Follow Your Favorite Chicago's Afternoon News Personalities on Twitter:Follow @SteveBertrand Follow @kpowell720 Follow @maryvandeveldeFollow @LaurenLapka 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. DOWNLOAD THE FOX 32 NEWS APP. Community has always been core to who we are at Cinespace, and I am deeply proud of the employment and education opportunities weve created. 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. 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. 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 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 . Detectives were questioning a person who was inside the home at the time. Clickhereto support Block Clubwith atax-deductible donation. Chicago, Illinois, United States . Illinois Governor JB Pritzker commented: Illinois is proud to welcome TPGs investment in Cinespace and Illinois booming film industry. Cinespace Chicago Film Studio campus in North Lawndale. Cinespace also has a significant presence in Toronto. I want to thank TPG for their commitment and investment in Toronto and the future of Cinespace. "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. Poles needs to make sure Eberflus maintains significant input. 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. 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. 86 active stages. 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. 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. 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. 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.. 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. The soundstages for Dick Wolf's 'Chicago Fire' and Netflix's 'Umbrella Academy' have been picked up by the real estate investor amid a . Cinespace Chicago Film Studio president Alexander S. "Alex" Pissios at a news conference last February at Cinespace Chicago Film Studio. Chicago has a compelling, beautiful cityscape with so much potential for film productions of all mediums and sizes, Lightfoot said. Cinespace was initially launched with a sizable Toronto facility in the late 1980s under the stewardship of the late Nick Mirkopoulos. At the Intersection of advertising, TV, film and production. When current Illinois Film Office director Peter Hawley was appointed two years ago, he talked about the need for more soundstage space. Williamson is a native Chicagoan and rose through the ranks of commercial, non-scripted and scripted TV production starting as a production assistant. 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. Thank you Alex for being the best ambassador this film community could ask for. window.__mirage2 = {petok:"GL3.c8oBr.U4p6a6d_QPYkkKQ28t0k7.ps5ff2XyKPQ-1800-0"}; Learn More Cinespace Toronto Chicago has a compelling, beautiful cityscape with so much potential. 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. Skip to content Reel Chicago News At the Intersection of advertising, TV, film and production REEL PRO 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. 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. 19 talking about this. 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. They've carefully guarded their secret, but when a mysterious young man enters their lives, the couples' quiet existence is quickly upended. For more information on programs filming at Cinespace Chicago Film Studios or for information on CineCares Foundation, please visitChicagoFilmStudios.com orCineCaresFoundation.org. A press release from TPG says former Netflix executive Eoin Egan will take over as a co-managing partner and COO. Media Contact As part of the acquisition, Eoin Egan and Keith Gee will join Cinespace as co-managing partners and COO and CFO, respectively. State grants heavily financed Cinespaces expansion into Chicago under Pissios uncle, Nick Mirkopoulos, who founded Cinespace in Toronto in the 1980s. Sign up for our morning newsletter to get all of our stories delivered to your mailbox each weekday. Were really happy to have the industry back in action on our campus, said Alex Pissios, president and CEO of Cinespace Chicago Film Studios. As production begin to ramp back up the studio continues to strictly follow health and safetybest practices from the CDC andIllinois Guidance. For more information on programs filming at Cinespace Chicago Film Studios or for information on CineCares Foundation, please visit ChicagoFilmStudios.com or CineCaresFoundation.org. 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. He was so successful in this endeavor that CineCares created 7,500 new jobs. Illinois offers production companies 30% tax credits on production costs and on salaries up to $100,000 through 2026. Sign Up:Stay on top of the latest film, TV, advertising, entertainment and production news! 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. person to lead the city, failed to advance to a runoff, earning just 17 . Were expanding beyond our workforce development program in Chicago to Toronto so stay in touch for updates. 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 Honourable Doug Ford, Premier of Ontario, said: Since launching in 1988, Cinespace has been a pillar of Torontos world class entertainment industry. The studio recently announced it will add up to 19 more soundstages to its campus, about 50 percent more than the studio already has. Illinois is proud to welcome TPGs investment in Cinespace and Illinois booming film industry, Gov. I cringe when I hear our town referred to as Hollywood in Chicago. Monique Scott needed more than 50 percent of the vote to avoid a runoff. Cinespace Chicago Film Studios has been home to NBCs Chicago Fire, Chicago Med and Chicago P.D. For more information or to contract studio or business space at Cinespace, visit the website at ChicagoFilmStudios.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. Cinespace Chicago has 33 stages, with an additional 15 stages to be developed or converted on more than 60 acres. The program has provided training to local youth and young adults, giving its apprentices the opportunity to work on Cinespace Chicago campus productions. Chicago has always been a major player in film and TV production, but truth be told, this family took it to a whole new level. Zach Long. Information. Mayor Lori Lightfoot added, Chicago has a compelling, beautiful cityscape with so much potential for film productions of all mediums and sizes. Gov. 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. Cinespace Studios announces that Jane Williamson will join the company as Head of Client Services & Studio Operations in Chicago.Nick Pissios will be leaving the position.. Jane was most recently Production Supervisor on season 2 of Lionsgate TV's Power Book IV: Force and Legendary Entertainment's Night Sky. The Hollywood Reporter is a part of Penske Media Corporation. 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.. Subscribe:Sign up for our FREE e-lert here. 24th Ward candidates headed to April runoff. 2023 The Hollywood Reporter, LLC. Stay on top of the latest film, TV, advertising, entertainment and production news! TPGs investment will expand these efforts and provide more jobs for Illinois.. 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. how interested you are in the Fire, whose season begins Saturday against New York City FC at Soldier Field. With the city at capacity, having a private equity firm running Cinespace could lead to growth. The companys Booth Avenue Studios hosted shoots for Guillermo del Toros The Strain, Heroes: Reborn, Rupture and Between. Do. Life on a third straight one-year contract with the mega-talented Astros isnt bad at all. 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. 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. The indie studio operator was founded by the Toronto-based Mirkopoulos family in 1988, and the Chicago campus was launched in 2010. 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 to date with our latest industry news, from across the world. The statement also includes praise from Mayor Lori Lightfoot and 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. Officials with TPG, a Texas- and California-based buyout firm, did not reveal how much it paid for Cinespaces operations in Chicago and Toronto. Egan and Gee are accomplished executives who have significant experience building and scaling businesses. 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. 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. Today's news is good news for Cinespace Studios, our city, and our thriving film sector. Got a story tip? Eastdil Secured provided financing advisory to TREP for the transaction. The two are not related. Cinespace Chicago Film Studios specializes in the Development, Management & Operation of Studio Facilities. The furtive chamber they thought they knew so well turns out to be much more than they could ever have imagined. The GM and coach seem to be more cohesive than Ryan Pace was with Matt Nagy and John Fox. The Toronto studio launched in 1988. Keep up to date with our latest industry news, from across the world. What to eat. Lightyears is a sci-fi drama co-produced by Amazon Studios and Legendary Television by writer Holden Miller and producer Daniel C. Connolly. I also want to thank the Mirkopoulos family for founding and building up Cinespace here in our city. The results of that poll, in a word: Oof. I look forward to seeing Cinespace and the entire film sector in the city with all the jobs that rely on it continue to grow over the coming years.". During the waning days of Gov. 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. One of the projects launched under Pissios tenure is a pipeline program called CineCares. All Rights Reserved. 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. 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. CHICAGO, April 21, 2021 (GLOBE NEWSWIRE) -- The film industry in Chicago is back up and rolling! (Brian Cassella / Chicago Tribune). Your fullest creative potential. It was a stunning rebuke. 415-743-1550, Internet Explorer presents a security risk. The family-owned Cinespace Chicago Film Studios in North Lawndale has been sold to private equity firm TPG. 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. Follow our newsletter to keep up with new offerings and opportunities at Cinespace - and key developments across our entire industry. 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. While making deliveries the day after Halloween, the girls become involved in a conflict between two groups of time travelers. Chicago's then-Mayor Rahm Emanuel announced the job creation and his appreciation for Cinespace at a news conference on Sept. 1, 2015. 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. Kirkland & Ellis LLP and Davies Ward Phillips & Vineberg LLP served as legal counsel to TREP. 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.. 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. We welcome this acquisition by TPG and look forward to their continued investment in Cinespace and commitment to growing their operations in Toronto. By clicking below to submit this form, you acknowledge that the information you provide will be processed in accordance with our Privacy Policy. To learn more, please refer to the cookie policy. Cinespace Chicago specializes in . Cinespace Chicago specializes in the development, management and operation of studio facilities. 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. 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. 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. Forcewill 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. Heres How to See the Dazzling Duo, Vallas and Johnson Headed to Chicago Mayoral Runoff, Lightfoot Denied Second Term, Indicted Ald. Community has always been core to who we are at Cinespace, and I am deeply proud of the employment and education opportunities weve created, said Alex Pissios, president and CEO of Cinespace Chicago. 3.6 million square feet. The deal will also expand Cinespaces social impact work in Chicago by growing the CineCares Foundation, the film studios nonprofit wing. Cinespace announced in April plans to add 16 sound stages to its campus on the citys Southwest Side, with Pissios at the time telling Crains that the studio had to turn away projects, and that the expansion would add some 1,200 jobs in the local film 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. The CineCare's Foundation Mirkopoulos Internship Program partners with FOX, HBO, NBCUniversal, Wolf Films, and Studio Mechanics Union Local 476. TPG, which also owns a majority stake in the Hollywood talent agency CAA, declined to confirm that figure when contacted by the Tribune. Theyve carefully guarded their secret, but when a mysterious young man enters their lives, the couples quiet existence is quickly upended. 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 [] . Executive producer Michael B. Jordan (Black Panther) is already shooting the AMC drama series61stStreet at Cinespace Chicago Film Studios. Located on the west side of downtown Chicago, Cinespace Chicago Film Studios occupies 1.45 million sq. Oscar-winner Sissy Spacek and three-time Emmy-nominated Ed ONeill will star in the sci-fi drama. It's how we act that makes a difference: we offer education and training to engage, support and contribute to our communities. 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 Studios Sold for $1.1B to TPG Real Estate. 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. 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. newsletter here. 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. 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. Jones Lang Lasalle served as financial advisor to TREP. It occupies 1.45 million square feet of what use to be the old Ryerson Steel Company. 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.. Lightyears will premiere exclusively on Amazon Prime Video. [CDATA[ 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. 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. 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. 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. //