This courtroom drama follows a promising black high school athlete who is swept up into the Chicago criminal justice system. Cinespace Studios in Chicago has 33 stages, with 15 more under development. 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 Chicago sells to Texas real estate company 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. Productions ramped back up once the city reopened in June. 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. This enterprise has been a true family business, and todays transaction marks another important milestone in our 33-year history. Alex Pissios On the Future of Cinespace Chicago and His - News Anyway Cinespace Chicago Film Studios announces huge expansion by the - WGN The statement also includes praise from Mayor Lori Lightfoot and Gov. The studio recently announced it will add up to 19 more soundstages to its campus, about 50 percent more than the studio already has. Cinespace Chicago Film Studios Welcomes New Productions, 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. Skip to content Reel Chicago News At the Intersection of advertising, TV, film and production REEL PRO 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. For more information or to contract studio or business space at Cinespace, visit the website at ChicagoFilmStudios.com. 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. 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During the waning days of Gov. how interested you are in the Fire, whose season begins Saturday against New York City FC at Soldier Field. 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. Keep up with new offerings and opportunities at Cinespace and key developments across our entire industry. . 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. On Tuesday, Mayor Lori Lightfoot of Chicago, the first Black woman and first openly L.G.B.T.Q. Information. 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 [] A TPG official, Keith Gee, will be chief financial officer and the other co-managing partner. Cinespace Chicago opened in 2010 and currently operates 33 stages, with an additional 15 stages undergoing development or conversion on more than 60 acres. In Toronto, Cinespace Film Studios was founded in 1988 by highly revered, (Uncle) Nick Mirkopolous. They've carefully guarded their secret, but when a mysterious young man enters their lives, the couples' quiet existence is quickly upended. Follow our newsletter to keep up with new offerings and opportunities at Cinespace and key developments across our entire industry. 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. 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. From Road to Avonlea to Best Picture Oscar winner Chicago, Pompeii and The Strain, Cinespaces model of large, functional spaces and expert client service continues to make Toronto and Cinespace the premier destination for film and TV production in Canada. 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.". 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. TPG Real Estate Buys Cinespace Toronto, Chicago Studios for $1.1 But the latest news, received glee-fully by producers, may deliver still more impetus to Chicago's impressive growth . I cringe when I hear our town referred to as Hollywood in Chicago. Reporting to Eoin Egan, COO and Co-Managing Partner, she will be responsible for . 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. Follow our newsletter to keep up with new offerings and opportunities at Cinespace and key developments across our entire industry. 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. 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 . He was so successful in this endeavor that CineCares created 7,500 new jobs. Eoin Egan, who served as the head of production services at Netflix, will serve as the chief operating officer of Cinespace, officials 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. Sign up for our Eat. media@tpg.com Cinespace Studios Sold to Private Equity Firm | Chicago News | WTTW For more information on programs filming at Cinespace Chicago Film Studios or for information on CineCares Foundation, please visitChicagoFilmStudios.com orCineCaresFoundation.org. 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.. According to the news release, TPG plans to expand upon the program, but did not provide further details. 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. 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. Chicago is not trying to be Hollywood. Stay on top of the latest film, TV, advertising, entertainment and production news! Located on the west side of downtown Chicago, Cinespace Chicago Film Studios occupies 1.45 million sq. PDF Ever more enticing tax credits, locations renaissance in Chicago and The deal includes both the Chicago and Toronto locations, which have more than 50 soundstages combined. Crains Chicago Business reported the sale price as $1.1 billion. DOWNLOAD THE FOX 32 NEWS APP. This website uses cookies or other identifiers, which are necessary for its functioning. The family-owned Cinespace Chicago Film Studios in North Lawndale has been sold to private equity firm TPG. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. Sign up for our free elert here. Cinespace Chicago Film Studios shoots shows like "Chicago Fire" and "The Chi" at its North Lawndale campus at 2621 W. 15th Place. Pascal Sabino 1:39 PM CST on Nov 12, 2021 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. Heres How to See the Dazzling Duo, Vallas and Johnson Headed to Chicago Mayoral Runoff, Lightfoot Denied Second Term, Indicted Ald. 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. Chicago has a compelling, beautiful cityscape with so much potential for film productions of all mediums and sizes, Lightfoot said. Chicago is an entity of its own. Its a done deal! said Pissios. (Brian Cassella / Chicago Tribune). CHICAGO, April 21, 2021 (GLOBE NEWSWIRE) -- The film industry in Chicago is back up and rolling! This enterprise has been a true family business, and todays transaction marks another important milestone in our 33-year history. Consumer appetite for original content 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, Bantasz said. 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. Egan most recently was head of production services at Netflix, and Gee was the CEO of Strive and CFO and president of LifeStorage, two former TREP portfolio companies. 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. Keep up to date with our latest industry news, from across the world. As the Dick Wolf, One Chicago series prepares to wrap soon for the season, Cinespace announced four new series filming at its facilities. Officials with TPG, a Texas- and California-based buyout firm, did not reveal how much it paid for Cinespaces operations in Chicago and Toronto. Cinespace Chicago Film Studios welcomes several new productions to its growing campus. 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.. Key tenants at Cinespace include 312 Fast Draw, AbelCine, Cinelease, DePaul FilmSchool, Keslow Camera, Lagunitas, and Periscope Post & Audio. Terms of the deal, and the purchase price, were not mentioned in the release. The Studios also announced four new series filming at its facilities as productions begin to ramp back up with additional health and safety protocols. Were really happy to have the industry back in action on our campus, said Alex Pissios, president and CEO of Cinespace Chicago Film Studios. Skip to content About Us Locations CinecaresNews Contact Log In Cinespace Chicago Cinespace Toronto Cinespace was initially launched with a sizable Toronto facility in the late 1980s under the stewardship of the late Nick Mirkopoulos. 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 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. A global hub for premium content production, services and support that ensures your team reaches their fullest creative potential. New production scheduled to film at Cinespace Chicago Film Studios this spring includeLightyears,61stStreet,Power Book IV: Force, and Paper Girls. (StockSnap / Pixabay). CineCares is how we support, promote, and engage local communities. In true business news nerd fashion, I wanted to find a Valentine's Day angle . 86 active stages. (Colin Boyle/Block Club Chicago) Voters will decide who of the two contenders will take the 24th Ward's aldermanic seat in the April runoff after Monique L. Scott only secured . 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. Subscribe for full access to The Hollywood Reporter. What to eat. Cinespace Chicago Film Studios Welcomes New Productions, Expands J.B. Pritzker said in the TPG statement. 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. Illinois Governor JB Pritzker commented: Illinois is proud to welcome TPGs investment in Cinespace and Illinois booming film industry. General Inquiries 773.521.8000 studioinfo@cinespace.com Cinespace Chicago Film Studios Being Sold For $1 Billion Email Newsroom@BlockClubChi.org. 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. 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. This courtroom drama follows a promising black high school athlete who is swept up into the Chicago criminal justice system. Ashlee Rezin Garcia / Sun-Times Alexander S. Pissios, president of Chicago's largest movie studio, had gone bankrupt but was still more than $1 million in debt when federal agents showed up three years ago. He would later help his nephew, Chicago native Alex Pissios, open the North Lawndale branch in 2011, where Pissios has been president and CEO since. ft. of what use to be the old Ryerson Steel Company. It was a stunning rebuke. The GM and coach seem to be more cohesive than Ryan Pace was with Matt Nagy and John Fox. What to watch. Cinespace Chicago specializes in the development, management, and operation of studio facilities for the film, television, and digital media production industry. Sign up for our morning newsletter to get all of our stories delivered to your mailbox each weekday. Clickhereto support Block Clubwith atax-deductible donation. When Hollywood comes to Chicago to film, they do it Chicago style. Film production studio, which could create hundreds of jobs, eyed for Cinespace Chicago Film Studio president Alexander S. "Alex" Pissios at a news conference last February at Cinespace Chicago Film Studio. Outlets including Crains Chicago Business and Deadline.com are reporting a sale price of $1 billion. The indie studio operator was founded by the Toronto-based Mirkopoulos family in 1988, and the Chicago campus was launched in 2010. The furtive chamber they thought they knew so well turns out to be much more than they could ever have imagined. Sign Up:Stay on top of the latest film, TV, advertising, entertainment and production news! 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. 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. 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. Cinespace Chicago has 33 stages, with an additional 15 stages to be developed or converted on more than 60 acres. Community has always been core to who we are, said Alex Pissios, CEO of Cinespace. Much Shelist P.C. //Cinespace | Film Studio Locations, Production and Sound Stage Facilities 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. Were expanding beyond our workforce development program in Chicago to Toronto so stay in touch for updates. The Chicago-based chain, which also has locations in Milwaukee, Minneapolis and Dallas, opened the Wicker Park location in 2017. 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. Theyve carefully guarded their secret, but when a mysterious young man enters their lives, the couples quiet existence is quickly upended. This timely and provocative drama is set against the systemic abuse that exists in some of our country's most vulnerable communities. 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. For more information on programs filming at Cinespace Chicago Film Studios or for information on CineCares Foundation, please visit ChicagoFilmStudios.com or CineCaresFoundation.org. 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. Community has always been core to who we are at Cinespace, and I am deeply proud of the employment and education opportunities weve created. Cinespace Chicago Film Studios | Chicago IL - Facebook The bar will host a flip cup tournament, trivia nights and, of course, a St. Patrick's Day bash. TPGs investment will expand these efforts and provide more jobs for Illinois.. About Us Locations CineCares News Contact Cinespace Chicago Cinespace Toronto Studio Babelsberg Cinespace We're the perfect partner for your next production. 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. Executive producer Michael B. Jordan (Black Panther) is already shooting the AMC drama series61stStreet at Cinespace Chicago Film Studios.