Epic Games, Inc., Turnbridge Equities and Denali Properties reached an agreement to transfer ownership of the 980,000-square-foot and 87-acre Towne Center in Cary, North Carolina. Epic expects to convert the property into its new campus by 2024.
According to company officials, Epic plans to commence development of its new headquarters this year and the company will continue to be based at its current location at Crossroads Boulevard in the interim.
While plans for the Epic campus are still in the early phases, the company said it is “already working with the Town of Cary on its development and exploring ways some of this property might be used by the community. Epic is grateful to the Town and its leadership for how welcoming it has been to the company over the years, and this positive relationship played a significant role in Epic’s decision to pursue a campus that secures its future in Cary for decades to come.”
The company noted Turnbridge and Denali acquired the Cary Towne Center mall in January 2019 in a distressed sale following the loss of three of its five anchor tenants. The firms recognized the potential to transform the space into a revitalized new development for the region, and have since invested in the successful rezoning of the property.
“We’re extremely proud that Epic has chosen to call Cary home for their new global headquarters, and we greatly appreciate the company’s recognition of Cary’s existing assets as well as the unlimited potential of the area for their growing business,” said Cary Mayor Harold Weinbrecht. “We look forward to continuing to work closely and collaboratively with the Epic team as they conceptualize their new campus, and we’re honored to partner with them on this exciting new development.”
Founded in 1991, Epic is a leading interactive entertainment company and provider of 3D engine technology. Epic operates Fortnite, one of the world’s largest games with over 350 million accounts and 2.5 billion friend connections. Epic also develops Unreal Engine, which powers the world’s leading games and is also adopted across industries such as film and television, architecture, automotive, manufacturing, and simulation.
“Epic shares our vision for transforming Cary Towne Center into a vibrant community space. This sale is further validation of our value-driven investment strategy, and the property could not be placed in better hands,” said Jason Davis, Managing Director at Turnbridge Equities. “After years of shifting development plans for the Center, we are thrilled the space will be utilized to its full potential and turned into something the Town and community of Cary can be proud of.”