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. Teagan Pompa - Senior Studio Technician - Cinespace Chicago Film 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. What you need to live your best life now. Eastdil Secured provided financing advisory to TREP for the transaction. 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. 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 free elert here. This timely and provocative drama is set against the systemic abuse that exists in some of our country's most vulnerable communities. 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 . In Chicago, Cinespace Chicago Film Studios virtually rose up out of an abandoned steel mill. Cinespace Toronto has 23 production stages across the city, with another 12 stages planned for development on more than 40 acres. The Cinespace brand is recognized around the world for the productions filmed on its premises by the most renowned content creation companies. 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. Lightyears is a sci-fi drama co-produced by Amazon Studios and Legendary Television by writer Holden Miller and producer Daniel C. Connolly. 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. The city's (non) voters are not a monolith but crowded races and low awareness could be keeping them home, voting organizers say. Media Contact Cinespace Chicago sells to Texas real estate company Bridgeport bank failure fallout: Washington Federal Bank for Savings Cinespace Chicago Film Studios announces huge expansion by the - WGN According to Crains Chicago Business, TPG, in a statement, has confirmed that its TPG Real Estate Partners unit has made the acquisition. When current Illinois Film Office director Peter Hawley was appointed two years ago, he talked about the need for more soundstage space. The studio was acquired by TPG Real Estate in a deal announced Friday. He was so successful in this endeavor that CineCares created 7,500 new jobs. This enterprise has been a true family business, and todays transaction marks another important milestone in our 33-year history. Heres How to See the Dazzling Duo, Vallas and Johnson Headed to Chicago Mayoral Runoff, Lightfoot Denied Second Term, Indicted Ald. CineCares creates pathways into the film industry for young people on the South and West Sides through job training, education and internships at 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. Cinespace Studios has sold for $1.1B to TPG Real Estate - ReelChicago.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. CHICAGO (CBS) --Ald. It occupies 1.45 million square feet of what use to be the old Ryerson Steel Company. Follow our newsletter to keep up with new offerings and opportunities at Cinespace - and key developments across our entire industry. Gov. Skoronski is productive: in three seasons as Northwesterns starting left tackle, he allowed just five sacks in 2,364 snaps. 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. Zach Long. Cinespace Chicago Film Studios welcomes several new productions to its growing campus. PDF Ever more enticing tax credits, locations renaissance in Chicago and Cinespace Chicago has 33 stages, with an additional 15 stages to be developed or converted on more than 60 acres. TPG Real Estate Buys Cinespace Toronto, Chicago Studios for $1.1 TPG Real Estate, a Texas- and California-based firm, bought the Chicago studio along with Cinespace Toronto for an estimated $1.1 billion, Deadline reports. To learn more, please refer to the cookie policy. 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 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. Williamson is a native Chicagoan and rose through the ranks of commercial, non-scripted and scripted TV production starting as a production assistant. Cinespace Studios Chicago and Toronto aquired by TPG Real Estate in $1 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 furthers their vision to build a premier global production 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. For more information, visit www.tpg.com. Cinespace Studios Sold to Private Equity Firm | Chicago News | WTTW About Us Locations CineCares News Contact Cinespace Chicago Cinespace Toronto Studio Babelsberg Cinespace We're the perfect partner for your next production. A global hub for premium content production, services and support that ensures your team reaches their fullest creative potential. 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 Studios Sold for $1.1B to TPG Real Estate. The Hollywood Reporter is a part of Penske Media Corporation. 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. Cinespace furthers their vision to build a premier global production platform Reel Chicago News Cinespace Studios announced a series of key leadership changes at Studio Babelsberg, a leading German film studio majority owned by Cinespace. TPG Real Estate Buys Cinespace Toronto, Chicago Studios for $1.1 TPG Real Estate Acquires Leading Sound Stage Owner Cinespace Studios The Studios also announced four new series filming at its facilities as productions begin to ramp back up with additional health and safety protocols. 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. ft. of what use to be the old Ryerson Steel Company. Sign up for our Eat. Polling Place: Is Patrick Kane the greatest Blackhawk ever. The furtive chamber they thought they knew so well turns out to be much more than they could ever have imagined. 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. The show follows a couple who discovered a chamber buried in their backyard, which inexplicably leads to a strange, deserted planet. 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. Lightyears is a sci-fi drama co-produced by Amazon Studios and Legendary Television by writer Holden Miller and producer Daniel C. Connolly. 19 talking about this. Cinespace Chicago opened in 2010 and currently operates 33 stages, with an additional 15 stages undergoing development or conversion on more than 60 acres. Today In The Culture, March 2, 2023: Duck Pop-Up | Lettuce Entertains Mayor Lori Lightfoot said in a statement she was thrilled Cinespaces new owners plan to expand its workforce. 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. It was a stunning rebuke. 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 Entertainment | Film/Movies. 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. Poles needs to make sure Eberflus maintains significant input. To learn more, please refer to the cookie policy. You can accept the use of cookies or other identifiers by closing or clicking the accept button. The show follows a couple who discovered a chamber buried in their backyard, which inexplicably leads to a strange, deserted planet. This courtroom drama follows a promising black high school athlete who is swept up into the Chicago criminal justice system. New production scheduled to film at Cinespace Chicago Film Studios this spring includeLightyears,61stStreet,Power Book IV: Force, and Paper Girls. how interested you are in the Fire, whose season begins Saturday against New York City FC at Soldier Field. Sources: Feds made recordings at Cinespace Chicago - Chicago Tribune Chicago currently has one other soundstage facility, Chicago Studio City, which is considerably smaller. 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. (Brian Cassella / Chicago Tribune). By clicking below to submit this form, you acknowledge that the information you provide will be processed in accordance with our Privacy Policy. Alex Pissios On the Future of Cinespace Chicago and His - News Anyway When Hollywood comes to Chicago to film, they do it Chicago style. The CineCares Foundation aims to empower Chicago residents in these communities by creating opportunities for education and employment in the TV and film industry. Executive producer Michael B. Jordan (Black Panther) is already shooting the AMC drama series61stStreet at Cinespace Chicago Film Studios. Cinespace Chicago specializes in the development, management, and operation of studio facilities for the film, television, and digital media production industry. 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. 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, Cinespace Studios Announces Updates to Platform Following Annual General Meeting at Studio Babelsberg, Cinespace Names Andy Weltman Co-CEO of Legendary Studio Babelsberg, Illinois Shatters Record for Film Production Revenues at $630 Million in Economic Impact, Chicago Public Servant Michael Scott Jr. to Join Cinespace Studios as Director of Industry and Community Relations, Cinespace and York University Commit $3.12 Million to Motion Media Studio for Students, Illinois Film Production Tax Credit Expanded. window.__mirage2 = {petok:"GL3.c8oBr.U4p6a6d_QPYkkKQ28t0k7.ps5ff2XyKPQ-1800-0"}; General Inquiries 773.521.8000 studioinfo@cinespace.com 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. New programs scheduled to film at Cinespace Chicago Film Studios this spring include Lightyears, 61st Street, Power Book IV: Force, and Paper Girls. 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.
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