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.. 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. 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. 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. 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. Cinespace was initially launched with a sizable Toronto facility in the late 1980s under the stewardship of the late Nick Mirkopoulos. Website. Media Contact At the Intersection of advertising, TV, film and production. 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). Box Office: Michael B. 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Sued For Sharing Bidens Presidential Ads Before They Aired, Paramount Will Pay $122.5M to Settle CBS-Viacom Merger Lawsuit, A24 Buys Off-Broadways Cherry Lane Theatre, Pay TV and Cable Providers Lost 5.8M Subscribers in 2022, Star Hairstylist Jen Atkin Reveals Must-Have Hair Tools, Tutorials and Pro Tips In New MasterClass, Rihannas Puma x Fenty Is Coming Back Heres Where You Can Still Buy Those Cult-Fave Creepers, The Best Bridesmaid Dresses for Every Budget, From Under-$100 Gowns to Hollywood-Inspired Classics, BTS Army: Heres When and Where Legos Dynamite-Inspired Set Arrives Online and In Stores, The Big Lebowski Turns 25: People Didnt Get It, Jeff Bridges Recalls, How the Landscape of Native-Led Stories Has Changed Between Avatars: Were Flexing Our Sovereignty, The Definitive Voice of Entertainment News. Cinespace Studios in Chicago has 33 stages, with 15 more under development. ", The Honourable Doug Ford, Premier of Ontario, said: Since launching in 1988, Cinespace has been a pillar of Torontos world class entertainment industry. The acquisition of Cinespace comes as the streaming content boom has Wall Street and hedge funds eyeing studio campuses for acquisition. Cinespace Chicago opened in 2010 and currently operates 33 stages, with an additional 15 stages undergoing development or conversion on more than 60 acres. Monique Scott needed more than 50 percent of the vote to avoid a runoff. Cinespace Toronto has 23 production stages across the city, with another 12 stages planned for development on more than 40 acres. Skip to content About Us Locations CinecaresNews Contact Log In Cinespace Chicago Cinespace Toronto Cinespace intends to grow its employee base at each studio as a result of the transaction. Illinois has a 30% tax credit that. Executive producer Michael B. Jordan (Black Panther) is already shooting the AMC drama series61stStreet at Cinespace Chicago Film Studios. Leslie Shribman and Courtney Power newsletter here. About Us Locations CineCares News Contact Cinespace Chicago Cinespace Toronto Studio Babelsberg Cinespace We're the perfect partner for your next production. I also want to thank the Mirkopoulos family for founding and building up Cinespace here in our city. The story centers around four 12-year-old girls who deliver newspapers. J.B. Pritzker said in the TPG statement. Cinespace Chicago Film Studio Arts & Culture. 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. how interested you are in the Fire, whose season begins Saturday against New York City FC at Soldier Field. Learn More Cinespace Toronto By clicking below to submit this form, you acknowledge that the information you provide will be processed in accordance with our Privacy Policy. Eoin Egan, who served as the head of production services at Netflix, will serve as the chief operating officer of Cinespace, officials said. Cinespace Chicago specializes in . "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. 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. Cinespace Chicago Film Studios shoots shows like "Chicago Fire" and "The Chi" at its North Lawndale campus at 2621 W. 15th Place. 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. Jones Lang Lasalle served as financial advisor to TREP. All Rights Reserved. Information. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. The family-owned Cinespace Chicago Film Studios in North Lawndale has been sold to private equity firm TPG. But the latest news, received glee-fully by producers, may deliver still more impetus to Chicago's impressive growth . 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. Mayor Lori Lightfoot said in a statement she was thrilled Cinespaces new owners plan to expand its workforce. As part of the acquisition, Eoin Egan and Keith Gee will join Cinespace as Co-Managing Partners and COO and CFO, respectively. A global hub for premium content production, services and support that ensures your team reaches their fullest creative potential. 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. Every dime we make fundsreportingfrom Chicagos neighborhoods. Follow our newsletter to keep up with new offerings and opportunities at Cinespace - and key developments across our entire industry. Force is set on Chicago's 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. Lightyearswill premiere exclusively on Amazon Prime Video. Im around for six more months. After that, Alex and the other members of the family owned business will no longer be involved in the operation. According to Crains Chicago Business, TPG, in a statement, has confirmed that its TPG Real Estate Partners unit has made the acquisition. As production begin to ramp back up the studio continues to strictly follow health and safetybest practices from the CDC andIllinois Guidance. The series of film studio facilities occupy over 1 million square feet of studio, office and support space on over 40 acres of land. Cinespace intends to continue growing its studio base following the transaction. He was so successful in this endeavor that CineCares created 7,500 new jobs. This website uses cookies or other identifiers, which are necessary for its functioning. Gov. News about the Studio and Production Facility Industry | Cinespace News and industry updates about Cinespace, as well as the entire industry devoted to filming locations, production facilities, and studio space. For more information, visit www.tpg.com. 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. Lightyears is a sci-fi drama co-produced by Amazon Studios and Legendary Television by writer Holden Miller and producer Daniel C. Connolly. While making deliveries the day after Halloween, the girls become involved in a conflict between two groups of time travelers. Block Club Chicago is a nonprofit news organization dedicated to delivering reliable, nonpartisan and essential coverage of Chicagos diverse neighborhoods. The CineCares Foundation aims to empower Chicago residents in these communities by creating opportunities for education and employment in the TV and film 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. Cinespace also has a significant presence in Toronto. Stay on top of the latest advertising, film, TV, entertainment and production news. Officials with TPG, a Texas- and California-based buyout firm, did not reveal how much it paid for Cinespaces operations in Chicago and Toronto. 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. Located on the west side of downtown Chicago, Cinespace Chicago Film Studios occupies 1.45 million sq. media@tpg.com 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. 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. Egan and Gee are accomplished executives who have significant experience building and scaling businesses. person to lead the city, failed to advance to a runoff, earning just 17 . 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. 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. CineCares creates pathways into the film industry for young people on the South and West Sides through job training, education and internships at Cinespace. It is home to Dick Wolfs Chicago-set shows, including the One Chicago series, and Showtimes The Chi.. Mayor Lori Lightfoot added, Chicago has a compelling, beautiful cityscape with so much potential for film productions of all mediums and sizes. Terms of the deal, and the purchase price, were not mentioned in the release. The GM and coach seem to be more cohesive than Ryan Pace was with Matt Nagy and John Fox. 415-743-1550, Internet Explorer presents a security risk. Sign up for our Eat. 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. The statement also includes praise from Mayor Lori Lightfoot and Gov. The studio recently announced it will add up to 19 more soundstages to its campus, about 50 percent more than the studio already has. 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. Chicago is not trying to be Hollywood. CHICAGO, April 21, 2021 (GLOBE NEWSWIRE) -- The film industry in Chicago is back up and rolling! Subscribe:Sign up for our FREE e-lert here. One of the projects launched under Pissios tenure is a pipeline program called CineCares. Cinespace Chicago specializes in the development, management and operation of studio facilities. Chicago's then-Mayor Rahm Emanuel announced the job creation and his appreciation for Cinespace at a news conference on Sept. 1, 2015. It was a stunning rebuke. The studio has about 33 sound stages and recently announced it will add up to 19 more soundstages to its campus. The story centers around four 12-year-old girls who deliver newspapers. DOWNLOAD THE FOX 32 NEWS APP. For more information on programs filming at Cinespace Chicago Film Studios or for information on CineCares Foundation, please visitChicagoFilmStudios.com orCineCaresFoundation.org. Mayor Lori Lightfoot commended the investment for the jobs and productions it will bring to the city. According to the news release, TPG plans to expand upon the program, but did not provide further details. 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. 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 . What you need to live your best life now. 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. In Chicago, Cinespace Chicago Film Studios virtually rose up out of an abandoned steel mill. Chicago has a compelling, beautiful cityscape with so much potential. Despite his legal woes and the attention from Colis indictment, Pissios has remained a player in Chicago real estate. The bar will host a flip cup tournament, trivia nights and, of course, a St. Patrick's Day bash. New production scheduled to film at Cinespace Chicago Film Studios this spring includeLightyears,61stStreet,Power Book IV: Force, and Paper Girls. Lightyears will premiere exclusively on Amazon Prime Video. Illinois Governor JB Pritzker commented: Illinois is proud to welcome TPGs investment in Cinespace and Illinois booming film industry. their facilities, and in 2011, Cinespace Chicago Film Studios opened on the 70-acre site of the former Ryerson steel complex. The CineCare's Foundation Mirkopoulos Internship Program partners with FOX, HBO, NBCUniversal, Wolf Films, and Studio Mechanics Union Local 476. The pop-up runs Friday through the end of March. Friday April 20 2018. This enterprise has been a true family business, and todays transaction marks another important milestone in our 33-year history. I am thrilled to see this acquisition expand our capability for content creation, Lightfoot said. 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 results of that poll, in a word: Oof. //
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