Sallie Mae expands operations in Delaware
Washington Business Journal - by Tierney Plumb Staff Reporter
Sallie Mae plans to open an operations center in Delaware and inject more than 1,000 jobs into the state, according to sources familiar with the deal.
Reston-based SLM Corp. (NYSE:SLM), which employs 8,500 people, bought a 160,000-square-foot building in New Castle County in October for $20.75 million from Nationwide Life Insurance Co. of America.
Officials with Sallie Mae could not be reached for comment.
Delaware’s governor is scheduled to announce Thursday that a Fortune 500 financial services company will be opening a center there, according to the Delaware Economic Development Office. The announcement will take place at the building off Interstate 95 at 300 Contintental Drive in Newark.
Sallie Mae has plans to occupy the entire building, which can hold about 1,000 to 1,200 people, according to John Kaczowka, senior vice president of CB Richard Ellis in Wilmington, who represented the seller.
Nationwide Life Insurance will hang on to 72,000 square feet in the building for the next year and then move out of the lease-backed space, according to John Kaczowka, senior vice president of CB Richard Ellis in Wilmington, Del., who represented the seller.
Before it bought the building, the student lender reviewed its structure to map out changes to “re-configure the existing layout for high-density use,” Kaczowka said. “If they are new to this market -- which they are -- to have the exposure this property gives on Interstate 95 is unmatched by anything else in our state.”
The building, which is located on a 22-acre site, sits within a larger office park containing two hotels and other office buildings.
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