Epic Games, Turnbridge Equities and Denali Properties announced an agreement to transfer ownership of the 980,000 square foot, 87-acre Cary Towne Center to Epic Games, with the goal of converting the property to its new campus by 2024.
The facilities will include office buildings and recreational spaces, allowing Epic the flexibility to create a custom campus from the start to accommodate its long-term growth.
Epic plans to start developing its new headquarters this year and the company will continue to be based on its current location on Crossroads Boulevard in the meantime. Epic is proud to call Cary home for over 20 years and has immersed itself in the community, often hiring locally and at nearby universities as the company continues to grow and expand.
While plans for the Epic campus are still in the early stages, the company is already working with the city of Cary on its development and exploring ways that some of these properties can be used by the community. Epic is grateful to the city and its leadership for the way it has been welcoming to the company over the years, and this positive relationship played a significant role in Epic’s decision to look for a campus that will secure its future in Cary in the coming decades.
“We are extremely proud that Epic has chosen to call Cary home to its new global headquarters, and we greatly appreciate the company’s recognition of Cary’s existing assets, as well as the area’s unlimited potential for its 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 are honored to partner with them in 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 ownership transition. Turnbridge and Denali acquired the Cary Towne Center in January 2019 in a troubled sale following the loss of three of their five anchor tenants. The companies recognized the potential to transform the space into a new revitalized enterprise for the region and have since invested in the successful rezoning of the property. Thanks to this investment, Epic will be able to start the development of its new headquarters this year and start the transformation of the property.
“Epic shares our vision of making Cary Towne Center a vibrant community space. This sale is another validation of our value-oriented investment strategy, and the property could not be placed in better hands, ”said Jason Davis, managing director at Turnbridge Equities. “After years of changing the Center’s development plans, we are excited that the space will be used to its full potential and transformed into something that the city and the community of Cary can be proud of.