- May 18, 2020
Source: https://www.epicgames.com/site/en-US/news/epic-games-announces-new-location-for-company-headquartersEpic Games, Inc. (“Epic”), Turnbridge Equities (“Turnbridge”) and Denali Properties (“Denali”) are pleased to announce an agreement to transfer ownership of the 980,000-square-foot and 87-acre Cary Towne Center to Epic, 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 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. Epic has been proud to call 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.
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. 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.
“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, NC 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. Thanks to this investment, Epic 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.”
Fox Business reporting it was a $95 MM sale.
According to a news release by Epic Games, the facilities will include a mix of office buildings and recreational spaces, giving the company "flexibility to create a campus customized from the ground up to accommodate its long-term growth."
Crazy to think how bustling and full of life these places were in the 70s, 80s, and 90s. Kind of sad to lose a part of American life like this but interesting to see the spaces get repurposed.