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Big shift for Cary Towne Center as Epic Games buys site for $95M for HQ campus
Cary-based Epic Games has bought the Cary Towne Center with plans for a new global headquarters campus on the site.
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Cary-based Epic Games has bought the Cary Towne Center with plans for a new global headquarters campus on the site.
TBJ FILE PHOTO
By Caleb Harshberger
Staff Writer, Triangle Business Journal
3 hours ago
The future of the Cary Towne Center has shifted dramatically as Epic Games has acquired the 87-acre site with plans to build a global headquarters campus.
The Cary-based video game and software giant confirmed to TBJ it closed on the property on Thursday in a $95 million deal with Turnbridge Equities and Denali Properties, the developers who bought the mall in southeast Cary for $31 million in early 2019 and later unveiled major plans for a massive mixed-use project.
A spokesperson for Epic Games said the company is still in the early stages of the development process for the headquarters campus. The company said the campus would include office buildings and recreational spaces. "We plan to commence development of our new headquarters this year with the goal of converting the property into our new campus by 2024," the spokesperson said.
The sale comes three months after New York-based Turnbridge and Dallas-based Denali announced plans to break ground in early 2021 on their own plans for the property, which had called for a mixed-use hub, called Carolina Yards, with 4 million square feet of space off Cary Towne Boulevard and Walnut Street. What led the developers to sell the site is unclear. Triangle Business Journal reached out to Turnbridge and Denali seeking comment but didn't receive a response before publication.
In a press release from Epic Games, Jason Davis, managing director at Turnbridge Equities, said “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. 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.”
In late 2019, the town of Cary approved the developers' rezoning request for the site, paving the way for up to 1.2 million square feet of office use, 360,0000 square feet of commercial use, 450 hotel rooms and 1,800 multi-family and townhouse dwelling units. It's unclear whether any of Turnbridge and Denali's plans for the site will be included in Epic's project.
Before the sale to Epic Games, the developers behind Carolina Yards had planned a 2021 groundbreaking. This rendering shows part of what they were planning.
Enlarge
Before the sale to Epic Games, the developers behind Carolina Yards had planned a 2021 groundbreaking. This rendering shows part of what they were planning.
C/O GENSLER
Epic Games said the sellers’ work on entitling the property cleared the way for its own work to start this year. The company currently has its headquarters off Crossroads Boulevard in southwest Cary. Epic Games had previously filed plans to expand next to that location with room for up to 2,000 employees – but those plans are now off the table, the company said. Epic Games currently has around 2,200 workers, according to data compiled by TBJ.
Epic Games said the company is now working with the Town of Cary on its plans for the development, including ways to incorporate a community aspect into the project. This includes working with the town on plans for the Cary Community Recreation and Sports Center, a $193 million project also slated to be developed on the site.
“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 Mayor Harold Weinbrecht.
The Epic Games headquarters in Cary.
Enlarge
The Epic Games headquarters in Cary.
TAYLOR MCDONALD
Epic's new plans come after the company, behind the global hit "Fortnite," raised $1.78 billion in 2020 and now has a valuation of $17.3 billon.
Stephen Porterfield of Capital Associates represented Epic Games in the transaction for Cary Towne Center
Big shift for Cary Towne Center as Epic Games buys site for $95M for HQ campus
Cary-based Epic Games has bought the Cary Towne Center with plans for a new global headquarters campus on the site.
Enlarge
Cary-based Epic Games has bought the Cary Towne Center with plans for a new global headquarters campus on the site.
TBJ FILE PHOTO
By Caleb Harshberger
Staff Writer, Triangle Business Journal
3 hours ago
The future of the Cary Towne Center has shifted dramatically as Epic Games has acquired the 87-acre site with plans to build a global headquarters campus.
The Cary-based video game and software giant confirmed to TBJ it closed on the property on Thursday in a $95 million deal with Turnbridge Equities and Denali Properties, the developers who bought the mall in southeast Cary for $31 million in early 2019 and later unveiled major plans for a massive mixed-use project.
A spokesperson for Epic Games said the company is still in the early stages of the development process for the headquarters campus. The company said the campus would include office buildings and recreational spaces. "We plan to commence development of our new headquarters this year with the goal of converting the property into our new campus by 2024," the spokesperson said.
The sale comes three months after New York-based Turnbridge and Dallas-based Denali announced plans to break ground in early 2021 on their own plans for the property, which had called for a mixed-use hub, called Carolina Yards, with 4 million square feet of space off Cary Towne Boulevard and Walnut Street. What led the developers to sell the site is unclear. Triangle Business Journal reached out to Turnbridge and Denali seeking comment but didn't receive a response before publication.
In a press release from Epic Games, Jason Davis, managing director at Turnbridge Equities, said “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. 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.”
In late 2019, the town of Cary approved the developers' rezoning request for the site, paving the way for up to 1.2 million square feet of office use, 360,0000 square feet of commercial use, 450 hotel rooms and 1,800 multi-family and townhouse dwelling units. It's unclear whether any of Turnbridge and Denali's plans for the site will be included in Epic's project.
Before the sale to Epic Games, the developers behind Carolina Yards had planned a 2021 groundbreaking. This rendering shows part of what they were planning.
Enlarge
Before the sale to Epic Games, the developers behind Carolina Yards had planned a 2021 groundbreaking. This rendering shows part of what they were planning.
C/O GENSLER
Epic Games said the sellers’ work on entitling the property cleared the way for its own work to start this year. The company currently has its headquarters off Crossroads Boulevard in southwest Cary. Epic Games had previously filed plans to expand next to that location with room for up to 2,000 employees – but those plans are now off the table, the company said. Epic Games currently has around 2,200 workers, according to data compiled by TBJ.
Epic Games said the company is now working with the Town of Cary on its plans for the development, including ways to incorporate a community aspect into the project. This includes working with the town on plans for the Cary Community Recreation and Sports Center, a $193 million project also slated to be developed on the site.
“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 Mayor Harold Weinbrecht.
The Epic Games headquarters in Cary.
Enlarge
The Epic Games headquarters in Cary.
TAYLOR MCDONALD
Epic's new plans come after the company, behind the global hit "Fortnite," raised $1.78 billion in 2020 and now has a valuation of $17.3 billon.
Stephen Porterfield of Capital Associates represented Epic Games in the transaction for Cary Towne Center
