To learn more, please refer to the cookie policy. Website. 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.. In Chicago, Cinespace Chicago Film Studios virtually rose up out of an abandoned steel mill. Michael Scott Jr. (24th), on June 22, 2022. 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. 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. Illinois has a 30% tax credit that. The city's (non) voters are not a monolith but crowded races and low awareness could be keeping them home, voting organizers say. For more information on programs filming at Cinespace Chicago Film Studios or for information on CineCares Foundation, please visitChicagoFilmStudios.com orCineCaresFoundation.org. 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. (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 . Polling Place: Is Patrick Kane the greatest Blackhawk ever. 2023 The Hollywood Reporter, LLC. The furtive chamber they thought they knew so well turns out to be much more than they could ever have imagined. 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 Toronto has 23 production stages across the city, with another 12 stages planned for development on more than 40 acres. 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. 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 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. 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.. 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 has been home to NBC's Chicago Fire, Chicago Med and Chicago P.D. 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. Lightyears will premiere exclusively on Amazon Prime Video. ", The Honourable Doug Ford, Premier of Ontario, said: Since launching in 1988, Cinespace has been a pillar of Torontos world class entertainment industry. 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. Illinois offers production companies 30% tax credits on production costs and on salaries up to $100,000 through 2026. Mayor Lori Lightfoot added, Chicago has a compelling, beautiful cityscape with so much potential for film productions of all mediums and sizes. We welcome this acquisition by TPG and look forward to their continued investment in Cinespace and commitment to growing their operations in Toronto. 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. According to the news release, TPG . They've carefully guarded their secret, but when a mysterious young man enters their lives, the couples' quiet existence is quickly upended. The story centers around four 12-year-old girls who deliver newspapers. What to eat. (Brian Cassella / Chicago Tribune). This website uses cookies or other identifiers, which are necessary for its functioning. Keep up to date with our latest industry news, from across the world. 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. Ashlee Rezin Garcia / Sun-Times Alexander S. Pissios, president of Chicago's largest movie studio, had gone bankrupt but was still more than $1 million in debt when federal agents showed up three years ago. 2621 West 15th Place Chicago, Illinois 60608 Recent News About Cinespace Chicago Appeals panel turns out lights on Chicago film studio's antitrust suit vs IL Film Office By Scott Holland | Friday, Oct 18, 2019 @ 12:27pm. Contact Heather Cherone:@HeatherCherone| (773) 569-1863 |[emailprotected]. TPG Real Estate Partners ("TREP") is the dedicated real estate equity investment platform of global alternative asset firm TPG. window.__mirage2 = {petok:"GL3.c8oBr.U4p6a6d_QPYkkKQ28t0k7.ps5ff2XyKPQ-1800-0"}; The soundstages for Dick Wolf's 'Chicago Fire' and Netflix's 'Umbrella Academy' have been picked up by the real estate investor amid a . Thank you Alex for being the best ambassador this film community could ask for. Cinespace Chicago Film Studios has been home to NBCs Chicago Fire, Chicago Med and Chicago P.D. 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 TPG official, Keith Gee, will be chief financial officer and the other co-managing partner. The CineCares Foundation aims to empower Chicago residents in these communities by creating opportunities for education and employment in the TV and film industry. Officials with TPG, a Texas- and California-based buyout firm, did not reveal how much it paid for Cinespace's operations in . To ensure the most secure and best overall experience on our website, we recommend the latest versions of. Monique Scott was sworn into City Council to replace her brother, former Ald. What you need to live your best life now. Cinespace intends to continue growing its studio base following the transaction. Cinespace Chicago Film Studios - DePaul University Sep 2021 - Mar 2022 7 months. Eoin Egan, who served as the head of production services at Netflix, will serve as the chief operating officer of Cinespace, officials said. CineCares creates pathways into the film industry for young people on the South and West Sides through job training, education and internships at Cinespace. 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. Gov. 24th Ward candidates headed to April runoff. By clicking below to submit this form, you acknowledge that the information you provide will be processed in accordance with our Privacy Policy. For more information on programs filming at Cinespace Chicago Film Studios or for information on CineCares Foundation, please visit ChicagoFilmStudios.com or CineCaresFoundation.org. Egan and Gee are accomplished executives who have significant experience building and scaling businesses. Outlets including Crains Chicago Business and Deadline.com are reporting a sale price of $1 billion. It was a stunning rebuke. 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. 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 . 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. Cinespace Chicago Film Studios welcomes several new productions to its growing campus. To learn more, please refer to the cookie policy. This timely and provocative drama is set against the systemic abuse that exists in some of our country's most vulnerable communities. . Productions ramped back up once the city reopened in June. Despite his legal woes and the attention from Colis indictment, Pissios has remained a player in Chicago real estate. 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. The show follows a couple who discovered a chamber buried in their backyard, which inexplicably leads to a strange, deserted planet. Clickhereto support Block Clubwith atax-deductible donation. The indie studio operator was founded by the Toronto-based Mirkopoulos family in 1988, and the Chicago campus was launched in 2010. I want to thank TPG for their commitment and investment in Toronto and the future of Cinespace. 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.. Subscribe for full access to The Hollywood Reporter. 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 opened in 2010 and currently operates 33 stages, with an additional 15 stages undergoing development or conversion on more than 60 acres. Chicago, Illinois, United States . 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. ft. of what use to be the old Ryerson Steel Company. 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. 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. DOWNLOAD THE FOX 32 NEWS APP. . 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. Follow Your Favorite Chicago's Afternoon News Personalities on Twitter:Follow @SteveBertrand Follow @kpowell720 Follow @maryvandeveldeFollow @LaurenLapka 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. I am thrilled to see this acquisition expand our capability for content creation, Lightfoot said. This website uses cookies or other identifiers, which are necessary for its functioning. Lightyearswill premiere exclusively on Amazon Prime Video. 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. Block Club Chicago is a nonprofit news organization dedicated to delivering reliable, nonpartisan and essential coverage of Chicagos diverse neighborhoods. A press release from TPG says former Netflix executive Eoin Egan will take over as a co-managing partner and COO. Sign up for our morning newsletter to get all of our stories delivered to your mailbox each weekday. Learn More Cinespace Toronto As part of the acquisition, Eoin Egan and Keith Gee will join Cinespace as Co-Managing Partners and COO and CFO, respectively. Poles needs to make sure Eberflus maintains significant input. This timely and provocative drama is set against the systemic abuse that exists in some of our countrys most vulnerable communities. 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.. 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. 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. 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. and Cassels Brock & Blackwell LLP served as legal counsel to Cinespace. CineCares Foundation, which was founded by Cinespace Chicago, aims to provide job training and education in the TV and film industry to underserved communities. 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. Chicago is an entity of its own. Zach Long. 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.. Sign up for our Eat. 19 talking about this. 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. Located on the west side of downtown Chicago, Cinespace Chicago Film Studios occupies 1.45 million sq. During the waning days of Gov. 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 . media@tpg.com person to lead the city, failed to advance to a runoff, earning just 17 . 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 [] One of the projects launched under Pissios tenure is a pipeline program called CineCares. TPG, which also owns a majority stake in the Hollywood talent agency CAA, declined to confirm that figure when contacted by the Tribune. For more information, visit www.tpg.com. Much Shelist P.C. 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. The show follows a couple who discovered a chamber buried in their backyard, which inexplicably leads to a strange, deserted planet. Lightyears is a sci-fi drama co-produced by Amazon Studios and Legendary Television by writer Holden Miller and producer Daniel C. Connolly. CHICAGO, April 21, 2021 (GLOBE NEWSWIRE) -- The film industry in Chicago is back up and rolling! Cinespace is the second largest independent sound stage platform in North America with best-in-class studio campuses. The furtive chamber they thought they knew so well turns out to be much more than they could ever have imagined. Mayor Lori Lightfoot said in a statement she was thrilled Cinespaces new owners plan to expand its workforce. Oscar-winner Sissy Spacek and three-time Emmy-nominated Ed O'Neill will star in the sci-fi drama. The CineCare's Foundation Mirkopoulos Internship Program partners with FOX, HBO, NBCUniversal, Wolf Films, and Studio Mechanics Union Local 476. 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. 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.. At the Intersection of advertising, TV, film and production. Chicago has a compelling, beautiful cityscape with so much potential for film productions of all mediums and sizes, Lightfoot said. 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. I cringe when I hear our town referred to as Hollywood in Chicago. 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. Cinespace Chicago specializes in . 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. The acquisition of Cinespace comes as the streaming content boom has Wall Street and hedge funds eyeing studio campuses for acquisition. 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. The story centers around four 12-year-old girls who deliver newspapers. Clickhereto support Block Clubwith atax-deductible donation. 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 Cinespace brand is recognized. According to Crains Chicago Business, TPG, in a statement, has confirmed that its TPG Real Estate Partners unit has made the acquisition. 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. Eastdil Secured provided financing advisory to TREP for the transaction. 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. Were really happy to have the industry back in action on our campus, said Alex Pissios, president and CEO of Cinespace Chicago Film Studios. What to watch. 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. One of Pissios' deepest passions while CEO of Cinespace was to provide education and job training within the film industry. On a personal note, the Chicago film community, the recipients of the CineCares Foundation, the Pilsen neighborhood, and the City of Chicago, owe a huge debt of gratitude to Uncle Nick Mirkopolous, Alex Pissios, and the entire Mirkopolous family for having the foresight, determination, talent, expertise, faith, and vision to raise up the Chicago film industry when others have tried and failed. Cinespace Chicago specializes in the development, management and operation of studio facilities. About Us Locations CineCares News Contact Cinespace Chicago Cinespace Toronto Studio Babelsberg Cinespace We're the perfect partner for your next production. 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. Sign up for our free elert here. The GM and coach seem to be more cohesive than Ryan Pace was with Matt Nagy and John Fox. Pissios cooperation earned him a non-prosecution deal with federal prosecutors on fraud charges tied to his 2011 personal bankruptcy. 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. For more information or to contract studio or business space at Cinespace, visit the website at ChicagoFilmStudios.com. 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. It occupies 1.45 million square feet of what use to be the old Ryerson Steel Company. 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