Epic Games, Turnbridge Equities, and Denali Properties have agreed to transfer ownership of the 91,045-m2 (980,000-sf) and 35-ha (87-acre) Cary Towne Center site in North Carolina to Epic Games. The gaming company plans to convert the property into its new campus by 2024.
The facilities will include both office buildings and recreational spaces, allowing Epic Games the flexibility to create a campus customized from the ground up to accommodate its long-term growth.
Epic Games plans to commence development of its new headquarters this year and the company will continue to be based at its current location (also in Cary, North Carolina) in the interim.
While plans for the Epic Games’ campus are still in the early phases, the company is already working with the Town of Cary on its development and exploring ways to make this property useful to the community.
“We are extremely proud 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 Harold Weinbrecht, Cary mayor. “We look forward to continuing to work closely and collaboratively with the Epic team as they conceptualize their new campus, and we are honored to partner with them on this exciting new development.”
Epic Games, which was represented by Stephen Porterfield of Capital Associates in this transaction, is also collaborating closely with Turnbridge and Denali to ensure a smooth transition of ownership. 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 rezoning of the property. Due to this investment, Epic Games will be able to commence development of its new headquarters this year, and begin the transformation of the property.
“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.”