SLM Corp. (Sallie Mae) is bringing a new administrative facility - and 1,100 new jobs - to Delaware, the student lending giant said Thursday.

Sallie Mae plans to hire about 750 employees for its new Credit Operations Center in Newark by the end of 2010 and add another 350 in 2011. The endeavor is expected to contribute nearly $175 million to the state's economy in its first year and have an impact of more than $260 million annually once the center is operating with a full staff, Sallie Mae said.

The lender worked with the governor's office and several state agencies to coordinate the deal. Sallie Mae is eligible for up to $1 million in workforce training grants through the Delaware Economic Development Office (DEDO)'s Blue Collar Training Fund Program, which provides financing for company-specific education programs.

"The addition of Sallie Mae provides a diversification within our financial services sector that will add tremendous benefits in the years to come," said DEDO Director Judy McKinney Cherry. "While not immune to the downturns nationally, the financial services industry continues to be a powerful contributor to our state."

Sallie Mae purchased the Continental Executive Center from Nationwide Insurance for $20.75 million, or $130 per square foot. The 160,000-square-foot office building delivered in 1980 at 300 Continental Drive, south of Delaware Park Race Track along I-95. Nationwide leased back 72,000 square feet through October of next year. Sallie Mae plans to invest about $10 million for capital expenditures at the property.

"This new facility streamlines and enhances our credit, collections, and compliance functions while placing us in a business-friendly state that is rich in financial services talent," stated Sallie Mae CEO Albert L. Lord.

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