ft. of what use to be the old Ryerson Steel Company. Opinion | The Spectacular Fall of Lori Lightfoot - The New York Times Last year, he secured $21 million in financing for the first phase of a $76 million project to develop property along Ogden Avenue with the CHA and other partners, a proposal Pissios filed while also negotiating his deal with federal prosecutors. Chicago has a compelling, beautiful cityscape with so much potential for film productions of all mediums and sizes, Lightfoot said. Heres How to See the Dazzling Duo, Vallas and Johnson Headed to Chicago Mayoral Runoff, Lightfoot Denied Second Term, Indicted Ald. Chicago, Illinois, United States . 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. 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. 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. Sign up for THR news straight to your inbox every day. Power Book IV: Force, the third spin-off of the popular StarzPower series produced by Lionsgate, is also shooting at Cinespace Chicago Film Studios. The Toronto studio launched in 1988. 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. Cinespace Chicago Film Studios has been home to NBCs Chicago Fire, Chicago Med and Chicago P.D. Our clients create groundbreaking films and television. TPG is bullish on the Chicago film scene as well. Chicago has a compelling, beautiful cityscape with so much potential. 415-743-1550, Internet Explorer presents a security risk. All Rights Reserved. The companys Booth Avenue Studios hosted shoots for Guillermo del Toros The Strain, Heroes: Reborn, Rupture and Between. Contact Heather Cherone:@HeatherCherone| (773) 569-1863 |[emailprotected]. As part of the acquisition, Eoin Egan and Keith Gee will join Cinespace as Co-Managing Partners and COO and CFO, respectively. 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. What to watch. Keep up with new offerings and opportunities at Cinespace and key developments across our entire industry. TPG Real Estate Acquired Cinespace Studios In Chicago And - Deadline Film production studio, which could create hundreds of jobs, eyed for Block Club Chicago is a nonprofit news organization dedicated to delivering reliable, nonpartisan and essential coverage of Chicagos diverse neighborhoods. Thanks for subscribing to Block Club Chicago, an independent, 501(c)(3), journalist-run newsroom. Bridgeport bank failure fallout: Washington Federal Bank for Savings Eoin Egan, who formerly worked as head ofproductionservices at Netflix, will be named Cinespaces new COO, according to Deadline. 3.6 million square feet. Cinespace was initially launched with a sizable Toronto facility in the late 1980s under the stewardship of the late Nick Mirkopoulos. 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. Chicago is an entity of its own. 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, said Jacob Muller, managing director at TPG Real Estate Partners. But the latest news, received glee-fully by producers, may deliver still more impetus to Chicago's impressive growth . What you need to live your best life now. Mayor Lori Lightfoot said in a statement she was thrilled Cinespaces new owners plan to expand its workforce. 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. Cinespace Chicago Film Studios Being Sold For $1 Billion 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. In Chicago, Cinespace Chicago Film Studios virtually rose up out of an abandoned steel mill. 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. Information. Teagan Pompa - Senior Studio Technician - Cinespace Chicago Film 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 Toronto has 23 production stages across the city, with another 12 stages planned for development on more than 40 acres. Your pleasant demeanor, warm smiles, and bigger-than-life personality will be sorely missed on campus. The two are not related. 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). 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.. Block Club Chicago is a nonprofit news organization dedicated to . Located on the west side of downtown Chicago, Cinespace Chicago Film Studios occupies 1.45 million sq. 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. 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. Kirkland & Ellis LLP and Davies Ward Phillips & Vineberg LLP served as legal counsel to TREP. The family that owns the Cinespace soundstages where - Chicago Tribune This timely and provocative drama is set against the systemic abuse that exists in some of our country's most vulnerable communities. 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. 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.. 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. Key tenants at Cinespace include 312 Fast Draw, AbelCine, Cinelease, DePaul FilmSchool, Keslow Camera, Lagunitas, and Periscope Post & Audio. Cinespace Studios Sold for $1.1B to TPG Real Estate. Community has always been core to who we are, said Alex Pissios, CEO of Cinespace. 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. 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. Sign up for our Eat. To learn more, please refer to the cookie policy. The pop-up runs Friday through the end of March. Egan and Gee are accomplished executives who have significant experience building and scaling businesses. Cinespace Chicago adds 100K sq. ft. of production space as filming Executive producer Michael B. Jordan (Black Panther) is already shooting the AMC drama series 61st Street at Cinespace Chicago Film Studios. Cinespace Chicago opened in 2010 and currently operates 33 stages, with an additional 15 stages undergoing development or conversion on more than 60 acres. Keep up to date with our latest industry news, from across the world. As part of the acquisition, Eoin Egan and Keith Gee will join Cinespace as co-managing. TPG Real Estate has a portfolio of some $5 billion in properties under management, according to the company website. When current Illinois Film Office director Peter Hawley was appointed two years ago, he talked about the need for more soundstage space. 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. 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. DOWNLOAD THE FOX 32 NEWS APP. (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 . To learn more, please refer to the cookie policy. Were expanding beyond our workforce development program in Chicago to Toronto so stay in touch for updates. 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. Cinespace Chicago Film Studio Arts & Culture. 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. TPG Real Estate Acquires Leading Sound Stage Owner Cinespace Studios //]]> New programs scheduled to film at Cinespace Chicago Film Studios this spring include Lightyears, 61st Street, Power Book IV: Force, and Paper Girls. 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. 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. 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. New production scheduled to film at Cinespace Chicago Film Studios this spring includeLightyears,61stStreet,Power Book IV: Force, and Paper Girls. 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 . 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 continue to strictly follow health and safety best practices from the CDC and Illinois Guidance. The bar will host a flip cup tournament, trivia nights and, of course, a St. Patrick's Day bash. This website uses cookies or other identifiers, which are necessary for its functioning. 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.. 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. The story centers around four 12-year-old girls who deliver newspapers. By clicking below to submit this form, you acknowledge that the information you provide will be processed in accordance with our Privacy Policy. The indie studio operator was founded by the Toronto-based Mirkopoulos family in 1988, and the Chicago campus was launched in 2010. [CDATA[ 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. 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. 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. (Brian Cassella / Chicago Tribune). Cinespace Chicago Film Studios Welcomes New Productions, Expands General Inquiries 773.521.8000 studioinfo@cinespace.com "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. CineCares is how we support, promote, and engage local communities. 1448 S Rockwell St Chicago, IL 60608 - Alquileres en Chicago, IL Outlets including Crains Chicago Business and Deadline.com are reporting a sale price of $1 billion. 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. Lightyears is a sci-fi drama co-produced by Amazon Studios and Legendary Television by writer Holden Miller and producer Daniel C. Connolly. PDF Ever more enticing tax credits, locations renaissance in Chicago and 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 out capability for content creation and look forward to the jobs and productions it will bring to our region.. Keith Gee, of LifeStorage, will become another co-managing partner and CFO. Were really happy to have the industry back in action on our campus, said Alex Pissios, president and CEO of Cinespace Chicago Film Studios. TPG Real Estate Partners ("TREP") is the dedicated real estate equity investment platform of global alternative asset firm TPG. Located on the west side of downtown Chicago, Cinespace Chicago Film Studios occupies 1.45 million sq. Crains Chicago Business reported the sale price as $1.1 billion. CHICAGO (CBS) --Ald. Officials with TPG, a Texas- and California-based buyout firm, did not reveal how much it paid for Cinespace's operations in . 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. According to Crains Chicago Business, TPG, in a statement, has confirmed that its TPG Real Estate Partners unit has made the acquisition. The family-owned Cinespace Chicago Film Studios in North Lawndale has been sold to private equity firm TPG. 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. J.B. Pritzker said in the TPG statement. The Studios also announced four new series filming at its facilities as productions begin to ramp back up with additional health and safety protocols. Cinespace Studios Chicago and Toronto aquired by TPG Real Estate in $1 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. Productions ramped back up once the city reopened in June. 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. "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. They have been the source of incredible Canadian content and a steady job creator for the City and Province. At the Intersection of advertising, TV, film and production. Detectives were questioning a person who was inside the home at the time. Cinespace Chicago specializes in the development, management, and operation of studio facilities for the film, television, and digital media production industry. //Cinespace sold to buyout firm in deal reportedly worth $1 billion 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.