This enterprise has been a true family business, and todays transaction marks another important milestone in our 33-year history. As production begin to ramp back up the studio continues to strictly follow health and safetybest practices from the CDC andIllinois Guidance. 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. The family that owns the Cinespace soundstages where - Chicago Tribune Jane Williamson joins Cinespace as Head of Studio Operations 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. 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. Subscribe:Sign up for our FREE e-lert here. 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, 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 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. This courtroom drama follows a promising black high school athlete who is swept up into the Chicago criminal justice system. Reporting to Eoin Egan, COO and Co-Managing Partner, she will be responsible for . It's how we act that makes a difference: we offer education and training to engage, support and contribute to our communities. Clickhereto support Block Clubwith atax-deductible donation. Illinois Governor JB Pritzker commented: Illinois is proud to welcome TPGs investment in Cinespace and Illinois booming film industry. 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. The studio has about 33 sound stages and recently announced it will add up to 19 more soundstages to its campus. The city's (non) voters are not a monolith but crowded races and low awareness could be keeping them home, voting organizers say. Teagan Pompa - Senior Studio Technician - Cinespace Chicago Film 1448 S Rockwell St Chicago, IL 60608 - Alquileres en Chicago, IL At the Intersection of advertising, TV, film and production. 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. Egan and Gee are accomplished executives who have significant experience building and scaling businesses. how interested you are in the Fire, whose season begins Saturday against New York City FC at Soldier Field. The story centers around four 12-year-old girls who deliver newspapers. 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 Expansion Will Bring More TV Shows And Jobs To Chicago, CEO Pascal Sabino 1:39 PM CST on Nov 12, 2021 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, continued Jacob Muller, Managing Director at TREP. Got a story tip? Keep up with new offerings and opportunities at Cinespace and key developments across our entire industry. As part of the acquisition, Eoin Egan and Keith Gee will join Cinespace as co-managing. 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. TPG is bullish on the Chicago film scene as well. 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 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. Lightyears will premiere exclusively on Amazon Prime Video. Jones Lang Lasalle served as financial advisor to TREP. The release does not mention any role for Cinespace President and CEO Alex Pissios, whose run as the head of Cinespaces Chicago operation has seen the company expand into the citys premier studio space and purportedly the largest film campus east of California. Chicago has a compelling, beautiful cityscape with so much potential. Detectives were questioning a person who was inside the home at the time. Cinespace Chicago Film Studios specializes in the Development, Management & Operation of Studio Facilities. Mayor Lori Lightfoot said in a statement she was thrilled Cinespaces new owners plan to expand its workforce. 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. Follow our newsletter to keep up with new offerings and opportunities at Cinespace - and key developments across our entire industry. 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. 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. J.B. Pritzker. 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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. ft. of what use to be the old Ryerson Steel Company. They've carefully guarded their secret, but when a mysterious young man enters their lives, the couples' quiet existence is quickly upended. Cinespace Chicago Film Studio Arts & Culture. Power Book IV: Force, the third spin-off of the popular StarzPower series produced by Lionsgate, is also shooting at Cinespace Chicago Film Studios. New programs scheduled to film at Cinespace Chicago Film Studios this spring include Lightyears, 61st Street, Power Book IV: Force, and Paper Girls. The furtive chamber they thought they knew so well turns out to be much more than they could ever have imagined. // CHICAGO (CBS) --Ald. Illinois is proud to welcome TPGs investment in Cinespace and Illinois booming film industry, Gov. 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. Chicago is an entity of its own. Michael Scott Jr. (24th), on June 22, 2022. 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. Cinespace intends to grow its employee base at each studio as a result of the transaction. 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. 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. By clicking below to submit this form, you acknowledge that the information you provide will be processed in accordance with our Privacy Policy. Community has always been core to who we are, said Alex Pissios, CEO of Cinespace. The CineCares Foundation aims to empower Chicago residents in these communities by creating opportunities for education and employment in the TV and film industry. CineCares is how we support, promote, and engage local communities. I also want to thank the Mirkopoulos family for founding and building up Cinespace here in our city. According to the news release, TPG plans to expand upon the program, but did not provide further details. Cinespace Chicago adds 100K sq. ft. of production space as filming 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. Key tenants at Cinespace include 312 Fast Draw, AbelCine, Cinelease, DePaul FilmSchool, Keslow Camera, Lagunitas, and Periscope Post & Audio. 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. Cinespace Chicago Film Studios has been home to NBC's Chicago Fire, Chicago Med and Chicago P.D. Officials with TPG, a Texas- and California-based buyout firm, did not reveal how much it paid for Cinespaces operations in Chicago and Toronto. According to the news release, TPG . One of Pissios' deepest passions while CEO of Cinespace was to provide education and job training within the film industry. The bar will host a flip cup tournament, trivia nights and, of course, a St. Patrick's Day bash. Cinespace Chicago opened in 2010 and currently operates 33 stages, with an additional 15 stages undergoing development or conversion on more than 60 acres. Cinespace intends to grow its employee base in Chicago and Toronto, officials said. 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 deal includes both the Chicago and Toronto locations, which have more than 50 soundstages combined. 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 specializes in the development, management and operation of studio facilities. Scott Vs. Scott: Ald. Monique Scott Headed To Runoff Against Creative Cinespace Chicago Film Studios Welcomes New Productions, Expands Chicago currently has one other soundstage facility, Chicago Studio City, which is considerably smaller. Keith Gee, of LifeStorage, will become another co-managing partner and CFO. Cinespace furthers their vision to build a premier global production Life on a third straight one-year contract with the mega-talented Astros isnt bad at all. 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. The acquisition is expected to accelerate the growth of Chicagos thriving film industry and bring more production jobs to the area, said Avi Banyasz, co-head of TPG Real Estate. The Cinespace brand is recognized around the world for the productions filmed on its premises by the most renowned content creation companies. The pop-up runs Friday through the end of March. Watch. The two are not related. All Rights Reserved. Illinois has a 30% tax credit that. 415-743-1550, Internet Explorer presents a security risk. 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 was initially launched with a sizable Toronto facility in the late 1980s under the stewardship of the late Nick Mirkopoulos. 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. 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. The story centers around four 12-year-old girls who deliver newspapers. Heres How to See the Dazzling Duo, Vallas and Johnson Headed to Chicago Mayoral Runoff, Lightfoot Denied Second Term, Indicted Ald. Sign up for our free elert here. 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. Skip to content Reel Chicago News At the Intersection of advertising, TV, film and production REEL PRO 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. The deal will also expand Cinespaces social impact work in Chicago by growing the CineCares Foundation, the film studios nonprofit wing. 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. Opinion | The Spectacular Fall of Lori Lightfoot - The New York Times 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. 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. 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 . Williamson is a native Chicagoan and rose through the ranks of commercial, non-scripted and scripted TV production starting as a production assistant. It was a stunning rebuke. The Cinespace brand is recognized. With the city at capacity, having a private equity firm running Cinespace could lead to growth. Subscribe to Block Club Chicago,an independent, 501(c)(3), journalist-run newsroom. Sign up for THR news straight to your inbox every day. Officials with TPG, a Texas- and California-based buyout firm, did not reveal how much it paid for Cinespace's operations in . This enterprise has been a true family business, and todays transaction marks another important milestone in our 33-year history. (Brian Cassella / Chicago Tribune). For more information or to contract studio or business space at Cinespace, visit the website at ChicagoFilmStudios.com. //]]> Cinespace Studios has sold for $1.1B to TPG Real Estate - ReelChicago.com Were really happy to have the industry back in action on our campus, said Alex Pissios, president and CEO of Cinespace Chicago Film Studios. Productions ramped back up once the city reopened in June. [email protected] While making deliveries the day after Halloween, the girls become involved in a conflict between two groups of time travelers. 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.. 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. J.B. Pritzker welcomed Cinespaces new owners and said in a statement he was pleased the firm would expand 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.. Cinespace Chicago Film Studios has been home to NBCs Chicago Fire, Chicago Med and Chicago P.D. He was so successful in this endeavor that CineCares created 7,500 new jobs. Cinespace Chicago Film Studios Being Sold For $1 Billion To learn more, please refer to the cookie policy. 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. Feds' mole's disappearing debt - Chicago Sun-Times The show follows a couple who discovered a chamber buried in their backyard, which inexplicably leads to a strange, deserted planet. ", The Honourable Doug Ford, Premier of Ontario, said: Since launching in 1988, Cinespace has been a pillar of Torontos world class entertainment industry. 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. Ve el apartamento 3N en alquiler en 1448 S Rockwell St en Chicago, IL desde $1200 y encuentra otros apartamentos disponibles en Chicago. Cinespace Chicago Film Studios welcomes several new productions to its growing campus. 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. News about the Studio and Production Facility Industry | Cinespace From Road to Avonlea to Best Picture Oscar winner Chicago, Pompeii and The Strain, Cinespaces model of large, functional spaces and expert client service continues to make Toronto and Cinespace the premier destination for film and TV production in Canada. Its a done deal! said Pissios. The program has provided training to local youth and young adults, giving its apprentices the opportunity to work on Cinespace Chicago campus productions. person to lead the city, failed to advance to a runoff, earning just 17 . PDF Ever more enticing tax credits, locations renaissance in Chicago and 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).