Cinespace Chicago Film Studios announces huge expansion by the - WGN As production begin to ramp back up the studio continues to strictly follow health and safetybest practices from the CDC andIllinois Guidance. It's how we act that makes a difference: we offer education and training to engage, support and contribute to our communities. Follow Your Favorite Chicago's Afternoon News Personalities on Twitter:Follow @SteveBertrand Follow @kpowell720 Follow @maryvandeveldeFollow @LaurenLapka Keep up to date with our latest industry news, from across the world. They've carefully guarded their secret, but when a mysterious young man enters their lives, the couples' quiet existence is quickly upended. Cinespace intends to grow its employee base at each studio as a result of the transaction. Outlets including Crains Chicago Business and Deadline.com are reporting a sale price of $1 billion. 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. Got a story tip? Leslie Shribman and Courtney Power Follow our newsletter to keep up with new offerings and opportunities at Cinespace and key developments across our entire industry. Despite his legal woes and the attention from Colis indictment, Pissios has remained a player in Chicago real estate. newsletter here. 24th Ward candidates headed to April runoff. //Cinespace Chicago Film Studios Being Sold For $1 Billion The indie studio operator was founded by the Toronto-based Mirkopoulos family in 1988, and the Chicago campus was launched in 2010. Website. The Chicago-based chain, which also has locations in Milwaukee, Minneapolis and Dallas, opened the Wicker Park location in 2017. 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. Contact | Cinespace Cinespace Studios Sold for $1.1B to TPG Real Estate. 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. 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. Block Club Chicago is a nonprofit news organization dedicated to . 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. 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 am thrilled to see this acquisition expand our capability for content creation, Lightfoot said. This timely and provocative drama is set against the systemic abuse that exists in some of our country's most vulnerable communities. Cinespace also has a significant presence in Toronto. News about the Studio and Production Facility Industry | Cinespace "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. 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Alex Pissios On the Future of Cinespace Chicago and His - News Anyway person to lead the city, failed to advance to a runoff, earning just 17 . As part of the acquisition, Eoin Egan and Keith Gee will join Cinespace as Co-Managing Partners and COO and CFO, respectively. The Hollywood Reporter is a part of Penske Media Corporation. We also wanted to know or did we? Clickhereto support Block Clubwith atax-deductible donation. Located on the west side of downtown Chicago, Cinespace Chicago Film Studios occupies 1.45 million sq. With all precincts reporting, Monique Scott won 45.4 percent of the vote in a crowded field, while challenger Creative Scott had 12.6 percent. Illinois Governor JB Pritzker commented: Illinois is proud to welcome TPGs investment in Cinespace and Illinois booming film industry. 86 active stages. 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. The Studios also announced four new series filming at its facilities as productions begin to ramp back up with additional health and safety protocols. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. Thank you Alex for being the best ambassador this film community could ask for. The bar will host a flip cup tournament, trivia nights and, of course, a St. Patrick's Day bash. In Toronto, Cinespace Film Studios was founded in 1988 by highly revered, (Uncle) Nick Mirkopolous. To learn more, please refer to the cookie policy. CineCares Foundation, which was founded by Cinespace Chicago, aims to provide job training and education in the TV and film industry to underserved communities. Box Office: Michael B. 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Sign up for our free elert here. Mayor Lori Lightfoot commended the investment for the jobs and productions it will bring to the city. Chicago's then-Mayor Rahm Emanuel announced the job creation and his appreciation for Cinespace at a news conference on Sept. 1, 2015. The soundstages for Dick Wolf's 'Chicago Fire' and Netflix's 'Umbrella Academy' have been picked up by the real estate investor amid a . 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. A global hub for premium content production, services and support that ensures your team reaches their fullest creative potential. Chicago has a compelling, beautiful cityscape with so much potential. According to the news release, TPG plans to expand upon the program, but did not provide further details. A judge ordered Steven Montano, 18, to be held without bail at a Friday hearing as he faces a murder charge in the slaying of officer Andrs Mauricio Vsquez Lasso. Were really happy to have the industry back in action on our campus, said Alex Pissios, president and CEO of Cinespace Chicago Film Studios. 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. 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. A federal appeals panel has ruled an Illinois state agency didn't violate . The program has provided training to local youth and young adults, giving its apprentices the opportunity to work on Cinespace Chicago campus productions. The CineCares Foundation aims to empower Chicago residents in these communities by creating opportunities for education and employment in the TV and film industry. 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. Terms of the transaction were not disclosed. When Hollywood comes to Chicago to film, they do it Chicago style. 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. It occupies 1.45 million square feet of what use to be the old Ryerson Steel Company. The deal will also expand Cinespaces social impact work in Chicago by growing the CineCares Foundation, the film studios nonprofit wing. Cinespace Chicago Film Studios - DePaul University Sep 2021 - Mar 2022 7 months. 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. TPG Real Estate Buys Cinespace Toronto, Chicago Studios for $1.1 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.. A press release from TPG says former Netflix executive Eoin Egan will take over as a co-managing partner and COO. 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Cinespace Expansion Will Bring More TV Shows And Jobs To Chicago, CEO Cinespace is up and rolling with 4 new series and more Reel Chicago News Cinespace Studios has sold for $1.1B to TPG Real Estate - ReelChicago.com Skoronski is productive: in three seasons as Northwesterns starting left tackle, he allowed just five sacks in 2,364 snaps. Email Newsroom@BlockClubChi.org. Cinespace intends to continue growing its studio base following the transaction. The statement also includes praise from Mayor Lori Lightfoot and Gov. 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. 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. New production scheduled to film at Cinespace Chicago Film Studios this spring includeLightyears,61stStreet,Power Book IV: Force, and Paper Girls. One of Pissios' deepest passions while CEO of Cinespace was to provide education and job training within the film industry. While making deliveries the day after Halloween, the girls become involved in a conflict between two groups of time travelers. Scott Vs. Scott: Ald. Monique Scott Headed To Runoff Against Creative Zach Long. Poles needs to make sure Eberflus maintains significant input. Sign up for our Eat. 19 talking about this. You can accept the use of cookies or other identifiers by closing or clicking the accept button. Chicago has a compelling, beautiful cityscape with so much potential for film productions of all mediums and sizes, Lightfoot said. Your fullest creative potential. Executive producer Michael B. Jordan (Black Panther) is already shooting the AMC drama series61stStreet at Cinespace Chicago Film Studios. 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. The family that owns the Cinespace soundstages where - Chicago Tribune Film production studio, which could create hundreds of jobs, eyed for The furtive chamber they thought they knew so well turns out to be much more than they could ever have imagined. 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. Power Book IV: Force, the third spin-off of the popular StarzPower series produced by Lionsgate, is also shooting at Cinespace Chicago Film Studios. Sign up for our free elert here. The family-owned Cinespace Chicago Film Studios in North Lawndale has been sold to private equity firm TPG. This courtroom drama follows a promising black high school athlete who is swept up into the Chicago criminal justice system. TPG Real Estate Partners ("TREP") is the dedicated real estate equity investment platform of global alternative asset firm TPG. Monique Scott, 51, said she is preparing to fight for the neighborhood she was raised in. TPGs investment will expand these efforts and provide more jobs for Illinois.. Community has always been core to who we are at Cinespace, and I am deeply proud of the employment and education opportunities weve created. 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. 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 cringe when I hear our town referred to as Hollywood in Chicago. This website uses cookies or other identifiers, which are necessary for its functioning. 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. For more information, visit www.tpg.com. 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. 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.. and Cassels Brock & Blackwell LLP served as legal counsel to Cinespace. 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. Illinois has a 30% tax credit that. 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. Monique Scott was sworn into City Council to replace her brother, former Ald. The two are not related. This timely and provocative drama is set against the systemic abuse that exists in some of our countrys most vulnerable communities. (Brian Cassella / Chicago Tribune). Subscribe for full access to The Hollywood Reporter. TPG is bullish on the Chicago film scene as well. The furtive chamber they thought they knew so well turns out to be much more than they could ever have imagined. 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. Learn More Cinespace Toronto A TPG official, Keith Gee, will be chief financial officer and the other co-managing partner. 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. Chicago currently has one other soundstage facility, Chicago Studio City, which is considerably smaller. The story centers around four 12-year-old girls who deliver newspapers. ft. of what use to be the old Ryerson Steel Company. The series of film studio facilities occupy over 1 million square feet of studio, office and support space on over 40 acres of land. It was a stunning rebuke. "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. Opinion | The Spectacular Fall of Lori Lightfoot - The New York Times The acquisition of Cinespace comes as the streaming content boom has Wall Street and hedge funds eyeing studio campuses for acquisition. 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. Force is set on Chicago's 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. 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. 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.. He was so successful in this endeavor that CineCares created 7,500 new jobs. 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. What to eat. Subscribe:Sign up for our FREE e-lert here. The Chicago studio opened in 2010. Cinespace Chicago specializes in the development, management and operation of studio facilities. 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. Every dime we make fundsreportingfrom Chicagos neighborhoods. Cinespace was initially launched with a sizable Toronto facility in the late 1980s under the stewardship of the late Nick Mirkopoulos. 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. Williamson is a native Chicagoan and rose through the ranks of commercial, non-scripted and scripted TV production starting as a production assistant. "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. 2023 The Hollywood Reporter, LLC. Jones Lang Lasalle served as financial advisor to TREP. Polling Place: Is Patrick Kane the greatest Blackhawk ever. 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. What to watch. General Inquiries 773.521.8000 studioinfo@cinespace.com The pop-up runs Friday through the end of March. Cinespace Studios in Chicago has 33 stages, with 15 more under development. By clicking below to submit this form, you acknowledge that the information you provide will be processed in accordance with our Privacy Policy. On Tuesday, Mayor Lori Lightfoot of Chicago, the first Black woman and first openly L.G.B.T.Q. 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 . The show follows a couple who discovered a chamber buried in their backyard, which inexplicably leads to a strange, deserted planet. Cinespace Chicago Film Studio campus in North Lawndale. Subscribe to Block Club Chicago,an independent, 501(c)(3), journalist-run newsroom. At the Intersection of advertising, TV, film and production. Having Chicago as a critical 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 CineCare's Foundation Mirkopoulos Internship Program partners with FOX, HBO, NBCUniversal, Wolf Films, and Studio Mechanics Union Local 476. 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. Every dime we make fundsreportingfrom Chicagos neighborhoods. 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 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. 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. DOWNLOAD THE FOX 32 NEWS APP. Ald. Michael Scott Jr. resigning from City Council, joining Cinespace Chicago has a compelling, beautiful cityscape with so much potential for film productions of all mediums and sizes, Lightfoot said. Illinois is proud to welcome TPGs investment in Cinespace and Illinois booming film industry, Gov. 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 Studios | Chicago IL - Facebook #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. Lightyears will premiere exclusively on Amazon Prime Video. As part of the acquisition, Eoin Egan and Keith Gee will join Cinespace as co-managing partners and COO and CFO, respectively. 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. Since opening in 2011, Cinespace has helped bring more than 15,000 new jobs to the area. TPG Real Estate Acquired Cinespace Studios In Chicago And - Deadline The Cinespace brand is recognized around the world for the productions filmed on its premises by the most renowned content creation companies. 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. According to Crains Chicago Business, TPG, in a statement, has confirmed that its TPG Real Estate Partners unit has made the acquisition.
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