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. The studio has about 33 sound stages and recently announced it will add up to 19 more soundstages to its campus. Despite his legal woes and the attention from Colis indictment, Pissios has remained a player in Chicago real estate. In the ensuing decade, that key facility has grown to include 36 soundstages, helping to bring . 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. TPG is bringing in its own team. General Inquiries 773.521.8000 studioinfo@cinespace.com 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. The bar will host a flip cup tournament, trivia nights and, of course, a St. Patrick's Day bash. Terms of the deal, and the purchase price, were not mentioned in the release. Kirkland & Ellis LLP and Davies Ward Phillips & Vineberg LLP served as legal counsel to TREP. Key tenants at Cinespace include 312 Fast Draw, AbelCine, Cinelease, DePaul FilmSchool, Keslow Camera, Lagunitas, and Periscope Post & Audio. The two are not related. You can accept the use of cookies or other identifiers by closing or clicking the accept button. I cringe when I hear our town referred to as Hollywood in Chicago. An effort to help diversify TV and film crews, CineCares has created a meaningful (and paid) foot in the door for people of color. Mayor Lori Lightfoot commended the investment for the jobs and productions it will bring to the city. 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. Cinespace Chicago opened in 2010 and currently operates 33 stages, with an additional 15 stages undergoing development or conversion on more than 60 acres. The show follows a couple who discovered a chamber buried in their backyard, which inexplicably leads to a strange, deserted planet. It occupies 1.45 million square feet of what use to be the old Ryerson Steel Company. 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. 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. At the Intersection of advertising, TV, film and production. Media Contact 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. 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. The CineCare's Foundation Mirkopoulos Internship Program partners with FOX, HBO, NBCUniversal, Wolf Films, and Studio Mechanics Union Local 476. Skip to content About Us Locations CinecaresNews Contact Log In Cinespace Chicago Cinespace Toronto CineCares creates pathways into the film industry for young people on the South and West Sides through job training, education and internships at Cinespace. #mc_embed_signup{background:#fff; clear:left;width:100%;font-weight:normal;}, Beyond Chicago from the Air with Geoffrey Baer, The Great Chicago Fire: A Chicago Stories Special, Surviving R.Kelly: Final Installment Examines Trial and More Details, Chicago Film Critics Break Down Sight and Sounds New Greatest Films of All Time List, Actor and Director Isaiah Washington Brings New Film to Chicago, Starstruck Memories from Chicago International Film Festival Founder, New Chicago-Set Film Highlights Citys Street Art Scene, After Unexpected Death of Her Husband, Naperville Woman Plans to Finish His Documentary, Venus and Jupiter Will Be Side by Side in Wednesdays Night Sky. 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. 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. 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. 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 . 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. Lightyears is a sci-fi drama co-produced by Amazon Studios and Legendary Television by writer Holden Miller and producer Daniel C. Connolly. [CDATA[ In TPG, weve found a partner who loves our great city of Toronto, respects Cinespaces heritage and tradition of philanthropy, and has the expertise and resources to help lead the company into its next phase of growth, said Steve Mirkopoulos, president and CEO of Cinespace Toronto. Zach Long. 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. Oscar-winner Sissy Spacek and three-time Emmy-nominated Ed ONeill will star in the sci-fi drama. Cinespace intends to grow its employee base in Chicago and Toronto, officials said. 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. Since opening in 2011, Cinespace has helped bring more than 15,000 new jobs to the area. person to lead the city, failed to advance to a runoff, earning just 17 . The story centers around four 12-year-old girls who deliver newspapers. Today, TREP has $5.3 billion of assets under management. Got a story tip? It is home to Dick Wolfs Chicago-set shows, including the One Chicago series, and Showtimes The Chi.. Ve el apartamento 3N en alquiler en 1448 S Rockwell St en Chicago, IL desde $1200 y encuentra otros apartamentos disponibles en Chicago. 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. Cinespace Studios Sold for $1.1B to TPG Real Estate. The Cinespace brand is recognized around the world for the productions filmed on its premises by the most renowned content creation companies. 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, 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. 2023 The Hollywood Reporter, LLC. The show follows a couple who discovered a chamber buried in their backyard, which inexplicably leads to a strange, deserted planet. New production scheduled to film at Cinespace Chicago Film Studios this spring includeLightyears,61stStreet,Power Book IV: Force, and Paper Girls. //]]> 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. 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. 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.. Eastdil Secured provided financing advisory to TREP for the transaction. 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 [] 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. As the Dick Wolf, One Chicago series prepares to wrap soon for the season, Cinespace announced four new series filming at its facilities. About Us Locations CineCares News Contact Cinespace Chicago Cinespace Toronto Studio Babelsberg Cinespace We're the perfect partner for your next production. The CineCares Foundation aims to empower Chicago residents in these communities by creating opportunities for education and employment in the TV and film industry. Cinespace Studios announces that Jane Williamson will join the company as Head of Client Services & Studio Operations in Chicago.Nick Pissios will be leaving the position.. Jane was most recently Production Supervisor on season 2 of Lionsgate TV's Power Book IV: Force and Legendary Entertainment's Night Sky. 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. Email Newsroom@BlockClubChi.org. In TPG, weve found a partner who loves our great city of Toronto, respects Cinespaces heritage and tradition of philanthropy, and has the expertise and resources to help lead the company into its next phase of growth, said Steve Mirkopoulos, President and CEO of Cinespace Toronto. 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. 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. Cinespace was initially launched with a sizable Toronto facility in the late 1980s under the stewardship of the late Nick Mirkopoulos. 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. This enterprise has been a true family business, and todays transaction marks another important milestone in our 33-year history. What to watch. 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.. Egan and Gee are accomplished executives who have significant experience building and scaling businesses. A global hub for premium content production, services and support that ensures your team reaches their fullest creative potential. 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 for the film, television, and digital media production industry. 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. Life on a third straight one-year contract with the mega-talented Astros isnt bad at all. Were really happy to have the industry back in action on our campus, said Alex Pissios, president and CEO of Cinespace Chicago Film Studios. Your pleasant demeanor, warm smiles, and bigger-than-life personality will be sorely missed on campus. The GM and coach seem to be more cohesive than Ryan Pace was with Matt Nagy and John Fox. 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. Cinespace also has a significant presence in Toronto. Learn More Cinespace Toronto Sign up for our Eat. Productions ramped back up once the city reopened in June. Cinespace Chicago Film Studio Arts & Culture. 19 talking about this. Michael Scott Jr. (24th), on June 22, 2022. The family-owned Cinespace Chicago Film Studios in North Lawndale has been sold to private equity firm TPG. This courtroom drama follows a promising black high school athlete who is swept up into the Chicago criminal justice system. 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. TPG is bullish on the Chicago film scene as well. 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. 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. CHICAGO (CBS) --Ald. how interested you are in the Fire, whose season begins Saturday against New York City FC at Soldier Field. This website uses cookies or other identifiers, which are necessary for its functioning. 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. According to Crains Chicago Business, TPG, in a statement, has confirmed that its TPG Real Estate Partners unit has made the acquisition. 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, continued Alex Pissios, President and CEO of Cinespace Chicago. As a Cinespace executive, Pissios also wore a wire on former Teamsters boss John Coli Sr., who pleaded guilty to extorting more than $300,000 from the company to maintain labor peace at the studio. 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.". 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. Terms of the transaction were not disclosed. It was a stunning rebuke. You can accept the use of cookies or other identifiers by closing or clicking the accept button. newsletter here. Force will follow Tommy Egan (Joseph Sikora) as he turns his back on New York and heads to Los Angeles through Chicago to take on the Irish mob. 24th Ward candidates headed to April runoff. Every dime we make fundsreportingfrom Chicagos neighborhoods. 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. and Cassels Brock & Blackwell LLP served as legal counsel to Cinespace. ft. of what use to be the old Ryerson Steel Company. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. 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. 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. Subscribe for full access to The Hollywood Reporter. Skip to content Reel Chicago News At the Intersection of advertising, TV, film and production REEL PRO 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. By clicking below to submit this form, you acknowledge that the information you provide will be processed in accordance with our Privacy Policy. The studio recently announced it will add up to 19 more soundstages to its campus, about 50 percent more than the studio already has. What to eat. 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 deal, valued at $1 billion according to Crains Chicago Business, means the Pissios family of Chicago will no longer control the studio space they founded in 2011 with the aid of millions of dollars in state grants. 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. 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For more information, visit www.tpg.com. I also want to thank the Mirkopoulos family for founding and building up Cinespace here in our city. 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. In addition to film production, the campus is home to Stage 18 Chicago, a 501(c) 3 organization and incubator established to retain and grow talent in Chicago. We also wanted to know or did we? The Hollywood Reporter is a part of Penske Media Corporation. This enterprise has been a true family business, and todays transaction marks another important milestone in our 33-year history. Cinespace Toronto has 23 production stages across the city, with another 12 stages planned for development on more than 40 acres. A TPG official, Keith Gee, will be chief financial officer and the other co-managing partner. I look forward to partnering with TPG to continue growing this critical industry and seeing what Illinois talent and infrastructure inspires in creatives across our state., Chicago Mayor Lori E. Lightfoot continued: "Chicago has a compelling, beautiful cityscape with so much potential for film productions of all mediums and sizes. 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. Cinespace Chicago specializes in . Lightyears is a sci-fi drama co-produced by Amazon Studios and Legendary Television by writer Holden Miller and producer Daniel C. Connolly. Were expanding beyond our workforce development program in Chicago to Toronto so stay in touch for updates. As The Hollywood Reporter noted in August: The studio lot industry is riding high on private equity money as investors bet that the busy facilities boosted by streaming projects will offer better returns than office towers.. 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 onToy Story 4andThor: Ragnarok. ft. of what use to be the old Ryerson Steel Company. What you need to live your best life now. Pissios cooperation earned him a non-prosecution deal with federal prosecutors on fraud charges tied to his 2011 personal bankruptcy. Sign up for THR news straight to your inbox every day. As part of the acquisition, Eoin Egan and Keith Gee will join Cinespace as co-managing partners and COO and CFO, respectively. 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. media@tpg.com Chicago, Illinois, United States . 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 . Chicago has a compelling, beautiful cityscape with so much potential. 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 . Officials with TPG, a Texas- and California-based buyout firm, did not reveal how much it paid for Cinespaces operations in Chicago and Toronto. 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. To learn more, please refer to the cookie policy. The acquisition of Cinespace comes as the streaming content boom has Wall Street and hedge funds eyeing studio campuses for acquisition. 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. Follow our newsletter to keep up with new offerings and opportunities at Cinespace and key developments across our entire industry. The results of that poll, in a word: Oof. DOWNLOAD THE FOX 32 NEWS APP. Returning series filming at the Chicago campus includeChicago Fire, Season 9;Chicago P.D., Season 8;Chicago Med, Season 6; andThe Chi, Season 4; South Side, Season 2; andThe Big Leap. Lightyearswill premiere exclusively on Amazon Prime Video. 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. ", The Honourable Doug Ford, Premier of Ontario, said: Since launching in 1988, Cinespace has been a pillar of Torontos world class entertainment industry. 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. Friday April 20 2018. The family-owned Cinespace Chicago Film Studios in North Lawndale has been sold to private equity firm TPG. 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. Block Club Chicago is a nonprofit news organization dedicated to delivering reliable, nonpartisan and essential coverage of Chicagos diverse neighborhoods. Jones Lang Lasalle served as financial advisor to TREP. Cinespace furthers their vision to build a premier global production platform Reel Chicago News Cinespace Studios announced a series of key leadership changes at Studio Babelsberg, a leading German film studio majority owned by Cinespace. Located on the west side of downtown Chicago, Cinespace Chicago Film Studios occupies 1.45 million sq. Stay on top of the latest advertising, film, TV, entertainment and production news. To learn more, please refer to the cookie policy. //
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