?
The public record does not say. Form D notices report offering and sales amounts only, and none of the 15 filings on record disclose a lender, a loan balance, or a maturity date. A leverage percentage circulates in broker marketing material for this Trust, but research through September 14, 2026 located no primary record confirming it. Whether the property carries a mortgage, and on what terms, is a PPM and loan-document question.
Can this be rolled into a REIT at the end?
The filing record shows no 721/UPREIT exit feature — the structure in which a DST's property is contributed to a REIT's operating partnership in exchange for REIT units instead of cash. The exit path the sponsor intends for this Trust is a PPM question.
Have any complaints been raised about this DST?
On September 17, 2025, The White Law Group, a plaintiffs' securities law firm, published an investor alert saying it was investigating potential claims against brokerage firms that may have unsuitably recommended this Delaware statutory trust to retail investors. That is a law firm's own statement, not a court judgment or a regulatory finding, and no primary court or regulatory record on the allegation was located.
Chapter 9Groundbreaking for USCIS consolidated headquarters in MarylandCoverage of the groundbreaking ceremony for the USCIS consolidated headquarters at One Town Center in Camp Springs, MD, the GSA-leased 15-year property underlying the GSA CIS Camp Springs DST. Big new federal headquarters coming to Camp SpringsLocal coverage of the planned USCIS federal headquarters building at One Town Center on One Capital Gateway Drive in Camp Springs — the underlying GSA-leased asset of the GSA CIS Camp Springs DST. GSA announces new lease agreement for U.S. Citizenship and Immigration Services in Camp Springs, MDUSCIS announcement that GSA signed a 15-year lease consolidating USCIS headquarters into 574,767 RSF at One Town Center, One Capital Gateway Drive, Camp Springs, MD — the underlying property of the GSA CIS Camp Springs DST.