We have been studying the content creation and production landscape as an investment theme for a few years, and in that time have developed a relationship with the family behind Cinespace. 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. CineCares Foundation, which was founded by Cinespace Chicago, aims to provide job training and education in the TV and film industry to underserved communities. Sign Up:Stay on top of the latest film, TV, advertising, entertainment and production news! 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. When current Illinois Film Office director Peter Hawley was appointed two years ago, he talked about the need for more soundstage space. As part of the acquisition, Eoin Egan and Keith Gee will join Cinespace as Co-Managing Partners and COO and CFO, respectively. Leslie Shribman and Courtney Power 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.. Eoin Egan, who formerly worked as head ofproductionservices at Netflix, will be named Cinespaces new COO, according to Deadline. Illinois offers production companies 30% tax credits on production costs and on salaries up to $100,000 through 2026. A global hub for premium content production, services and support that ensures your team reaches their fullest creative potential. ft. of what use to be the old Ryerson Steel Company. The studio recently announced it will add up to 19 more soundstages to its campus, about 50 percent more than the studio already has. Cinespace was initially launched with a sizable Toronto facility in the late 1980s under the stewardship of the late Nick Mirkopoulos. 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. Cinespaces new owners plan to expand the CineCares Foundation, which offers residents of underserved Chicago neighborhoods job training and education in the television and film industry. Carrie Austin Resigns from City Council After 29 Years in Office, Why Will County Residents Are Fighting a Major Logistics Hub and Why Backers Say Its Needed, Control of Chicago City Council Up for Grabs as Aldermanic Runoffs Loom. 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 Studios in Chicago has 33 stages, with 15 more under development. Masking, social distancing, and capacity limits in public and workplaces continue to be enforced at Cinespace Chicago Film Studios for the health and safety of staff and all production workers. On a personal note, the Chicago film community, the recipients of the CineCares Foundation, the Pilsen neighborhood, and the City of Chicago, owe a huge debt of gratitude to Uncle Nick Mirkopolous, Alex Pissios, and the entire Mirkopolous family for having the foresight, determination, talent, expertise, faith, and vision to raise up the Chicago film industry when others have tried and failed. Cinespace Chicago Film Studios announces huge expansion by the - WGN TPG, which also owns a majority stake in the Hollywood talent agency CAA, declined to confirm that figure when contacted by the Tribune. Michael Scott Jr. (24th), on June 22, 2022. Mayor Lori Lightfoot commended the investment for the jobs and productions it will bring to the city. Cinespace Chicago Film Studios Being Sold For $1 Billion Cinespace Chicago Film Studios | LinkedIn Egan and Gee are accomplished executives who have significant experience building and scaling businesses. Sign up for our morning newsletter to get all of our stories delivered to your mailbox each weekday. Cinespace Chicago has 33 stages, with an additional 15 stages to be developed or converted on more than 60 acres. Chicago's then-Mayor Rahm Emanuel announced the job creation and his appreciation for Cinespace at a news conference on Sept. 1, 2015. 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 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. 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. The show follows a couple who discovered a chamber buried in their backyard, which inexplicably leads to a strange, deserted planet. Theyve carefully guarded their secret, but when a mysterious young man enters their lives, the couples quiet existence is quickly upended. 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. It's how we act that makes a difference: we offer education and training to engage, support and contribute to our communities. With the city at capacity, having a private equity firm running Cinespace could lead to growth. their facilities, and in 2011, Cinespace Chicago Film Studios opened on the 70-acre site of the former Ryerson steel complex. A federal appeals panel has ruled an Illinois state agency didn't violate . The pop-up runs Friday through the end of March. Mayor Lori Lightfoot added, Chicago has a compelling, beautiful cityscape with so much potential for film productions of all mediums and sizes. Bridgeport bank failure fallout: Washington Federal Bank for Savings Cinespace Studios Chicago and Toronto aquired by TPG Real Estate in $1 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. Contact | Cinespace Got a story tip? Executive producer Michael B. Jordan (Black Panther) is already shooting the AMC drama series61stStreet at Cinespace Chicago Film Studios. It occupies 1.45 million square feet of what use to be the old Ryerson Steel Company. 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. (Colin Boyle/Block Club Chicago) Voters will decide who of the two contenders will take the 24th Ward's aldermanic seat in the April runoff after Monique L. Scott only secured . Monique Scott needed more than 50 percent of the vote to avoid a runoff. According to the news release, TPG plans to expand upon the program, but did not provide further details. CHICAGO (CBS) --Ald. Skoronski is productive: in three seasons as Northwesterns starting left tackle, he allowed just five sacks in 2,364 snaps. Eastdil Secured provided financing advisory to TREP for the transaction. "Jane has worked on the Cinespace lot for many years in several different roles and understands the needs of a production and the Chicago film and TV community," Egan says in a release. Lightyears is a sci-fi drama co-produced by Amazon Studios and Legendary Television by writer Holden Miller and producer Daniel C. Connolly. As production begin to ramp back up the studio continues to strictly follow health and safetybest practices from the CDC andIllinois Guidance. Cinespace Chicago Film Studios | Chicago IL - Facebook Life on a third straight one-year contract with the mega-talented Astros isnt bad at all. The show follows a couple who discovered a chamber buried in their backyard, which inexplicably leads to a strange, deserted planet. 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. In true business news nerd fashion, I wanted to find a Valentine's Day angle . 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 enterprise has been a true family business, and todays transaction marks another important milestone in our 33-year history. Cinespace Expansion Will Bring More TV Shows And Jobs To Chicago, CEO Zach Long. This timely and provocative drama is set against the systemic abuse that exists in some of our countrys most vulnerable communities. Power Book IV: Force, the third spin-off of the popular StarzPower series produced by Lionsgate, is also shooting at Cinespace Chicago Film Studios. Your pleasant demeanor, warm smiles, and bigger-than-life personality will be sorely missed on campus. 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. Thanks for subscribing to Block Club Chicago, an independent, 501(c)(3), journalist-run newsroom. Oscar-winner Sissy Spacek and three-time Emmy-nominated Ed ONeill will star in the sci-fi drama. New programs scheduled to film at Cinespace Chicago Film Studios this spring include Lightyears, 61st Street, Power Book IV: Force, and Paper Girls. According to Crains Chicago Business, TPG, in a statement, has confirmed that its TPG Real Estate Partners unit has made the acquisition. 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. 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. Cinespace is up and rolling with 4 new series and more Reel Chicago News . Cinespace Chicago specializes in . Cinespace Chicago specializes in the development, management, and operation of studio facilities for the film, television, and digital media production industry. Contact Heather Cherone:@HeatherCherone| (773) 569-1863 |[emailprotected]. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. A press release from TPG says former Netflix executive Eoin Egan will take over as a co-managing partner and COO. Polling Place: Is Patrick Kane the greatest Blackhawk ever. Masking, social distancing, and capacity limits in public and workplaces continue to be enforced at Cinespace Chicago Film Studios for the health and safety of staff and all production workers. 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. I also want to thank the Mirkopoulos family for founding and building up Cinespace here in our city. 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. Eoin Egan, who served as the head of production services at Netflix, will serve as the chief operating officer of Cinespace, officials said. TPG Real Estate Acquires Leading Sound Stage Owner Cinespace Studios Today In The Culture, March 2, 2023: Duck Pop-Up | Lettuce Entertains Productions ramped back up once the city reopened in June. The Chicago studio opened in 2010. Pissios went on to be president of Cinespace Chicago Film Studios, the post he held when federal prosecutors accused him of failing to disclose all of his assets in his bankruptcy and got him to . 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. 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, continued Jacob Muller, Managing Director at TREP. Located on the west side of downtown Chicago, Cinespace Chicago Film Studios occupies 1.45 million sq. Chicago has a compelling, beautiful cityscape with so much potential for film productions of all mediums and sizes, Lightfoot said. Cinespace Chicago Film Studios Welcomes New Productions, 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. Cinespace intends to continue growing its studio base following the transaction. For more information on programs filming at Cinespace Chicago Film Studios or for information on CineCares Foundation, please visitChicagoFilmStudios.com orCineCaresFoundation.org. (StockSnap / Pixabay). Cinespace Chicago Film Studio campus in North Lawndale. The Cinespace brand is recognized around the world for the productions filmed on its premises by the most renowned content creation companies. 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. Ald. Michael Scott Jr. resigning from City Council, joining Cinespace "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. The furtive chamber they thought they knew so well turns out to be much more than they could ever have imagined. What you need to live your best life now. Cinespace furthers their vision to build a premier global production Chicago has a compelling, beautiful cityscape with so much potential. To learn more, please refer to the cookie policy. Sign up for THR news straight to your inbox every day. 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. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. The two are not related. On Tuesday, Mayor Lori Lightfoot of Chicago, the first Black woman and first openly L.G.B.T.Q. Cinespace intends to grow its employee base at each studio as a result of the transaction. Located on the west side of downtown Chicago, Cinespace Chicago Film Studios occupies 1.45 million sq. By clicking below to submit this form, you acknowledge that the information you provide will be processed in accordance with our Privacy Policy. For more information or to contract studio or business space at Cinespace, visit the website at ChicagoFilmStudios.com. The Toronto studio launched in 1988. 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. Cinespace Chicago Film Studio | Enjoy Illinois The program has provided training to local youth and young adults, giving its apprentices the opportunity to work on Cinespace Chicago campus productions. Mayor Lori Lightfoot said in a statement she was thrilled Cinespaces new owners plan to expand its workforce. Pissios cooperation earned him a non-prosecution deal with federal prosecutors on fraud charges tied to his 2011 personal bankruptcy. 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. Williamson is a native Chicagoan and rose through the ranks of commercial, non-scripted and scripted TV production starting as a production assistant. The acquisition of Cinespace comes as the streaming content boom has Wall Street and hedge funds eyeing studio campuses for acquisition. Every dime we make fundsreportingfrom Chicagos neighborhoods. Every dime we make fundsreportingfrom Chicagos neighborhoods. and Cassels Brock & Blackwell LLP served as legal counsel to Cinespace. 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. 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.