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. Cinespace Chicago Film Studios Being Sold For $1 Billion Illinois has a 30% tax credit that. Jones Lang Lasalle served as financial advisor to TREP. 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. Every dime we make fundsreportingfrom Chicagos neighborhoods. Oscar-winner Sissy Spacek and three-time Emmy-nominated Ed O'Neill will star in the sci-fi drama. Monique Scott needed more than 50 percent of the vote to avoid a runoff. 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.. and Cassels Brock & Blackwell LLP served as legal counsel to Cinespace. Keep up to date with our latest industry news, from across the world. Cinespace Chicago Film Studios specializes in the Development, Management & Operation of Studio Facilities. Lightyears will premiere exclusively on Amazon Prime Video. 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 opened in 2010 and currently operates 33 stages, with an additional 15 stages undergoing development or conversion on more than 60 acres. This timely and provocative drama is set against the systemic abuse that exists in some of our country's most vulnerable communities. Cinespace Chicago specializes in the development, management and operation of studio facilities. Officials with TPG, a Texas- and California-based buyout firm, did not reveal how much it paid for Cinespace's operations in . 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. TPG, which also owns a majority stake in the Hollywood talent agency CAA, declined to confirm that figure when contacted by the Tribune. Key tenants at Cinespace include 312 Fast Draw, AbelCine, Cinelease, DePaul FilmSchool, Keslow Camera, Lagunitas, and Periscope Post & Audio. Skoronski is productive: in three seasons as Northwesterns starting left tackle, he allowed just five sacks in 2,364 snaps. The CineCare's Foundation Mirkopoulos Internship Program partners with FOX, HBO, NBCUniversal, Wolf Films, and Studio Mechanics Union Local 476. The soundstages for Dick Wolf's 'Chicago Fire' and Netflix's 'Umbrella Academy' have been picked up by the real estate investor amid a . This website uses cookies or other identifiers, which are necessary for its functioning. The story centers around four 12-year-old girls who deliver newspapers. 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. The Chicago-based chain, which also has locations in Milwaukee, Minneapolis and Dallas, opened the Wicker Park location in 2017. Cinespace Chicago Film Studios welcomes several new productions to its growing campus. 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. "Jane has worked on the Cinespace lot for many years in several different roles and understands the needs of a production and the Chicago film and TV community," Egan says in a release. Williamson is a native Chicagoan and rose through the ranks of commercial, non-scripted and scripted TV production starting as a production assistant. ft. of what use to be the old Ryerson Steel Company. This timely and provocative drama is set against the systemic abuse that exists in some of our countrys most vulnerable communities. Subscribe to Block Club Chicago,an independent, 501(c)(3), journalist-run newsroom. 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. The show follows a couple who discovered a chamber buried in their backyard, which inexplicably leads to a strange, deserted planet. Block Club Chicago is a nonprofit news organization dedicated to . Much Shelist P.C. Community has always been core to who we are, said Alex Pissios, CEO of 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. To learn more, please refer to the cookie policy. 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. 3.6 million square feet. TPG Real Estate Buys Cinespace Toronto, Chicago Studios for $1.1 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. When Hollywood comes to Chicago to film, they do it Chicago style. 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. Media Contact 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. Your pleasant demeanor, warm smiles, and bigger-than-life personality will be sorely missed on campus. 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 on Toy Story 4 and Thor: Ragnarok. Were expanding beyond our workforce development program in Chicago to Toronto so stay in touch for updates. //]]> TPG Real Estate has a portfolio of some $5 billion in properties under management, according to the company website. The release does not mention any role for Cinespace President and CEO Alex Pissios, whose run as the head of Cinespaces Chicago operation has seen the company expand into the citys premier studio space and purportedly the largest film campus east of California. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. 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.. To learn more, please refer to the cookie policy. ", The Honourable Doug Ford, Premier of Ontario, said: Since launching in 1988, Cinespace has been a pillar of Torontos world class entertainment industry. 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. I cringe when I hear our town referred to as Hollywood in Chicago. #mc_embed_signup{background:#fff; clear:left;width:100%;font-weight:normal;}, Beyond Chicago from the Air with Geoffrey Baer, The Great Chicago Fire: A Chicago Stories Special, Surviving R.Kelly: Final Installment Examines Trial and More Details, Chicago Film Critics Break Down Sight and Sounds New Greatest Films of All Time List, Actor and Director Isaiah Washington Brings New Film to Chicago, Starstruck Memories from Chicago International Film Festival Founder, New Chicago-Set Film Highlights Citys Street Art Scene, After Unexpected Death of Her Husband, Naperville Woman Plans to Finish His Documentary, Venus and Jupiter Will Be Side by Side in Wednesdays Night Sky. Our clients create groundbreaking films and television. Were really happy to have the industry back in action on our campus, said Alex Pissios, president and CEO of Cinespace Chicago Film Studios. Chicago is not trying to be Hollywood. Cinespace Chicago Entertainment | Film/Movies. The story centers around four 12-year-old girls who deliver newspapers. Sign up for our free elert here. What you need to live your best life now. 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. 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. 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 . 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. 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. 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. New production scheduled to film at Cinespace Chicago Film Studios this spring includeLightyears,61stStreet,Power Book IV: Force, and Paper Girls. 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. This courtroom drama follows a promising black high school athlete who is swept up into the Chicago criminal justice system. 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. 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. Do. Cinespace Chicago Film Studios | LinkedIn Your preeminent production platform with 36 active stages across its 1.6 million square foot two campuses, located within 15 minutes of downtown. A federal appeals panel has ruled an Illinois state agency didn't violate . Illinois offers production companies 30% tax credits on production costs and on salaries up to $100,000 through 2026. Film production studio, which could create hundreds of jobs, eyed for The program has provided training to local youth and young adults, giving its apprentices the opportunity to work on Cinespace Chicago campus productions. Illinois Governor JB Pritzker commented: Illinois is proud to welcome TPGs investment in Cinespace and Illinois booming film industry. 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 Hollywood Reporter is a part of Penske Media Corporation. Cinespace Chicago Film Studio | Enjoy Illinois 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 Chicagos West Side. Teagan Pompa - Senior Studio Technician - Cinespace Chicago Film 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. Cinespace Chicago opened in 2010 and currently operates 33 stages, with an additional 15 stages undergoing development or conversion on more than 60 acres. I am thrilled to see this acquisition expand our capability for content creation, Lightfoot said. The family-owned Cinespace Chicago Film Studios in North Lawndale has been sold to private equity firm TPG. 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. Thanks for subscribing to Block Club Chicago, an independent, 501(c)(3), journalist-run newsroom. 24th Ward candidates headed to April runoff - Austin Weekly News By clicking below to submit this form, you acknowledge that the information you provide will be processed in accordance with our Privacy Policy. Cinespace intends to grow its employee base in Chicago and Toronto, officials said. This courtroom drama follows a promising black high school athlete who is swept up into the Chicago criminal justice system. 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. Bridgeport bank failure fallout: Washington Federal Bank for Savings News about the Studio and Production Facility Industry | Cinespace 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. TPG Real Estate Partners ("TREP") is the dedicated real estate equity investment platform of global alternative asset firm TPG. Life on a third straight one-year contract with the mega-talented Astros isnt bad at all. Cinespace Studios has sold for $1.1B to TPG Real Estate - ReelChicago.com Alex Pissios On the Future of Cinespace Chicago and His - News Anyway In Toronto, Cinespace Film Studios was founded in 1988 by highly revered, (Uncle) Nick Mirkopolous. Michael Scott Jr. (24th), on June 22, 2022. Jane Williamson joins Cinespace as Head of Studio Operations Heres How to See the Dazzling Duo, Vallas and Johnson Headed to Chicago Mayoral Runoff, Lightfoot Denied Second Term, Indicted Ald. 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. 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 . The furtive chamber they thought they knew so well turns out to be much more than they could ever have imagined. 2023 The Hollywood Reporter, LLC. 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.. Its a done deal! said Pissios. 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. Sign up for our Eat. This enterprise has been a true family business, and todays transaction marks another important milestone in our 33-year history. 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. The deal includes both the Chicago and Toronto locations, which have more than 50 soundstages combined. J.B. Pritzker said in the TPG statement. Officials with TPG, a Texas- and California-based buyout firm, did not reveal how much it paid for Cinespaces operations in Chicago and Toronto. For more information on programs filming at Cinespace Chicago Film Studios or for information on CineCares Foundation, please visit ChicagoFilmStudios.com or CineCaresFoundation.org. Feds' mole's disappearing debt - Chicago Sun-Times Cinespace is up and rolling with 4 new series and more Reel Chicago News Chicago has a compelling, beautiful cityscape with so much potential for film productions of all mediums and sizes, Lightfoot said. Cinespace | Film Studio Locations, Production and Sound Stage Facilities What to watch. Cinespace Chicago adds 100K sq. ft. of production space as filming 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.. 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. 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. One of Pissios' deepest passions while CEO of Cinespace was to provide education and job training within the film industry. 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. Power Book IV: Force, the third spin-off of the popular Starz Power series produced by Lionsgate, is also shooting at Cinespace Chicago Film Studios. The studio has about 33 sound stages and recently announced it will add up to 19 more soundstages to its campus. By clicking below to submit this form, you acknowledge that the information you provide will be processed in accordance with our Privacy Policy. Pascal Sabino 1:39 PM CST on Nov 12, 2021 Productions ramped back up once the city reopened in June. Cinespace Chicago Film Studio Arts & Culture. Eoin Egan, who formerly worked as head ofproductionservices at Netflix, will be named Cinespaces new COO, according to Deadline. The studio was acquired by TPG Real Estate in a deal announced Friday. 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. (StockSnap / Pixabay). To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. Box Office: Michael B. 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Leslie Shribman and Courtney Power 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. 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. A global hub for premium content production, services and support that ensures your team reaches their fullest creative potential. 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. Cinespace Chicago Film Studios has been home to NBC's Chicago Fire, Chicago Med and Chicago P.D. Follow our newsletter to keep up with new offerings and opportunities at Cinespace - and key developments across our entire industry. The results of that poll, in a word: Oof. Cinespace also has a significant presence in Toronto. The Cinespace brand is recognized. 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. 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. Community has always been core to who we are at Cinespace, and I am deeply proud of the employment and education opportunities weve created. CineCares creates pathways into the film industry for young people on the South and West Sides through job training, education and internships at Cinespace. 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.