Egan and Gee are accomplished executives who have significant experience building and scaling businesses. One of the projects launched under Pissios tenure is a pipeline program called CineCares. Officials with TPG, a Texas- and California-based buyout firm, did not reveal how much it paid for Cinespace's operations in . What to watch. 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). 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. It's how we act that makes a difference: we offer education and training to engage, support and contribute to our communities. Netflix launching a production hub in Toronto by locking up eight soundstages four each at Pinewood Toronto Studios and Cinespace Film Studios in turn sparked a local space race by Hollywood streaming giants scrambling for soundstages on which to create new high-quality film and TV content. A global hub for premium content production, services and support that ensures your team reaches their fullest creative potential. Cinespace Studios Sold to Private Equity Firm | Chicago News | WTTW Cinespace Studios Sold for $1.1B to TPG Real Estate. 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. //]]> Website. and Cassels Brock & Blackwell LLP served as legal counsel to Cinespace. 86 active stages. 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. 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. You can accept the use of cookies or other identifiers by closing or clicking the accept button. A global hub for premium content production, services and support that ensures your team reaches their fullest creative potential. 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 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. 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.". TPG Real Estate Partners has purchased studio campuses in Toronto and Chicago belonging to Cinespace Studios, home to production of major films and TV series like Dick Wolfs Chicago Fire, Chicago PD and Chicago Med, Netflixs Umbrella Academy and MGMs The Handmaids Tale. 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. 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. About Us Locations CineCares News Contact Cinespace Chicago Cinespace Toronto Studio Babelsberg Cinespace We're the perfect partner for your next production. New programs scheduled to film at Cinespace Chicago Film Studios this spring include Lightyears, 61st Street, Power Book IV: Force, and Paper Girls. 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. 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. 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. In true business news nerd fashion, I wanted to find a Valentine's Day angle . 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. The deal will also expand Cinespaces social impact work in Chicago by growing the CineCares Foundation, the film studios nonprofit wing. The story centers around four 12-year-old girls who deliver newspapers. 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. Eastdil Secured provided financing advisory to TREP for the transaction. Thank you Alex for being the best ambassador this film community could ask for. TPG Real Estate has a portfolio of some $5 billion in properties under management, according to the company website. Located on the west side of downtown Chicago, Cinespace Chicago Film Studios occupies 1.45 million sq. The Cinespace brand is recognized. 24th Ward candidates headed to April runoff - Austin Weekly News 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 . Skoronski is productive: in three seasons as Northwesterns starting left tackle, he allowed just five sacks in 2,364 snaps. 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. Zach Long. Cinespace Chicago Film Studios has been home to NBC's Chicago Fire, Chicago Med and Chicago P.D. Expanding 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. person to lead the city, failed to advance to a runoff, earning just 17 . 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. Cinespace Chicago sells to Texas real estate company Cinespace Studios in Chicago has 33 stages, with 15 more under development. 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. Cinespace Chicago opened in 2010 and currently operates 33 stages, with an additional 15 stages undergoing development or conversion on more than 60 acres. Teagan Pompa - Senior Studio Technician - Cinespace Chicago Film 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 . TPG Real Estate Buys Cinespace Toronto, Chicago Studios for $1.1 J.B. Pritzker. Film production studio, which could create hundreds of jobs, eyed for 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. 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. ft. of what use to be the old Ryerson Steel Company. Chicago, Illinois, United States . Sign up for our Eat. Williamson is a native Chicagoan and rose through the ranks of commercial, non-scripted and scripted TV production starting as a production assistant. CineCares is how we support, promote, and engage local communities. Polling Place: Is Patrick Kane the greatest Blackhawk ever. The Cinespace brand is recognized around the world for the productions filmed on its premises by the most renowned content creation companies. 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.. 2023 The Hollywood Reporter, LLC. Cinespace intends to continue growing its studio base following the transaction. [CDATA[ CineCares Foundation, which was founded by Cinespace Chicago, aims to provide job training and education in the TV and film industry to underserved communities. 19 talking about this. The CineCare's Foundation Mirkopoulos Internship Program partners with FOX, HBO, NBCUniversal, Wolf Films, and Studio Mechanics Union Local 476. Cinespace Toronto has 23 production stages across the city, with another 12 stages planned for development on more than 40 acres. Sign up for our free elert here. 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.. 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. Cinespace Chicago Film Studio | Enjoy Illinois Today In The Culture, March 2, 2023: Duck Pop-Up | Lettuce Entertains 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. Productions ramped back up once the city reopened in June. Alex Pissios On the Future of Cinespace Chicago and His - News Anyway Sign up for our morning newsletter to get all of our stories delivered to your mailbox each weekday. 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. 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. 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. News about the Studio and Production Facility Industry | Cinespace "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. PDF Ever more enticing tax credits, locations renaissance in Chicago and Lightyearswill premiere exclusively on Amazon Prime Video. 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. 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. Cinespace furthers their vision to build a premier global production 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. CHICAGO (CBS) --Ald. Terms of the transaction were not disclosed. Contact | Cinespace 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. 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. Subscribe to Block Club Chicago,an independent, 501(c)(3), journalist-run newsroom. The studio was acquired by TPG Real Estate in a deal announced Friday. Cinespace Expansion Will Bring More TV Shows And Jobs To Chicago, CEO TPGs investment will expand these efforts and provide more jobs for Illinois.. Skip to content Reel Chicago News At the Intersection of advertising, TV, film and production REEL PRO Contact Heather Cherone:@HeatherCherone| (773) 569-1863 |[emailprotected]. The studio recently announced it will add up to 19 more soundstages to its campus, about 50 percent more than the studio already has. Subscribe:Sign up for our FREE e-lert here. 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 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. 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. 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. For more information on programs filming at Cinespace Chicago Film Studios or for information on CineCares Foundation, please visitChicagoFilmStudios.com orCineCaresFoundation.org. Located on the west side of downtown Chicago, Cinespace Chicago Film Studios occupies 1.45 million sq. To learn more, please refer to the cookie policy. 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. Our clients create groundbreaking films and television. The Studios also announced four new series filming at its facilities as productions begin to ramp back up with additional health and safety protocols. Pissios cooperation earned him a non-prosecution deal with federal prosecutors on fraud charges tied to his 2011 personal bankruptcy. 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 Studios Being Sold For $1 Billion Keep up with new offerings and opportunities at Cinespace and key developments across our entire industry. Friday April 20 2018. Follow our newsletter to keep up with new offerings and opportunities at Cinespace - and key developments across our entire industry. 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. As part of the acquisition, Eoin Egan and Keith Gee will join Cinespace as co-managing. 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 also wanted to know or did we? 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. The GM and coach seem to be more cohesive than Ryan Pace was with Matt Nagy and John Fox. What you need to live your best life now. Cinespace Chicago Film Studios announces huge expansion by the - WGN The bar will host a flip cup tournament, trivia nights and, of course, a St. Patrick's Day bash. Information. Mirkopoulos and Pissios, with help from Coli and Teamsters lobbyists, were able to secure millions in state funds to acquire the 60-acre site of the former Ryerson Steel and convert it into studio space. Sign up for our free elert here. The show follows a couple who discovered a chamber buried in their backyard, which inexplicably leads to a strange, deserted planet. TPG Real Estate Acquires Leading Sound Stage Owner Cinespace Studios Gov. Chicago's then-Mayor Rahm Emanuel announced the job creation and his appreciation for Cinespace at a news conference on Sept. 1, 2015. 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. Illinois Governor JB Pritzker commented: Illinois is proud to welcome TPGs investment in Cinespace and Illinois booming film industry. 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. 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. Cinespace Chicago specializes in the development, management and operation of studio facilities. Cinespace Chicago has 33 stages, with an additional 15 stages to be developed or converted on more than 60 acres. According to Crains Chicago Business, TPG, in a statement, has confirmed that its TPG Real Estate Partners unit has made the acquisition. TPG Real Estate Acquired Cinespace Studios In Chicago And - Deadline With the city at capacity, having a private equity firm running Cinespace could lead to growth. 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. Feds' mole's disappearing debt - Chicago Sun-Times A federal appeals panel has ruled an Illinois state agency didn't violate . The Chicago studio opened in 2010. 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. They've carefully guarded their secret, but when a mysterious young man enters their lives, the couples' quiet existence is quickly upended. Illinois offers production companies 30% tax credits on production costs and on salaries up to $100,000 through 2026. how interested you are in the Fire, whose season begins Saturday against New York City FC at Soldier Field. Block Club Chicago is a nonprofit news organization dedicated to . Illinois has a 30% tax credit that. TPG Real Estate Buys Cinespace Toronto, Chicago Studios for $1.1 This timely and provocative drama is set against the systemic abuse that exists in some of our country's most vulnerable communities. 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. At the Intersection of advertising, TV, film and production. The program has provided training to local youth and young adults, giving its apprentices the opportunity to work on Cinespace Chicago campus productions. DOWNLOAD THE FOX 32 NEWS APP. . On Tuesday, Mayor Lori Lightfoot of Chicago, the first Black woman and first openly L.G.B.T.Q. Much Shelist P.C. 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. Stay on top of the latest advertising, film, TV, entertainment and production news. 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. Lightyears is a sci-fi drama co-produced by Amazon Studios and Legendary Television by writer Holden Miller and producer Daniel C. Connolly. J.B. Pritzker said in the TPG statement. (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 . Your preeminent production platform with 36 active stages across its 1.6 million square foot two campuses, located within 15 minutes of downtown. The CineCares Foundation aims to empower Chicago residents in these communities by creating opportunities for education and employment in the TV and film industry. Keep up to date with our latest industry news, from across the world. Watch. 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. Thanks for subscribing to Block Club Chicago, an independent, 501(c)(3), journalist-run newsroom. Cinespace Chicago Film Studios Welcomes New Productions, They were among the real pioneers in building something special in our city - they have helped me champion the local industry and attract new jobs and investments here. 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, Cinespace Studios Announces Updates to Platform Following Annual General Meeting at Studio Babelsberg, Cinespace Names Andy Weltman Co-CEO of Legendary Studio Babelsberg, Illinois Shatters Record for Film Production Revenues at $630 Million in Economic Impact, Chicago Public Servant Michael Scott Jr. to Join Cinespace Studios as Director of Industry and Community Relations, Cinespace and York University Commit $3.12 Million to Motion Media Studio for Students, Illinois Film Production Tax Credit Expanded. Cinespace Chicago opened in 2010 and currently operates 33 stages, with an additional 15 stages undergoing development or conversion on more than 60 acres. According to the news release, TPG plans to expand upon the program, but did not provide further details. Cinespace Chicago Film Studio Arts & Culture. Cinespace is building a Hollywood-style studio - Time Out Chicago 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. Alex Pissios has confirmed that Cinespace Chicago Film Studios and Cinespace Toronto, the amazing empire that he and his uncle Nick Mirkopolous built on a dream, has been sold to TPG Real Estate, a West Coast based global alternative asset manager. Every dime we make fundsreportingfrom Chicagos neighborhoods. Sources: Feds made recordings at Cinespace Chicago - Chicago Tribune Your fullest creative potential. Heres How to See the Dazzling Duo, Vallas and Johnson Headed to Chicago Mayoral Runoff, Lightfoot Denied Second Term, Indicted Ald. I am thrilled to see this acquisition expand our capability for content creation, Lightfoot said. The acquisition of Cinespace comes as the streaming content boom has Wall Street and hedge funds eyeing studio campuses for acquisition. 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. 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