TPG Real Estate Partners has purchased studio campuses in Toronto and Chicago belonging to Cinespace Studios, home to production of major films and TV series like Dick Wolfs Chicago Fire, Chicago PD and Chicago Med, Netflixs Umbrella Academy and MGMs The Handmaids Tale. [CDATA[ ft. of what use to be the old Ryerson Steel Company. Cinespace intends to continue growing its studio base following the transaction. . According to the news release, TPG plans to expand upon the program, but did not provide further details. Contact | Cinespace The Midwest's production hot spot recently added another 105,000 square foot industrial building near its main campus to expand its footprint and bring more stages online for the busy content creation industry. For 10 years, the majority of TV and movie projects in Chicago have been filmed at Cinespace Chicago Film Studios, the soundstage complex in North Lawndale. Thank you Alex for being the best ambassador this film community could ask for. 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. Executive producer Michael B. Jordan (Black Panther) is already shooting the AMC drama series61stStreet at Cinespace Chicago Film Studios. One of the projects launched under Pissios tenure is a pipeline program called CineCares. Mayor Lori Lightfoot commended the investment for the jobs and productions it will bring to the city. Consumer appetite for original content 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, Bantasz said. You can accept the use of cookies or other identifiers by closing or clicking the accept button. Follow Your Favorite Chicago's Afternoon News Personalities on Twitter:Follow @SteveBertrand Follow @kpowell720 Follow @maryvandeveldeFollow @LaurenLapka media@tpg.com 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. Got a story tip? Williamson is a native Chicagoan and rose through the ranks of commercial, non-scripted and scripted TV production starting as a production assistant. Cinespace Chicago opened in 2010 and currently operates 33 stages, with an additional 15 stages undergoing development or conversion on more than 60 acres. Monique Scott needed more than 50 percent of the vote to avoid a runoff. Cinespace, the studio that is home to Chicago-based film and TV productions including "Chicago Fire," has been sold to the real estate arm of TPG, a buyout firm based in Texas and California, the two companies announced Friday. Based on the comic book series by Brian K. Vaughan, Paper Girls is an Amazon series created by two studios, Legendary Television and Plan B, and written by Stephany Folsom, who previously worked on Toy Story 4 and Thor: Ragnarok. ", The Honourable Doug Ford, Premier of Ontario, said: Since launching in 1988, Cinespace has been a pillar of Torontos world class entertainment industry. Follow our newsletter to keep up with new offerings and opportunities at Cinespace and key developments across our entire industry. 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. Cinespace Chicago Film Studios specializes in the Development, Management & Operation of Studio Facilities. The deal also involves studio space owned by Cinespace in Toronto. Cinespace Chicago adds 100K sq. ft. of production space as filming Cinespace Chicago Film Studios has been home to NBCs Chicago Fire, Chicago Med and Chicago P.D. The deal will also expand Cinespaces social impact work in Chicago by growing the CineCares Foundation, the film studios nonprofit wing. In true business news nerd fashion, I wanted to find a Valentine's Day angle . Alex Pissios has confirmed that Cinespace Chicago Film Studios and Cinespace Toronto, the amazing empire that he and his uncle Nick Mirkopolous built on a dream, has been sold to TPG Real Estate, a West Coast based global alternative asset manager. The statement also includes praise from Mayor Lori Lightfoot and Gov. 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. As production begin to ramp back up the studio continues to strictly follow health and safetybest practices from the CDC andIllinois Guidance. Having Chicago as acritical 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.. 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 company launched in Toronto in 1988 and today operates 23 production stages across the city, with another 12 stages planned for development on more than 40 acres. Lightyears will premiere exclusively on Amazon Prime Video. What you need to live your best life now. DOWNLOAD THE FOX 32 NEWS APP. Alex Pissios On the Future of Cinespace Chicago and His - News Anyway For more information on programs filming at Cinespace Chicago Film Studios or for information on CineCares Foundation, please visit ChicagoFilmStudios.com or CineCaresFoundation.org. Cinespace Chicago Film Studios welcomes several new productions to its growing campus.. As the Dick Wolf, One Chicago series prepares to wrap soon for the season, Cinespace announced four new series filming at its facilities.. Monique Scott was sworn into City Council to replace her brother, former Ald. While making deliveries the day after Halloween, the girls become involved in a conflict between two groups of time travelers. This enterprise has been a true family business, and todays transaction marks another important milestone in our 33-year history. 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. Your pleasant demeanor, warm smiles, and bigger-than-life personality will be sorely missed on campus. Opinion | The Spectacular Fall of Lori Lightfoot - The New York Times Cinespace Chicago Film Studios welcomes several new productions to its growing campus. Chicago has a compelling, beautiful cityscape with so much potential for film productions of all mediums and sizes, Lightfoot said. I am thrilled to see this acquisition expand our capability for content creation, Lightfoot said. Theyve carefully guarded their secret, but when a mysterious young man enters their lives, the couples quiet existence is quickly upended. Studio Babelsberg Honored as Treasure of European Film Culture, Cinespace to Expand Production Infrastructure in Port Lands to Better Serve Toronto, Hollywoods Streaming Gold Rush Keeps Ontario Soundstages at Full Capacity, Cinespace Studios Announces Updates to Platform Following Annual General Meeting at Studio Babelsberg, Cinespace Names Andy Weltman Co-CEO of Legendary Studio Babelsberg, Illinois Shatters Record for Film Production Revenues at $630 Million in Economic Impact, Chicago Public Servant Michael Scott Jr. to Join Cinespace Studios as Director of Industry and Community Relations, Cinespace and York University Commit $3.12 Million to Motion Media Studio for Students, Illinois Film Production Tax Credit Expanded. The program has provided training to local youth and young adults, giving its apprentices the opportunity to work on Cinespace Chicago campus productions. I am thrilled to see this acquisition expand out capability for content creation and look forward to the jobs and productions it will bring to our region.. Officials with TPG, a Texas- and California-based buyout firm, did not reveal how much it paid for Cinespaces operations in Chicago and Toronto. Based on the comic book series by Brian K. Vaughan,Paper Girls is an Amazon series created by two studios, Legendary Television and Plan B, and written by Stephany Folsom, who previously worked onToy Story 4andThor: Ragnarok. The studio recently announced it will add up to 19 more soundstages to its campus, about 50 percent more than the studio already has. What to watch. Feds' mole's disappearing debt - Chicago Sun-Times Cinespace Chicago Film Studios Being Sold For $1 Billion Austin, Garfield Park, North Lawndale Cinespace Chicago Film Studios Being Sold For $1 Billion 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. 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. Cinespace Chicago Film Studio president Alexander S. "Alex" Pissios at a news conference last February at Cinespace Chicago Film Studio. Cinespace Chicago Film Studios Being Sold For $1 Billion Contact Heather Cherone:@HeatherCherone| (773) 569-1863 |[emailprotected]. As part of Cinespace's commitment to the neighborhood, the family established CineCares Foundation to train and employ area residents through education and job training in TV & Film. Today In The Culture, March 2, 2023: Duck Pop-Up | Lettuce Entertains The soundstages for Dick Wolf's 'Chicago Fire' and Netflix's 'Umbrella Academy' have been picked up by the real estate investor amid a streaming content boom. Clickhereto support Block Clubwith atax-deductible donation. Cinespace, the studio that is home to Chicago-based film and TV productions including Chicago Fire, has been sold to the real estate arm of TPG, a buyout firm based in Texas and California, the two companies announced Friday. Subscribe for full access to The Hollywood Reporter. 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. The family-owned Cinespace Chicago Film Studios in North Lawndale has been sold to private equity firm TPG. To learn more, please refer to the cookie policy. I want to thank TPG for their commitment and investment in Toronto and the future of Cinespace. Alexander Pissios, President of Cinespace Chicago Film Studios joins Steve Bertrand on Chicago's Afternoon News to talk about his plan to expand its studios by 50% by the end of 2021. Keep up to date with our latest industry news, from across the world. Cinespace is building a Hollywood-style studio - Time Out Chicago Community has always been core to who we are at Cinespace, and I am deeply proud of the employment and education opportunities weve created. The companys Booth Avenue Studios hosted shoots for Guillermo del Toros The Strain, Heroes: Reborn, Rupture and Between. Clickhereto support Block Clubwith atax-deductible donation. Eoin Egan, who served as the head of production services at Netflix, will serve as the chief operating officer of Cinespace, officials said. Polling Place: Is Patrick Kane the greatest Blackhawk ever. Film production studio, which could create hundreds of jobs, eyed for Sign up for THR news straight to your inbox every day. The largest provider of sound stages and production support in the region, at 1.4 million square feet - with a total of 29 stages over three major campuses, including purpose built stages with 45 clear heights. Cinespaces new owners plan to expand the CineCares Foundation, which offers residents of underserved Chicago neighborhoods job training and education in the television and film industry. Today's news is good news for Cinespace Studios, our city, and our thriving film sector. This timely and provocative drama is set against the systemic abuse that exists in some of our countrys most vulnerable communities. Terms of the deal, and the purchase price, were not mentioned in the release. Much Shelist P.C. 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. Were expanding beyond our workforce development program in Chicago to Toronto so stay in touch for updates. Watch. 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J.B. Pritzker. Eastdil Secured provided financing advisory to TREP for the transaction. The show follows a couple who discovered a chamber buried in their backyard, which inexplicably leads to a strange, deserted planet. Oscar-winner Sissy Spacek and three-time Emmy-nominated Ed O'Neill will star in the sci-fi drama. 24th Ward candidates headed to April runoff. Cinespace | Film Studio Locations, Production and Sound Stage Facilities Power Book IV: Force, the third spin-off of the popular StarzPower series produced by Lionsgate, is also shooting at Cinespace Chicago Film Studios. Lightyearswill premiere exclusively on Amazon Prime Video. Cinespace Chicago Film Studios | Chicago IL - Facebook But the latest news, received glee-fully by producers, may deliver still more impetus to Chicago's impressive growth . Chicago, Illinois, United States . Your fullest creative potential. 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. Key developments evolving in sale of Brauer Museum artwork by Valparaiso University, Its Chicagos fake birthday: Here are 30 essential foods and drinks to celebrate, from Rainbow Cone to Malrt, Carol Stream man, 35, dies in custody at Cook County Jail, officials say, Do Not Sell/Share My Personal Information. Gov. At the Intersection of advertising, TV, film and production. (Brian Cassella / Chicago Tribune). 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. Cinespace Chicago specializes in the development, management, and operation of studio facilities for the film, television, and digital media production industry. Officials with TPG, a Texas- and California-based buyout firm, did not reveal how much it paid for Cinespace's operations in . Were really happy to have the industry back in action on our campus, said Alex Pissios, president and CEO of Cinespace Chicago Film Studios. 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. 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. SAN FRANCISCO & FORT WORTH, Texas--(BUSINESS WIRE)--TPG Real Estate Partners ("TREP"), the dedicated real estate equity investment platform of alternative asset firm TPG, today announced that it has acquired Cinespace Studios in Chicago and Toronto (Cinespace). 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. 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. During the waning days of Gov. Studio Babelsberg Honored as Treasure of European Film Culture, Cinespace to Expand Production Infrastructure in Port Lands to Better Serve Toronto, Hollywoods Streaming Gold Rush Keeps Ontario Soundstages at Full Capacity. 24th Ward candidates headed to April runoff - Austin Weekly News J.B. Pritzker said in the TPG statement. Illinois is proud to welcome TPGs investment in Cinespace and Illinois booming film industry, Gov. Chicago has a compelling, beautiful cityscape with so much potential for film productions of all mediums and sizes, Lightfoot said. The soundstages for Dick Wolf's 'Chicago Fire' and Netflix's 'Umbrella Academy' have been picked up by the real estate investor amid a . The Midwest's production hot spot and second-largest film studio outside of Los Angeles in North America, recently added another 105,000 square foot industrial . Chicago has always been a major player in film and TV production, but truth be told, this family took it to a whole new level. In Toronto, Cinespace Film Studios was founded in 1988 by highly revered, (Uncle) Nick Mirkopolous. The city's (non) voters are not a monolith but crowded races and low awareness could be keeping them home, voting organizers say. As part of the acquisition, Eoin Egan and Keith Gee will join Cinespace as Co-Managing Partners and COO and CFO, respectively. On Tuesday, Mayor Lori Lightfoot of Chicago, the first Black woman and first openly L.G.B.T.Q. It's how we act that makes a difference: we offer education and training to engage, support and contribute to our communities. 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. The acquisition of Cinespace comes as the streaming content boom has Wall Street and hedge funds eyeing studio campuses for acquisition. Illinois has a 30% tax credit that. Crains Chicago Business reported the sale price as $1.1 billion. 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. Cinespace Chicago Film Studios is a family-owned company specializing in the development, management, and operation of studio space and support facilities for the film, television, and digital media production industry. CHICAGO (CBS) --Ald. Uncle Nick had the foresight to recognize how important it was for Chicago and the TV industry to have a facility to base a series there. 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. Apartamentos.com cuenta con recorridos en 3D, videos en alta definicin, reseas y mucha ms informacin verificada que el resto de las pginas de alquileres. Michael Scott Jr. (24th), on June 22, 2022. Cinespace furthers their vision to build a premier global production platform Reel Chicago News Cinespace Studios announced a series of key leadership changes at Studio Babelsberg, a leading German film studio majority owned by Cinespace. 19 talking about this. TPG Real Estate Buys Cinespace Toronto, Chicago Studios for $1.1 Pissios was not able to disclose the terms of the deal, but it is understood from a source close to the transaction that TPG paid around $1.1 billion for Cinespace Studios in Chicago and Cinespace Toronto. This website uses cookies or other identifiers, which are necessary for its functioning. I also want to thank the Mirkopoulos family for founding and building up Cinespace here in our city. 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 Chicago's West Side. Cinespace Chicago Entertainment | Film/Movies. 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.. Chicago currently has one other soundstage facility, Chicago Studio City, which is considerably smaller. As The Hollywood Reporter noted in August: The studio lot industry is riding high on private equity money as investors bet that the busy facilities boosted by streaming projects will offer better returns than office towers.. Cinespace Studios Sold for $1.1B to TPG Real Estate. TPG Real Estate Acquired Cinespace Studios In Chicago And - Deadline All Rights Reserved. Email Newsroom@BlockClubChi.org. The film operation at The Fields would be a smaller version of the Cinespace Chicago Film Studios campus on the West Side, where TV shows and movies are filmed and produced. On Friday TPG Real Estate Partners, the real estate arm of the private equity firm TPG, announced plans to acquire Cinespace, the family-run business where the Dick Wolf shows for NBC film. Cinespace Chicago Film Studios announces huge expansion by the - WGN The Chicago-based chain, which also has locations in Milwaukee, Minneapolis and Dallas, opened the Wicker Park location in 2017. News about the Studio and Production Facility Industry | Cinespace News and industry updates about Cinespace, as well as the entire industry devoted to filming locations, production facilities, and studio space. The Midwests production hot spot and second-largest film studio outside of Los Angeles in North America, recently added another 105,000 square foot industrial building near its main campus to expand its footprint and bring more stages online for the busy content creation industry. You can accept the use of cookies or other identifiers by closing or clicking the accept button. ft. of what use to be the old Ryerson Steel Company. Friday April 20 2018. 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. Chicago is not trying to be Hollywood. Illinois offers production companies 30% tax credits on production costs and on salaries up to $100,000 through 2026. person to lead the city, failed to advance to a runoff, earning just 17 . 2023 The Hollywood Reporter, LLC. Egan and Gee are accomplished executives who have significant experience building and scaling businesses. Your preeminent production platform with 36 active stages across its 1.6 million square foot two campuses, located within 15 minutes of downtown. Skoronski is productive: in three seasons as Northwesterns starting left tackle, he allowed just five sacks in 2,364 snaps. Website. 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. TPG, which also owns a majority stake in the Hollywood talent agency CAA, declined to confirm that figure when contacted by the Tribune. Terms of the transaction were not disclosed. 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. Sign up for our free elert here. Cinespace Chicago opened in 2010 and currently operates 33 stages, with an additional 15 stages undergoing development or conversion on more than 60 acres. Mirkopoulos and Pissios, with help from Coli and Teamsters lobbyists, were able to secure millions in state funds to acquire the 60-acre site of the former Ryerson Steel and convert it into studio space. Cinespace Chicago has 33 stages, with an additional 15 stages to be developed or converted on more than 60 acres. Thanks for subscribing 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. One of Pissios' deepest passions while CEO of Cinespace was to provide education and job training within the film industry. Located on the west side of downtown Chicago, Cinespace Chicago Film Studios occupies 1.45 million sq. Despite his legal woes and the attention from Colis indictment, Pissios has remained a player in Chicago real estate. Sources: Feds made recordings at Cinespace Chicago - Chicago Tribune Every dime we make fundsreportingfrom Chicagos neighborhoods. Located on the west side of downtown Chicago, Cinespace Chicago Film Studios occupies 1.45 million sq. Oscar-winner Sissy Spacek and three-time Emmy-nominated Ed ONeill will star in the sci-fi drama. 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. In Chicago, Cinespace Chicago Film Studios virtually rose up out of an abandoned steel mill. Cinespace Chicago Film Studios - DePaul University Sep 2021 - Mar 2022 7 months. 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.