Uncle Nick had the foresight to recognize how important it was for Chicago and the TV industry to have a facility to base a series there. The deal will also expand Cinespaces social impact work in Chicago by growing the CineCares Foundation, the film studios nonprofit wing. TPG is bringing in its own team. It is home to Dick Wolfs Chicago-set shows, including the One Chicago series, and Showtimes The Chi.. 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.". CineCares creates pathways into the film industry for young people on the South and West Sides through job training, education and internships at Cinespace. Outlets including Crains Chicago Business and Deadline.com are reporting a sale price of $1 billion. Consumer appetite for original content 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, Bantasz said. For more information on programs filming at Cinespace Chicago Film Studios or for information on CineCares Foundation, please visit ChicagoFilmStudios.com or CineCaresFoundation.org. One of the projects launched under Pissios tenure is a pipeline program called CineCares. 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. 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.. Email Newsroom@BlockClubChi.org. 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. Block Club Chicago is a nonprofit news organization dedicated to delivering reliable, nonpartisan and essential coverage of Chicagos diverse neighborhoods. Monique Scott needed more than 50 percent of the vote to avoid a runoff. 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. Website. I want to thank TPG for their commitment and investment in Toronto and the future of Cinespace. 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. 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. 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. 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 GM and coach seem to be more cohesive than Ryan Pace was with Matt Nagy and John Fox. . 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. The story centers around four 12-year-old girls who deliver newspapers. 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. 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. 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. What to watch. Since opening in 2011, Cinespace has helped bring more than 15,000 new jobs to the area. ", The Honourable Doug Ford, Premier of Ontario, said: Since launching in 1988, Cinespace has been a pillar of Torontos world class entertainment industry. The furtive chamber they thought they knew so well turns out to be much more than they could ever have imagined. Monique Scott, 51, said she is preparing to fight for the neighborhood she was raised in. Located on the west side of downtown Chicago, Cinespace Chicago Film Studios occupies 1.45 million sq. Leslie Shribman and Courtney Power 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 . 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. 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. A federal appeals panel has ruled an Illinois state agency didn't violate . The Hollywood Reporter is a part of Penske Media Corporation. Cinespace Chicago opened in 2010 and currently operates 33 stages, with an additional 15 stages undergoing development or conversion on more than 60 acres. Today, TREP has $5.3 billion of assets under management. Cinespace Chicago Film Studios welcomes several new productions to its growing campus. 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 . By clicking below to submit this form, you acknowledge that the information you provide will be processed in accordance with our Privacy Policy. Located on the west side of downtown Chicago, Cinespace Chicago Film Studios occupies 1.45 million sq. 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. 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. J.B. Pritzker said in the TPG statement. Theyve carefully guarded their secret, but when a mysterious young man enters their lives, the couples quiet existence is quickly upended. Keep up to date with our latest industry news, from across the world. CineCares Foundation, which was founded by Cinespace Chicago, aims to provide job training and education in the TV and film industry to underserved communities. window.__mirage2 = {petok:"GL3.c8oBr.U4p6a6d_QPYkkKQ28t0k7.ps5ff2XyKPQ-1800-0"}; Pascal Sabino 1:39 PM CST on Nov 12, 2021 He was so successful in this endeavor that CineCares created 7,500 new jobs. According to the news release, TPG . 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. This enterprise has been a true family business, and todays transaction marks another important milestone in our 33-year history. 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.. 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. The Studios also announced four new series filming at its facilities as productions begin to ramp back up with additional health and safety protocols. Much Shelist P.C. 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.. 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 also has a significant presence in Toronto. For more information, visit www.tpg.com. The Toronto studio launched in 1988. Sign up for our free elert here. As part of the acquisition, Eoin Egan and Keith Gee will join Cinespace as co-managing partners and COO and CFO, respectively. Cinespace Studios in Chicago has 33 stages, with 15 more under development. 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.. Thanks for subscribing to Block Club Chicago, an independent, 501(c)(3), journalist-run newsroom. 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 family-owned Cinespace Chicago Film Studios in North Lawndale has been sold to private equity firm TPG. Box Office: Michael B. 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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. Were expanding beyond our workforce development program in Chicago to Toronto so stay in touch for updates. 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. Reporting to Eoin Egan, COO and Co-Managing Partner, she will be responsible for . As production begin to ramp back up the studio continues to strictly follow health and safetybest practices from the CDC andIllinois Guidance. Chicago is not trying to be Hollywood. (StockSnap / Pixabay). 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. Subscribe to Block Club Chicago,an independent, 501(c)(3), journalist-run newsroom. 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. "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. Lightyearswill premiere exclusively on Amazon Prime Video. Michael Scott Jr. (24th), on June 22, 2022. Clickhereto support Block Clubwith atax-deductible donation. ft. of what use to be the old Ryerson Steel Company. 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. I am thrilled to see this acquisition expand our capability for content creation, Lightfoot said. TPG, which also owns a majority stake in the Hollywood talent agency CAA, declined to confirm that figure when contacted by the Tribune. The two are not related. 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. 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. (Brian Cassella / Chicago Tribune). At the Intersection of advertising, TV, film and production. Your fullest creative potential. 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. 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. Crains Chicago Business reported the sale price as $1.1 billion. 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. 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.. According to the news release, TPG plans to expand upon the program, but did not provide further details. 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. At the Intersection of advertising, TV, film and production. 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 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. //