Epic Games to buy mall for $95 million

A new headquarters for the company will be established in the old mall, with renovations scheduled to be completed by 2024.

The American video game developer is already based in Cary, North Carolina. However, it was later revealed that the company plans to move to a new headquarters, and the choice of building for it was somewhat unusual. 

Epic Games made a deal to buy the old Cary Towne Center mall. The mall's previous owners, Turnbridge Equities and Denali Partners, will receive $95 million under the agreement's terms. 

The mall opened back in 1979, but due to changing shopping habits and the growing popularity of online shopping, it has been struggling since 2016. The Cary Towne Center changed owners several times and was scheduled to be demolished in 2020 to make way for office buildings and residences. However, the mall is getting a new lease on life, and the structure once again becomes a jewel in the city.

The area of the mall is more than 350,000 square meters. After a significant renovation of the old structure, according to the buyer's plan, it will turn into a modern office building with all the necessary amenities. The mall will be renovated into a headquarters within three years, and by 2024 the Epic Games office will move into its new "home."

With the pandemic, many malls are struggling, and repurposing them has become a fairly common trend. Shopping centers are being converted into warehouses, leased out for office space, or reoriented to host social and cultural events. A mall's purchase by a major IT company is another example of how to breathe "new life" into shopping centers in the United States. 

Photo credit: depositphotos.com.

More about shopping malls in the USA