Epic Games buys an old mall – with almost one million square meters of space – and plans to convert it into its new global headquarters by 2024.
The deal, first reported by the Triangle Business Journal, provides the $ 980,000-square-foot Epic Cary Towne Center for $ 95 million. Cary Towne Center is 2 miles from Epic’s current headquarters.
Epic Games has been based in Cary, North Carolina since 1999, and has 2,200 employees in its global workforce. The company, best known for developing Unreal Engine and Fortnite, has about two dozen subsidiaries and studios elsewhere around the world, and has acquired or established more than half of them since Fortnite Battle Royale launched in late 201
The Cary Towne Center sits on 87 acres and, like many malls in the United States, has struggled to stay open as anchor tenants have left or closed completely thanks to online shopping trends. WRAL TV from Raleigh noted that only a few stores are open there, and much of the mall is closed off. The current owners picked it up in 2019 for $ 31 million, and then got the Cary Town Council to approve its redevelopment, which would allow office use, hotel rooms and apartment buildings as well as commercial space.
It is unclear how many of these plans will come forward under Epic, but due to the restructuring, Epic can get started on its new campus immediately. The company said it will work with the city of Cary on a $ 193 million sports and recreation center planned for the site. An Epic Games spokesman told the Triangle Business Journal that the campus would include office buildings and recreational areas.
Privately owned Epic Games reported a round of new funding of $ 1.78 billion in August 2020, valued at $ 17.3 billion. The company had planned to expand its existing location in Cary, which it has owned since 2015, with a 500,000-square-foot facility that will accommodate up to 2,000 employees. These plans are off, WRAL reported.