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. 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. The companys Booth Avenue Studios hosted shoots for Guillermo del Toros The Strain, Heroes: Reborn, Rupture and Between. 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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.. Email Newsroom@BlockClubChi.org. We welcome this acquisition by TPG and look forward to their continued investment in Cinespace and commitment to growing their operations in Toronto. 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. Lightyears is a sci-fi drama co-produced by Amazon Studios and Legendary Television by writer Holden Miller and producer Daniel C. Connolly. 2023 The Hollywood Reporter, LLC. 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. (StockSnap / Pixabay). The CineCare's Foundation Mirkopoulos Internship Program partners with FOX, HBO, NBCUniversal, Wolf Films, and Studio Mechanics Union Local 476. The furtive chamber they thought they knew so well turns out to be much more than they could ever have imagined. DOWNLOAD THE FOX 32 NEWS APP. Oscar-winner Sissy Spacek and three-time Emmy-nominated Ed ONeill will star in the sci-fi drama. 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. and Cassels Brock & Blackwell LLP served as legal counsel to Cinespace. Cinespace Studios Sold for $1.1B to TPG Real Estate. CineCares is how we support, promote, and engage local communities. 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. 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. One of Pissios' deepest passions while CEO of Cinespace was to provide education and job training within the film industry. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. 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. 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. Heres How to See the Dazzling Duo, Vallas and Johnson Headed to Chicago Mayoral Runoff, Lightfoot Denied Second Term, Indicted Ald. 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. Terms of the deal, and the purchase price, were not mentioned in the release. Information. This timely and provocative drama is set against the systemic abuse that exists in some of our country's most vulnerable communities. Outlets including Crains Chicago Business and Deadline.com are reporting a sale price of $1 billion. 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 show follows a couple who discovered a chamber buried in their backyard, which inexplicably leads to a strange, deserted planet. Chicago is not trying to be Hollywood. Officials with TPG, a Texas- and California-based buyout firm, did not reveal how much it paid for Cinespace's operations in . A TPG official, Keith Gee, will be chief financial officer and the other co-managing partner. 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. Today, TREP has $5.3 billion of assets under management. Community has always been core to who we are at Cinespace, and I am deeply proud of the employment and education opportunities weve created. 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. Mayor Lori Lightfoot commended the investment for the jobs and productions it will bring to the city. The Cinespace brand is recognized around the world for the productions filmed on its premises by the most renowned content creation companies. 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. This courtroom drama follows a promising black high school athlete who is swept up into the Chicago criminal justice system. The studio has about 33 sound stages and recently announced it will add up to 19 more soundstages to its campus. Despite his legal woes and the attention from Colis indictment, Pissios has remained a player in Chicago real estate. But the latest news, received glee-fully by producers, may deliver still more impetus to Chicago's impressive growth . New programs scheduled to film at Cinespace Chicago Film Studios this spring include Lightyears, 61st Street, Power Book IV: Force, and Paper Girls. General Inquiries 773.521.8000 studioinfo@cinespace.com J.B. Pritzker. To learn more, please refer to the cookie policy. For more information, visit www.tpg.com. In true business news nerd fashion, I wanted to find a Valentine's Day angle . Consumer appetite for original content is a growing secular tend 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, TPG co-head of Real Estate Avi Banyasz said in the statement. About Us Locations CineCares News Contact Cinespace Chicago Cinespace Toronto Studio Babelsberg Cinespace We're the perfect partner for your next production. 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. Chicago's then-Mayor Rahm Emanuel announced the job creation and his appreciation for Cinespace at a news conference on Sept. 1, 2015. Your pleasant demeanor, warm smiles, and bigger-than-life personality will be sorely missed on campus. At the Intersection of advertising, TV, film and production. 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. In Chicago, Cinespace Chicago Film Studios virtually rose up out of an abandoned steel mill. 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., The Chi, Lightyears,61stStreet,Power Book IV: Force, Paper Girls, South Side, andThe Big Leap. TPGs investment will expand these efforts and provide more jobs for Illinois.. Egan and Gee are accomplished executives who have significant experience building and scaling businesses. The statement also includes praise from Mayor Lori Lightfoot and Gov. Were expanding beyond our workforce development program in Chicago to Toronto so stay in touch for updates. At the Intersection of advertising, TV, film and production. Leslie Shribman and Courtney Power Uncle Nick had the foresight to recognize how important it was for Chicago and the TV industry to have a facility to base a series there. According to the news release, TPG . The city's (non) voters are not a monolith but crowded races and low awareness could be keeping them home, voting organizers say. 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. TPG is bullish on the Chicago film scene as well. 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. 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. Chicago has a compelling, beautiful cityscape with so much potential for film productions of all mediums and sizes, Lightfoot said. ft. of what use to be the old Ryerson Steel Company. 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. Learn More Cinespace Toronto 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. 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. Michael Scott Jr. (24th), on June 22, 2022. TPG Real Estate has a portfolio of some $5 billion in properties under management, according to the company website. Gov. . 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 specializes in the development, management and operation of studio facilities. Mayor Lori Lightfoot added, Chicago has a compelling, beautiful cityscape with so much potential for film productions of all mediums and sizes. Executive producer Michael B. Jordan (Black Panther) is already shooting the AMC drama series61stStreet at Cinespace Chicago Film Studios. Returning series filming at the Chicago campus includeChicago Fire, Season 9;Chicago P.D., Season 8;Chicago Med, Season 6; andThe Chi, Season 4; South Side, Season 2; andThe Big Leap. The film operation at The Fields would be a smaller version of the Cinespace Chicago Film Studios campus on the West Side, where TV shows and movies are filmed and produced. Skip to content About Us Locations CinecaresNews Contact Log In Cinespace Chicago Cinespace Toronto The acquisition of Cinespace comes as the streaming content boom has Wall Street and hedge funds eyeing studio campuses for acquisition. 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. Chicago has a compelling, beautiful cityscape with so much potential for film productions of all mediums and sizes, Lightfoot said. Eoin Egan, who served as the head of production services at Netflix, will serve as the chief operating officer of Cinespace, officials said. Thank you Alex for being the best ambassador this film community could ask for. Illinois offers production companies 30% tax credits on production costs and on salaries up to $100,000 through 2026. 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. Chicago currently has one other soundstage facility, Chicago Studio City, which is considerably smaller. 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 Cinespace brand is recognized. Terms of the transaction were not disclosed. Cinespace Chicago Film Studios has been home to NBCs Chicago Fire, Chicago Med and Chicago P.D. 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. The deal includes both the Chicago and Toronto locations, which have more than 50 soundstages combined. 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. 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. Located on the west side of downtown Chicago, Cinespace Chicago Film Studios occupies 1.45 million sq. Follow Your Favorite Chicago's Afternoon News Personalities on Twitter:Follow @SteveBertrand Follow @kpowell720 Follow @maryvandeveldeFollow @LaurenLapka As part of the acquisition, Eoin Egan and Keith Gee will join Cinespace as co-managing partners and COO and CFO, respectively. This enterprise has been a true family business, and todays transaction marks another important milestone in our 33-year history. 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 . Life on a third straight one-year contract with the mega-talented Astros isnt bad at all. Cinespace Chicago Film Studios welcomes several new productions to its growing campus. (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 . 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. 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. A global hub for premium content production, services and support that ensures your team reaches their fullest creative potential. 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. 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. 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.". Clickhereto support Block Clubwith atax-deductible donation. The story centers around four 12-year-old girls who deliver newspapers. One of the projects launched under Pissios tenure is a pipeline program called CineCares.
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