WILMINGTON, DE—Navient, the new loan management, servicing and asset recovery company to launch later this year, has leased 40,000 square feet of office space on the Wilmington waterfront to serve as its corporate headquarters.

The operation is currently part of Newark, DE-based Sallie Mae, the nation's largest financial services company that specializes in education. Once the Navient division is spun off into an independent, publicly traded company later this year, Sallie Mae intends to keep its consumer banking business at its existing headquarters facility off Churchman's Road in Newark.

Navient signed a seven-year lease with building owner Pettinaro to occupy approximately 40,000-square-feet of space in the Star Building, located at 123 Justison St. on the Wilmington riverfront. The decision is expected to keep the company's current employment base in Delaware and provide space for additional growth, company officials say.

“I am glad that Navient chose the city of Wilmington as headquarters for this growing new company,” says Delaware Gov. Jack Markell. “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.”

“I am pleased by Navient's decision to establish its headquarters from offices near the Wilmington riverfront, and we look forward to welcoming them to the city of Wilmington,” says Wilmington Mayor Dennis P. Williams. “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.”

Once officially in operation, Navient will provide customer service to assist 12 million customers to successfully repay their education loans. Navient will also continue to perform asset recovery services for more than 1,500 government, higher education and business clients.

Navient will also continue to lease space at the Iron Hill Corporate Center at 800 Prides Crossing in Newark, DE.

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