Mayor Lori Lightfoot commended the investment for the jobs and productions it will bring to the city. Despite his legal woes and the attention from Colis indictment, Pissios has remained a player in Chicago real estate. Heres How to See the Dazzling Duo, Vallas and Johnson Headed to Chicago Mayoral Runoff, Lightfoot Denied Second Term, Indicted Ald. 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. 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. Block Club Chicago is a nonprofit news organization dedicated to . 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 will also expand Cinespaces social impact work in Chicago by growing the CineCares Foundation, the film studios nonprofit wing. Located on the west side of downtown Chicago, Cinespace Chicago Film Studios occupies 1.45 million sq. As part of the acquisition, Eoin Egan and Keith Gee will join Cinespace as co-managing partners and COO and CFO, respectively. 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. By clicking below to submit this form, you acknowledge that the information you provide will be processed in accordance with our Privacy Policy. 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.. Key tenants at Cinespace include 312 Fast Draw, AbelCine, Cinelease, DePaul FilmSchool, Keslow Camera, Lagunitas, and Periscope Post & Audio. What to watch. 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. 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. 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. State grants heavily financed Cinespaces expansion into Chicago under Pissios uncle, Nick Mirkopoulos, who founded Cinespace in Toronto in the 1980s. 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. Got a story tip? Cinespace Chicago specializes in . With the city at capacity, having a private equity firm running Cinespace could lead to growth. 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. person to lead the city, failed to advance to a runoff, earning just 17 . 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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. Upon taking office, Quinns Republican successor Bruce Rauner, demanded Cinespace return the grant money following a Chicago Sun-Times investigation that showed that the parcels Cinespace had intended to buy were not for sale. 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 . Mayor Lori Lightfoot added, Chicago has a compelling, beautiful cityscape with so much potential for film productions of all mediums and sizes. // (Brian Cassella / Chicago Tribune). 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. They've carefully guarded their secret, but when a mysterious young man enters their lives, the couples' quiet existence is quickly upended. 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. 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.. 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. Every dime we make fundsreportingfrom Chicagos neighborhoods. Outlets including Crains Chicago Business and Deadline.com are reporting a sale price of $1 billion. 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. The furtive chamber they thought they knew so well turns out to be much more than they could ever have imagined. With 42 sound stages on its 2.2 million square foot main campus in Chicago's North Lawndale neighborhood and additional studios at 31st and Kedzie, Cinespace is the largest film studio outside of California. how interested you are in the Fire, whose season begins Saturday against New York City FC at Soldier Field. New production scheduled to film at Cinespace Chicago Film Studios this spring includeLightyears,61stStreet,Power Book IV: Force, and Paper Girls. 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Clickhereto support Block Clubwith atax-deductible donation. J.B. Pritzker. Cinespace Chicago opened in 2010 and currently operates 33 stages, with an additional 15 stages undergoing development or conversion on more than 60 acres. Chicago, Illinois, United States . 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. 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. I am thrilled to see this acquisition expand our capability for content creation, Lightfoot said. 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. CHICAGO (CBS) --Ald. Poles needs to make sure Eberflus maintains significant input. Chicago's then-Mayor Rahm Emanuel announced the job creation and his appreciation for Cinespace at a news conference on Sept. 1, 2015. The story centers around four 12-year-old girls who deliver newspapers. 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. 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 Lawndale. Clickhereto support Block Clubwith atax-deductible donation. 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. 19 talking about this. ft. of what use to be the old Ryerson Steel Company. DOWNLOAD THE FOX 32 NEWS APP. Located on the west side of downtown Chicago, Cinespace Chicago Film Studios occupies 1.45 million sq. As part of the acquisition, Eoin Egan and Keith Gee will join Cinespace as Co-Managing Partners and COO and CFO, respectively. 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. 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. In true business news nerd fashion, I wanted to find a Valentine's Day angle . According to Crains Chicago Business, TPG, in a statement, has confirmed that its TPG Real Estate Partners unit has made the acquisition. Jones Lang Lasalle served as financial advisor to TREP. Chicago Fire, Chicago P.D. and Chicago Med have been the longest tenants at Cinespace, which has over 2 million square feet of space and is located on the campus of the old Ryerson Steel Company on the citys West Side. A judge ordered Steven Montano, 18, to be held without bail at a Friday hearing as he faces a murder charge in the slaying of officer Andrs Mauricio Vsquez Lasso. Cinespace Toronto has 23 production stages across the city, with another 12 stages planned for development on more than 40 acres. Keep up to date with our latest industry news, from across the world. Follow our newsletter to keep up with new offerings and opportunities at Cinespace - and key developments across our entire industry. 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.". 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. 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. 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. 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. Cinespace was initially launched with a sizable Toronto facility in the late 1980s under the stewardship of the late Nick Mirkopoulos. TPG is bringing in its own team. 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. The program has provided training to local youth and young adults, giving its apprentices the opportunity to work on Cinespace Chicago campus productions. A press release from TPG says former Netflix executive Eoin Egan will take over as a co-managing partner and COO. This timely and provocative drama is set against the systemic abuse that exists in some of our countrys most vulnerable communities. For more information on programs filming at Cinespace Chicago Film Studios or for information on CineCares Foundation, please visit ChicagoFilmStudios.com or CineCaresFoundation.org. They have been the source of incredible Canadian content and a steady job creator for the City and Province. 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.
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