86 active stages. Officials with TPG, a Texas- and California-based buyout firm, did not reveal how much it paid for Cinespaces operations in Chicago and Toronto. 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. Alexander Pissios, President of Cinespace Chicago Film Studios joins Steve Bertrand on Chicago's Afternoon News to talk about his plan to expand its studios by 50% by the end of 2021. Cinespace is the second largest independent sound stage platform in North America with best-in-class studio campuses. Returning series filming at the Chicago campus include Chicago Fire, Season 9; Chicago P.D., Season 8; Chicago Med, Season 6; and The Chi, Season 4; South Side, Season 2; and The Big Leap. For more information, visit www.tpg.com. The family-owned Cinespace Chicago Film Studios in North Lawndale has been sold to private equity firm TPG. The Midwest's production hot spot and second-largest film studio outside of Los Angeles in North America, recently added another 105,000 square foot industrial . Eastdil Secured provided financing advisory to TREP for the transaction. 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. TPG Real Estate has a portfolio of some $5 billion in properties under management, according to the company website. Cinespace sold to buyout firm in deal reportedly worth $1 billion, $1 billion according to Crains Chicago Business, demanded Cinespace return the grant money, Netflix looks to curb password sharing, considers ads, Aiming to predict COVID, future pandemics better, CDC opens infectious diseases forecasting center, Joliet farmers wrangle cows thrown from semitrailer after crash on Interstate 80, 1 killed, 3 wounded in shootings Tuesday in Chicago, Obama relatives sue Milwaukee school alleging racial bias, Unmasked transit: Pritzker ends mask mandates in public transportation, airports, Dear Abby: When my husbands brother marries, I should be in the wedding, Facebook founder Mark Zuckerberg and wife to invest $250 million in new Chicago research lab, Jose Abreu on life with the Astros and leaving the White Sox, who werent a family in 2022, Chicago police officer was shot and killed in front of kids playing at school: They ran as quickly as possible just to get to safety, Dear Abby: With boyfriends fussy father living here, I feel trapped, Matt Eberflus influence essential as Bears GM Ryan Poles begins roster construction, Man found fatally shot inside Rogers Park home, Northwesterns Peter Skoronski could be a sure thing a Bears OL rarity, The Astros Dusty Baker 73 years young is still at it, and hes one Hall of a manager. DOWNLOAD THE FOX 32 NEWS APP. Since opening in 2011, Cinespace has helped bring more than 15,000 new jobs to the area. Block Club Chicago is a nonprofit news organization dedicated to . 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. Leslie Shribman and Courtney Power Our clients create groundbreaking films and television. Keep up to date with our latest industry news, from across the world. Located on the west side of downtown Chicago, Cinespace Chicago Film Studios occupies 1.45 million sq. Jones Lang Lasalle served as financial advisor to TREP. "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. 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. As the Dick Wolf, One Chicago series prepares to wrap soon for the season, Cinespace announced four new series filming at its facilities. CineCares is how we support, promote, and engage local communities. Mayor Lori Lightfoot commended the investment for the jobs and productions it will bring to the city. To learn more, please refer to the cookie policy. The statement also includes praise from Mayor Lori Lightfoot and Gov. (StockSnap / Pixabay). 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. [CDATA[ While making deliveries the day after Halloween, the girls become involved in a conflict between two groups of time travelers. On Tuesday, Mayor Lori Lightfoot of Chicago, the first Black woman and first openly L.G.B.T.Q. General Inquiries 773.521.8000 studioinfo@cinespace.com Skip to content About Us Locations CinecaresNews Contact Log In Cinespace Chicago Cinespace Toronto 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. 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. I am thrilled to see this acquisition expand our capability for content creation, Lightfoot said. I cringe when I hear our town referred to as Hollywood in Chicago. 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. 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. Chicago currently has one other soundstage facility, Chicago Studio City, which is considerably smaller. I am thrilled to see this acquisition expand our capability for content creation and look forward to the jobs and production it will bring to our region.. 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. The furtive chamber they thought they knew so well turns out to be much more than they could ever have imagined. Subscribe for full access to The Hollywood Reporter. 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. 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. 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. Subscribe to Block Club Chicago,an independent, 501(c)(3), journalist-run newsroom. Oscar-winner Sissy Spacek and three-time Emmy-nominated Ed O'Neill will star in the sci-fi drama. Media Contact CineCares Foundation, which was founded by Cinespace Chicago, aims to provide job training and education in the TV and film industry to underserved communities. An effort to help diversify TV and film crews, CineCares has created a meaningful (and paid) foot in the door for people of color. 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. 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. 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. 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. window.__mirage2 = {petok:"GL3.c8oBr.U4p6a6d_QPYkkKQ28t0k7.ps5ff2XyKPQ-1800-0"}; He was so successful in this endeavor that CineCares created 7,500 new jobs. This timely and provocative drama is set against the systemic abuse that exists in some of our country's most vulnerable communities. Monique Scott was sworn into City Council to replace her brother, former Ald. Chicago is an entity of its own. A federal appeals panel has ruled an Illinois state agency didn't violate . Launched in Chicago in 2010 by the Pissios family, Cinespace Chicago operates 33 stages, with an additional 15 stages undergoing development or conversion on more than 60 acres near Douglass Park. Monique Scott, 51, said she is preparing to fight for the neighborhood she was raised in. A global hub for premium content production, services and support that ensures your team reaches their fullest creative potential. 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. 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. 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. 19 talking about this. Lightyearswill premiere exclusively on Amazon Prime Video. Its a done deal! said Pissios. The furtive chamber they thought they knew so well turns out to be much more than they could ever have imagined. Sign up for our free elert here. Cinespace Chicago Film Studio president Alexander S. "Alex" Pissios at a news conference last February at Cinespace Chicago Film Studio. I also want to thank the Mirkopoulos family for founding and building up Cinespace here in our city. Mayor Lori Lightfoot said in a statement she was thrilled Cinespaces new owners plan to expand its workforce. The series of film studio facilities occupy over 1 million square feet of studio, office and support space on over 40 acres of land. 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. 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. 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. Williamson is a native Chicagoan and rose through the ranks of commercial, non-scripted and scripted TV production starting as a production assistant. 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. When Hollywood comes to Chicago to film, they do it Chicago style. At the Intersection of advertising, TV, film and production. "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. This website uses cookies or other identifiers, which are necessary for its functioning. 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. But the latest news, received glee-fully by producers, may deliver still more impetus to Chicago's impressive growth . 2023 The Hollywood Reporter, LLC. 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. Sign Up:Stay on top of the latest film, TV, advertising, entertainment and production news! This courtroom drama follows a promising black high school athlete who is swept up into the Chicago criminal justice system. Chicago is not trying to be Hollywood. 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. Michael Scott Jr. (24th) is resigning from the City Council to take a job with Cinespace Studios, a West Side movie studio."Cinespace Studios is an important part of the local . New production scheduled to film at Cinespace Chicago Film Studios this spring includeLightyears,61stStreet,Power Book IV: Force, and Paper Girls. Lightyears is a sci-fi drama co-produced by Amazon Studios and Legendary Television by writer Holden Miller and producer Daniel C. Connolly. Illinois is proud to welcome TPGs investment in Cinespace and Illinois booming film industry, Gov. Pissios cooperation earned him a non-prosecution deal with federal prosecutors on fraud charges tied to his 2011 personal bankruptcy. //]]> Today, TREP has $5.3 billion of assets under management. Officials with TPG, a Texas- and California-based buyout firm, did not reveal how much it paid for Cinespace's operations in . Cinespace Toronto has 23 production stages across the city, with another 12 stages planned for development on more than 40 acres. 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. 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.. Follow our newsletter to keep up with new offerings and opportunities at Cinespace - and key developments across our entire industry. Your preeminent production platform with 36 active stages across its 1.6 million square foot two campuses, located within 15 minutes of downtown. Sign up for our morning newsletter to get all of our stories delivered to your mailbox each weekday. 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. 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. 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). What you need to live your best life now. Terms of the transaction were not disclosed. Cinespace Chicago Film Studios - DePaul University Sep 2021 - Mar 2022 7 months. Much Shelist P.C. 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. Eoin Egan, who served as the head of production services at Netflix, will serve as the chief operating officer of Cinespace, officials said. newsletter here. 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. Theyve carefully guarded their secret, but when a mysterious young man enters their lives, the couples quiet existence is quickly upended. Cinespace Chicago opened in 2010 and currently operates 33 stages, with an additional 15 stages undergoing development or conversion on more than 60 acres. Heres How to See the Dazzling Duo, Vallas and Johnson Headed to Chicago Mayoral Runoff, Lightfoot Denied Second Term, Indicted Ald. Life on a third straight one-year contract with the mega-talented Astros isnt bad at all. In Chicago, Cinespace Chicago Film Studios virtually rose up out of an abandoned steel mill. 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.. Despite his legal woes and the attention from Colis indictment, Pissios has remained a player in Chicago real estate. As production begin to ramp back up the studio continues to strictly follow health and safetybest practices from the CDC andIllinois Guidance. Cinespace Chicago has 33 stages, with an additional 15 stages to be developed or converted on more than 60 acres. 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. 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. Information. Cinespace Chicago Film Studio Arts & Culture. In true business news nerd fashion, I wanted to find a Valentine's Day angle . Illinois has a 30% tax credit that. Lightyears is a sci-fi drama co-produced by Amazon Studios and Legendary Television by writer Holden Miller and producer Daniel C. Connolly. 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. 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. Sign up for our free elert here. Cinespace Chicago Entertainment | Film/Movies. 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. Located on the west side of downtown Chicago, Cinespace Chicago Film Studios occupies 1.45 million sq. Learn More Cinespace Toronto TPG is bullish on the Chicago film scene as well. According to the news release, TPG plans to expand upon the program, but did not provide further details. ft. of what use to be the old Ryerson Steel Company. 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. Cinespace Chicago specializes in the development, management and operation of studio facilities. Skip to content Reel Chicago News At the Intersection of advertising, TV, film and production REEL PRO 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.". 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. person to lead the city, failed to advance to a runoff, earning just 17 . The Chicago studio opened in 2010. Cinespace also has a significant presence in Toronto. Cinespace was initially launched with a sizable Toronto facility in the late 1980s under the stewardship of the late Nick Mirkopoulos. The Chicago-based chain, which also has locations in Milwaukee, Minneapolis and Dallas, opened the Wicker Park location in 2017. Follow our newsletter to keep up with new offerings and opportunities at Cinespace and key developments across our entire industry. 24th Ward candidates headed to April runoff. 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. The indie studio operator was founded by the Toronto-based Mirkopoulos family in 1988, and the Chicago campus was launched in 2010. 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. TPG, which also owns a majority stake in the Hollywood talent agency CAA, declined to confirm that figure when contacted by the Tribune. Kirkland & Ellis LLP and Davies Ward Phillips & Vineberg LLP served as legal counsel to TREP. 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.. Watch. Cinespace Chicago specializes in the development, management, and operation of studio facilities for the film, television, and digital media production industry. The Studios also announced four new series filming at its facilities as productions begin to ramp back up with additional health and safety protocols. 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 Midwest's production hot spot 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. A TPG official, Keith Gee, will be chief financial officer and the other co-managing partner. 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.. 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. Gov. When current Illinois Film Office director Peter Hawley was appointed two years ago, he talked about the need for more soundstage space. Thank you Alex for being the best ambassador this film community could ask for. It occupies 1.45 million square feet of what use to be the old Ryerson Steel Company. Cinespace Chicago opened in 2010 and currently operates 33 stages, with an additional 15 stages undergoing development or conversion on more than 60 acres. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. The Toronto studio launched in 1988. CHICAGO, April 21, 2021 (GLOBE NEWSWIRE) -- The film industry in Chicago is back up and rolling! 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. Contact Heather Cherone:@HeatherCherone| (773) 569-1863 |[emailprotected]. This enterprise has been a true family business, and todays transaction marks another important milestone in our 33-year history. #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. 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. For more information on programs filming at Cinespace Chicago Film Studios or for information on CineCares Foundation, please visitChicagoFilmStudios.com orCineCaresFoundation.org. A global hub for premium content production, services and support that ensures your team reaches their fullest creative potential.
What Do Japanese Restaurants Say When You Leave,
Netum Barcode Scanner Troubleshooting,
Articles C