CARY — Epic Games Inc., Turnbridge Equities and Denali Properties announced Sunday an agreement to transfer ownership of the 980,000-square-foot and 87-acre Cary Towne Center to Epic Games, with the goal of converting the property into its new campus by 2024. The facilities will include both office buildings and recreational spaces, allowing Epic the flexibility to create a campus customized from the ground up to accommodate its long-term growth.
Epic plans to begin 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. Epic, majority owned by billionaire cofounder and CEO Tim Sweeney, has called Cary home for over 20 years and has immersed itself into the community, often hiring locally and from nearby universities as the company continues to grow and scale.
With sales revenue soaring due in large part to the global success of the game Fortnite, company officials said Epic plans to create a new corporate campus at the mall site by 2024.
Fortnite’s success has helped make Epic worth more than $17 billion, according to estimates by Bloomberg news. And in a recent study by the Entertainment Software Association, North Carolina was ranked 10th in the nation for video game industry economic impact, largely due to the hometown presence of Epic Games.
While plans for the Epic campus are still in the early phases, the company is already working with the Town of Cary on its development and exploring ways some of this property might be used by the community. In a news statement on Sunday, Epic officials noted how grateful the company is to Cary and its leadership, and how this positive relationship played a significant role in Epic’s decision to pursue a campus that would seem to solidify its future in Cary for decades to come.
“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.”
Epic, 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 successful rezoning 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.”