Epic Games have announced that they are planning to buy a mega mall in Cary, North Carolina. This will become the company’s new global headquarters. The location was previously the Cary Towne Center complex and it housed a large shopping mall.
The mall purchased by Epic is 980,000 square-feet or 87-acres. This is a huge amount of space for the rapidly expanding company. According to their press release:
“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.”
The company’s plan is to completely redevelop the site. They won’t be moving into the campus any time soon. They announced that development on the site would begin later in the year with the hope to have the project finished in 2024.
The local area
This is a natural move for the company. They have been based in Cary, North Carolina for over two decades. They have deep links with the local community, especially with education services. This decision by Epic further cements their dedication to the area. Epic Games operate over 50 offices worldwide and boy do they need them, with the smash hit in Fortnite and the success of their Epic Games Store, they certainly need the global manpower. But their resistance to move their headquarters out of the area is a testament to their love of the local community.
Cary, North Carolina Mayor Harold Weinbrecht, wrote in the release:
“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. 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.”
The mall was originally purchased by a company called Denali Properties, which took it over in 2019. The mall was in dire financial straits at that time and Denali, partnered with Turnbridge Equities, purchased the site. They originally had plans of their own for the site, but after dealing with Epic, they agreed to sell.
Jason Davis, Managing Director at Turnbridge Equities wrote:
“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.”
The future for Epic
The purchase price for the site was listed at $95 million and with the success that Epic has been having recently, this is a drop in the bucket for them. The company has been valued at $17.3 billion and in 2019, the company reported a revenue of $4.2 billion, and their 2020 earnings are projected to be $5 billion.
They have also broken records for players this year, at the last season ending event in Fortnite, the game had 15.3 million concurrent players. Earlier in the year they opened up another round of funding for the company. It is clear that they are interested in rapid growth and expansion, but their desire to stay in Cary, North Carolina is a testament to their dedication to the local area.