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Epic Games has entered into an agreement with Turnbridge Equities and Denali Properties to purchase the Cary Towne Center in North Carolina.
The 980,000-square-foot, 87-acre mall will be converted into the Fortnite creator’s new global headquarters by 2024. A source familiar with the matter told FOX Business that the deal is priced at around $ 95. millions of dollars.
According to a press release from Epic, the facilities will include a mix of office buildings and leisure spaces, which will give the company “the flexibility to create a fully customized campus to accommodate its growth in long term”.
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Epic will begin development on its new headquarters later this year. Until then, the company will remain at its current headquarters in Cary, North Carolina’s Crossroads Boulevard.
“Epic have been proud to call Cary home for over 20 years and have immersed themselves in the community, often hiring locally and from nearby universities as the business continues to grow and develop,” the company said. in a press release. “Although plans for the Epic campus are still in their early stages, the company is already working with the town of Cary on its development and is exploring ways in which part of this property could be used by the community. Epic is grateful to the city and its leadership for its warm welcome to the business over the years, and this positive relationship has played a significant role in Epic’s decision to pursue a campus that secures Cary’s future for decades. to come up. “
Cary Mayor Harold Weinbrecht said the city was “extremely proud that Epic has chosen to call Cary for its new global headquarters” and greatly appreciates the “company’s recognition of Cary’s existing assets as well as the unlimited potential of the region for its growing business. “
“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 collaborate with them on this exciting new development,” Weinbrecht added.
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Turnbridge and Denali acquired Cary Towne Center shopping mall in January 2019 in a distressed sale following the loss of three of its major tenants.
“Epic shares our vision to transform the Cary Towne Center into a vibrant community space. This sale is further validation of our value-driven investment strategy, and ownership could not be placed in better hands, ”said Jason Davis, Managing Director of Turnbridge Equities, in a statement. “After years of changes in the Centre’s development plans, we are delighted that the space is being used to its full potential and transformed into something that the town and community of Cary can be proud of.
In December 2019, Cary City Council approved an application to rezone the mall for a mixed-use project comprising up to a maximum of 1.2 million square feet of office space, 360,000 square feet of space. commercial, 1,800 multi-family units / townhouses, and 450 hotel rooms.
However, the city said in a project update last week that approved development plans “are no longer progressing” due to the Epic acquisition. However, the city will continue with plans for the Cary Community Sports and Recreation Center.
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Epic is valued at more than $ 17.3 billion after the company raised $ 1.78 billion in its most recent funding round in August. The round included a strategic investment of $ 250 million from Sony Corp.
“Fortnite” is one of the most popular video games in the world, with over 350 million accounts. Epic also operates Unreal Engine, a 3D authoring tool for developers.
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