Verizon Headquarters
Net lease office / corporate headquarters property in Basking Ridge, NJ — sponsored by Net Lease Capital Advisors
Files with the SEC as 295 BR HOLDCO DST
Minimum investment
Not stated
Offering size
$99.5M
How much has sold
97.0%
Asset type
Net lease office / corporate headquarters property
Location
Basking Ridge, NJ
Financing
Leveraged. This offering reports mortgage debt on the property.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
295 BR Holdco DST is a Delaware statutory trust (DST) — the fractional-ownership structure used by 1031 exchangers — sponsored by Net Lease Capital Advisors and holding Verizon's operational headquarters campus in Basking Ridge, New Jersey.1 Verizon sold the complex and leased it back in May 2015, staying on as tenant.2 Interests were sold to accredited investors under Rule 506(b), a private-placement exemption that bars general advertising.
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These links support the historical public record; 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?
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
Who is the tenant, and what's the lease?
Verizon is the tenant, and NJBIZ reported on December 9, 2024 that the company's operational headquarters remained in Basking Ridge.4 1031Analysis reports a 20-year lease that began in 2015, with 25 years of five-year renewal options, triple-net to the trust — the tenant carries taxes, insurance and upkeep — and guaranteed by Verizon Communications.5
How did it end?
No ending on record
The 295 BR HOLDCO DST (CIK 0001666281, Form D filings 3/16/2016 – 2/14/2019) holds the Verizon Wireless Operations Campus in Basking Ridge, NJ, sponsored by Net Lease Capital Advisors; the Verizon campus remains in operation under its long-term ground lease with Verizon and no public full-cycle sale or disposition announcement has been found.
The offering page describes 295 BR Holdco as a Net Lease Capital Advisors net-leased offering of the Verizon Headquarters, stating the corporate headquarters comprises seven buildings. 2015 coverage reported the sale-leaseback of the approximately 1.4 million-square-foot complex for $650.3 million, with approximately 3,900 full-time employees on site.
1.4 million square feet; 7 buildingsSupporting evidence
How is it financed, and what does it pay?
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
Who's behind it?
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 Research through August 19, 2026 turned up no trust-specific sponsor announcement, disposition record, or ownership change after the last filing.
- Sponsor
- Net Lease Capital Advisors
- Legal Trust name
- 295 BR HOLDCO 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 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
- 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.
- Filings on record
- 26
- 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
What happened to Verizon Headquarters?
Top1031 lists Verizon Headquarters as historical. It is no longer raising money.
Where does Top1031 get the data for Verizon Headquarters?
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 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.
Is the offering still open?
The most recent Form D amendment on EDGAR for this trust is dated February 14, 2019, and no later filing appears for the CIK. Because the public record stops there, it does not establish whether the offering was later completed, withdrawn, or simply left unamended. Treat the filing record, not the absence of news, as the evidence.
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 private placement memorandum (PPM), the offering's full disclosure document.
Chapter 9Verizon Eyes Adding Residential, Retail at Basking Ridge Campus in New JerseyCoStar reported that Verizon was considering adding residential and retail uses at its Basking Ridge campus. Verizon's Campus in New Jersey Features Taco TrucksBusiness Insider described Verizon's renovated seven-building Basking Ridge campus and its office amenities. Verizon sells Basking Ridge HQ for $650.3 million, but will stay putNJ.com reported Verizon sold and leased back its approximately 1.4 million-square-foot Basking Ridge operations complex for $650.3 million while remaining in place.