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Media Contact It is home to Dick Wolfs Chicago-set shows, including the One Chicago series, and Showtimes The Chi.. 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 [] I cringe when I hear our town referred to as Hollywood in Chicago. I am thrilled to see this acquisition expand out capability for content creation and look forward to the jobs and productions it will bring to our region.. ft. of what use to be the old Ryerson Steel Company. Jones Lang Lasalle served as financial advisor to TREP. 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. 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. TPG, which also owns a majority stake in the Hollywood talent agency CAA, declined to confirm that figure when contacted by the Tribune. What to watch. Email Newsroom@BlockClubChi.org. Follow our newsletter to keep up with new offerings and opportunities at Cinespace and key developments across our entire industry. 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.. 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.. Cinespace Chicago specializes in the development, management and operation of studio facilities. The companys Booth Avenue Studios hosted shoots for Guillermo del Toros The Strain, Heroes: Reborn, Rupture and Between. The furtive chamber they thought they knew so well turns out to be much more than they could ever have imagined. 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 . 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. 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. The Chicago-based chain, which also has locations in Milwaukee, Minneapolis and Dallas, opened the Wicker Park location in 2017. This courtroom drama follows a promising black high school athlete who is swept up into the Chicago criminal justice system. and Cassels Brock & Blackwell LLP served as legal counsel to Cinespace. The largest provider of sound stages and production support in the region, at 1.4 million square feet - with a total of 29 stages over three major campuses, including purpose built stages with 45 clear heights. Today, TREP has $5.3 billion of assets under management. Located on the west side of downtown Chicago, Cinespace Chicago Film Studios occupies 1.45 million sq. 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. 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 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. how interested you are in the Fire, whose season begins Saturday against New York City FC at Soldier Field. Skip to content Reel Chicago News At the Intersection of advertising, TV, film and production REEL PRO 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 studio has about 33 sound stages and recently announced it will add up to 19 more soundstages to its campus. The story centers around four 12-year-old girls who deliver newspapers. Oscar-winner Sissy Spacek and three-time Emmy-nominated Ed ONeill will star in the sci-fi drama. Keep up to date with our latest industry news, from across the world. 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. As part of the acquisition, Eoin Egan and Keith Gee will join Cinespace as Co-Managing Partners and COO and CFO, respectively. The indie studio operator was founded by the Toronto-based Mirkopoulos family in 1988, and the Chicago campus was launched in 2010. Watch. 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). Key tenants at Cinespace include 312 Fast Draw, AbelCine, Cinelease, DePaul FilmSchool, Keslow Camera, Lagunitas, and Periscope Post & Audio. 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. 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.. Michael Scott Jr. (24th), on June 22, 2022. The statement also includes praise from Mayor Lori Lightfoot and Gov. Cinespace intends to grow its employee base at each studio as a result of the transaction. As the Dick Wolf, One Chicago series prepares to wrap soon for the season, Cinespace announced four new series filming at its facilities. Chicago currently has one other soundstage facility, Chicago Studio City, which is considerably smaller. Your pleasant demeanor, warm smiles, and bigger-than-life personality will be sorely missed on campus. Since opening in 2011, Cinespace has helped bring more than 15,000 new jobs to the area. 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. 415-743-1550, Internet Explorer presents a security risk. 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. The CineCares Foundation aims to empower Chicago residents in these communities by creating opportunities for education and employment in the TV and film industry. Cinespace Chicago Film Studios shoots shows like "Chicago Fire" and "The Chi" at its North Lawndale campus at 2621 W. 15th Place. TPG Real Estate Partners ("TREP") is the dedicated real estate equity investment platform of global alternative asset firm TPG. Illinois Governor JB Pritzker commented: Illinois is proud to welcome TPGs investment in Cinespace and Illinois booming film industry. Our clients create groundbreaking films and television. 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. 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 series of film studio facilities occupy over 1 million square feet of studio, office and support space on over 40 acres of land. To learn more, please refer to the cookie policy. Sign up for our Eat. 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. Heres How to See the Dazzling Duo, Vallas and Johnson Headed to Chicago Mayoral Runoff, Lightfoot Denied Second Term, Indicted Ald. This enterprise has been a true family business, and todays transaction marks another important milestone in our 33-year history. Life on a third straight one-year contract with the mega-talented Astros isnt bad at all. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. 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. (StockSnap / Pixabay). Cinespace Chicago Film Studios specializes in the Development, Management & Operation of Studio Facilities. The studio recently announced it will add up to 19 more soundstages to its campus, about 50 percent more than the studio already has. Keep up with new offerings and opportunities at Cinespace and key developments across our entire industry. 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. As part of the acquisition, Eoin Egan and Keith Gee will join Cinespace as co-managing. According to the news release, TPG plans to expand upon the program, but did not provide further details. Sign up for our morning newsletter to get all of our stories delivered to your mailbox each weekday. The pop-up runs Friday through the end of March. Cinespace Studios in Chicago has 33 stages, with 15 more under development. Polling Place: Is Patrick Kane the greatest Blackhawk ever. Outlets including Crains Chicago Business and Deadline.com are reporting a sale price of $1 billion. Monique Scott, 51, said she is preparing to fight for the neighborhood she was raised in. Subscribe:Sign up for our FREE e-lert here. By clicking below to submit this form, you acknowledge that the information you provide will be processed in accordance with our Privacy Policy. Community has always been core to who we are at Cinespace, and I am deeply proud of the employment and education opportunities weve created. The Cinespace brand is recognized. 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. CineCares is how we support, promote, and engage local communities. 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. Chicago has a compelling, beautiful cityscape with so much potential for film productions of all mediums and sizes, Lightfoot said. The deal also involves studio space owned by Cinespace in Toronto. Separately, plans were announced in May for a $60 million soundstage project on the South Side spearheaded by film producer Derek Dudley and Loop Capital Chairman and CEO James Reynolds Jr. That studio, if it comes to fruition, will be called Regal Mile Studios and be located in the vicinity of South Stony Island Boulevard, East 77th Street and South Chicago Avenue. 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. 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. About Us Locations CineCares News Contact Cinespace Chicago Cinespace Toronto Studio Babelsberg Cinespace We're the perfect partner for your next production. Forceis set on Chicagos 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. Box Office: Michael B. 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"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. ft. of what use to be the old Ryerson Steel Company. 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. 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. 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. One of the projects launched under Pissios tenure is a pipeline program called CineCares. Cinespace Chicago Film Studios welcomes several new productions to its growing campus. Chicago is an entity of its own. 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. Every dime we make fundsreportingfrom Chicagos neighborhoods. Chicago is not trying to be Hollywood. 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:Stay on top of the latest film, TV, advertising, entertainment and production news! 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. 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. Sign up for our free elert here. newsletter here. The city's (non) voters are not a monolith but crowded races and low awareness could be keeping them home, voting organizers say. "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. 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.. 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. Kirkland & Ellis LLP and Davies Ward Phillips & Vineberg LLP served as legal counsel to TREP. Website. You can accept the use of cookies or other identifiers by closing or clicking the accept button. Federal authorities made secret recordings at Cinespace Chicago Film Studios as part of an investigation into a Teamsters union boss who last month was charged with extorting the business, the . 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.". The deal includes both the Chicago and Toronto locations, which have more than 50 soundstages combined. The two are not related. The show follows a couple who discovered a chamber buried in their backyard, which inexplicably leads to a strange, deserted planet. The program has provided training to local youth and young adults, giving its apprentices the opportunity to work on Cinespace Chicago campus productions. TPG is bullish on the Chicago film scene as well. Illinois has a 30% tax credit that. CineCares creates pathways into the film industry for young people on the South and West Sides through job training, education and internships at Cinespace. TPG Real Estate has a portfolio of some $5 billion in properties under management, according to the company website. Got a story tip? Cinespace Studios Sold for $1.1B to TPG Real Estate. 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. J.B. Pritzker. Clickhereto support Block Clubwith atax-deductible donation. 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. Cinespace Chicago Film Studio president Alexander S. "Alex" Pissios at a news conference last February at Cinespace Chicago Film Studio. Mayor Lori Lightfoot commended the investment for the jobs and productions it will bring to the city. It was a stunning rebuke. For more information on programs filming at Cinespace Chicago Film Studios or for information on CineCares Foundation, please visitChicagoFilmStudios.com orCineCaresFoundation.org. It's how we act that makes a difference: we offer education and training to engage, support and contribute to our communities. . On Tuesday, Mayor Lori Lightfoot of Chicago, the first Black woman and first openly L.G.B.T.Q. Power Book IV: Force, the third spin-off of the popular StarzPower series produced by Lionsgate, is also shooting at Cinespace Chicago Film Studios. 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. Lightyears is a sci-fi drama co-produced by Amazon Studios and Legendary Television by writer Holden Miller and producer Daniel C. Connolly. Monique Scott was sworn into City Council to replace her brother, former Ald. The soundstages for Dick Wolf's 'Chicago Fire' and Netflix's 'Umbrella Academy' have been picked up by the real estate investor amid a . I am thrilled to see this acquisition expand our capability for content creation and look forward to the jobs and productions it will bring to our region. In the ensuing decade, that key facility has grown to include 36 soundstages, helping to bring . Sign up for THR news straight to your inbox every day. The GM and coach seem to be more cohesive than Ryan Pace was with Matt Nagy and John Fox. Officials with TPG, a Texas- and California-based buyout firm, did not reveal how much it paid for Cinespace's operations in . 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. Officials with TPG, a Texas- and California-based buyout firm, did not reveal how much it paid for Cinespaces operations in Chicago and Toronto. This website uses cookies or other identifiers, which are necessary for its functioning. Returning series filming at the Chicago campus include Chicago Fire, Season 9; Chicago P.D., Season 8; Chicago Med, Season 6; and The Chi, Season 4; South Side, Season 2; and The Big Leap. 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 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. Cinespace Chicago Film Studios has been home to NBC's Chicago Fire, Chicago Med and Chicago P.D. One of Pissios' deepest passions while CEO of Cinespace was to provide education and job training within the film industry. 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. Cinespace also has a significant presence in Toronto. Skip to content About Us Locations CinecaresNews Contact Log In Cinespace Chicago Cinespace Toronto 19 talking about this. Subscribe for full access to The Hollywood Reporter. Eoin Egan, who formerly worked as head ofproductionservices at Netflix, will be named Cinespaces new COO, according to Deadline. This enterprise has been a true family business, and todays transaction marks another important milestone in our 33-year history. The Hollywood Reporter is a part of Penske Media Corporation. 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 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. For more information or to contract studio or business space at Cinespace, visit the website at ChicagoFilmStudios.com. When Hollywood comes to Chicago to film, they do it Chicago style. window.__mirage2 = {petok:"GL3.c8oBr.U4p6a6d_QPYkkKQ28t0k7.ps5ff2XyKPQ-1800-0"}; Illinois is proud to welcome TPGs investment in Cinespace and Illinois booming film industry, Gov. CineCares Foundation, which was founded by Cinespace Chicago, aims to provide job training and education in the TV and film industry to underserved communities. 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. You can accept the use of cookies or other identifiers by closing or clicking the accept button. Located on the west side of downtown Chicago, Cinespace Chicago Film Studios occupies 1.45 million sq. TPGs investment will expand these efforts and provide more jobs for Illinois.. State grants heavily financed Cinespaces expansion into Chicago under Pissios uncle, Nick Mirkopoulos, who founded Cinespace in Toronto in the 1980s. Much Shelist P.C. Cinespace Chicago opened in 2010 and currently operates 33 stages, with an additional 15 stages undergoing development or conversion on more than 60 acres. By clicking below to submit this form, you acknowledge that the information you provide will be processed in accordance with our Privacy Policy. 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. As part of the acquisition, Eoin Egan and Keith Gee will join Cinespace as co-managing partners and COO and CFO, respectively. CHICAGO (CBS) --Ald. 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. 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. Chicago has a compelling, beautiful cityscape with so much potential. //