Nationwide Completes Sale-Leaseback of Newark Corporate Office
- Dec 18, 2008
Nationwide Financial Network has finalized the sale and partial leaseback of its corporate office at 300 Continental Drive in Newark, Del. Nationwide was represented by CB Richard Ellis Inc. in the deal. The three-story, 160,000-square-foot Class A office building is located on 22 acres of land. The buyer, Sallie Mae, purchased the property for $20.75 million and will leaseback 72,000 square feet to Nationwide for a term of one year.The property is within close proximity to hotels, restaurants, shopping and mass transit and is approximately eight miles from both the New Castle County Airport and the Newark Amtrak Station and is also 30 miles from the Philadelphia International Airport. The building offers a data center on the second floor and 720 parking spaces with the possibility to expand the existing facility or parking areas. Sallie Mae plans to open a new credit operations center and is estimated to add approximately 1,100 jobs to the state’s workforce by 2011. Nationwide has owned 300 Continental Drive since its acquisition of Provident Mutual Life Insurance Co. in 2002. The property was developed in 1984 as the headquarters for Continental American Life Insurance Co. and expanded in 1995. Sallie Mae plans to invest an estimated $10 million in capital expenditures at the site.