Cinespace Chicago specializes in . We have been studying the content creation and production landscape as an investment theme for a few years, and in that time have developed a relationship with the family behind Cinespace. In true business news nerd fashion, I wanted to find a Valentine's Day angle . Cinespace intends to grow its employee base in Chicago and Toronto, officials said. Officials with TPG, a Texas- and California-based buyout firm, did not reveal how much it paid for Cinespaces operations in Chicago and Toronto. Sign Up:Stay on top of the latest film, TV, advertising, entertainment and production news! Today's news is good news for Cinespace Studios, our city, and our thriving film sector. Cinespace Chicago Film Studios has been home to NBC's Chicago Fire, Chicago Med and Chicago P.D. #mc_embed_signup{background:#fff; clear:left;width:100%;font-weight:normal;}, Beyond Chicago from the Air with Geoffrey Baer, The Great Chicago Fire: A Chicago Stories Special, Surviving R.Kelly: Final Installment Examines Trial and More Details, Chicago Film Critics Break Down Sight and Sounds New Greatest Films of All Time List, Actor and Director Isaiah Washington Brings New Film to Chicago, Starstruck Memories from Chicago International Film Festival Founder, New Chicago-Set Film Highlights Citys Street Art Scene, After Unexpected Death of Her Husband, Naperville Woman Plans to Finish His Documentary, Venus and Jupiter Will Be Side by Side in Wednesdays Night Sky. This timely and provocative drama is set against the systemic abuse that exists in some of our country's most vulnerable communities. 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. Power Book IV: Force, the third spin-off of the popular StarzPower series produced by Lionsgate, is also shooting at Cinespace Chicago Film Studios. how interested you are in the Fire, whose season begins Saturday against New York City FC at Soldier Field. 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. Illinois is proud to welcome TPGs investment in Cinespace and Illinois booming film industry, Gov. 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. 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. Cinespace Studios Sold to Private Equity Firm | Chicago News | WTTW General Inquiries 773.521.8000 studioinfo@cinespace.com 2023 The Hollywood Reporter, LLC. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. Follow our newsletter to keep up with new offerings and opportunities at Cinespace and key developments across our entire industry. With the city at capacity, having a private equity firm running Cinespace could lead to growth. It occupies 1.45 million square feet of what use to be the old Ryerson Steel Company. Cinespace Chicago Entertainment | Film/Movies. In Chicago, Cinespace Chicago Film Studios virtually rose up out of an abandoned steel mill. 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 Chicagos West Side. 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. Sources: Feds made recordings at Cinespace Chicago - Chicago Tribune It is home to Dick Wolfs Chicago-set shows, including the One Chicago series, and Showtimes The Chi.. Bridgeport bank failure fallout: Washington Federal Bank for Savings What to watch. newsletter here. 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. Cinespace Chicago Film Studios Welcomes New Productions, 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. Cinespace Chicago adds 100K sq. ft. of production space as filming 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. 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. The story centers around four 12-year-old girls who deliver newspapers. CineCares Foundation, which was founded by Cinespace Chicago, aims to provide job training and education in the TV and film industry to underserved communities. News about the Studio and Production Facility Industry | Cinespace Cinespace Studios has sold for $1.1B to TPG Real Estate - ReelChicago.com Email Newsroom@BlockClubChi.org. Scott Vs. Scott: Ald. Monique Scott Headed To Runoff Against Creative Oscar-winner Sissy Spacek and three-time Emmy-nominated Ed O'Neill will star in the sci-fi drama. Cinespace Chicago Film Studios welcomes several new productions to its growing campus. 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. Located on the west side of downtown Chicago, Cinespace Chicago Film Studios occupies 1.45 million sq. 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). 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. TPG Real Estate has a portfolio of some $5 billion in properties under management, according to the company website. By clicking below to submit this form, you acknowledge that the information you provide will be processed in accordance with our Privacy Policy. ft. of what use to be the old Ryerson Steel Company. Keep up with new offerings and opportunities at Cinespace and key developments across our entire industry. Cinespace intends to grow its employee base at each studio as a result of the transaction. 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. The comic book series will bring a lot of excitement to the small screen exploring everything from time travel between different centuries, future versions of characters, and the question of whether or not the past can or should be changed by time travelers. Follow our newsletter to keep up with new offerings and opportunities at Cinespace and key developments across our entire industry. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. Skoronski is productive: in three seasons as Northwesterns starting left tackle, he allowed just five sacks in 2,364 snaps. (StockSnap / Pixabay). Cinespace Chicago Film Studios - DePaul University Sep 2021 - Mar 2022 7 months. Jones Lang Lasalle served as financial advisor to TREP. The studio recently announced it will add up to 19 more soundstages to its campus, about 50 percent more than the studio already has. 24th Ward candidates headed to April runoff. 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. The Midwest's production hot spot recently added another 105,000 square foot industrial building near its main campus to expand its footprint and bring more stages online for the busy content creation industry. TPG is bringing in its own team. Executive producer Michael B. Jordan (Black Panther) is already shooting the AMC drama series 61st Street at Cinespace Chicago Film Studios. What to eat. What you need to live your best life now. Eoin Egan, who served as the head of production services at Netflix, will serve as the chief operating officer of Cinespace, officials said. Every dime we make fundsreportingfrom Chicagos neighborhoods. 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 | Film Studio Locations, Production and Sound Stage Facilities A TPG official, Keith Gee, will be chief financial officer and the other co-managing partner. 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. Block Club Chicago is a nonprofit news organization dedicated to delivering reliable, nonpartisan and essential coverage of Chicagos diverse neighborhoods. ft. of what use to be the old Ryerson Steel Company. TPG Real Estate Acquired Cinespace Studios In Chicago And - Deadline Cinespace is building a Hollywood-style studio - Time Out Chicago PDF Ever more enticing tax credits, locations renaissance in Chicago and The Cinespace brand is recognized. 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.. Detectives were questioning a person who was inside the home at the time. Key developments evolving in sale of Brauer Museum artwork by Valparaiso University, Its Chicagos fake birthday: Here are 30 essential foods and drinks to celebrate, from Rainbow Cone to Malrt, Carol Stream man, 35, dies in custody at Cook County Jail, officials say, Do Not Sell/Share My Personal Information. To learn more, please refer to the cookie policy. 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. 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. Skip to content Reel Chicago News At the Intersection of advertising, TV, film and production REEL PRO To learn more, please refer to the cookie policy. This enterprise has been a true family business, and todays transaction marks another important milestone in our 33-year history. Chicago has a compelling, beautiful cityscape with so much potential for film productions of all mediums and sizes, Lightfoot said. You can accept the use of cookies or other identifiers by closing or clicking the accept button. Chicago currently has one other soundstage facility, Chicago Studio City, which is considerably smaller. The city's (non) voters are not a monolith but crowded races and low awareness could be keeping them home, voting organizers say. ft. of what use to be the old Ryerson Steel Company. Illinois has a 30% tax credit that. Gov. Pissios cooperation earned him a non-prosecution deal with federal prosecutors on fraud charges tied to his 2011 personal bankruptcy. For more information or to contract studio or business space at Cinespace, visit the website at ChicagoFilmStudios.com. Sign up for our free elert here. Alex Pissios On the Future of Cinespace Chicago and His - News Anyway TREP plans to expand the work done by the CineCares Foundation, a platform founded by Cinespace in Chicago in partnership with key productions on site to provide job training and education to underserved communities. One of the projects launched under Pissios tenure is a pipeline program called CineCares. Located on the west side of downtown Chicago, Cinespace Chicago Film Studios occupies 1.45 million sq. Officials with TPG, a Texas- and California-based buyout firm, did not reveal how much it paid for Cinespace's operations in . 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 [] Subscribe to Block Club Chicago,an independent, 501(c)(3), journalist-run newsroom. TPG Real Estate Buys Cinespace Toronto, Chicago Studios for $1.1 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. and Cassels Brock & Blackwell LLP served as legal counsel to Cinespace. Cinespace sold to buyout firm in deal reportedly worth $1 billion Every dime we make fundsreportingfrom Chicagos neighborhoods. Cinespace Chicago opened in 2010 and currently operates 33 stages, with an additional 15 stages undergoing development or conversion on more than 60 acres. Friday April 20 2018. New production scheduled to film at Cinespace Chicago Film Studios this spring includeLightyears,61stStreet,Power Book IV: Force, and Paper Girls. 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. media@tpg.com You can accept the use of cookies or other identifiers by closing or clicking the accept button. He was so successful in this endeavor that CineCares created 7,500 new jobs. Skip to content About Us Locations CinecaresNews Contact Log In Cinespace Chicago Cinespace Toronto According to Crains Chicago Business, TPG, in a statement, has confirmed that its TPG Real Estate Partners unit has made the acquisition. 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. CHICAGO (CBS) --Ald. As part of the acquisition, Eoin Egan and Keith Gee will join Cinespace as Co-Managing Partners and COO and CFO, respectively. TPG Real Estate Buys Cinespace Toronto, Chicago Studios for $1.1 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.. Community has always been core to who we are, said Alex Pissios, CEO of Cinespace. A global hub for premium content production, services and support that ensures your team reaches their fullest creative potential. TPG, which also owns a majority stake in the Hollywood talent agency CAA, declined to confirm that figure when contacted by the Tribune. I also want to thank the Mirkopoulos family for founding and building up Cinespace here in our city. 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. We welcome this acquisition by TPG and look forward to their continued investment in Cinespace and commitment to growing their operations in Toronto. Cinespace Chicago Film Studios announces huge expansion by the - WGN 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. I look forward to partnering with TPG to continue growing this critical industry and seeing what Illinois talent and infrastructure inspires in creatives across our state., Chicago Mayor Lori E. Lightfoot continued: "Chicago has a compelling, beautiful cityscape with so much potential for film productions of all mediums and sizes. Eastdil Secured provided financing advisory to TREP for the transaction. . Forcewill 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. 86 active stages. 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. 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. 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. 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.. TPG Real Estate Partners ("TREP") is the dedicated real estate equity investment platform of global alternative asset firm TPG. Since opening in 2011, Cinespace has helped bring more than 15,000 new jobs to the area. 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. Sign up for our free elert here. The family-owned Cinespace Chicago Film Studios in North Lawndale has been sold to private equity firm TPG. Subscribe:Sign up for our FREE e-lert here. //Cinespace Chicago Film Studios Being Sold For $1 Billion Egan and Gee are accomplished executives who have significant experience building and scaling businesses. The family that owns the Cinespace soundstages where - Chicago Tribune This enterprise has been a true family business, and todays transaction marks another important milestone in our 33-year history. Box Office: Michael B. Jordans Creed III Grabbing Title With Series-Best $51M Opening, Lionsgate Dealmakers Michael Burns, Brian Goldsmith Extend Contracts, Jefferson White, Adeline Rudolph Join Hellboy Movie The Crooked Man, Jonathan Krisel in Talks to Direct Pokmon: Detective Pikachu Sequel, Zedd's Striking Beverly Hills Mansion Finally Sells to Kenya Barris, Jennifer Lopez Lists Bel Air Mansion for $42.5M Complete With an Outdoor Amphitheater for Home Concerts, John Malone and Charter Directors Reach $87.5M Deal to Settle Investor Suit, Rupert Murdoch, Fox Corp. Sued For Sharing Bidens Presidential Ads Before They Aired, Paramount Will Pay $122.5M to Settle CBS-Viacom Merger Lawsuit, A24 Buys Off-Broadways Cherry Lane Theatre, Pay TV and Cable Providers Lost 5.8M Subscribers in 2022, Star Hairstylist Jen Atkin Reveals Must-Have Hair Tools, Tutorials and Pro Tips In New MasterClass, Rihannas Puma x Fenty Is Coming Back Heres Where You Can Still Buy Those Cult-Fave Creepers, The Best Bridesmaid Dresses for Every Budget, From Under-$100 Gowns to Hollywood-Inspired Classics, BTS Army: Heres When and Where Legos Dynamite-Inspired Set Arrives Online and In Stores, The Big Lebowski Turns 25: People Didnt Get It, Jeff Bridges Recalls, How the Landscape of Native-Led Stories Has Changed Between Avatars: Were Flexing Our Sovereignty, The Definitive Voice of Entertainment News. Mayor Lori Lightfoot said in a statement she was thrilled Cinespaces new owners plan to expand its workforce. New programs scheduled to film at Cinespace Chicago Film Studios this spring include Lightyears, 61st Street, Power Book IV: Force, and Paper Girls. Media Contact Ald. Michael Scott Jr. resigning from City Council, joining Cinespace Productions ramped back up once the city reopened in June. Clickhereto support Block Clubwith atax-deductible donation. 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. Block Club Chicago is a nonprofit news organization dedicated to . Cinespace was initially launched with a sizable Toronto facility in the late 1980s under the stewardship of the late Nick Mirkopoulos. "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. window.__mirage2 = {petok:"GL3.c8oBr.U4p6a6d_QPYkkKQ28t0k7.ps5ff2XyKPQ-1800-0"}; Cinespace Chicago sells to Texas real estate company When current Illinois Film Office director Peter Hawley was appointed two years ago, he talked about the need for more soundstage space. Keep up to date with our latest industry news, from across the world. 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. 415-743-1550, Internet Explorer presents a security risk. The series of film studio facilities occupy over 1 million square feet of studio, office and support space on over 40 acres of land. Power Book IV: Force, the third spin-off of the popular Starz Power series produced by Lionsgate, is also shooting at Cinespace Chicago Film Studios. Lightyears is a sci-fi drama co-produced by Amazon Studios and Legendary Television by writer Holden Miller and producer Daniel C. Connolly. Jane Williamson joins Cinespace as Head of Studio Operations The Toronto studio launched in 1988. Today, TREP has $5.3 billion of assets under management. 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. Pascal Sabino 1:39 PM CST on Nov 12, 2021 For more information on programs filming at Cinespace Chicago Film Studios or for information on CineCares Foundation, please visitChicagoFilmStudios.com orCineCaresFoundation.org. Cinespace Chicago Film Studios Being Sold For $1 Billion 1448 S Rockwell St Chicago, IL 60608 - Alquileres en Chicago, IL The deal includes both the Chicago and Toronto locations, which have more than 50 soundstages combined. Mayor Lori Lightfoot added, Chicago has a compelling, beautiful cityscape with so much potential for film productions of all mediums and sizes.