Navient, a spin-off company of Sallie Mae that will handle loan management and asset recovery, has chosen to base its corporate headquarters in Wilmington.
The new company, expected to launch later this year, has signed a 7-year lease with Pettinaro to occupy about 40,000-square-feet in the Star Building on Wilmington’s Riverfront. The Riverfront location was chosen for its infrastructure, proximity to Wilmington's Amtrak station, and quality of life attractions in the surrounding areas.
Navient expects to employ at least 120 people at it’s new Wilmington Headquarters, leaving room to expand in the future.
“I am glad that Navient chose the city of Wilmington as headquarters for this growing new company,” said Governor Jack Markell (D-Delaware) in a statement. “Wilmington is a hub for many financial services companies, and Navient will fit right in. We look forward to working together to help Navient grow and expand in the years to come.”
“This is a strong signal that Wilmington remains a good investment option for businesses and is a preferred location to settle. The city looks forward to working with Navient, and we wish them much success,” said Mayor Dennis P. Williams in his own statement.
Sallie Mae will continue to handle its consumer banking business and also expects to hire new workers at its headquarters off of Churchman’s Road in Newark.
Navient will also continue leasing space in Newark at the the Iron Hill Corporate Center.
Navient anticipates on servicing $300 billion in student loans from about 12 million customers as well as providing asset recovery services for over 1,500 government, higher education, and business clients.