TPG Real Estate Buys Cinespace Toronto, Chicago Studios for $1.1 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. TPG Real Estate Buys Cinespace Toronto, Chicago Studios for $1.1 ", The Honourable Doug Ford, Premier of Ontario, said: Since launching in 1988, Cinespace has been a pillar of Torontos world class entertainment industry. "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. Information. It is home to Dick Wolfs Chicago-set shows, including the One Chicago series, and Showtimes The Chi.. 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 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. TPGs investment will expand these efforts and provide more jobs for Illinois.. 1448 S Rockwell St Chicago, IL 60608 - Alquileres en Chicago, IL 24th Ward candidates headed to April runoff. Cinespace Chicago Film Studios Being Sold For $1 Billion person to lead the city, failed to advance to a runoff, earning just 17 . 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 intends to continue growing its studio base following the transaction. 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. Executive producer Michael B. Jordan (Black Panther) is already shooting the AMC drama series 61st Street at Cinespace Chicago Film Studios. Egan and Gee are accomplished executives who have significant experience building and scaling businesses. 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. Ald. Michael Scott Jr. resigning from City Council, joining 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. newsletter here. Cinespace was initially launched with a sizable Toronto facility in the late 1980s under the stewardship of the late Nick Mirkopoulos. An effort to help diversify TV and film crews, CineCares has created a meaningful (and paid) foot in the door for people of color. Contact Heather Cherone:@HeatherCherone| (773) 569-1863 |[emailprotected]. 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. 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. 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 . New programs scheduled to film at Cinespace Chicago Film Studios this spring include Lightyears, 61st Street, Power Book IV: Force, and Paper Girls. The deal includes both the Chicago and Toronto locations, which have more than 50 soundstages combined. Cinespace Expansion Will Bring More TV Shows And Jobs To Chicago, CEO 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. CHICAGO, April 21, 2021 (GLOBE NEWSWIRE) -- The film industry in Chicago is back up and rolling! Chicago, Illinois, United States . Got a story tip? 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. Crains Chicago Business reported the sale price as $1.1 billion. . Cinespace Studios Chicago and Toronto aquired by TPG Real Estate in $1 Today's news is good news for Cinespace Studios, our city, and our thriving film sector. Illinois has a 30% tax credit that. By clicking below to submit this form, you acknowledge that the information you provide will be processed in accordance with our Privacy Policy. 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. Much Shelist P.C. DOWNLOAD THE FOX 32 NEWS APP. [CDATA[ Pissios cooperation earned him a non-prosecution deal with federal prosecutors on fraud charges tied to his 2011 personal bankruptcy. You can accept the use of cookies or other identifiers by closing or clicking the accept button. According to Crains Chicago Business, TPG, in a statement, has confirmed that its TPG Real Estate Partners unit has made the acquisition. 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. 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. Community has always been core to who we are, said Alex Pissios, CEO of Cinespace. 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. For more information, visit www.tpg.com. Mayor Lori Lightfoot said in a statement she was thrilled Cinespaces new owners plan to expand its workforce. 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. Cinespace is up and rolling with 4 new series and more Reel Chicago News Cinespace Chicago Film Studios shoots shows like "Chicago Fire" and "The Chi" at its North Lawndale campus at 2621 W. 15th Place. Subscribe:Sign up for our FREE e-lert here. Consumer appetite for original content 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, Bantasz said. As part of the acquisition, Eoin Egan and Keith Gee will join Cinespace as co-managing partners and COO and CFO, respectively. Skip to content About Us Locations CinecaresNews Contact Log In Cinespace Chicago Cinespace Toronto Follow our newsletter to keep up with new offerings and opportunities at Cinespace and key developments across our entire industry. To learn more, please refer to the cookie policy. 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. The show follows a couple who discovered a chamber buried in their backyard, which inexplicably leads to a strange, deserted planet. 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. As part of the acquisition, Eoin Egan and Keith Gee will join Cinespace as co-managing. 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. Chicago currently has one other soundstage facility, Chicago Studio City, which is considerably smaller. Terms of the transaction were not disclosed. This courtroom drama follows a promising black high school athlete who is swept up into the Chicago criminal justice system. The pop-up runs Friday through the end of March. They've carefully guarded their secret, but when a mysterious young man enters their lives, the couples' quiet existence is quickly upended. In Chicago, Cinespace Chicago Film Studios virtually rose up out of an abandoned steel mill. The studio was acquired by TPG Real Estate in a deal announced Friday. (Brian Cassella / Chicago Tribune). To ensure the most secure and best overall experience on our website, we recommend the latest versions of. 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. ft. of what use to be the old Ryerson Steel Company. 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. 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. About Us Locations CineCares News Contact Cinespace Chicago Cinespace Toronto Studio Babelsberg Cinespace We're the perfect partner for your next production. This website uses cookies or other identifiers, which are necessary for its functioning. how interested you are in the Fire, whose season begins Saturday against New York City FC at Soldier Field. When current Illinois Film Office director Peter Hawley was appointed two years ago, he talked about the need for more soundstage space. Illinois is proud to welcome TPGs investment in Cinespace and Illinois booming film industry, Gov. Monique Scott was sworn into City Council to replace her brother, former Ald. Eoin Egan, who formerly worked as head ofproductionservices at Netflix, will be named Cinespaces new COO, according to Deadline. 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. Teagan Pompa - Senior Studio Technician - Cinespace Chicago Film Oscar-winner Sissy Spacek and three-time Emmy-nominated Ed O'Neill will star in the sci-fi drama. According to the news release, TPG . It's how we act that makes a difference: we offer education and training to engage, support and contribute to our communities. Cinespace is building a Hollywood-style studio - Time Out Chicago One of Pissios' deepest passions while CEO of Cinespace was to provide education and job training within the film industry. CineCares Foundation, which was founded by Cinespace Chicago, aims to provide job training and education in the TV and film industry to underserved communities. TPG Real Estate has a portfolio of some $5 billion in properties under management, according to the company website. TPG Real Estate Acquired Cinespace Studios In Chicago And - Deadline J.B. Pritzker. As the Dick Wolf, One Chicago series prepares to wrap soon for the season, Cinespace announced four new series filming at its facilities. CineCares creates pathways into the film industry for young people on the South and West Sides through job training, education and internships at Cinespace. CineCares is how we support, promote, and engage local communities. Illinois Governor JB Pritzker commented: Illinois is proud to welcome TPGs investment in Cinespace and Illinois booming film industry. . 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. Thanks for subscribing to Block Club Chicago, an independent, 501(c)(3), journalist-run newsroom. 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. 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. Cinespace Chicago Entertainment | Film/Movies. 19 talking about this. The Chicago-based chain, which also has locations in Milwaukee, Minneapolis and Dallas, opened the Wicker Park location in 2017. their facilities, and in 2011, Cinespace Chicago Film Studios opened on the 70-acre site of the former Ryerson steel complex. ft. of what use to be the old Ryerson Steel Company. Cinespace Toronto has 23 production stages across the city, with another 12 stages planned for development on more than 40 acres. Mayor Lori Lightfoot added, Chicago has a compelling, beautiful cityscape with so much potential for film productions of all mediums and sizes. 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. The Studios also announced four new series filming at its facilities as productions begin to ramp back up with additional health and safety protocols. (StockSnap / Pixabay). Keep up to date with our latest industry news, from across the world. 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. Keep up with new offerings and opportunities at Cinespace and key developments across our entire industry. 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.. For more information on programs filming at Cinespace Chicago Film Studios or for information on CineCares Foundation, please visit ChicagoFilmStudios.com or CineCaresFoundation.org. Jones Lang Lasalle served as financial advisor to TREP. 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. 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. Clickhereto support Block Clubwith atax-deductible donation. At the Intersection of advertising, TV, film and production. 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. 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 . The combined Cinespace Chicago and Toronto film studios, founded by the Mirkopoulos and Pissios families, are the largest soundstage in the United States outside of Hollywood. The city's (non) voters are not a monolith but crowded races and low awareness could be keeping them home, voting organizers say. 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. Keith Gee, of LifeStorage, will become another co-managing partner and CFO. 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 bar will host a flip cup tournament, trivia nights and, of course, a St. Patrick's Day bash. Contact | Cinespace Mayor Lori Lightfoot commended the investment for the jobs and productions it will bring to the city. When Hollywood comes to Chicago to film, they do it Chicago style. Chicago is an entity of its own. Key tenants at Cinespace include 312 Fast Draw, AbelCine, Cinelease, DePaul FilmSchool, Keslow Camera, Lagunitas, and Periscope Post & Audio. For more information on programs filming at Cinespace Chicago Film Studios or for information on CineCares Foundation, please visitChicagoFilmStudios.com orCineCaresFoundation.org.
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