According to the news release, TPG plans to expand upon the program, but did not provide further details. Every dime we make fundsreportingfrom Chicagos neighborhoods. Illinois has a 30% tax credit that. The studio has about 33 sound stages and recently announced it will add up to 19 more soundstages to its campus. 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. 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 . A global hub for premium content production, services and support that ensures your team reaches their fullest creative potential. 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. Reporting to Eoin Egan, COO and Co-Managing Partner, she will be responsible for . Today's news is good news for Cinespace Studios, our city, and our thriving film sector. 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. It's how we act that makes a difference: we offer education and training to engage, support and contribute to our communities. During the waning days of Gov. 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. Outlets including Crains Chicago Business and Deadline.com are reporting a sale price of $1 billion. Chicago has a compelling, beautiful cityscape with so much potential for film productions of all mediums and sizes, Lightfoot said. how interested you are in the Fire, whose season begins Saturday against New York City FC at Soldier Field. Cinespace Chicago Film Studios specializes in the Development, Management & Operation of Studio Facilities. 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. 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. Despite his legal woes and the attention from Colis indictment, Pissios has remained a player in Chicago real estate. Cinespace is building a Hollywood-style studio - Time Out 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. 19 talking about this. Zach Long. It is home to Dick Wolfs Chicago-set shows, including the One Chicago series, and Showtimes The Chi.. 2023 The Hollywood Reporter, LLC. Alex Pissios On the Future of Cinespace Chicago and His - News Anyway Egan and Gee are accomplished executives who have significant experience building and scaling businesses. ", The Honourable Doug Ford, Premier of Ontario, said: Since launching in 1988, Cinespace has been a pillar of Torontos world class entertainment industry. 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. Block Club Chicago is a nonprofit news organization dedicated to delivering reliable, nonpartisan and essential coverage of Chicagos diverse neighborhoods. Lightyears is a sci-fi drama co-produced by Amazon Studios and Legendary Television by writer Holden Miller and producer Daniel C. Connolly. Every dime we make fundsreportingfrom Chicagos neighborhoods. 415-743-1550, Internet Explorer presents a security risk. 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. They have been the source of incredible Canadian content and a steady job creator for the City and Province. Pascal Sabino 1:39 PM CST on Nov 12, 2021 To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. //]]> New production scheduled to film at Cinespace Chicago Film Studios this spring includeLightyears,61stStreet,Power Book IV: Force, and Paper Girls. Bridgeport bank failure fallout: Washington Federal Bank for Savings The indie studio operator was founded by the Toronto-based Mirkopoulos family in 1988, and the Chicago campus was launched in 2010. Cinespace Chicago specializes in the development, management, and operation of studio facilities for the film, television, and digital media production industry. 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.". Your fullest creative potential. The deal includes both the Chicago and Toronto locations, which have more than 50 soundstages combined. Chicago currently has one other soundstage facility, Chicago Studio City, which is considerably smaller. Power Book IV: Force, the third spin-off of the popular StarzPower series produced by Lionsgate, is also shooting at Cinespace Chicago Film Studios. This courtroom drama follows a promising black high school athlete who is swept up into the Chicago criminal justice system. At the Intersection of advertising, TV, film and production. Chicago is an entity of its own. Mayor Lori Lightfoot added, Chicago has a compelling, beautiful cityscape with so much potential for film productions of all mediums and sizes. . The Studios also announced four new series filming at its facilities as productions begin to ramp back up with additional health and safety protocols. 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 . 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.. 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. Cinespace Chicago Film Studios Welcomes New Productions, (StockSnap / Pixabay). 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. 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. ft. of what use to be the old Ryerson Steel Company. Jones Lang Lasalle served as financial advisor to TREP. TPG Real Estate Acquires Leading Sound Stage Owner Cinespace Studios It was a stunning rebuke. The deal also involves studio space owned by Cinespace in Toronto. 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. 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. 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. 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 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. Heres How to See the Dazzling Duo, Vallas and Johnson Headed to Chicago Mayoral Runoff, Lightfoot Denied Second Term, Indicted Ald. Film production studio, which could create hundreds of jobs, eyed for "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. The family-owned Cinespace Chicago Film Studios in North Lawndale has been sold to private equity firm TPG. Forcewill 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. 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 Chicago-based chain, which also has locations in Milwaukee, Minneapolis and Dallas, opened the Wicker Park location in 2017. As part of the acquisition, Eoin Egan and Keith Gee will join Cinespace as Co-Managing Partners and COO and CFO, respectively. Were expanding beyond our workforce development program in Chicago to Toronto so stay in touch for updates. Box Office: Michael B. 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