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I am thrilled to see this acquisition expand our capability for content creation, Lightfoot said. It is home to Dick Wolfs Chicago-set shows, including the One Chicago series, and Showtimes The Chi.. According to Crains Chicago Business, TPG, in a statement, has confirmed that its TPG Real Estate Partners unit has made the acquisition. As part of the acquisition, Eoin Egan and Keith Gee will join Cinespace as Co-Managing Partners and COO and CFO, respectively. Stay on top of the latest advertising, film, TV, entertainment and production news. Cinespace Studios Chicago and Toronto aquired by TPG Real Estate in $1 Follow our newsletter to keep up with new offerings and opportunities at Cinespace and key developments across our entire industry. The deal includes both the Chicago and Toronto locations, which have more than 50 soundstages combined. The comic book series will bring a lot of excitement to the small screen exploring everything from time travel between different centuries, future versions of characters, and the question of whether or not the past can or should be changed by time travelers. (Colin Boyle/Block Club Chicago) Voters will decide who of the two contenders will take the 24th Ward's aldermanic seat in the April runoff after Monique L. Scott only secured . The Hollywood Reporter is a part of Penske Media Corporation. In 2019, film and television productions generated $560 million in revenue and created more than 15,000 jobs in Illinois, before operations screeched to a halt during the COVID-19 pandemic. What you need to live your best life now. One of the projects launched under Pissios tenure is a pipeline program called CineCares. TPG Real Estate, a Texas- and California-based firm, bought the Chicago studio along with Cinespace Toronto for an estimated $1.1 billion, Deadline reports. Block Club Chicago is a nonprofit news organization dedicated to . Cinespace Chicago Film Studios, the second-largest film studio outside of Los Angeles in North America, is pleased to welcome several new productions to its growing campus as the Studios. Launched in Chicago in 2010 by the Pissios family, Cinespace Chicago operates 33 stages, with an additional 15 stages undergoing development or conversion on more than 60 acres near Douglass Park. Sign up for THR news straight to your inbox every day. TPG Real Estate Buys Cinespace Toronto, Chicago Studios for $1.1 TREP plans to expand the work done by the CineCares Foundation, a platform founded by Cinespace in Chicago in partnership with key productions on site to provide job training and education to underserved communities. Pissios cooperation earned him a non-prosecution deal with federal prosecutors on fraud charges tied to his 2011 personal bankruptcy. Carrie Austin Resigns from City Council After 29 Years in Office, Why Will County Residents Are Fighting a Major Logistics Hub and Why Backers Say Its Needed, Control of Chicago City Council Up for Grabs as Aldermanic Runoffs Loom. Cinespace Chicago Film Studios sprawling 60-acre campus is located on the West Side, with the main studios at 2621 W. 15th Place in North Lawndale. "We're really happy to have the industry back in action on our campus," said Alex Pissios, president and CEO of Cinespace Chicago Film Studios. This timely and provocative drama is set against the systemic abuse that exists in some of our countrys most vulnerable communities. We are thrilled to have the opportunity to expand on their vision by building a best-in-class studio platform that serves the creator community and drives job growth in Toronto, Chicago, and beyond, said Jacob Muller, managing director at TPG Real Estate Partners. Cinespace Chicago Film Studio Arts & Culture. Cinespace Studios Sold to Private Equity Firm | Chicago News | WTTW Power Book IV: Force, the third spin-off of the popular Starz Power series produced by Lionsgate, is also shooting at Cinespace Chicago Film Studios. Monique Scott needed more than 50 percent of the vote to avoid a runoff. When Hollywood comes to Chicago to film, they do it Chicago style. Polling Place: Is Patrick Kane the greatest Blackhawk ever. Mayor Lori Lightfoot commended the investment for the jobs and productions it will bring to the city. The productions will bring more than 200 300 new jobs per show to the campus and play a vital role in resurrecting the television and film industry in Chicago. Clickhereto support Block Clubwith atax-deductible donation. Force will follow Tommy Egan (Joseph Sikora) as he turns his back on New York and heads to Los Angeles through Chicago to take on the Irish mob. Film production studio, which could create hundreds of jobs, eyed for Pascal Sabino 1:39 PM CST on Nov 12, 2021 Sign up for our free elert here. Subscribe for full access to The Hollywood Reporter. Our Locations Cinespace Chicago Your preeminent production platform with 36 active stages across its 1.6 million square foot two campuses, located within 15 minutes of downtown. Block Club Chicago is a nonprofit news organization dedicated to delivering reliable, nonpartisan and essential coverage of Chicagos diverse neighborhoods. To learn more, please refer to the cookie policy. Cinespace Studios announces that Jane Williamson will join the company as Head of Client Services & Studio Operations in Chicago.Nick Pissios will be leaving the position.. Jane was most recently Production Supervisor on season 2 of Lionsgate TV's Power Book IV: Force and Legendary Entertainment's Night Sky. Skoronski is productive: in three seasons as Northwesterns starting left tackle, he allowed just five sacks in 2,364 snaps. Masking, social distancing, and capacity limits in public and workplaces continue to be enforced at Cinespace Chicago Film Studios for the health and safety of staff and all production workers. Having Chicago as a critical link to providing not only quality entertainment, but also good-paying jobs in our community makes all the extra effort to help production companies keep filming worth it.". You can accept the use of cookies or other identifiers by closing or clicking the accept button. (StockSnap / Pixabay). Consumer appetite for original content is a growing secular trend that has accelerated through the pandemic, leading to a dramatic increase in the demand to produce new films and television and in turn, a surge in the need for studio space, said Avi Banyasz, partner and co-head of TPG Real Estate, in a statement. Information. The Studios also announced four new series filming at its facilities as productions begin to ramp back up with additional health and safety protocols. The studio was acquired by TPG Real Estate in a deal announced Friday. The Toronto studio launched in 1988. Reporting to Eoin Egan, COO and Co-Managing Partner, she will be responsible for . Subscribe:Sign up for our FREE e-lert here. Follow our newsletter to keep up with new offerings and opportunities at Cinespace and key developments across our entire industry. Oscar-winner Sissy Spacek and three-time Emmy-nominated Ed ONeill will star in the sci-fi drama. The productions will bring more than 200 300 new jobs per show to the campus and play a vital role in resurrecting the television and film industry in Chicago. I look forward to partnering with TPG to continue growing this critical industry and seeing what Illinois talent and infrastructure inspires in creatives across our state., Chicago Mayor Lori E. Lightfoot continued: "Chicago has a compelling, beautiful cityscape with so much potential for film productions of all mediums and sizes. Were really happy to have the industry back in action on our campus, said Alex Pissios, president and CEO of Cinespace Chicago Film Studios. TPG was founded in 1992 and now has approximately $108 billion of assets under management with investment and operational teams in 12 offices around the world. Since opening in 2011, Cinespace has helped bring more than 15,000 new jobs to the area. Scott Vs. Scott: Ald. Monique Scott Headed To Runoff Against Creative The show follows a couple who discovered a chamber buried in their backyard, which inexplicably leads to a strange, deserted planet. Cinespace Toronto VP Jim Mirkopoulos added, The family is incredibly proud of our track record catalyzing economic activity and jobs in Ontario and Illinois, inspiring countless York University and DePaul University film students, and providing the best possible spaces and services to our clients, including for many award-winning projects. The deal, valued at $1 billion according to Crains Chicago Business, means the Pissios family of Chicago will no longer control the studio space they founded in 2011 with the aid of millions of dollars in state grants. PDF Ever more enticing tax credits, locations renaissance in Chicago and Expanding the states capacity for television and media production will create opportunities for countless Illinoisans including the job training and apprenticeship programs that have been hallmarks of Cinespaces efforts in Illinois. In addition to film production, the campus is home to Stage 18 Chicago, a 501(c) 3 organization and incubator established to retain and grow talent in Chicago. Cinespace announced in April plans to add 16 sound stages to its campus on the citys Southwest Side, with Pissios at the time telling Crains that the studio had to turn away projects, and that the expansion would add some 1,200 jobs in the local film industry. What to eat. The results of that poll, in a word: Oof. 415-743-1550, Internet Explorer presents a security risk. Cinespace Chicago Film Studios shoots shows like "Chicago Fire" and "The Chi" at its North Lawndale campus at 2621 W. 15th Place. Cinespace Chicago Film Studios | LinkedIn The soundstages for Dick Wolf's 'Chicago Fire' and Netflix's 'Umbrella Academy' have been picked up by the real estate investor amid a . We have been studying the content creation and production landscape as an investment theme for a few years, and in that time have developed a relationship with the family behind Cinespace. News about the Studio and Production Facility Industry | Cinespace Since its inception in 2009, TREP has built a differentiated investment portfolio comprised primarily of real estate-rich platforms and portfolios located in the United States and Europe. Consumer appetite for original content is a growing secular trend that has accelerated through the pandemic, leading to a dramatic increase in the demand to produce new films and television and in turn, a surge in the need for studio space, said Avi Banyasz, Partner and Co-Head of TPG Real Estate. A global hub for premium content production, services and support that ensures your team reaches their fullest creative potential. Cinespace Chicago sells to Texas real estate company The series of film studio facilities occupy over 1 million square feet of studio, office and support space on over 40 acres of land. This courtroom drama follows a promising black high school athlete who is swept up into the Chicago criminal justice system. Friday April 20 2018. Keith Gee, of LifeStorage, will become another co-managing partner and CFO. Clickhereto support Block Clubwith atax-deductible donation. Netflix launching a production hub in Toronto by locking up eight soundstages four each at Pinewood Toronto Studios and Cinespace Film Studios in turn sparked a local space race by Hollywood streaming giants scrambling for soundstages on which to create new high-quality film and TV content. The Cinespace brand is recognized. DOWNLOAD THE FOX 32 NEWS APP. Cinespace intends to grow its employee base at each studio as a result of the transaction. Chicago has a compelling, beautiful cityscape with so much potential. I cringe when I hear our town referred to as Hollywood in Chicago. Illinois has a 30% tax credit that. To learn more, please refer to the cookie policy. "Jane has worked on the Cinespace lot for many years in several different roles and understands the needs of a production and the Chicago film and TV community," Egan says in a release. Keep up with new offerings and opportunities at Cinespace and key developments across our entire industry. Illinois Governor JB Pritzker commented: Illinois is proud to welcome TPGs investment in Cinespace and Illinois booming film industry. The bar will host a flip cup tournament, trivia nights and, of course, a St. Patrick's Day bash. This enterprise has been a true family business, and todays transaction marks another important milestone in our 33-year history. A press release from TPG says former Netflix executive Eoin Egan will take over as a co-managing partner and COO. For more information on programs filming at Cinespace Chicago Film Studios or for information on CineCares Foundation, please visit ChicagoFilmStudios.com or CineCaresFoundation.org. Forcewill follow Tommy Egan (Joseph Sikora) as he turns his back on New York and heads to Los Angeles through Chicago to take on the Irish mob. An effort to help diversify TV and film crews, CineCares has created a meaningful (and paid) foot in the door for people of color. Crains Chicago Business reported the sale price as $1.1 billion. Last year, he secured $21 million in financing for the first phase of a $76 million project to develop property along Ogden Avenue with the CHA and other partners, a proposal Pissios filed while also negotiating his deal with federal prosecutors. Keep up to date with our latest industry news, from across the world. 86 active stages. 1448 S Rockwell St Chicago, IL 60608 - Alquileres en Chicago, IL The combined Cinespace Chicago and Toronto film studios, founded by the Mirkopoulos and Pissios families, are the largest soundstage in the United States outside of Hollywood. Follow our newsletter to keep up with new offerings and opportunities at Cinespace - and key developments across our entire industry. CHICAGO, April 21, 2021 (GLOBE NEWSWIRE) -- The film industry in Chicago is back up and rolling! Ald. Michael Scott Jr. resigning from City Council, joining Cinespace Oscar-winner Sissy Spacek and three-time Emmy-nominated Ed O'Neill will star in the sci-fi drama. The story centers around four 12-year-old girls who deliver newspapers. In Toronto, Cinespace Film Studios was founded in 1988 by highly revered, (Uncle) Nick Mirkopolous. Located on the west side of downtown Chicago, Cinespace Chicago Film Studios occupies 1.45 million sq. The show follows a couple who discovered a chamber buried in their backyard, which inexplicably leads to a strange, deserted planet. Every dime we make fundsreportingfrom Chicagos neighborhoods. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. Cinespaces flagship studio campus on Kipling Avenue in Toronto has played host to shoots for Reign, Beauty and the Beast, Goon: Last of the Enforcers and 12 Monkeys. It's how we act that makes a difference: we offer education and training to engage, support and contribute to our communities. Executive producer Michael B. Jordan (Black Panther) is already shooting the AMC drama series 61st Street at Cinespace Chicago Film Studios. The acquisition of Cinespace comes as the streaming content boom has Wall Street and hedge funds eyeing studio campuses for acquisition. Our clients create groundbreaking films and television. Officials with TPG, a Texas- and California-based buyout firm, did not reveal how much it paid for Cinespaces operations in Chicago and Toronto. Bridgeport bank failure fallout: Washington Federal Bank for Savings With all precincts reporting, Monique Scott won 45.4 percent of the vote in a crowded field, while challenger Creative Scott had 12.6 percent. TPG Real Estate Buys Cinespace Toronto, Chicago Studios for $1.1 Chicago, Illinois, United States . Cinespace Studios, which helped spark a boom in movie and television production in Chicago, has been sold to a private equity firm that tapped a former Netflix executive to lead the operation on Chicagos West Side. One of the most storied studio complexes in the world, offering 21 sound stages rich in history, with vast production facilities and second-to-none production services that have been utilized by legendary filmmakers. Upon taking office, Quinns Republican successor Bruce Rauner, demanded Cinespace return the grant money following a Chicago Sun-Times investigation that showed that the parcels Cinespace had intended to buy were not for sale. Masking, social distancing, and capacity limits in public and workplaces continue to be enforced at Cinespace Chicago Film Studios for the health and safety of staff and all production workers. Cinespace Studios Sold for $1.1B to TPG Real Estate. Im around for six more months. After that, Alex and the other members of the family owned business will no longer be involved in the operation. As part of the acquisition, Eoin Egan and Keith Gee will join Cinespace as co-managing. Cinespace Chicago Film Studios, the second-largest film studio outside of Los Angeles in North America, is pleased to welcome several new productions to its growing campus as the Studios. The furtive chamber they thought they knew so well turns out to be much more than they could ever have imagined. Cinespace Chicago Film Studios has been home to NBC's Chicago Fire, Chicago Med and Chicago P.D. Cinespace Chicago Film Studios announces huge expansion by the - WGN Its a done deal! said Pissios. In Chicago, Cinespace Chicago Film Studios virtually rose up out of an abandoned steel mill. Terms of the deal were not disclosed, but its understood from a source close to the transaction that the real estate equity investment arm of asset firm TPG paid around $1.1 billion for Cinespace Studios in Chicago and Cinespace Toronto. Poles needs to make sure Eberflus maintains significant input. The deal will also expand Cinespaces social impact work in Chicago by growing the CineCares Foundation, the film studios nonprofit wing. Cinespace Chicago Film Studio | Enjoy Illinois TPGs investment will expand these efforts and provide more jobs for Illinois, one of the many reasons why we feel they are the right fit to take on the business, continued Alex Pissios, President and CEO of Cinespace Chicago. According to the news release, TPG . At the Intersection of advertising, TV, film and production. This enterprise has been a true family business, and todays transaction marks another important milestone in our 33-year history. (Brian Cassella / Chicago Tribune). About Us Locations CineCares News Contact Cinespace Chicago Cinespace Toronto Studio Babelsberg Cinespace We're the perfect partner for your next production. Media Contact Its how we build something beyond facilities, develop a stronger, more diverse workforce, broaden educational platforms, change the narrative behind the camera, and affect meaningful change to create a more vibrant industry. Eastdil Secured provided financing advisory to TREP for the transaction. Chicago has a compelling, beautiful cityscape with so much potential for film productions of all mediums and sizes, Lightfoot said. I also want to thank the Mirkopoulos family for founding and building up Cinespace here in our city. Cinespace | Film Studio Locations, Production and Sound Stage Facilities Chicago's then-Mayor Rahm Emanuel announced the job creation and his appreciation for Cinespace at a news conference on Sept. 1, 2015. Eoin Egan, who served as the head of production services at Netflix, will serve as the chief operating officer of Cinespace, officials said. ft. of what use to be the old Ryerson Steel Company. Chicago currently has one other soundstage facility, Chicago Studio City, which is considerably smaller. The film studio's sale is expected to accelerate the growth of Chicago's film industry and bring more production jobs to the area, new owners said. CineCares is how we support, promote, and engage local communities. I look forward to seeing Cinespace and the entire film sector in the city with all the jobs that rely on it continue to grow over the coming years.". Williamson is a native Chicagoan and rose through the ranks of commercial, non-scripted and scripted TV production starting as a production assistant. Terms of the transaction were not disclosed. They were among the real pioneers in building something special in our city - they have helped me champion the local industry and attract new jobs and investments here. Lightyearswill premiere exclusively on Amazon Prime Video. TPGs purchase of Cinespace is not an outlier, but part of a larger trend, thanks to a nationwide shortage of available stage space due to the onslaught of projects demanded by streaming services. Subscribe to Block Club Chicago,an independent, 501(c)(3), journalist-run newsroom. The GM and coach seem to be more cohesive than Ryan Pace was with Matt Nagy and John Fox. The Chicago-based chain, which also has locations in Milwaukee, Minneapolis and Dallas, opened the Wicker Park location in 2017. They have been the source of incredible Canadian content and a steady job creator for the City and Province. Located on the west side of downtown Chicago, Cinespace Chicago Film Studios occupies 1.45 million sq. In the ensuing decade, that key facility has grown to include 36 soundstages, helping to bring . Cinespace Studios has sold for $1.1B to TPG Real Estate - ReelChicago.com Forceis set on Chicagos South Side and stars Chicago Northwest Side native Joseph Sikora and also welcomes Anthony Fleming (Prison Break) and Lucien Cambric (Chicago PD) to the show. Egan most recently served as Head of Production Services at Netflix, and Gee as the CEO of Strive and CFO and President of LifeStorage, two former TREP portfolio companies. You can accept the use of cookies or other identifiers by closing or clicking the accept button. I want to thank TPG for their commitment and investment in Toronto and the future of Cinespace. Egan most recently was head of production services at Netflix, and Gee was the CEO of Strive and CFO and president of LifeStorage, two former TREP portfolio companies. Returning series filming at the Chicago campus include Chicago Fire, Season 9; Chicago P.D., Season 8; Chicago Med, Season 6; and The Chi, Season 4; South Side, Season 2; and The Big Leap. In TPG, weve found a partner who loves our great city of Toronto, respects Cinespaces heritage and tradition of philanthropy, and has the expertise and resources to help lead the company into its next phase of growth, said Steve Mirkopoulos, president and CEO of Cinespace Toronto. The family that owns the Cinespace soundstages where - Chicago Tribune Consumer appetite for original content is a growing secular tend that has accelerated through the pandemic, leading to a dramatic increase in the demand to produce new films and television, and in turn, a surge in the need for studio space, TPG co-head of Real Estate Avi Banyasz said in the statement. In TPG, weve found a partner who loves our great city of Toronto, respects Cinespaces heritage and tradition of philanthropy, and has the expertise and resources to help lead the company into its next phase of growth, said Steve Mirkopoulos, President and CEO of Cinespace Toronto. Officials with TPG, a Texas- and California-based buyout firm, did not reveal how much it paid for Cinespace's operations in . With 42 sound stages on its 2.2 million square foot main campus in Chicago's North Lawndale neighborhood and additional studios at 31st and Kedzie, Cinespace is the largest film studio outside of California. Cinespace Chicago opened in 2010 and currently operates 33 stages, with an additional 15 stages undergoing development or conversion on more than 60 acres. He would later help his nephew, Chicago native Alex Pissios, open the North Lawndale branch in 2011, where Pissios has been president and CEO since. TPG is bullish on the Chicago film scene as well. Theyve carefully guarded their secret, but when a mysterious young man enters their lives, the couples quiet existence is quickly upended. Gov. After a Covid-19 hiatus, Chicago's film industry is back up and running, with local film studio Cinespace Chicago adding more than 100,000 square feet of production space to keep up with demand.

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