Turnbridge acquired the distressed mall in 2019 and the space will serve as Epic’s headquarters with plans to open new campus in 2024
Turnbridge Equities is pleased to announce an agreement to transfer ownership of the 980,000-square-foot and 87-acre Cary Towne Center to Epic Games, Inc., with the goal of converting the property into Epic’s new campus by 2024. The facilities will include both office buildings and recreational spaces, allowing Epic the flexibility to create a campus customized from the ground up to accommodate its long-term growth.
Turnbridge acquired the Cary Towne Center mall in January 2019 in a distressed sale following the loss of three of its five anchor tenants. The firms recognized the potential to transform the space into a revitalized new development for the region and have since invested in the successful rezoning of the property. Thanks to this investment, Epic will be able to commence development of its new headquarters this year and begin the transformation of the property.
“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,” said Jason Davis, Managing Director at Turnbridge Equities. “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.”
Epic plans to commence development of its new headquarters this year and the company will continue to be based at its current location at Crossroads Boulevard in the interim. Epic has been proud to call Cary home for over 20 years and has immersed itself into the community, often hiring locally and from nearby universities as the company continues to grow and scale.
While plans for the Epic campus are still in the early phases, the company is already working with the Town of Cary on its development and exploring ways some of this property might be used by the community. Epic is grateful to the Town and its leadership for how welcoming it has been to the company over the years, and this positive relationship played a significant role in Epic’s decision to pursue a campus that secures its future in Cary for decades to come.
“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, 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’re honored to partner with them on this exciting new development.”
Epic, which was represented by Stephen Porterfield of Capital Associates in this transaction, is also collaborating closely with Turnbridge to ensure a smooth transition of ownership.
About Turnbridge Equities
Turnbridge Equities, founded in 2015 by Andrew Joblon, is a privately-held, vertically-integrated real estate investment and development firm with offices in New York, Los Angeles, Washington DC, Miami, and Austin. Turnbridge is an SEC registered investment advisor, Turnbridge RE Fund Management Company I LLC, with assets under management in excess of $1.7 billion. Turnbridge's full-service platform and extensive relationships enable the company to acquire, develop, reposition, and operate real estate and generate value for its investors and partners. Turnbridge and its principals seek to bring high levels of creativity and thought leadership to drive the results of each of its investments. With a track record of implementing successful investment strategies, Turnbridge has capitalized on emerging trends and monetized value in advance of market shifts. Disclaimer: This does not constitute an offer to sell or a solicitation of an offer to purchase any interests in any Turnbridge projects.
About Denali Properties
Denali Properties is a full-service real estate firm based in Dallas, Texas and founded by Adam Williams. Denali specializes in acquiring and developing premier commercial and mixed-use properties throughout the United States. The goal of Denali’s business strategies is to create extraordinary environments in which people want to live, work, shop or play. Since its inception in 2016, Denali has been involved in investment and advisory transactions exceeding $500 million of value.
About Epic Games
Founded in 1991, Epic Games is an American company founded by CEO Tim Sweeney. The company is headquartered in Cary, North Carolina and has more than 50 offices worldwide. Today Epic is a leading interactive entertainment company and provider of 3D engine technology. Epic operates Fortnite, one of the world’s largest games with over 350 million accounts and 2.5 billion friend connections. Epic also develops Unreal Engine, which powers the world’s leading games and is also adopted across industries such as film and television, architecture, automotive, manufacturing, and simulation. Through Unreal Engine, Epic Games Store, and Epic Online Services, Epic provides an end-to-end digital ecosystem for developers and creators to build, distribute, and operate games and other content.
