Epic Games is buying an old shopping mall — with nearly one million square feet of space — and plans to convert it into its new global headquarters by 2024.
The deal, first reported by the Triangle Business Journal, gives Epic the 980,000 square foot and 87-acre Cary Towne Center for $95 million. Cary Towne Center is about two miles from Epic’s current HQ. Epic already has its headquarters located in Cary on the intersection of Crossroads Boulevard and Jones Franklin Road, and will remain there while the 87-acre mall will be redeveloped into a new HQ. Epic hopes to move in by 2024.
Turnbridge Equities managing director Jason Davis said, “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.”
Cary Towne Center first opened in 1979, but the huge shift in how consumers shop and the continuing move to online stores meant the mall really started to suffer in 2016. By 2019 it was all but over, with existing owner CBL defaulting on the mall’s mortgage and selling it to Turnbridge. The mall was set to be demolished following the 2020 holiday season to make way for a mixed-use site including residential units, hotels, office buildings, and a new retail area. Meanwhile, Epic had planned to expand its existing headquarters but has now confirmed the acquisition of Cary Towne Center means the expansion will no longer go ahead.