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Saturday, February 04, 2012 Office
Nationwide Financial Network has sold its Delaware corporate office to Sallie Mae for $20.75 million and leased back space in the building for its corporate staff. Nationwide Financial was represented by CB Richard Ellis in this transaction. The three-story building at 300 Continental Drive in Newark includes about 160,000 square feet of office space on 22 acres. Nationwide Financial will lease back 72,000 square feet for one year. Sallie Mae plans to invest about $10 million in the site. Sallie Mae, which plans to open a new credit operations center, has projected it will add approximately 1,100 jobs to the Delaware workforce by 2011. The new center will perform specialized credit management, collection and compliance functions in support of the company's education lending and servicing business. The new operations center will have an annual impact of $262 million on Delaware's economy when fully staffed. The property was developed in 1984 as the headquarters for Continental American Life Insurance Co. and expanded in 1995 before being sold to Nationwide in 2002. It can accommodate up to 1,300 people. The property is prominently situated with visibility along I-95. It also is just 30 miles from the Philadelphia International Airport. Address: 300 Continental Drive, Newark, Del. Size: 160,000 square feet Built: 1984 Filed Under: Office E-mail this article to a friend | Printer friendly format| DIGG this| Post to del.icio.us Comments on this article
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