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. Every dime we make fundsreportingfrom Chicagos neighborhoods. The deal will also expand Cinespaces social impact work in Chicago by growing the CineCares Foundation, the film studios nonprofit wing. 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. and Cassels Brock & Blackwell LLP served as legal counsel to Cinespace. One of Pissios' deepest passions while CEO of Cinespace was to provide education and job training within the film industry. You can accept the use of cookies or other identifiers by closing or clicking the accept button. 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. Zach Long. 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. 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. 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. Keith Gee, of LifeStorage, will become another co-managing partner and CFO. Cinespace Studios Sold for $1.1B to TPG Real Estate. J.B. Pritzker. 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. Illinois Governor JB Pritzker commented: Illinois is proud to welcome TPGs investment in Cinespace and Illinois booming film industry. The show follows a couple who discovered a chamber buried in their backyard, which inexplicably leads to a strange, deserted planet. The Cinespace brand is recognized. What to eat. Cinespace Chicago specializes in the development, management and operation of studio facilities. 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. 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. The statement also includes praise from Mayor Lori Lightfoot and Gov. New programs scheduled to film at Cinespace Chicago Film Studios this spring include Lightyears, 61st Street, Power Book IV: Force, and Paper Girls. Cinespace Chicago has 33 stages, with an additional 15 stages to be developed or converted on more than 60 acres. Detectives were questioning a person who was inside the home at the time. Subscribe:Sign up for our FREE e-lert here. The family-owned Cinespace Chicago Film Studios in North Lawndale has been sold to private equity firm TPG. Located on the west side of downtown Chicago, Cinespace Chicago Film Studios occupies 1.45 million sq. The Cinespace brand is recognized around the world for the productions filmed on its premises by the most renowned content creation companies. 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. 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.. 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. "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. 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.". 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. The CineCare's Foundation Mirkopoulos Internship Program partners with FOX, HBO, NBCUniversal, Wolf Films, and Studio Mechanics Union Local 476. 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. We also wanted to know or did we? The CineCares Foundation aims to empower Chicago residents in these communities by creating opportunities for education and employment in the TV and film industry. As part of the acquisition, Eoin Egan and Keith Gee will join Cinespace as Co-Managing Partners and COO and CFO, respectively. 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. 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. Officials with TPG, a Texas- and California-based buyout firm, did not reveal how much it paid for Cinespaces operations in Chicago and Toronto. 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. To learn more, please refer to the cookie policy. 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. 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 . An effort to help diversify TV and film crews, CineCares has created a meaningful (and paid) foot in the door for people of color. The soundstages for Dick Wolf's 'Chicago Fire' and Netflix's 'Umbrella Academy' have been picked up by the real estate investor amid a . 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. 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 is an entity of its own. Kirkland & Ellis LLP and Davies Ward Phillips & Vineberg LLP served as legal counsel to TREP. 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. Follow our newsletter to keep up with new offerings and opportunities at Cinespace and key developments across our entire industry. A federal appeals panel has ruled an Illinois state agency didn't violate . Lightyears will premiere exclusively on Amazon Prime Video. Sign up for our Eat. Located on the west side of downtown Chicago, Cinespace Chicago Film Studios occupies 1.45 million sq. 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. Pascal Sabino 1:39 PM CST on Nov 12, 2021 CineCares creates pathways into the film industry for young people on the South and West Sides through job training, education and internships at Cinespace. 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 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. Power Book IV: Force, the third spin-off of the popular StarzPower series produced by Lionsgate, is also shooting at Cinespace Chicago Film Studios. Stay on top of the latest advertising, film, TV, entertainment and production news. Leslie Shribman and Courtney Power 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. Stay on top of the latest film, TV, advertising, entertainment and production news! Clickhereto support Block Clubwith atax-deductible donation. Cinespace intends to continue growing its studio base following the transaction. A global hub for premium content production, services and support that ensures your team reaches their fullest creative potential. Netflix launching a production hub in Toronto by locking up eight soundstages four each at Pinewood Toronto Studios and Cinespace Film Studios in turn sparked a local space race by Hollywood streaming giants scrambling for soundstages on which to create new high-quality film and TV content. 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. Williamson is a native Chicagoan and rose through the ranks of commercial, non-scripted and scripted TV production starting as a production assistant. Cinespace Chicago Film Studios shoots shows like "Chicago Fire" and "The Chi" at its North Lawndale campus at 2621 W. 15th Place. A press release from TPG says former Netflix executive Eoin Egan will take over as a co-managing partner and COO. 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. CineCares is how we support, promote, and engage local communities. CHICAGO (CBS) --Ald. 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 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. Your pleasant demeanor, warm smiles, and bigger-than-life personality will be sorely missed on campus. The bar will host a flip cup tournament, trivia nights and, of course, a St. Patrick's Day bash. The results of that poll, in a word: Oof. Monique Scott needed more than 50 percent of the vote to avoid a runoff. Illinois has a 30% tax credit that. It is home to Dick Wolfs Chicago-set shows, including the One Chicago series, and Showtimes The Chi.. Outlets including Crains Chicago Business and Deadline.com are reporting a sale price of $1 billion. // Lisa Priest Daughter Of Steve Priest, Wellington Club Membership Fees, Spot Coffee Menu Calories, Shooting In Port St Lucie Today, Articles C