Epic games It has reached an agreement with Turnbridge Equities and Denali Properties to purchase the Cary Town Center in North Carolina.
The 980,000-square-foot, 87-acre shopping center will be converted into the new Fortnite builder’s global headquarters by 2024. A source familiar with the matter told FOX Business that the deal price is roughly $ 95 million.
according to New release By Epic, the facilities will include a mix of office buildings and recreational spaces, giving the company “the flexibility to create a dedicated campus from the ground up to accommodate its long-term growth.”
Epic will begin developing its new headquarters later this year. Meanwhile, the company will remain at its current headquarters in Cary, Crossroads Boulevard, North Carolina.
“Epic has been proud to recall Cary Home for more than 20 years and has been immersed in the community, often hiring locally and from nearby universities as the company continues to grow and expand,” the company said in a statement. “While plans for the Epic campus are still in their infancy, the company is already working with Town of Cary to develop them and explore ways in which some of this facility can be used by the community. Epic is grateful to the city and its leadership for how welcoming the company has been over the years. This positive relationship played a significant role in Epic’s decision to pursue a college campus that would secure her future at Curry for decades to come. “
Carey Mayor Harold Weinbrecht said the city is “extremely proud that Epic has chosen to contact Carrie as its new global headquarters” and highly appreciates “the company’s recognition of Curry’s current assets as well as the region’s unlimited potential for its growing business.”
Weinbrecht added: “We look forward to continuing to work closely and collaboratively with the Epic team as they envision their new campus, and it is our honor to partner with them in this exciting new development.”
Turnbridge and Denali acquired the Cary Towne Center in January 2019 in a troubled sale after losing three of its major tenants.
“Epic shares our vision to transform the Cary Towne Center into a vibrant community space.” This sale is a further validation of our value-based investment strategy, and the property cannot be placed in better hands, “said Jason Davis, managing director at Turnbridge Equities. “After years of changing the development plans for the center, we are happy to exploit the space to its full potential and turn it into something that the Carrie town and community can be proud of.”
In December 2019, Cary City Council approved a mall reorganization request for a mixed-use project that includes up to 1.2 million square feet of office space, 360,000 square feet of commercial space, 1,800 multi-family units / townhouses, and 450 rooms. Hotel.
However, the city said in a Project update Last week the approved development plans were “no longer moving forward” due to the Epic acquisition. Nevertheless, the city will continue its plans for the Cary District Community Sports and Entertainment Center.
Epic It is valued at more than $ 17.3 billion After the company raised $ 1.78 billion during its last round of financing in August. The round featured a strategic investment of $ 250 million from Sony Corp.
Fortnite is one of the most popular video games in the world, with more than 350 million accounts. Epic also operates Unreal Engine, which is a 3D creation tool for developers.