CHICAGO, April 21, 2021 (GLOBE NEWSWIRE) -- The film industry in Chicago is back up and rolling! Reporting to Eoin Egan, COO and Co-Managing Partner, she will be responsible for . 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 . Your preeminent production platform with 36 active stages across its 1.6 million square foot two campuses, located within 15 minutes of downtown. We also wanted to know or did we? 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, continued Alex Pissios, President and CEO of Cinespace Chicago. The deal will also expand Cinespaces social impact work in Chicago by growing the CineCares Foundation, the film studios nonprofit wing. 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. Executive producer Michael B. Jordan (Black Panther) is already shooting the AMC drama series61stStreet at Cinespace Chicago Film Studios. 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. Since opening in 2011, Cinespace has helped bring more than 15,000 new jobs to the area. CHICAGO (CBS) --Ald. Terms of the transaction were not disclosed. Eoin Egan, who formerly worked as head ofproductionservices at Netflix, will be named Cinespaces new COO, according to Deadline. It is home to Dick Wolfs Chicago-set shows, including the One Chicago series, and Showtimes The Chi.. 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. The show follows a couple who discovered a chamber buried in their backyard, which inexplicably leads to a strange, deserted planet. 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. Lightyearswill premiere exclusively on Amazon Prime Video. 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.. 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. 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. This enterprise has been a true family business, and todays transaction marks another important milestone in our 33-year history. 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. //]]> Cinespace Chicago Film Studios shoots shows like "Chicago Fire" and "The Chi" at its North Lawndale campus at 2621 W. 15th Place. 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. Productions ramped back up once the city reopened in June. One of the projects launched under Pissios tenure is a pipeline program called CineCares. The CineCare's Foundation Mirkopoulos Internship Program partners with FOX, HBO, NBCUniversal, Wolf Films, and Studio Mechanics Union Local 476. 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. 415-743-1550, Internet Explorer presents a security risk. I also want to thank the Mirkopoulos family for founding and building up Cinespace here in our city. Chicago has a compelling, beautiful cityscape with so much potential. Stay on top of the latest film, TV, advertising, entertainment and production news! Community has always been core to who we are, said Alex Pissios, CEO of Cinespace. The studio has about 33 sound stages and recently announced it will add up to 19 more soundstages to its campus. The acquisition is expected to accelerate the growth of Chicagos thriving film industry and bring more production jobs to the area, said Avi Banyasz, co-head of TPG Real Estate. 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. The furtive chamber they thought they knew so well turns out to be much more than they could ever have imagined. 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. Launched in Chicago in 2010 by the Pissios family, Cinespace Chicago operates 33 stages, with an additional 15 stages undergoing development or conversion on more than 60 acres near Douglass Park. Cinespace Chicago opened in 2010 and currently operates 33 stages, with an additional 15 stages undergoing development or conversion on more than 60 acres. Ve el apartamento 3N en alquiler en 1448 S Rockwell St en Chicago, IL desde $1200 y encuentra otros apartamentos disponibles en Chicago. The pop-up runs Friday through the end of March. As production begin to ramp back up the studio continues to strictly follow health and safetybest practices from the CDC andIllinois Guidance. In Toronto, Cinespace Film Studios was founded in 1988 by highly revered, (Uncle) Nick Mirkopolous. For more information, visit www.tpg.com. The show follows a couple who discovered a chamber buried in their backyard, which inexplicably leads to a strange, deserted planet. 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. The family-owned Cinespace Chicago Film Studios in North Lawndale has been sold to private equity firm TPG. 2621 West 15th Place Chicago, Illinois 60608 Recent News About Cinespace Chicago Appeals panel turns out lights on Chicago film studio's antitrust suit vs IL Film Office By Scott Holland | Friday, Oct 18, 2019 @ 12:27pm. The Cinespace brand is recognized around the world for the productions filmed on its premises by the most renowned content creation 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. The Midwests production hot spot and second-largest film studio outside of Los Angeles in North America, 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. Michael Scott Jr. (24th), on June 22, 2022. The bar will host a flip cup tournament, trivia nights and, of course, a St. Patrick's Day bash. Cinespace Chicago Film Studios - DePaul University Sep 2021 - Mar 2022 7 months. Learn More Cinespace Toronto All Rights Reserved. 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. 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 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 Chicago's West Side. 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. Keith Gee, of LifeStorage, will become another co-managing partner and CFO. What to watch. Eastdil Secured provided financing advisory to TREP for the transaction. 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. 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.. With all precincts reporting, Monique Scott won 45.4 percent of the vote in a crowded field, while challenger Creative Scott had 12.6 percent. 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.". 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. Chicago has a compelling, beautiful cityscape with so much potential for film productions of all mediums and sizes, Lightfoot said. 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. Cinespace Chicago specializes in the development, management and operation of studio facilities. how interested you are in the Fire, whose season begins Saturday against New York City FC at Soldier Field. 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. Keep up to date with our latest industry news, from across the world. 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. Cinespace Chicago specializes in the development, management, and operation of studio facilities for the film, television, and digital media production 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. Mayor Lori Lightfoot commended the investment for the jobs and productions it will bring to the city. The story centers around four 12-year-old girls who deliver newspapers. Contact Heather Cherone:@HeatherCherone| (773) 569-1863 |[emailprotected]. Theyve carefully guarded their secret, but when a mysterious young man enters their lives, the couples quiet existence is quickly upended. 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. 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. According to the news release, TPG . Detectives were questioning a person who was inside the home at the time. Cinespace Chicago Film Studio president Alexander S. "Alex" Pissios at a news conference last February at Cinespace Chicago Film Studio. 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. A press release from TPG says former Netflix executive Eoin Egan will take over as a co-managing partner and COO. 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. Illinois Governor JB Pritzker commented: Illinois is proud to welcome TPGs investment in Cinespace and Illinois booming film industry. This timely and provocative drama is set against the systemic abuse that exists in some of our country's most vulnerable communities. Located on the west side of downtown Chicago, Cinespace Chicago Film Studios occupies 1.45 million sq. Sign up for our free elert here. ", The Honourable Doug Ford, Premier of Ontario, said: Since launching in 1988, Cinespace has been a pillar of Torontos world class entertainment industry. Chicago has a compelling, beautiful cityscape with so much potential for film productions of all mediums and sizes, Lightfoot said. 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. When Hollywood comes to Chicago to film, they do it Chicago style. "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. They've carefully guarded their secret, but when a mysterious young man enters their lives, the couples' quiet existence is quickly upended. Stay on top of the latest advertising, film, TV, entertainment and production news. 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. The Chicago studio opened in 2010. Cinespace intends to continue growing its studio base following the transaction. The deal also involves studio space owned by Cinespace in Toronto. Despite his legal woes and the attention from Colis indictment, Pissios has remained a player in Chicago real estate. Email Newsroom@BlockClubChi.org. Cinespace was initially launched with a sizable Toronto facility in the late 1980s under the stewardship of the late Nick Mirkopoulos. 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. 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.. Cinespace Toronto has 23 production stages across the city, with another 12 stages planned for development on more than 40 acres. 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. 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. On Tuesday, Mayor Lori Lightfoot of Chicago, the first Black woman and first openly L.G.B.T.Q. Heres How to See the Dazzling Duo, Vallas and Johnson Headed to Chicago Mayoral Runoff, Lightfoot Denied Second Term, Indicted Ald. The city's (non) voters are not a monolith but crowded races and low awareness could be keeping them home, voting organizers say. An effort to help diversify TV and film crews, CineCares has created a meaningful (and paid) foot in the door for people of color. Our clients create groundbreaking films and television. Williamson is a native Chicagoan and rose through the ranks of commercial, non-scripted and scripted TV production starting as a production assistant. 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. 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. 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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 [] Cinespace Studios Sold for $1.1B to TPG Real Estate. Cinespace intends to grow its employee base at each studio as a result of the transaction. 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. While making deliveries the day after Halloween, the girls become involved in a conflict between two groups of time travelers. 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. 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 . You can accept the use of cookies or other identifiers by closing or clicking the accept button. J.B. Pritzker said in the TPG statement. 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. 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. Chicago, Illinois, United States . 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. Oscar-winner Sissy Spacek and three-time Emmy-nominated Ed ONeill will star in the sci-fi drama. TPG, which also owns a majority stake in the Hollywood talent agency CAA, declined to confirm that figure when contacted by the Tribune. 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. It occupies 1.45 million square feet of what use to be the old Ryerson Steel Company. 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. The Toronto studio launched in 1988. The program has provided training to local youth and young adults, giving its apprentices the opportunity to work on Cinespace Chicago campus productions. Sign Up:Stay on top of the latest film, TV, advertising, entertainment and production news! The Hollywood Reporter is a part of Penske Media Corporation. Clickhereto support Block Clubwith atax-deductible donation. Life on a third straight one-year contract with the mega-talented Astros isnt bad at all. ft. of what use to be the old Ryerson Steel Company. 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. With the city at capacity, having a private equity firm running Cinespace could lead to growth. media@tpg.com Cinespace Chicago opened in 2010 and currently operates 33 stages, with an additional 15 stages undergoing development or conversion on more than 60 acres. Key tenants at Cinespace include 312 Fast Draw, AbelCine, Cinelease, DePaul FilmSchool, Keslow Camera, Lagunitas, and Periscope Post & Audio. Illinois offers production companies 30% tax credits on production costs and on salaries up to $100,000 through 2026. 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. Officials with TPG, a Texas- and California-based buyout firm, did not reveal how much it paid for Cinespace's operations in . [CDATA[ The Studios also announced four new series filming at its facilities as productions begin to ramp back up with additional health and safety protocols. New programs scheduled to film at Cinespace Chicago Film Studios this spring include Lightyears, 61st Street, Power Book IV: Force, and Paper Girls.