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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. State grants heavily financed Cinespaces expansion into Chicago under Pissios uncle, Nick Mirkopoulos, who founded Cinespace in Toronto in the 1980s. Cinespace intends to continue growing its studio base following the transaction. Were expanding beyond our workforce development program in Chicago to Toronto so stay in touch for updates. 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 Film Studios sprawling 60-acre campus is located on the West Side, with the main studios at 2621 W. 15th Place in North Lawndale. With the city at capacity, having a private equity firm running Cinespace could lead to growth. Lightyears will premiere exclusively on Amazon Prime Video. This website uses cookies or other identifiers, which are necessary for its functioning. Chicago is an entity of its own. 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. 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 Film Studios welcomes several new productions to its growing campus. Since opening in 2011, Cinespace has helped bring more than 15,000 new jobs to the area. The two are not related. Scott Vs. Scott: Ald. Monique Scott Headed To Runoff Against Creative Got a story tip? their facilities, and in 2011, Cinespace Chicago Film Studios opened on the 70-acre site of the former Ryerson steel complex. The series of film studio facilities occupy over 1 million square feet of studio, office and support space on over 40 acres of land. 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 Film Studios specializes in the Development, Management & Operation of Studio Facilities. For more information, visit www.tpg.com. The program has provided training to local youth and young adults, giving its apprentices the opportunity to work on Cinespace Chicago campus productions. TPG Real Estate Buys Cinespace Toronto, Chicago Studios for $1.1 For more information on programs filming at Cinespace Chicago Film Studios or for information on CineCares Foundation, please visit ChicagoFilmStudios.com or CineCaresFoundation.org. 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. Michael Scott Jr. (24th), on June 22, 2022. Mayor Lori Lightfoot said in a statement she was thrilled Cinespaces new owners plan to expand its workforce. To learn more, please refer to the cookie policy. Our clients create groundbreaking films and television. Its how we build something beyond facilities, develop a stronger, more diverse workforce, broaden educational platforms, change the narrative behind the camera, and affect meaningful change to create a more vibrant industry. New programs scheduled to film at Cinespace Chicago Film Studios this spring include Lightyears, 61st Street, Power Book IV: Force, and Paper Girls. Clickhereto support Block Clubwith atax-deductible donation. TPGs purchase of Cinespace is not an outlier, but part of a larger trend, thanks to a nationwide shortage of available stage space due to the onslaught of projects demanded by streaming services. 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. For more information or to contract studio or business space at Cinespace, visit the website at ChicagoFilmStudios.com. Cinespace intends to grow its employee base in Chicago and Toronto, officials 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. 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, continued Jacob Muller, Managing Director at TREP. PDF Ever more enticing tax credits, locations renaissance in Chicago and As part of the acquisition, Eoin Egan and Keith Gee will join Cinespace as co-managing partners and COO and CFO, respectively. Contact Heather Cherone:@HeatherCherone| (773) 569-1863 |[emailprotected]. 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. 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. In addition to film production, the campus is home to Stage 18 Chicago, a 501(c) 3 organization and incubator established to retain and grow talent in Chicago. 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. 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. The bar will host a flip cup tournament, trivia nights and, of course, a St. Patrick's Day bash. One of the projects launched under Pissios tenure is a pipeline program called CineCares. DOWNLOAD THE FOX 32 NEWS APP. As The Hollywood Reporter noted in August: The studio lot industry is riding high on private equity money as investors bet that the busy facilities boosted by streaming projects will offer better returns than office towers.. Alex Pissios On the Future of Cinespace Chicago and His - News Anyway As part of Cinespace's commitment to the neighborhood, the family established CineCares Foundation to train and employ area residents through education and job training in TV & Film. 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. 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. Eoin Egan, who served as the head of production services at Netflix, will serve as the chief operating officer of Cinespace, officials said. TPG is bullish on the Chicago film scene as well. 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.". 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. As the Dick Wolf, One Chicago series prepares to wrap soon for the season, Cinespace announced four new series filming at its facilities. 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. Sign up for our free elert here. Productions ramped back up once the city reopened in June. Oscar-winner Sissy Spacek and three-time Emmy-nominated Ed ONeill will star in the sci-fi drama. Were really happy to have the industry back in action on our campus, said Alex Pissios, president and CEO of Cinespace Chicago Film Studios. Cinespace Chicago adds 100K sq. ft. of production space as filming TPG Real Estate has a portfolio of some $5 billion in properties under management, according to the company website. When current Illinois Film Office director Peter Hawley was appointed two years ago, he talked about the need for more soundstage space. On Tuesday, Mayor Lori Lightfoot of Chicago, the first Black woman and first openly L.G.B.T.Q. The furtive chamber they thought they knew so well turns out to be much more than they could ever have imagined. 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. 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. A global hub for premium content production, services and support that ensures your team reaches their fullest creative potential. 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). The family-owned Cinespace Chicago Film Studios in North Lawndale has been sold to private equity firm TPG. . The Hollywood Reporter is a part of Penske Media Corporation. TPG Real Estate Acquires Leading Sound Stage Owner Cinespace Studios Skip to content Reel Chicago News At the Intersection of advertising, TV, film and production REEL PRO Subscribe:Sign up for our FREE e-lert here. The Cinespace brand is recognized. 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. (Brian Cassella / Chicago Tribune). Its a done deal! said Pissios. Egan and Gee are accomplished executives who have significant experience building and scaling businesses. Stay on top of the latest film, TV, advertising, entertainment and production news! Cinespace Chicago Film Studio president Alexander S. "Alex" Pissios at a news conference last February at Cinespace Chicago Film Studio. Executive producer Michael B. Jordan (Black Panther) is already shooting the AMC drama series61stStreet at Cinespace Chicago Film Studios. Illinois Governor JB Pritzker commented: Illinois is proud to welcome TPGs investment in Cinespace and Illinois booming film industry. 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 Chicago specializes in . 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.. Chicago has a compelling, beautiful cityscape with so much potential for film productions of all mediums and sizes, Lightfoot said. It's how we act that makes a difference: we offer education and training to engage, support and contribute to our communities. Our Locations Cinespace Chicago Your preeminent production platform with 36 active stages across its 1.6 million square foot two campuses, located within 15 minutes of downtown. The soundstages for Dick Wolf's 'Chicago Fire' and Netflix's 'Umbrella Academy' have been picked up by the real estate investor amid a streaming content boom. The GM and coach seem to be more cohesive than Ryan Pace was with Matt Nagy and John Fox. ft. of what use to be the old Ryerson Steel Company. 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. 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. Located on the west side of downtown Chicago, Cinespace Chicago Film Studios occupies 1.45 million sq.