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 Expansion Will Bring More TV Shows And Jobs To Chicago, CEO In Toronto, Cinespace Film Studios was founded in 1988 by highly revered, (Uncle) Nick Mirkopolous. The furtive chamber they thought they knew so well turns out to be much more than they could ever have imagined. The CineCares Foundation aims to empower Chicago residents in these communities by creating opportunities for education and employment in the TV and film industry. Officials with TPG, a Texas- and California-based buyout firm, did not reveal how much it paid for Cinespace's operations in . This enterprise has been a true family business, and todays transaction marks another important milestone in our 33-year history. Illinois Governor JB Pritzker commented: Illinois is proud to welcome TPGs investment in Cinespace and Illinois booming film industry. Every dime we make fundsreportingfrom Chicagos neighborhoods. A press release from TPG says former Netflix executive Eoin Egan will take over as a co-managing partner and COO. Reporting to Eoin Egan, COO and Co-Managing Partner, she will be responsible for . Cinespace Chicago Film Studio Arts & Culture. Cinespace was initially launched with a sizable Toronto facility in the late 1980s under the stewardship of the late Nick Mirkopoulos. You can accept the use of cookies or other identifiers by closing or clicking the accept button. This courtroom drama follows a promising black high school athlete who is swept up into the Chicago criminal justice system. Cinespace Chicago Film Studios Being Sold For $1 Billion During the waning days of Gov. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. 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. It occupies 1.45 million square feet of what use to be the old Ryerson Steel Company. Outlets including Crains Chicago Business and Deadline.com are reporting a sale price of $1 billion. 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 on Toy Story 4 and Thor: Ragnarok. Friday April 20 2018. The studio has about 33 sound stages and recently announced it will add up to 19 more soundstages to its campus. CHICAGO (CBS) --Ald. PDF Ever more enticing tax credits, locations renaissance in Chicago and Eoin Egan, who formerly worked as head ofproductionservices at Netflix, will be named Cinespaces new COO, according to Deadline. Clickhereto support Block Clubwith atax-deductible donation. Cinespace intends to grow its employee base in Chicago and Toronto, officials said. 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.". Cinespace Chicago Film Studio president Alexander S. "Alex" Pissios at a news conference last February at Cinespace Chicago Film Studio. Cinespace intends to grow its employee base at each studio as a result of the transaction. We also wanted to know or did we? Cinespace is building a Hollywood-style studio - Time Out Chicago 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. One of the most storied studio complexes in the world, offering 21 sound stages rich in history, with vast production facilities and second-to-none production services that have been utilized by legendary filmmakers. 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. The family-owned Cinespace Chicago Film Studios in North Lawndale has been sold to private equity firm TPG. About Us Locations CineCares News Contact Cinespace Chicago Cinespace Toronto Studio Babelsberg Cinespace We're the perfect partner for your next production. 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. Life on a third straight one-year contract with the mega-talented Astros isnt bad at all. Cinespace Studios has sold for $1.1B to TPG Real Estate - ReelChicago.com The Studios also announced four new series filming at its facilities as productions begin to ramp back up with additional health and safety protocols. Cinespace Chicago sells to Texas real estate company and Cassels Brock & Blackwell LLP served as legal counsel to Cinespace. 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 Chicago Film Studios shoots shows like "Chicago Fire" and "The Chi" at its North Lawndale campus at 2621 W. 15th Place. To learn more, please refer to the cookie policy. 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. Mayor Lori Lightfoot said in a statement she was thrilled Cinespaces new owners plan to expand its workforce. When Hollywood comes to Chicago to film, they do it Chicago style. The studio was acquired by TPG Real Estate in a deal announced Friday. I cringe when I hear our town referred to as Hollywood in Chicago. Follow our newsletter to keep up with new offerings and opportunities at Cinespace and key developments across our entire industry. 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.. The Toronto studio launched in 1988. Your fullest creative potential. Follow Your Favorite Chicago's Afternoon News Personalities on Twitter:Follow @SteveBertrand Follow @kpowell720 Follow @maryvandeveldeFollow @LaurenLapka Bridgeport bank failure fallout: Washington Federal Bank for Savings 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. This timely and provocative drama is set against the systemic abuse that exists in some of our country's most vulnerable communities. 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. 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. "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. Website. The soundstages for Dick Wolf's 'Chicago Fire' and Netflix's 'Umbrella Academy' have been picked up by the real estate investor amid a . Cinespace Chicago opened in 2010 and currently operates 33 stages, with an additional 15 stages undergoing development or conversion on more than 60 acres. As part of the acquisition, Eoin Egan and Keith Gee will join Cinespace as Co-Managing Partners and COO and CFO, respectively. newsletter here. 415-743-1550, Internet Explorer presents a security risk. 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. Were really happy to have the industry back in action on our campus, said Alex Pissios, president and CEO of Cinespace Chicago Film Studios. 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. TPG Real Estate Acquired Cinespace Studios In Chicago And - Deadline J.B. Pritzker welcomed Cinespaces new owners and said in a statement he was pleased the firm would expand 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 specializes in the development, management and operation of studio facilities. You can accept the use of cookies or other identifiers by closing or clicking the accept button. 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. Pissios was not able to disclose the terms of the deal, but it is understood from a source close to the transaction that TPG paid around $1.1 billion for Cinespace Studios in Chicago and Cinespace Toronto. A global hub for premium content production, services and support that ensures your team reaches their fullest creative potential. TPG Real Estate has a portfolio of some $5 billion in properties under management, according to the company website. The furtive chamber they thought they knew so well turns out to be much more than they could ever have imagined. 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. TPG was founded in 1992 and now has approximately $108 billion of assets under management with investment and operational teams in 12 offices around the world. 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 our capability for content creation, Lightfoot said. The Cinespace brand is recognized around the world for the productions filmed on its premises by the most renowned content creation companies. Cinespace Chicago Film Studios Being Sold For $1 Billion Film production studio, which could create hundreds of jobs, eyed for J.B. Pritzker said in the TPG statement. 86 active stages. Illinois offers production companies 30% tax credits on production costs and on salaries up to $100,000 through 2026. The deal will also expand Cinespaces social impact work in Chicago by growing the CineCares Foundation, the film studios nonprofit wing. 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. Cinespace Chicago Film Studios has been home to NBC's Chicago Fire, Chicago Med and Chicago P.D. 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. 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. To learn more, please refer to the cookie policy. The deal includes both the Chicago and Toronto locations, which have more than 50 soundstages combined. Keep up with new offerings and opportunities at Cinespace and key developments across our entire industry. All Rights Reserved. Chicago has a compelling, beautiful cityscape with so much potential for film productions of all mediums and sizes, Lightfoot said. Pascal Sabino 1:39 PM CST on Nov 12, 2021 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. Crains Chicago Business reported the sale price as $1.1 billion. Gov. Information. Executive producer Michael B. Jordan (Black Panther) is already shooting the AMC drama series 61st Street at Cinespace Chicago Film Studios. Every dime we make fundsreportingfrom Chicagos neighborhoods. Sign up for our morning newsletter to get all of our stories delivered to your mailbox each weekday. 24th Ward candidates headed to April runoff - Austin Weekly News Force is set on Chicago's 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. 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. TPG Real Estate Partners ("TREP") is the dedicated real estate equity investment platform of global alternative asset firm TPG. Alexander Pissios, President of Cinespace Chicago Film Studios joins Steve Bertrand on Chicago's Afternoon News to talk about his plan to expand its studios by 50% by the end of 2021. Michael Scott Jr. (24th) is resigning from the City Council to take a job with Cinespace Studios, a West Side movie studio."Cinespace Studios is an important part of the local . Cinespace is up and rolling with 4 new series and more Reel Chicago News TPGs investment will expand these efforts and provide more jobs for Illinois.. 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. But the latest news, received glee-fully by producers, may deliver still more impetus to Chicago's impressive growth . Cinespace Chicago Film Studio | Enjoy Illinois Jane Williamson joins Cinespace as Head of Studio Operations Cinespace Chicago has 33 stages, with an additional 15 stages to be developed or converted on more than 60 acres. 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. Cinespace Chicago Film Studios Welcomes New Productions,