Navient Opens HQ at Star Building
Navient opens HQ, seeks to hire 150 workers
Navient, the student loan servicing company split from Sallie Mae last year, opened its Wilmington headquarters with the goal of adding 150 workers in Delaware by the end of next year.
The company is the world’s largest student loan servicer. It launched last October after the split and services most of Sallie Mae’s former private student loan portfolio. Navient also assumed responsibility for Sallie Mae’s federal student loan contract with the U.S. Department of Education.
Navient currently employs roughly 6,200 workers nationwide with 800 employees based in Delaware. The local employees are split between its new headquarters along Wilmington’s Riverfront and the space it leases at the Iron Hill Corporate Center in Newark. It also seeking to expand by hiring 150 new employees by the end of 2016, Navient President and Chief Executive Officer Jack Remondi announced at a ceremony unveiling the company’s new office.
“This location is ideal for our employees, but it is also within a pool of talented workers,” Remondi said announcing Navient’s hiring goal.
The student loan servicer has already listed 12 open positions. A Navient spokesperson said the new jobs will be based in both the Wilmington and Newark offices.
Gov. Jack Markell attended the ribbon cutting ceremony at Navient’s 46,000-square-foot headquarters on Justison St. He praised the company for staying in Delaware after the Sallie Mae split.
“The decision for Navient to establish its nationwide corporate headquarters in Wilmington is a testament to our talented workforce,” Markell said. “The move is a mark of the progress made in recent years to improve economic opportunities for Delawareans. I am proud to see Navient expand its footprint in Delaware and to now welcome its employees to Wilmington.”
Sens. Chris Coons and Tom Carper and Rep. John Carney also attended the event.
Navient will occupy two floors of the Star Building at 123 Justison St. Roughly 120 employees in the company’s executive, compliance, human resources, corporate communications and information technology departments will be housed in the new office. The company signed a seven-year lease with building owner, Pettinaro.
The city of Wilmington’s Office of Economic Development awarded Navient $750,000 for the creation of the 120 positions at the new headquarters, according to previous reports. Navient is also eligible for a five-year exemption on a monthly $15 tax levied on each employee.
Remondi thanked the elected officials for their efforts in helping to facilitate Navient’s move to Wilmington following the Sallie Mae split.
“We also choose Wilmington for the strong and unified support we receive from the elected officials from the state and city,” he said. “The presence today of Senator Carper, Senator Coons, Representative Carney, Governor Markell and other elected officials is yet another example that Delaware knows how to support its business community. That support in turn, allows us to grow and prosper.”
The CEO also listed several Wilmington businesses, including gyms restaurants and hotels, benefiting from Navient’s downtown presence.
Navient also awarded three $15,000 grants to area non-profits to support economic development and financial literacy. The funds were awarded to the Delaware Children’s Museum, Duffy’s Hope, which works with at-risk youth, and West End Neighborhood House, an agency focused on improving the city’s “Little Italy” neighborhood.
“Limited access to economic resources is one of our community’s greatest needs,” said Paul Calisto, executive director of the West End Neighborhood House. “By supporting economic development and financial literacy, Navient has chosen to invest in the long-term well-being of our community.”