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. Lightyears will premiere exclusively on Amazon Prime Video. Sign up for our free elert here. Chicago is not trying to be Hollywood. 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. Despite his legal woes and the attention from Colis indictment, Pissios has remained a player in Chicago real estate. 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). 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. ft. of what use to be the old Ryerson Steel Company. The series of film studio facilities occupy over 1 million square feet of studio, office and support space on over 40 acres of land. The pop-up runs Friday through the end of March. 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. Leslie Shribman and Courtney Power The combined Cinespace Chicago and Toronto film studios, founded by the Mirkopoulos and Pissios families, are the largest soundstage in the United States outside of Hollywood. The Studios also announced four new series filming at its facilities as productions begin to ramp back up with additional health and safety protocols. The deal will also expand Cinespaces social impact work in Chicago by growing the CineCares Foundation, the film studios nonprofit wing. and Cassels Brock & Blackwell LLP served as legal counsel to Cinespace. 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.. Got a story tip? 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. The show follows a couple who discovered a chamber buried in their backyard, which inexplicably leads to a strange, deserted planet. He was so successful in this endeavor that CineCares created 7,500 new jobs. Theyve carefully guarded their secret, but when a mysterious young man enters their lives, the couples quiet existence is quickly upended. Mayor Lori Lightfoot said in a statement she was thrilled Cinespaces new owners plan to expand its workforce. 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. 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. The city's (non) voters are not a monolith but crowded races and low awareness could be keeping them home, voting organizers say. 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. Cinespace is the second largest independent sound stage platform in North America with best-in-class studio campuses. Oscar-winner Sissy Spacek and three-time Emmy-nominated Ed O'Neill will star in the sci-fi drama. 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. 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. The acquisition of Cinespace comes as the streaming content boom has Wall Street and hedge funds eyeing studio campuses for acquisition. Thanks for subscribing to Block Club Chicago, an independent, 501(c)(3), journalist-run newsroom. 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. DOWNLOAD THE FOX 32 NEWS APP. Productions ramped back up once the city reopened in June. Crains Chicago Business reported the sale price as $1.1 billion. The CineCares Foundation aims to empower Chicago residents in these communities by creating opportunities for education and employment in the TV and film industry. how interested you are in the Fire, whose season begins Saturday against New York City FC at Soldier Field. This courtroom drama follows a promising black high school athlete who is swept up into the Chicago criminal justice system. 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. While making deliveries the day after Halloween, the girls become involved in a conflict between two groups of time travelers. 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 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 . Your preeminent production platform with 36 active stages across its 1.6 million square foot two campuses, located within 15 minutes of downtown. It occupies 1.45 million square feet of what use to be the old Ryerson Steel Company. Life on a third straight one-year contract with the mega-talented Astros isnt bad at all. Eoin Egan, who formerly worked as head ofproductionservices at Netflix, will be named Cinespaces new COO, according to Deadline. The studio was acquired by TPG Real Estate in a deal announced Friday. Lightyears is a sci-fi drama co-produced by Amazon Studios and Legendary Television by writer Holden Miller and producer Daniel C. Connolly. The release does not mention any role for Cinespace President and CEO Alex Pissios, whose run as the head of Cinespaces Chicago operation has seen the company expand into the citys premier studio space and purportedly the largest film campus east of California. Every dime we make fundsreportingfrom Chicagos neighborhoods. Egan and Gee are accomplished executives who have significant experience building and scaling businesses. Illinois offers production companies 30% tax credits on production costs and on salaries up to $100,000 through 2026. The bar will host a flip cup tournament, trivia nights and, of course, a St. Patrick's Day bash. It is home to Dick Wolfs Chicago-set shows, including the One Chicago series, and Showtimes The Chi.. newsletter here. Sign up for THR news straight to your inbox every day. 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. 86 active stages. By clicking below to submit this form, you acknowledge that the information you provide will be processed in accordance with our Privacy Policy. What to watch. 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.". Follow our newsletter to keep up with new offerings and opportunities at Cinespace and key developments across our entire industry. Today's news is good news for Cinespace Studios, our city, and our thriving film sector. The deal also involves studio space owned by Cinespace in Toronto. Eastdil Secured provided financing advisory to TREP for the transaction. In the ensuing decade, that key facility has grown to include 36 soundstages, helping to bring . Cinespace Chicago Film Studios has been home to NBCs Chicago Fire, Chicago Med and Chicago P.D. For more information or to contract studio or business space at Cinespace, visit the website at ChicagoFilmStudios.com. The Chicago studio opened in 2010. Cinespace Chicago has 33 stages, with an additional 15 stages to be developed or converted on more than 60 acres. This enterprise has been a true family business, and todays transaction marks another important milestone in our 33-year history. 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. Executive producer Michael B. Jordan (Black Panther) is already shooting the AMC drama series61stStreet at Cinespace Chicago Film Studios. All Rights Reserved. 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. This courtroom drama follows a promising black high school athlete who is swept up into the Chicago criminal justice system. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. As the Dick Wolf, One Chicago series prepares to wrap soon for the season, Cinespace announced four new series filming at its facilities. Sign up for our free elert here. 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 Studio president Alexander S. "Alex" Pissios at a news conference last February at Cinespace Chicago Film Studio. For more information on programs filming at Cinespace Chicago Film Studios or for information on CineCares Foundation, please visit ChicagoFilmStudios.com or CineCaresFoundation.org. Mayor Lori Lightfoot commended the investment for the jobs and productions it will bring to the city. ft. of what use to be the old Ryerson Steel Company. The furtive chamber they thought they knew so well turns out to be much more than they could ever have imagined. Keep up with new offerings and opportunities at Cinespace and key developments across our entire industry. 19 talking about this. 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. 415-743-1550, Internet Explorer presents a security risk. Cinespace Chicago Film Studio campus in North Lawndale. CineCares is how we support, promote, and engage local communities. The two are not related. Keep up to date with our latest industry news, from across the world. This timely and provocative drama is set against the systemic abuse that exists in some of our country's most vulnerable communities. In Chicago, Cinespace Chicago Film Studios virtually rose up out of an abandoned steel mill. Pascal Sabino 1:39 PM CST on Nov 12, 2021 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. Its a done deal! said Pissios. 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 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. Contact Heather Cherone:@HeatherCherone| (773) 569-1863 |[emailprotected]. 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. 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. The statement also includes praise from Mayor Lori Lightfoot and Gov. For more information on programs filming at Cinespace Chicago Film Studios or for information on CineCares Foundation, please visitChicagoFilmStudios.com orCineCaresFoundation.org. Oscar-winner Sissy Spacek and three-time Emmy-nominated Ed ONeill will star in the sci-fi drama. Chicago currently has one other soundstage facility, Chicago Studio City, which is considerably smaller. 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. 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. window.__mirage2 = {petok:"GL3.c8oBr.U4p6a6d_QPYkkKQ28t0k7.ps5ff2XyKPQ-1800-0"}; 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.
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