One of Pissios' deepest passions while CEO of Cinespace was to provide education and job training within the film industry. 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. 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. Feds' mole's disappearing debt - Chicago Sun-Times The two are not related. Officials with TPG, a Texas- and California-based buyout firm, did not reveal how much it paid for Cinespaces operations in Chicago and Toronto. Cinespace furthers their vision to build a premier global production 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. Mayor Lori Lightfoot commended the investment for the jobs and productions it will bring to the city. This courtroom drama follows a promising black high school athlete who is swept up into the Chicago criminal justice system. Lightyears is a sci-fi drama co-produced by Amazon Studios and Legendary Television by writer Holden Miller and producer Daniel C. Connolly. The deal includes both the Chicago and Toronto locations, which have more than 50 soundstages combined. Cinespace Studios Chicago and Toronto aquired by TPG Real Estate in $1 Founded by the Mirkopoulos family in Toronto together with the Pissios family in Chicago, Cinespace specializes in the development, management, and operation of studio space and support facilities for the film, television, and digital media production industry. CHICAGO, April 21, 2021 (GLOBE NEWSWIRE) -- The film industry in Chicago is back up and rolling! "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. 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. Zach Long. The show follows a couple who discovered a chamber buried in their backyard, which inexplicably leads to a strange, deserted planet. Skoronski is productive: in three seasons as Northwesterns starting left tackle, he allowed just five sacks in 2,364 snaps. Pissios went on to be president of Cinespace Chicago Film Studios, the post he held when federal prosecutors accused him of failing to disclose all of his assets in his bankruptcy and got him to . Today In The Culture, March 2, 2023: Duck Pop-Up | Lettuce Entertains Cinespace is the second largest independent sound stage platform in North America with best-in-class studio campuses. Federal authorities made secret recordings at Cinespace Chicago Film Studios as part of an investigation into a Teamsters union boss who last month was charged with extorting the business, the . Cinespace Chicago Film Studios Being Sold For $1 Billion The statement also includes praise from Mayor Lori Lightfoot and Gov. 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. 2023 The Hollywood Reporter, LLC. When current Illinois Film Office director Peter Hawley was appointed two years ago, he talked about the need for more soundstage space. Chicago is not trying to be Hollywood. 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. Chicago Fire, Chicago P.D. and Chicago Med have been the longest tenants at Cinespace, which has over 2 million square feet of space and is located on the campus of the old Ryerson Steel Company on the citys West Side. ft. of what use to be the old Ryerson Steel Company. At the Intersection of advertising, TV, film and production. Follow our newsletter to keep up with new offerings and opportunities at Cinespace and key developments across our entire industry. 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. Keith Gee, of LifeStorage, will become another co-managing partner and CFO. Contact Heather Cherone:@HeatherCherone| (773) 569-1863 |[emailprotected]. For more information on programs filming at Cinespace Chicago Film Studios or for information on CineCares Foundation, please visit ChicagoFilmStudios.com or CineCaresFoundation.org. In true business news nerd fashion, I wanted to find a Valentine's Day angle . The film studio where "Chicago Fire," "Chicago PD," "Chicago Med" and "The Chi" are filmed is being sold for $1.1 billion and will stay in Chicago, according to published reports. 24th Ward candidates headed to April runoff - Austin Weekly News 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. During this pandemic, I think we all had a chance to experience how essential quality shows are to our culture and even to our mental health. Detectives were questioning a person who was inside the home at the time. 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. 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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. TPG is investing in two of the most stable and sought-after filming jurisdictions in the world, and we are excited to see Cinespaces continued growth and success with TPG.. The family-owned Cinespace Chicago Film Studios in North Lawndale has been sold to private equity firm TPG. Chicago has a compelling, beautiful cityscape with so much potential for film productions of all mediums and sizes, Lightfoot said. Illinois offers production companies 30% tax credits on production costs and on salaries up to $100,000 through 2026. Cinespace Chicago Film Studios Being Sold For $1 Billion Outlets including Crains Chicago Business and Deadline.com are reporting a sale price of $1 billion. Ve el apartamento 3N en alquiler en 1448 S Rockwell St en Chicago, IL desde $1200 y encuentra otros apartamentos disponibles en Chicago. 86 active stages. Chicago is an entity of its own. 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. Every dime we make fundsreportingfrom Chicagos neighborhoods. For more information or to contract studio or business space at Cinespace, visit the website at ChicagoFilmStudios.com. Cinespace was initially launched with a sizable Toronto facility in the late 1980s under the stewardship of the late Nick Mirkopoulos. Cinespace Chicago Film Studios announces huge expansion by the - WGN They will find no better place in Canada to do business and we are excited and confident in the future of Cinespace., Toronto Mayor John Tory added: "Toronto continues to be a leader in film and TV and that has been made possible through investments from leading companies who see the value and potential in our city and our residents. Opinion | The Spectacular Fall of Lori Lightfoot - The New York Times This timely and provocative drama is set against the systemic abuse that exists in some of our countrys most vulnerable communities. He was so successful in this endeavor that CineCares created 7,500 new jobs. 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. Subscribe to Block Club Chicago,an independent, 501(c)(3), journalist-run newsroom. This timely and provocative drama is set against the systemic abuse that exists in some of our country's most vulnerable communities. Oscar-winner Sissy Spacek and three-time Emmy-nominated Ed ONeill will star in the sci-fi drama. Much Shelist P.C. Terms of the deal, and the purchase price, were not mentioned in the release. Leslie Shribman and Courtney Power Cinespace Chicago specializes in the development, management, and operation of studio facilities for the film, television, and digital media production industry. Eastdil Secured provided financing advisory to TREP for the transaction. 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. As production begin to ramp back up the studio continues to strictly follow health and safetybest practices from the CDC andIllinois Guidance. He has the pedigree, too: his grandfather Bob was a left tackle and offensive captain on Packers teams that won five NFL championships from 1961-67. 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. On Tuesday, Mayor Lori Lightfoot of Chicago, the first Black woman and first openly L.G.B.T.Q. 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. 3.6 million square feet. Website. Located on the west side of downtown Chicago, Cinespace Chicago Film Studios occupies 1.45 million sq. Today's news is good news for Cinespace Studios, our city, and our thriving film sector. 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. Chicago has a compelling, beautiful cityscape with so much potential. 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. 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. The CineCares Foundation aims to empower Chicago residents in these communities by creating opportunities for education and employment in the TV and film industry. 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 specializes in the development, management and operation of studio facilities. I am thrilled to see this acquisition expand our capability for content creation and look forward to the jobs and productions it will bring to our region. What to eat. The studio was acquired by TPG Real Estate in a deal announced Friday. Teagan Pompa - Senior Studio Technician - Cinespace Chicago Film For more information, visit www.tpg.com. Cinespace Chicago sells to Texas real estate company It's how we act that makes a difference: we offer education and training to engage, support and contribute to our communities. Chicago has a compelling, beautiful cityscape with so much potential for film productions of all mediums and sizes, Lightfoot said. 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 also wanted to know or did we? Friday April 20 2018. "During this pandemic, I think we all had a chance to experience how essential quality shows are to our culture and even to our mental health. The family that owns the Cinespace soundstages where - Chicago Tribune Watch. The Chicago studio opened in 2010. While making deliveries the day after Halloween, the girls become involved in a conflict between two groups of time travelers. For more information on programs filming at Cinespace Chicago Film Studios or for information on CineCares Foundation, please visitChicagoFilmStudios.com orCineCaresFoundation.org. Located on the west side of downtown Chicago, Cinespace Chicago Film Studios occupies 1.45 million sq. Block Club Chicago is a nonprofit news organization dedicated to . Power Book IV: Force, the third spin-off of the popular StarzPower series produced by Lionsgate, is also shooting at Cinespace Chicago Film Studios. Pat Quinns administration in 2016, Cinespace sought a $15 million state grant to buy real estate to expand its footprint, later reducing the request to $10 million. Mayor Lori Lightfoot added, Chicago has a compelling, beautiful cityscape with so much potential for film productions of all mediums and sizes. Egan and Gee are accomplished executives who have significant experience building and scaling businesses. 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. Keep up with new offerings and opportunities at Cinespace and key developments across our entire industry. Keep up to date with our latest industry news, from across the world. J.B. Pritzker. 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. Monique Scott was sworn into City Council to replace her brother, former Ald. By clicking below to submit this form, you acknowledge that the information you provide will be processed in accordance with our Privacy Policy. Executive producer Michael B. Jordan (Black Panther) is already shooting the AMC drama series 61st Street at Cinespace Chicago Film Studios. TPG Real Estate has a portfolio of some $5 billion in properties under management, according to the company website. Your pleasant demeanor, warm smiles, and bigger-than-life personality will be sorely missed on campus. J.B. Pritzker said in the TPG statement. 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. 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. The companys Booth Avenue Studios hosted shoots for Guillermo del Toros The Strain, Heroes: Reborn, Rupture and Between. This website uses cookies or other identifiers, which are necessary for its functioning. "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. Illinois Governor JB Pritzker commented: Illinois is proud to welcome TPGs investment in Cinespace and Illinois booming film industry. Cinespace Chicago Film Studio | Enjoy Illinois Follow Your Favorite Chicago's Afternoon News Personalities on Twitter:Follow @SteveBertrand Follow @kpowell720 Follow @maryvandeveldeFollow @LaurenLapka Cinespace Chicago has 33 stages, with an additional 15 stages to be developed or converted on more than 60 acres. 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. 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. Cinespace Chicago Film Studios has been home to NBC's Chicago Fire, Chicago Med and Chicago P.D. The studio recently announced it will add up to 19 more soundstages to its campus, about 50 percent more than the studio already has. 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. As part of the acquisition, Eoin Egan and Keith Gee will join Cinespace as co-managing partners and COO and CFO, respectively. Cinespace Chicago Film Studios | Chicago IL - Facebook Cinespace Chicago Film Studio Arts & Culture. TPG is bringing in its own team. Cinespace Chicago Film Studios | LinkedIn 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. Thank you Alex for being the best ambassador this film community could ask for. Cinespace Studios Sold to Private Equity Firm | Chicago News | WTTW The Studios also announced four new series filming at its facilities as productions begin to ramp back up with additional health and safety protocols. Were expanding beyond our workforce development program in Chicago to Toronto so stay in touch for updates. The acquisition of Cinespace comes as the streaming content boom has Wall Street and hedge funds eyeing studio campuses for acquisition. Media Contact One of the projects launched under Pissios tenure is a pipeline program called CineCares. 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. (Brian Cassella / Chicago Tribune). Cinespace Studios Sold for $1.1B to TPG Real Estate. Cinespace intends to continue growing its studio base following the transaction. 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. 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.. window.__mirage2 = {petok:"GL3.c8oBr.U4p6a6d_QPYkkKQ28t0k7.ps5ff2XyKPQ-1800-0"}; 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. Jane Williamson joins Cinespace as Head of Studio Operations 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.. ft. of what use to be the old Ryerson Steel Company. Gov. At the Intersection of advertising, TV, film and production. and Cassels Brock & Blackwell LLP served as legal counsel to Cinespace. 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. The Chicago-based chain, which also has locations in Milwaukee, Minneapolis and Dallas, opened the Wicker Park location in 2017. 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. Cinespace Chicago specializes in the development, management and operation of studio facilities, now home to the Dick Wolf One Chicago franchise of Chicago Fire, Med and P.D. Separately, plans were announced in May for a $60 million soundstage project on the South Side spearheaded by film producer Derek Dudley and Loop Capital Chairman and CEO James Reynolds Jr. That studio, if it comes to fruition, will be called Regal Mile Studios and be located in the vicinity of South Stony Island Boulevard, East 77th Street and South Chicago Avenue. Polling Place: Is Patrick Kane the greatest Blackhawk ever. TPG Real Estate Acquires Leading Sound Stage Owner Cinespace Studios Clickhereto support Block Clubwith atax-deductible donation. 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. NORTH LAWNDALE The film studio where Chicago Fire, Chicago PD, Chicago Med and The Chi are filmed is being sold for $1.1 billion and will stay in Chicago, according to published reports. 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. As part of the acquisition, Eoin Egan and Keith Gee will join Cinespace as Co-Managing Partners and COO and CFO, respectively. TPG Real Estate Acquired Cinespace Studios In Chicago And - Deadline 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. But the latest news, received glee-fully by producers, may deliver still more impetus to Chicago's impressive growth . General Inquiries 773.521.8000 studioinfo@cinespace.com Cinespace Chicago specializes in the development, management and operation of studio facilities, now home to the Dick Wolf One Chicago franchise of Chicago Fire, Med and P.D., The Chi, Lightyears,61stStreet,Power Book IV: Force, Paper Girls, South Side, andThe Big Leap.
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