We welcome this acquisition by TPG and look forward to their continued investment in Cinespace and commitment to growing their operations in Toronto. New programs scheduled to film at Cinespace Chicago Film Studios this spring include Lightyears, 61st Street, Power Book IV: Force, and Paper Girls. By clicking below to submit this form, you acknowledge that the information you provide will be processed in accordance with our Privacy Policy. Cinespace was initially launched with a sizable Toronto facility in the late 1980s under the stewardship of the late Nick Mirkopoulos. 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. Cinespace is the second largest independent sound stage platform in North America with best-in-class studio campuses. 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. 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. 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. 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.". Monique Scott was sworn into City Council to replace her brother, former Ald. The Studios also announced four new series filming at its facilities as productions begin to ramp back up with additional health and safety protocols. 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. Skip to content About Us Locations CinecaresNews Contact Log In Cinespace Chicago Cinespace Toronto 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. 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. 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. 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 Studio president Alexander S. "Alex" Pissios at a news conference last February at Cinespace Chicago Film Studio. 19 talking about this. Cinespace Chicago specializes in the development, management, and operation of studio facilities for the film, television, and digital media production industry. Cinespace Chicago Film Studios is a family-owned company specializing in the development, management, and operation of studio space and support facilities for the film, television, and digital media production industry. The CineCare's Foundation Mirkopoulos Internship Program partners with FOX, HBO, NBCUniversal, Wolf Films, and Studio Mechanics Union Local 476. Polling Place: Is Patrick Kane the greatest Blackhawk ever. Were expanding beyond our workforce development program in Chicago to Toronto so stay in touch for updates. In true business news nerd fashion, I wanted to find a Valentine's Day angle . media@tpg.com Cinespace Chicago Film Studio campus in North Lawndale. CineCares Foundation, which was founded by Cinespace Chicago, aims to provide job training and education in the TV and film industry to underserved communities. Keep up to date with our latest industry news, from across the world. 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. The company launched in Toronto in 1988 and today operates 23 production stages across the city, with another 12 stages planned for development on more than 40 acres. At the Intersection of advertising, TV, film and production. Keep up to date with our latest industry news, from across the world. As part of Cinespace's commitment to the neighborhood, the family established CineCares Foundation to train and employ area residents through education and job training in TV & Film. Industry veteran Eoin Egan, who most recently was head of production services at Netflix, will join Cinespace as chief operating officer and a co-managing partner. TPG is investing in two of the most stable and sought-after filming jurisdictions in the world, and we are excited to see Cinespaces continued growth and success with TPG.. window.__mirage2 = {petok:"GL3.c8oBr.U4p6a6d_QPYkkKQ28t0k7.ps5ff2XyKPQ-1800-0"}; ft. of what use to be the old Ryerson Steel Company. We also wanted to know or did we? 24th Ward candidates headed to April runoff. 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.. Heres How to See the Dazzling Duo, Vallas and Johnson Headed to Chicago Mayoral Runoff, Lightfoot Denied Second Term, Indicted Ald. 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. "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. Illinois has a 30% tax credit that. One of the projects launched under Pissios tenure is a pipeline program called CineCares. It is home to Dick Wolfs Chicago-set shows, including the One Chicago series, and Showtimes The Chi.. This enterprise has been a true family business, and todays transaction marks another important milestone in our 33-year history. 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. Got a story tip? This courtroom drama follows a promising black high school athlete who is swept up into the Chicago criminal justice system. 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. Lightyears will premiere exclusively on Amazon Prime Video. 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. Productions ramped back up once the city reopened in June. Detectives were questioning a person who was inside the home at the time. The show follows a couple who discovered a chamber buried in their backyard, which inexplicably leads to a strange, deserted planet. 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 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. 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. Cinespace also has a significant presence in Toronto. Email Newsroom@BlockClubChi.org. In the ensuing decade, that key facility has grown to include 36 soundstages, helping to bring . Zach Long. 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. The acquisition of Cinespace comes as the streaming content boom has Wall Street and hedge funds eyeing studio campuses for acquisition. The story centers around four 12-year-old girls who deliver newspapers. 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. ft. of what use to be the old Ryerson Steel Company. Cinespace intends to grow its employee base in Chicago and Toronto, officials said. Sign up for THR news straight to your inbox every day. 415-743-1550, Internet Explorer presents a security risk. 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 Chicago specializes in the development, management and operation of studio facilities. Keith Gee, of LifeStorage, will become another co-managing partner and CFO. CineCares creates pathways into the film industry for young people on the South and West Sides through job training, education and internships at Cinespace. Illinois offers production companies 30% tax credits on production costs and on salaries up to $100,000 through 2026. 2023 The Hollywood Reporter, LLC. Oscar-winner Sissy Spacek and three-time Emmy-nominated Ed O'Neill will star in the sci-fi drama. Terms of the transaction were not disclosed. Much Shelist P.C. 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. For more information or to contract studio or business space at Cinespace, visit the website at ChicagoFilmStudios.com. They've carefully guarded their secret, but when a mysterious young man enters their lives, the couples' quiet existence is quickly upended. and Cassels Brock & Blackwell LLP served as legal counsel to Cinespace. Despite his legal woes and the attention from Colis indictment, Pissios has remained a player in Chicago real estate. A TPG official, Keith Gee, will be chief financial officer and the other co-managing partner. During the waning days of Gov. The Cinespace brand is recognized. Sign up for our Eat. While making deliveries the day after Halloween, the girls become involved in a conflict between two groups of time travelers. 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. Located on the west side of downtown Chicago, Cinespace Chicago Film Studios occupies 1.45 million sq. Pat Quinns administration in 2016, Cinespace sought a $15 million state grant to buy real estate to expand its footprint, later reducing the request to $10 million. Power Book IV: Force, the third spin-off of the popular StarzPower series produced by Lionsgate, is also shooting at Cinespace Chicago Film Studios. 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. Do. You can accept the use of cookies or other identifiers by closing or clicking the accept button. The deal will also expand Cinespaces social impact work in Chicago by growing the CineCares Foundation, the film studios nonprofit wing. 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. 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). 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. It was a stunning rebuke. The furtive chamber they thought they knew so well turns out to be much more than they could ever have imagined. 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. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. "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. 3.6 million square feet. Cinespace Chicago Film Studios has been home to NBCs Chicago Fire, Chicago Med and Chicago P.D. Oscar-winner Sissy Spacek and three-time Emmy-nominated Ed ONeill will star in the sci-fi drama. Leslie Shribman and Courtney Power The soundstages for Dick Wolf's 'Chicago Fire' and Netflix's 'Umbrella Academy' have been picked up by the real estate investor amid a . Monique Scott, 51, said she is preparing to fight for the neighborhood she was raised in. 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. 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. The show follows a couple who discovered a chamber buried in their backyard, which inexplicably leads to a strange, deserted planet.