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. Cinespace in North Lawndale has hosted filming for TV shows like Empire and Chicago Fire for the past few years, but the Southwest Side complex will start to look . 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. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. Got a story tip? The two are not related. Thanks for subscribing to Block Club Chicago, an independent, 501(c)(3), journalist-run newsroom. Opinion | The Spectacular Fall of Lori Lightfoot - The New York Times As a Cinespace executive, Pissios also wore a wire on former Teamsters boss John Coli Sr., who pleaded guilty to extorting more than $300,000 from the company to maintain labor peace at the studio. The city's (non) voters are not a monolith but crowded races and low awareness could be keeping them home, voting organizers say. Theyve carefully guarded their secret, but when a mysterious young man enters their lives, the couples quiet existence is quickly upended. ", The Honourable Doug Ford, Premier of Ontario, said: Since launching in 1988, Cinespace has been a pillar of Torontos world class entertainment industry. State grants heavily financed Cinespaces expansion into Chicago under Pissios uncle, Nick Mirkopoulos, who founded Cinespace in Toronto in the 1980s. Website. Cinespace is up and rolling with 4 new series and more Reel Chicago News 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. Cinespace was initially launched with a sizable Toronto facility in the late 1980s under the stewardship of the late Nick Mirkopoulos. Officials with TPG, a Texas- and California-based buyout firm, did not reveal how much it paid for Cinespaces operations in Chicago and Toronto. Illinois has a 30% tax credit that. Industry veteran Eoin Egan, who most recently was head of production services at Netflix, will join Cinespace as chief operating officer and a co-managing partner. Illinois is proud to welcome TPGs investment in Cinespace and Illinois booming film industry, Gov. Community has always been core to who we are at Cinespace, and I am deeply proud of the employment and education opportunities weve created, said Alex Pissios, president and CEO of Cinespace Chicago. Monique Scott was sworn into City Council to replace her brother, former Ald. 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. All Rights Reserved. //]]> Clickhereto support Block Clubwith atax-deductible donation. New programs scheduled to film at Cinespace Chicago Film Studios this spring include Lightyears, 61st Street, Power Book IV: Force, and Paper Girls. In true business news nerd fashion, I wanted to find a Valentine's Day angle . 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.. Our clients create groundbreaking films and television. 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. 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.. Cinespace also has a significant presence in 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. 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. 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. 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. Sign up for our morning newsletter to get all of our stories delivered to your mailbox each weekday. Every dime we make fundsreportingfrom Chicagos neighborhoods. For more information, visit www.tpg.com. What to watch. 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. Despite his legal woes and the attention from Colis indictment, Pissios has remained a player in Chicago real estate. Email Newsroom@BlockClubChi.org. 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 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.. . 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.". 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 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. 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. The pop-up runs Friday through the end of March. 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 sprawling 60-acre campus is located on the West Side, with the main studios at 2621 W. 15th Place in North Lawndale. Cinespace Chicago Film Studios Being Sold For $1 Billion 86 active stages. Your fullest creative potential. Cinespace Chicago Film Studios | LinkedIn Oscar-winner Sissy Spacek and three-time Emmy-nominated Ed O'Neill will star in the sci-fi drama. how interested you are in the Fire, whose season begins Saturday against New York City FC at Soldier Field. The furtive chamber they thought they knew so well turns out to be much more than they could ever have imagined. A global hub for premium content production, services and support that ensures your team reaches their fullest creative potential. Life on a third straight one-year contract with the mega-talented Astros isnt bad at all. Teagan Pompa - Senior Studio Technician - Cinespace Chicago Film Chicago currently has one other soundstage facility, Chicago Studio City, which is considerably smaller. Executive producer Michael B. Jordan (Black Panther) is already shooting the AMC drama series61stStreet at Cinespace Chicago Film Studios. #mc_embed_signup{background:#fff; clear:left;width:100%;font-weight:normal;}, Beyond Chicago from the Air with Geoffrey Baer, The Great Chicago Fire: A Chicago Stories Special, Surviving R.Kelly: Final Installment Examines Trial and More Details, Chicago Film Critics Break Down Sight and Sounds New Greatest Films of All Time List, Actor and Director Isaiah Washington Brings New Film to Chicago, Starstruck Memories from Chicago International Film Festival Founder, New Chicago-Set Film Highlights Citys Street Art Scene, After Unexpected Death of Her Husband, Naperville Woman Plans to Finish His Documentary, Venus and Jupiter Will Be Side by Side in Wednesdays Night Sky. Executive producer Michael B. Jordan (Black Panther) is already shooting the AMC drama series 61st Street at Cinespace Chicago Film Studios. 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. Contact | 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. 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. 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. Do. Jones Lang Lasalle served as financial advisor to TREP. Cinespace Chicago Film Studios shoots shows like "Chicago Fire" and "The Chi" at its North Lawndale campus at 2621 W. 15th Place. 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. 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. He was so successful in this endeavor that CineCares created 7,500 new jobs. Cinespace Chicago Film Studios has been home to NBCs Chicago Fire, Chicago Med and Chicago P.D. News about the Studio and Production Facility Industry | Cinespace Cinespace Chicago specializes in . Located on the west side of downtown Chicago, Cinespace Chicago Film Studios occupies 1.45 million sq. DOWNLOAD THE FOX 32 NEWS APP. Chicago has a compelling, beautiful cityscape with so much potential for film productions of all mediums and sizes, Lightfoot said. Lightyears will premiere exclusively on Amazon Prime Video. TPG Real Estate Acquired Cinespace Studios In Chicago And - Deadline Follow our newsletter to keep up with new offerings and opportunities at Cinespace and key developments across our entire industry. media@tpg.com To ensure the most secure and best overall experience on our website, we recommend the latest versions of. CineCares Foundation, which was founded by Cinespace Chicago, aims to provide job training and education in the TV and film industry to underserved communities. The deal will also expand Cinespaces social impact work in Chicago by growing the CineCares Foundation, the film studios nonprofit wing. TPG Real Estate has a portfolio of some $5 billion in properties under management, according to the company website. I also want to thank the Mirkopoulos family for founding and building up Cinespace here in our city. Cinespace is building a Hollywood-style studio - Time Out Chicago Cinespace intends to continue growing its studio base following the transaction. They have been the source of incredible Canadian content and a steady job creator for the City and Province. Cinespace Studios Sold to Private Equity Firm | Chicago News | WTTW Cinespace Chicago Film Studio president Alexander S. "Alex" Pissios at a news conference last February at Cinespace Chicago Film Studio. Cinespace Toronto has 23 production stages across the city, with another 12 stages planned for development on more than 40 acres. 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. newsletter here. 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. ft. of what use to be the old Ryerson Steel Company. News about Cinespace Chicago | Cook County Record When current Illinois Film Office director Peter Hawley was appointed two years ago, he talked about the need for more soundstage space. The bar will host a flip cup tournament, trivia nights and, of course, a St. Patrick's Day bash. Sign up for THR news straight to your inbox every day. person to lead the city, failed to advance to a runoff, earning just 17 . TPG Real Estate Acquires Leading Sound Stage Owner Cinespace Studios With the city at capacity, having a private equity firm running Cinespace could lead to growth. We welcome this acquisition by TPG and look forward to their continued investment in Cinespace and commitment to growing their operations in Toronto. As part of the acquisition, Eoin Egan and Keith Gee will join Cinespace as co-managing. Alex Pissios On the Future of Cinespace Chicago and His - News Anyway In Chicago, Cinespace Chicago Film Studios virtually rose up out of an abandoned steel mill. Its a done deal! said Pissios. The deal also involves studio space owned by Cinespace in Toronto. . Outlets including Crains Chicago Business and Deadline.com are reporting a sale price of $1 billion. Illinois offers production companies 30% tax credits on production costs and on salaries up to $100,000 through 2026. (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 show follows a couple who discovered a chamber buried in their backyard, which inexplicably leads to a strange, deserted planet. and Cassels Brock & Blackwell LLP served as legal counsel to Cinespace. 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 . 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. It was a stunning rebuke. ft. of what use to be the old Ryerson Steel Company. 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. //Cinespace furthers their vision to build a premier global production 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. 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. Cinespace Chicago Film Studios announces huge expansion by the - WGN The soundstages for Dick Wolf's 'Chicago Fire' and Netflix's 'Umbrella Academy' have been picked up by the real estate investor amid a . Located on the west side of downtown Chicago, Cinespace Chicago Film Studios occupies 1.45 million sq. Cinespace Studios Chicago and Toronto aquired by TPG Real Estate in $1 What you need to live your best life now. 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.. Subscribe for full access to The Hollywood Reporter. 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. The companys Booth Avenue Studios hosted shoots for Guillermo del Toros The Strain, Heroes: Reborn, Rupture and Between. Cinespace sold to buyout firm in deal reportedly worth $1 billion Cinespace Studios in Chicago has 33 stages, with 15 more under development. Cinespace Chicago Film Studio Arts & Culture. This courtroom drama follows a promising black high school athlete who is swept up into the Chicago criminal justice system. Thank you Alex for being the best ambassador this film community could ask for. I cringe when I hear our town referred to as Hollywood in Chicago. (Brian Cassella / Chicago Tribune). 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 results of that poll, in a word: Oof. Today, TREP has $5.3 billion of assets under management. Poles needs to make sure Eberflus maintains significant input. Stay on top of the latest film, TV, advertising, entertainment and production news! 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. [CDATA[ At the Intersection of advertising, TV, film and production. Cinespace Chicago opened in 2010 and currently operates 33 stages, with an additional 15 stages undergoing development or conversion on more than 60 acres. Egan and Gee are accomplished executives who have significant experience building and scaling businesses. 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. The studio has about 33 sound stages and recently announced it will add up to 19 more soundstages to its campus.