Verizon Headquarters
Net lease office property in Basking Ridge, NJ · sponsored by Net Lease Capital Advisors
Verizon Headquarters was a DST sponsored by Net Lease Capital Advisors that owned a net lease office property in Basking Ridge, NJ. Its last Form D was filed Feb 14, 2019.
How it ended
No public outcome found
Last Form D filed Feb 14, 2019.
Net Lease Capital Advisors has 8 active offerings on record →
Key facts
- Minimum investment
- Not in the Form DFrom the Form D
- Offering size
- $99,458,079Equity offered, per the Form D
- Sold
- 96.7%Form D, Feb 14, 2019; the % is our arithmetic
- Investors reported
- Form D, Feb 14, 2019190
- Selling commissions
- Form D Item 15; the % is our arithmetic$1,529,371 · 1.5% of offering
- Financing
- Leveraged. This offering reports mortgage debt on the property.How it is financed ↓
- Offered under
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
Figures come from SEC Form D filings unless a source is cited. Sponsor-stated figures are as reported by the sponsor; Top1031 does not independently audit them. On a 45-day clock? Find day 45 and day 180 →
Using this record to judge the sponsor? A licensed 1031 specialist from our affiliated partner can talk it through with you.
Ask a 1031 specialist about this recordFree. About: Verizon Headquarters. Top1031 is not a broker-dealer.What did Verizon Headquarters own?
Verizon's operational headquarters sits at One Verizon Way in Basking Ridge, New Jersey. 3 In May 2015 Verizon sold the complex to Mesirow Realty Sale-Leaseback and stayed on as tenant, in a transaction reported at $650 million. 2 Local coverage put the price at $650.3 million, with roughly 3,900 full-time employees on site. CoStar reported on June 23, 2021 that Verizon was weighing adding residential and retail uses at the campus.
- Reported location
- Basking Ridge, NJ
- Property size
- 1.4 million square feet; 7 buildings
Tenant and lease terms are not in the SEC filings or cited sources.
How was it financed, and what did it cost to sell?
This is a leveraged trust: mortgage debt sits on the property, so investor equity funded only part of the capital stack and the loan is serviced from tenant rent. 1031Analysis reports the debt was placed with Wells Fargo Bank and split between a senior loan and a smaller subordinate piece. 6
Debt
- Financing
- Leveraged. This offering reports mortgage debt on the property.
Costs and terms from the Form D
- Selling commissions
- $1,529,371 · 1.5% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $0 · 0.0% of offeringForm D Item 16
- Broker-dealers named in the Form D
- 10 named in the Form D
Show the firms
- Boustead Securities, LLC · CRD 141391
- Capulent LLC · CRD 155155
- Clearview Trading Advisors, Inc. · CRD 142873
- Colorado Financial Service Corporation · CRD 104343
- Great Point Capital LLC · CRD 114203
- Lighthouse Capital Group, LLC · CRD 169135
- McDermott Investment Services, LLC · CRD 154926
- Sandlapper Securities, LLC · CRD 137906
- Third Seven Capital LLC · CRD 160209
- Wealthforge Securities, LLC · CRD 152550
Individual representatives named in Item 12 are not listed.
- Date of first sale
- Mar 8, 2016
- Minimum investment
- Not in the Form D
Form D Item 15 and Item 16 amounts may be the issuer’s estimates; each percentage is Top1031’s arithmetic on two Form D figures. Item 16 can overlap Item 15, so Top1031 does not add them together.
Who's behind Verizon Headquarters?
Net Lease Capital Advisors is a Nashua, New Hampshire firm that assembles net-leased corporate real estate for exchange investors; the trust's Form D filings list its principal place of business care of the firm at 10 Tara Boulevard, Suite 501. 7 The trust itself was organized in Delaware in 2015. 8
- Sponsor
- Offerings on record
What does the SEC record show?
The trust filed its initial Form D — the short notice an issuer files for an exempt private offering — in 2016 and amended it repeatedly over the next three years, each amendment restating the amount sold and the investor count. The SEC's EDGAR index shows no later amendment for this CIK. 9
- Legal Trust name
- 295 BR HOLDCO DST
- SEC CIK
- 1666281
- First Form D
- Mar 16, 2016
- Latest Form D
- Feb 14, 2019
- Filings on record
- 26
- Offered under
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
- Source filing
SEC Form D filings, newest first
| Filed | Form | Offering amount | Amount sold | Investors | Filing on SEC EDGAR |
|---|---|---|---|---|---|
| Form D/A | $99,458,079 | $96,176,819+$10,218,492 | 190+35 | EDGAR | |
| Form D/A | $99,458,079 | $85,958,327+$12,909,826 | 155+31 | EDGAR | |
| Form D/A | $99,458,079 | $73,048,501+$2,308,618 | 124+5 | EDGAR | |
| Form D/A | $99,458,079 | $70,739,883+$1,462,551 | 119+7 | EDGAR | |
| Form D/A | $99,458,079 | $69,277,332+$1,461,265 | 112+4 | EDGAR | |
| Form D/A | $99,458,079 | $67,816,067+$14,206,835 | 108+24 | EDGAR | |
| Form D/A | $99,458,079 | $53,609,232+$4,271,985 | 84+22 | EDGAR | |
| Form D/A | $99,458,079 | $49,337,247+$7,562,312 | 62+11 | EDGAR | |
| Form D/A | $99,458,079 | $41,774,935+$1,215,357 | 51+2 | EDGAR | |
| Form D/A | $99,458,079 | $40,559,578+$1,590,578 | 49+5 | EDGAR | |
| Form D/A | $99,458,079 | $38,969,000+$3,121,458 | 44+4 | EDGAR | |
| Form D/A | $99,458,079 | $35,847,542+$1,679,626 | 40 | EDGAR | |
| Form D/A | $99,458,079 | $34,167,916+$5,343,051 | 40+6 | EDGAR | |
| Form D/A | $99,458,079 | $28,824,865+$2,564,215 | 34+4 | EDGAR | |
| Form D/A | $99,458,079 | $26,260,650+$4,221,016 | 30+5 | EDGAR | |
| Form D/A | $99,458,079 | $22,039,634+$193,044 | 25+1 | EDGAR | |
| Form D/A | $99,458,079 | $21,846,590+$10,248,338 | 24+8 | EDGAR | |
| Form D/A | $99,458,079 | $11,598,252−$9,245,305 | 16−5 | EDGAR | |
| Form D/A | $99,458,079 | $20,843,557+$9,245,305 | 21+5 | EDGAR | |
| Form D/A | $99,458,079 | $11,598,252−$4,163,793 | 16−5 | EDGAR | |
| Form D/A | $99,458,079 | $15,762,045+$1,570,581 | 21+3 | EDGAR | |
| Form D/A | $99,458,079 | $14,191,464+$2,593,212 | 18+2 | EDGAR | |
| Form D/A | $99,458,079 | $11,598,252+$849,411 | 16+1 | EDGAR | |
| Form D/A | $99,458,079 | $10,748,841+$1,820,447 | 15+2 | EDGAR | |
| Form D/A | $99,458,079 | $8,928,394+$5,510,278 | 13+8 | EDGAR | |
| Form D | $99,458,079 | $3,418,116 | 5 | EDGAR |
Show all 26 SEC Form D filings
Amounts, investor counts and minimums are as filed with the SEC on Form D. The change lines are Top1031’s arithmetic between consecutive filings; a new Form D notice starts a new count.
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.
Common questions
- What happened to Verizon Headquarters?
- Verizon Headquarters is a Historical offering. Last Form D filed Feb 14, 2019.
- What property does this trust hold?
- Verizon's operational headquarters campus in Basking Ridge, New Jersey, at One Verizon Way — described by the offering page as seven buildings totaling about 1.4 million square feet. Verizon sold and leased back the complex in May 2015 in a deal reported at $650 million and remained the occupant.
- Who is the tenant and what does the lease look like?
- Verizon. 1031Analysis reports a 20-year lease that began in 2015 with 25 years of extension options in five-year segments, written triple-net to the trust — meaning the tenant, not the trust, pays property taxes, insurance and maintenance — and guaranteed by Verizon Communications. The same source reports the tenant holds a right of first refusal to buy the property on a third-party buyer's terms.
- Is the trust leveraged?
- Yes. 1031Analysis reports property-level debt from Wells Fargo Bank, structured as a senior loan plus a smaller subordinate loan on a 20-year term amortizing over 30 years. Leverage means the loan must be serviced from rent before any cash reaches investors, and a lender default remedy can put the property at risk.
- Has any outcome been reported for this trust?
- No outcome reported yet. The public record contains no sale, refinancing, or liquidation notice for 295 BR Holdco DST, and the trust's SEC filing trail ends with the February 14, 2019 Form D amendment.
- Could this trust convert into a REIT through a 721/UPREIT exit?
- The record shows no 721/UPREIT exit path — that is, no provision to contribute the property to a REIT's operating partnership in exchange for OP units. Any exit mechanics would be governed by the offering documents.
In the news
Sources
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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 offering documents before investing.