Epic Games Spends $95M on Cary, North Carolina, Mall for New Headquarters
Epic Games announced Sunday that it has reached an agreement to purchase Cary Towne Center in Cary, North Carolina, and plans to turn the location into its new headquarters by 2024. According to public records, the location, which was serving as a mall, cost the Fortnite maker $95M USD.
The location was purchased by Turnbridge Equities and Denali Partners in February 2019 for $31.5M, according to the News & Observer. The mall site was recently rezoned and was going to be redeveloped as the “Carolina Yard,” prior to the announcement of a sale.
Epic said in a release that it plans to begin development on the property “later this year.” It is unclear what it plans to do with its current property in Cary, or if it plans to move its wholly-owned studio and Rocket League developer, Psyonix Studios into the location as well.
Epic Games is partially owned by Tencent Holdings, with co-founder and CEO Tim Sweeney owning a controlling stake in the company. It also owns Psyonix Studios and is the creator of Unreal Engine, the software development platform used by such games as PUBG Mobile.
Stephen Porterfield of Capital Associates helped negotiate the deal for Epic. Epic also said in its announcement that it plans to work with the town of Cary to allow it to use some of the space for operations that benefit the local community.
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