USCIS Headquarters - One Town Center
Office (GSA government-leased, single tenant) property in Camp Springs, MD — sponsored by Net Lease Capital Advisors
Files with the SEC as GSA CIS CAMP SPRINGS DST
Minimum investment
$100k
Offering size
$295.0M
How much has sold
60.0%
Asset type
Office (GSA government-leased, single tenant) property
Location
Camp Springs, MD
Financing
Leveraged. This offering reports mortgage debt on the property.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
GSA CIS Camp Springs DST is a Delaware statutory trust — a structure that lets 1031 exchangers hold fractional interests in one property — holding the Camp Springs, Maryland office building the General Services Administration leased for U.S. Citizenship and Immigration Services headquarters.1 Net Lease Capital Advisors is the sponsor; the Offering was reported as continuing in the Form D amendment filed August 8, 2025.2
Sponsor Net Lease Capital; GSA 15-yr lease to USCIS HQ; min $100k; $177.5M/$295M sold as of 8/25 D/A
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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?
GSA announced a 15-year lease here on August 31, 2017, consolidating USCIS headquarters out of five leased locations and one federally owned building into a single facility.1 Federal News Network covered the groundbreaking that October, and Congressman Steny Hoyer toured the consolidated headquarters in February 2024. Public filings do not state what the Trust paid for the building 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
- Still available
- $117,487,183
- Investors reported
- 295
- Total offering
- $295,000,000
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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 here names a lender or a loan. Whether the property carries mortgage debt is unsettled by the public record; the leverage figure circulating for this Trust is sponsor-reported and confirmed by no audited filing.3
Who's behind it?
Net Lease Capital Advisors is a repeat sponsor of DST offerings sold to 1031 exchangers. 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 to retail investors — a law firm's own statement, not a court judgment or a regulatory finding. No sale, refinancing, or lease amendment bearing on this Trust surfaced in the public records searched through August 2026.
- Sponsor
- Net Lease Capital Advisors
- Legal Trust name
- GSA CIS CAMP SPRINGS 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 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 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.
- 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?
Top1031 lists USCIS Headquarters - One Town Center 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 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 the 15-year lease for the consolidated headquarters on August 31, 2017. The legal owner is GSA CIS CAMP SPRINGS DST. Public filings do not state the purchase price, the closing date, or whether the Trust holds the entire fee interest, so confirm the ownership percentage 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 the 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. The 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 SEC filings do not say. Form D notices report offering and sales amounts only, and none of the filings on record disclose a lender, a loan balance, or a maturity date. A leverage percentage circulates in marketing material for this Trust, but it is recorded as sponsor-reported and no audited filing confirms 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.