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. In the ensuing decade, that key facility has grown to include 36 soundstages, helping to bring . Cinespace is the second largest independent sound stage platform in North America with best-in-class studio campuses. Learn More Cinespace Toronto Chicago's then-Mayor Rahm Emanuel announced the job creation and his appreciation for Cinespace at a news conference on Sept. 1, 2015. Chicago has a compelling, beautiful cityscape with so much potential for film productions of all mediums and sizes, Lightfoot said. The show follows a couple who discovered a chamber buried in their backyard, which inexplicably leads to a strange, deserted planet. As the Dick Wolf, One Chicago series prepares to wrap soon for the season, Cinespace announced four new series filming at its facilities. TPG, which also owns a majority stake in the Hollywood talent agency CAA, declined to confirm that figure when contacted by the Tribune. The acquisition of Cinespace comes as the streaming content boom has Wall Street and hedge funds eyeing studio campuses for acquisition. 2023 The Hollywood Reporter, LLC. 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 . The program has provided training to local youth and young adults, giving its apprentices the opportunity to work on Cinespace Chicago campus productions. 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. Your pleasant demeanor, warm smiles, and bigger-than-life personality will be sorely missed on campus. 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. Skip to content About Us Locations CinecaresNews Contact Log In Cinespace Chicago Cinespace Toronto A global hub for premium content production, services and support that ensures your team reaches their fullest creative potential. Monique Scott, 51, said she is preparing to fight for the neighborhood she was raised in. 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. 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. CineCares Foundation, which was founded by Cinespace Chicago, aims to provide job training and education in the TV and film industry to underserved communities. 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. The Cinespace brand is recognized around the world for the productions filmed on its premises by the most renowned content creation companies. Cinespace Chicago specializes in . "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. Friday April 20 2018. According to the news release, TPG . To learn more, please refer to the cookie policy. 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. 24th Ward candidates headed to April runoff. Skip to content Reel Chicago News At the Intersection of advertising, TV, film and production REEL PRO The companys Booth Avenue Studios hosted shoots for Guillermo del Toros The Strain, Heroes: Reborn, Rupture and Between. It occupies 1.45 million square feet of what use to be the old Ryerson Steel Company. As part of the acquisition, Eoin Egan and Keith Gee will join Cinespace as Co-Managing Partners and COO and CFO, respectively. 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 . A TPG official, Keith Gee, will be chief financial officer and the other co-managing partner. 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. Michael Scott Jr. (24th), on June 22, 2022. Were really happy to have the industry back in action on our campus, said Alex Pissios, president and CEO of Cinespace Chicago Film Studios. Cinespace Studios Sold for $1.1B to TPG Real Estate. Subscribe for full access to The Hollywood Reporter. In Toronto, Cinespace Film Studios was founded in 1988 by highly revered, (Uncle) Nick Mirkopolous. Gov. 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. Life on a third straight one-year contract with the mega-talented Astros isnt bad at all. Cinespace Toronto has 23 production stages across the city, with another 12 stages planned for development on more than 40 acres. On Tuesday, Mayor Lori Lightfoot of Chicago, the first Black woman and first openly L.G.B.T.Q. 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. 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 Studio campus in North Lawndale. Clickhereto support Block Clubwith atax-deductible donation. 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. 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. Do. Detectives were questioning a person who was inside the home at the time. A press release from TPG says former Netflix executive Eoin Egan will take over as a co-managing partner and COO. 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. Cinespace Chicago specializes in the development, management and operation of studio facilities. Pascal Sabino 1:39 PM CST on Nov 12, 2021 I am thrilled to see this acquisition expand our capability for content creation, Lightfoot said. What to eat. The city's (non) voters are not a monolith but crowded races and low awareness could be keeping them home, voting organizers say. The Chicago-based chain, which also has locations in Milwaukee, Minneapolis and Dallas, opened the Wicker Park location in 2017. 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.. 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. As part of Cinespace's commitment to the neighborhood, the family established CineCares Foundation to train and employ area residents through education and job training in TV & Film. 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. 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. Cinespace intends to grow its employee base at each studio as a result of the transaction. The largest provider of sound stages and production support in the region, at 1.4 million square feet - with a total of 29 stages over three major campuses, including purpose built stages with 45 clear heights. Chicago is an entity of its own. Sign up for THR news straight to your inbox every day. The bar will host a flip cup tournament, trivia nights and, of course, a St. Patrick's Day bash. ", The Honourable Doug Ford, Premier of Ontario, said: Since launching in 1988, Cinespace has been a pillar of Torontos world class entertainment industry. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. The Chicago studio opened in 2010. 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. The deal will also expand Cinespaces social impact work in Chicago by growing the CineCares Foundation, the film studios nonprofit wing. This enterprise has been a true family business, and todays transaction marks another important milestone in our 33-year history. TPGs investment will expand these efforts and provide more jobs for Illinois.. DOWNLOAD THE FOX 32 NEWS APP. During the waning days of Gov. and Cassels Brock & Blackwell LLP served as legal counsel to Cinespace. Theyve carefully guarded their secret, but when a mysterious young man enters their lives, the couples quiet existence is quickly upended. 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. The Cinespace brand is recognized. The CineCare's Foundation Mirkopoulos Internship Program partners with FOX, HBO, NBCUniversal, Wolf Films, and Studio Mechanics Union Local 476. 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 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. He would later help his nephew, Chicago native Alex Pissios, open the North Lawndale branch in 2011, where Pissios has been president and CEO since. 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 . TPG Real Estate has a portfolio of some $5 billion in properties under management, according to the company website. 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. You can accept the use of cookies or other identifiers by closing or clicking the accept button. 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. Mayor Lori Lightfoot added, Chicago has a compelling, beautiful cityscape with so much potential for film productions of all mediums and sizes. 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. One of the projects launched under Pissios tenure is a pipeline program called CineCares. Cinespace Chicago opened in 2010 and currently operates 33 stages, with an additional 15 stages undergoing development or conversion on more than 60 acres. As production begin to ramp back up the studio continues to strictly follow health and safetybest practices from the CDC andIllinois Guidance. 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. Stay on top of the latest film, TV, advertising, entertainment and production news! For more information, visit www.tpg.com. 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.. By clicking below to submit this form, you acknowledge that the information you provide will be processed in accordance with our Privacy Policy. J.B. Pritzker. 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. New production scheduled to film at Cinespace Chicago Film Studios this spring includeLightyears,61stStreet,Power Book IV: Force, and Paper Girls. Illinois offers production companies 30% tax credits on production costs and on salaries up to $100,000 through 2026. //]]> Poles needs to make sure Eberflus maintains significant input. A global hub for premium content production, services and support that ensures your team reaches their fullest creative potential. According to Crains Chicago Business, TPG, in a statement, has confirmed that its TPG Real Estate Partners unit has made the acquisition. Sign Up:Stay on top of the latest film, TV, advertising, entertainment and production news! Today's news is good news for Cinespace Studios, our city, and our thriving film sector. Ve el apartamento 3N en alquiler en 1448 S Rockwell St en Chicago, IL desde $1200 y encuentra otros apartamentos disponibles en Chicago. 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. Follow our newsletter to keep up with new offerings and opportunities at Cinespace and key developments across our entire industry. They have been the source of incredible Canadian content and a steady job creator for the City and Province. 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. Despite his legal woes and the attention from Colis indictment, Pissios has remained a player in Chicago real estate. 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. ft. of what use to be the old Ryerson Steel Company. 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. J.B. Pritzker said in the TPG statement. Zach Long. Located on the west side of downtown Chicago, Cinespace Chicago Film Studios occupies 1.45 million sq. Cinespace was initially launched with a sizable Toronto facility in the late 1980s under the stewardship of the late Nick Mirkopoulos. (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 . This timely and provocative drama is set against the systemic abuse that exists in some of our country's most vulnerable communities. 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.. 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. Egan and Gee are accomplished executives who have significant experience building and scaling businesses. Cinespace intends to continue growing its studio base following the transaction. Cinespace Chicago Film Studios specializes in the Development, Management & Operation of Studio Facilities. Cinespace Chicago Film Studios welcomes several new productions to its growing campus. The Hollywood Reporter is a part of Penske Media Corporation. The GM and coach seem to be more cohesive than Ryan Pace was with Matt Nagy and John Fox. Power Book IV: Force, the third spin-off of the popular StarzPower series produced by Lionsgate, is also shooting at Cinespace Chicago Film Studios. He was so successful in this endeavor that CineCares created 7,500 new jobs. 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. Our clients create groundbreaking films and television. Sign up for our free elert here. Were expanding beyond our workforce development program in Chicago to Toronto so stay in touch for updates. The indie studio operator was founded by the Toronto-based Mirkopoulos family in 1988, and the Chicago campus was launched in 2010. 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. For more information on programs filming at Cinespace Chicago Film Studios or for information on CineCares Foundation, please visitChicagoFilmStudios.com orCineCaresFoundation.org. 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. 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. Key tenants at Cinespace include 312 Fast Draw, AbelCine, Cinelease, DePaul FilmSchool, Keslow Camera, Lagunitas, and Periscope Post & Audio. 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. Kirkland & Ellis LLP and Davies Ward Phillips & Vineberg LLP served as legal counsel to TREP. The family-owned Cinespace Chicago Film Studios in North Lawndale has been sold to private equity firm TPG. Thank you Alex for being the best ambassador this film community could ask for. Cinespace intends to grow its employee base in Chicago and Toronto, officials said. Cinespace Chicago Film Studios has been home to NBCs Chicago Fire, Chicago Med and Chicago P.D. Thanks for subscribing to Block Club Chicago, an independent, 501(c)(3), journalist-run newsroom. While making deliveries the day after Halloween, the girls become involved in a conflict between two groups of time travelers. CineCares creates pathways into the film industry for young people on the South and West Sides through job training, education and internships at Cinespace. Keep up to date with our latest industry news, from across the world. 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. Productions ramped back up once the city reopened in June. Email Newsroom@BlockClubChi.org. What to watch. To learn more, please refer to the cookie policy. 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.. 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. 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. Keep up with new offerings and opportunities at Cinespace and key developments across our entire industry. Sign up for our morning newsletter to get all of our stories delivered to your mailbox each weekday. media@tpg.com The soundstages for Dick Wolf's 'Chicago Fire' and Netflix's 'Umbrella Academy' have been picked up by the real estate investor amid a .

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