Subscribe to Block Club Chicago,an independent, 501(c)(3), journalist-run newsroom. The show follows a couple who discovered a chamber buried in their backyard, which inexplicably leads to a strange, deserted planet. Cinespace Studios in Chicago has 33 stages, with 15 more under development. Eastdil Secured provided financing advisory to TREP for the transaction. Cinespace Chicago Film Studios welcomes several new productions to its growing campus.. As the Dick Wolf, One Chicago series prepares to wrap soon for the season, Cinespace announced four new series filming at its facilities.. 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. Cinespace Chicago Film Studios shoots shows like "Chicago Fire" and "The Chi" at its North Lawndale campus at 2621 W. 15th Place. 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. Today's news is good news for Cinespace Studios, our city, and our thriving film sector. 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. Crains Chicago Business reported the sale price as $1.1 billion. 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. Officials with TPG, a Texas- and California-based buyout firm, did not reveal how much it paid for Cinespace's operations in . 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. Egan and Gee are accomplished executives who have significant experience building and scaling businesses. Media Contact A global hub for premium content production, services and support that ensures your team reaches their fullest creative potential. 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.. Oscar-winner Sissy Spacek and three-time Emmy-nominated Ed ONeill will star in the sci-fi drama. 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 Cinespace brand is recognized around the world for the productions filmed on its premises by the most renowned content creation companies. The acquisition of Cinespace comes as the streaming content boom has Wall Street and hedge funds eyeing studio campuses for acquisition. 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 Chicago's West Side. Cinespace intends to grow its employee base in Chicago and Toronto, officials said. 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. The studio has about 33 sound stages and recently announced it will add up to 19 more soundstages to its campus. 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. The Midwests production hot spot and second-largest film studio outside of Los Angeles in North America, 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. Watch. 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. Community has always been core to who we are, said Alex Pissios, CEO of Cinespace. 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. Sign up for our Eat. Cinespace Toronto has 23 production stages across the city, with another 12 stages planned for development on more than 40 acres. I want to thank TPG for their commitment and investment in Toronto and the future of Cinespace. 3.6 million square feet. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. 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.. 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.. This website uses cookies or other identifiers, which are necessary for its functioning. I cringe when I hear our town referred to as Hollywood in Chicago. The series of film studio facilities occupy over 1 million square feet of studio, office and support space on over 40 acres of land. It was a stunning rebuke. Do. Cinespace also has a significant presence in Toronto. Illinois offers production companies 30% tax credits on production costs and on salaries up to $100,000 through 2026. 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. 2023 The Hollywood Reporter, LLC. Were really happy to have the industry back in action on our campus, said Alex Pissios, president and CEO of Cinespace Chicago Film Studios. 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. One of the projects launched under Pissios tenure is a pipeline program called CineCares. Community has always been core to who we are at Cinespace, and I am deeply proud of the employment and education opportunities weve created. CHICAGO (CBS) --Ald. Williamson is a native Chicagoan and rose through the ranks of commercial, non-scripted and scripted TV production starting as a production assistant. 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. Follow our newsletter to keep up with new offerings and opportunities at Cinespace and key developments across our entire industry. Clickhereto support Block Clubwith atax-deductible donation. J.B. Pritzker. 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. Chicago is not trying to be Hollywood. Cinespace Chicago opened in 2010 and currently operates 33 stages, with an additional 15 stages undergoing development or conversion on more than 60 acres. their facilities, and in 2011, Cinespace Chicago Film Studios opened on the 70-acre site of the former Ryerson steel complex. We welcome this acquisition by TPG and look forward to their continued investment in Cinespace and commitment to growing their operations in Toronto. "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. 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. 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. Lightyearswill premiere exclusively on Amazon Prime Video. Apartamentos.com cuenta con recorridos en 3D, videos en alta definicin, reseas y mucha ms informacin verificada que el resto de las pginas de alquileres. Mirkopoulos and Pissios, with help from Coli and Teamsters lobbyists, were able to secure millions in state funds to acquire the 60-acre site of the former Ryerson Steel and convert it into studio space. 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. 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. . Terms of the deal, and the purchase price, were not mentioned in the release. All Rights Reserved. Follow our newsletter to keep up with new offerings and opportunities at Cinespace - and key developments across our entire industry. 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. 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Chicago has a compelling, beautiful cityscape with so much potential for film productions of all mediums and sizes, Lightfoot said. The soundstages for Dick Wolf's 'Chicago Fire' and Netflix's 'Umbrella Academy' have been picked up by the real estate investor amid a . Reporting to Eoin Egan, COO and Co-Managing Partner, she will be responsible for . Lightyears is a sci-fi drama co-produced by Amazon Studios and Legendary Television by writer Holden Miller and producer Daniel C. Connolly. CineCares is how we support, promote, and engage local communities. Chicago, Illinois, United States . While making deliveries the day after Halloween, the girls become involved in a conflict between two groups of time travelers. The CineCares Foundation aims to empower Chicago residents in these communities by creating opportunities for education and employment in the TV and film industry. Michael Scott Jr. (24th), on June 22, 2022. Terms of the transaction were not disclosed. 19 talking about this. 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. Stay on top of the latest film, TV, advertising, entertainment and production news! Pissios cooperation earned him a non-prosecution deal with federal prosecutors on fraud charges tied to his 2011 personal bankruptcy. 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. Eoin Egan, who served as the head of production services at Netflix, will serve as the chief operating officer of Cinespace, officials said. 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.". Keep up with new offerings and opportunities at Cinespace and key developments across our entire industry. 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. Thanks for subscribing to Block Club Chicago, an independent, 501(c)(3), journalist-run newsroom. 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. But the latest news, received glee-fully by producers, may deliver still more impetus to Chicago's impressive growth . 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. 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. 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. Lightyears will premiere exclusively on Amazon Prime Video. It is home to Dick Wolfs Chicago-set shows, including the One Chicago series, and Showtimes The Chi.. 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. 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 . The CineCare's Foundation Mirkopoulos Internship Program partners with FOX, HBO, NBCUniversal, Wolf Films, and Studio Mechanics Union Local 476. The pop-up runs Friday through the end of March. Friday April 20 2018. Poles needs to make sure Eberflus maintains significant input. 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. Cinespace Chicago Film Studios has been home to NBCs Chicago Fire, Chicago Med and Chicago P.D. The Chicago studio opened in 2010. 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. J.B. Pritzker said in the TPG statement. 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. Located on the west side of downtown Chicago, Cinespace Chicago Film Studios occupies 1.45 million sq. For more information, visit www.tpg.com. For more information on programs filming at Cinespace Chicago Film Studios or for information on CineCares Foundation, please visitChicagoFilmStudios.com orCineCaresFoundation.org. 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. This website uses cookies or other identifiers, which are necessary for its functioning. This courtroom drama follows a promising black high school athlete who is swept up into the Chicago criminal justice system. Pascal Sabino 1:39 PM CST on Nov 12, 2021 At the Intersection of advertising, TV, film and production. According to the news release, TPG . The story centers around four 12-year-old girls who deliver newspapers. Thank you Alex for being the best ambassador this film community could ask for. Oscar-winner Sissy Spacek and three-time Emmy-nominated Ed O'Neill will star in the sci-fi drama. Illinois Governor JB Pritzker commented: Illinois is proud to welcome TPGs investment in Cinespace and Illinois booming film industry. The studio recently announced it will add up to 19 more soundstages to its campus, about 50 percent more than the studio already has.

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