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Epic Games has reached an agreement with Turnbridge Equities and Denali Properties to buy the Cary Towne Center in North Carolina.
The 980,000-square-foot, 87-acre shopping center will be transformed into the Fortnite creator’s new global headquarters by 2024. A source familiar with the matter told FOX Business that the price for the deal is about $ 95 million.
According to a news release from Epic, the facilities will include a mix of office buildings and recreational spaces, giving the company ‘flexibility to create a campus adapted from the ground up to accommodate its long-term growth.’
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Epic will start developing its new headquarters later this year. Meanwhile, the company will remain at its current headquarters in Cary, Crossroads Boulevard in North Carolina.
“Epic is proud to call Cary home for over twenty years and has deepened its reach in the community and has regularly hired locally and from nearby universities as the business grows and expands,” the company said in a statement. “While the 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 in which some of the property can be used by the community. Epic is grateful for the city and its leadership. for how welcoming it has been to the business over the years, and this positive relationship has played an important role in Epic’s decision to pursue a campus that will ensure its future in Cary for decades to come. ‘
Cary Mayor Harold Weinbrecht said the city is “extremely proud that Epic has chosen to host Cary for their new global headquarters” and appreciates the company’s “recognition of Cary’s existing assets as well as the unlimited potential of the area for their growing business. ”
“We look forward to working closely and collaborating with the Epic team as they conceptualize their new campus, and we are delighted to work with them on this exciting new development,” Weinbrecht added.
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Turnbridge and Denali acquired the Cary Towne Center shopping center in an emergency sale in January 2019 following the loss of three of its key tenants.
“Epic shares our vision to transform Cary Towne Center into a vibrant community space. This sale is a further confirmation of our value-driven investment strategy, and the property could not be placed in better hands, ”said Jason Davis, Managing Director of Turnbridge Equities, in a statement. “After years of changing development plans for the center, we are delighted that the space will be utilized to its full potential and will be something that the city and community of Cary can be proud of.”
In December 2019, Cary City Council approved a request to rezone the mall for a mixed-use project, which includes a maximum of 1.2 million square feet of office space, 360,000 square feet of commercial space, 1,800 multiple family / townhouse units. and 450 hotel rooms.
However, the city said in a project update last week that the approved development plans were ‘no longer moving forward’ due to Epic’s acquisition. However, the city will continue with plans for the Cary Community Recreation and Sports Center.
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Epic is valued at more than $ 17.3 billion after the company raised $ 1.78 billion during its latest round of financing in August. The round saw a strategic investment of $ 250 million from Sony Corp.
“Fortnite” is one of the world’s most popular video games, with over 350 million accounts. Epic also operates the Unreal Engine, a 3D creation tool for developers.