Theyve carefully guarded their secret, but when a mysterious young man enters their lives, the couples quiet existence is quickly upended. TPG Real Estate Partners has purchased studio campuses in Toronto and Chicago belonging to Cinespace Studios, home to production of major films and TV series like Dick Wolfs Chicago Fire, Chicago PD and Chicago Med, Netflixs Umbrella Academy and MGMs The Handmaids Tale. The acquisition of Cinespace comes as the streaming content boom has Wall Street and hedge funds eyeing studio campuses for acquisition. Skip to content About Us Locations CinecaresNews Contact Log In Cinespace Chicago Cinespace Toronto 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.". Ald. Michael Scott Jr. resigning from City Council, joining 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. Cinespace | Film Studio Locations, Production and Sound Stage Facilities Contact Heather Cherone:@HeatherCherone| (773) 569-1863 |[emailprotected]. At the Intersection of advertising, TV, film and production. Lightyears is a sci-fi drama co-produced by Amazon Studios and Legendary Television by writer Holden Miller and producer Daniel C. Connolly. Chicago, Illinois, United States . I am thrilled to see this acquisition expand our capability for content creation, Lightfoot said. 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. //TPG Real Estate Buys Cinespace Toronto, Chicago Studios for $1.1 Heres How to See the Dazzling Duo, Vallas and Johnson Headed to Chicago Mayoral Runoff, Lightfoot Denied Second Term, Indicted Ald. Thank you Alex for being the best ambassador this film community could ask for. 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. While making deliveries the day after Halloween, the girls become involved in a conflict between two groups of time travelers. . Information. 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. TPG is bringing in its own team. According to Crains Chicago Business, TPG, in a statement, has confirmed that its TPG Real Estate Partners unit has made the acquisition. 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. Cinespace is building a Hollywood-style studio - Time Out Chicago 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. At the Intersection of advertising, TV, film and production. 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. Crains Chicago Business reported the sale price as $1.1 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. The Midwest's production hot spot and second-largest film studio outside of Los Angeles in North America, recently added another 105,000 square foot industrial . Website. 24th Ward candidates headed to April runoff - Austin Weekly News 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. The deal will also expand Cinespaces social impact work in Chicago by growing the CineCares Foundation, the film studios nonprofit wing. 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. 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, in a statement. Keep up to date with our latest industry news, from across the world. For more information or to contract studio or business space at Cinespace, visit the website at ChicagoFilmStudios.com. 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 . media@tpg.com 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.". Chicago is not trying to be Hollywood. 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. For more information on programs filming at Cinespace Chicago Film Studios or for information on CineCares Foundation, please visitChicagoFilmStudios.com orCineCaresFoundation.org. Stay on top of the latest film, TV, advertising, entertainment and production news! Community has always been core to who we are at Cinespace, and I am deeply proud of the employment and education opportunities weve created. To learn more, please refer to the cookie policy. Scott Vs. Scott: Ald. Monique Scott Headed To Runoff Against Creative Every dime we make fundsreportingfrom Chicagos neighborhoods. Life on a third straight one-year contract with the mega-talented Astros isnt bad at all. 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. 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. 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 . 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. The Cinespace brand is recognized around the world for the productions filmed on its premises by the most renowned content creation companies. Cinespace Chicago Film Studios | LinkedIn Lightyears will premiere exclusively on Amazon Prime Video. 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. 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. What to watch. 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. 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. Cinespace sold to buyout firm in deal reportedly worth $1 billion Eastdil Secured provided financing advisory to TREP for the transaction. Mayor Lori Lightfoot said in a statement she was thrilled Cinespaces new owners plan to expand its workforce. 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 GM and coach seem to be more cohesive than Ryan Pace was with Matt Nagy and John Fox. 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. Illinois Governor JB Pritzker commented: Illinois is proud to welcome TPGs investment in Cinespace and Illinois booming film industry. Cinespace Chicago Film Studios has been home to NBC's Chicago Fire, Chicago Med and Chicago P.D. Monique Scott needed more than 50 percent of the vote to avoid a runoff. He would later help his nephew, Chicago native Alex Pissios, open the North Lawndale branch in 2011, where Pissios has been president and CEO since. Clickhereto support Block Clubwith atax-deductible donation. 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. The largest provider of sound stages and production support in the region, at 1.4 million square feet - with a total of 29 stages over three major campuses, including purpose built stages with 45 clear heights. As part of the acquisition, Eoin Egan and Keith Gee will join Cinespace as Co-Managing Partners and COO and CFO, respectively. Ve el apartamento 3N en alquiler en 1448 S Rockwell St en Chicago, IL desde $1200 y encuentra otros apartamentos disponibles en Chicago. Jones Lang Lasalle served as financial advisor to TREP. Officials with TPG, a Texas- and California-based buyout firm, did not reveal how much it paid for Cinespace's operations in . ft. of what use to be the old Ryerson Steel Company. Illinois is proud to welcome TPGs investment in Cinespace and Illinois booming film industry, Gov. Terms of the transaction were not disclosed. TPGs investment will expand these efforts and provide more jobs for Illinois.. The deal also involves studio space owned by Cinespace in Toronto. They've carefully guarded their secret, but when a mysterious young man enters their lives, the couples' quiet existence is quickly upended. A global hub for premium content production, services and support that ensures your team reaches their fullest creative potential. In Toronto, Cinespace Film Studios was founded in 1988 by highly revered, (Uncle) Nick Mirkopolous. Cinespace Studios Chicago and Toronto aquired by TPG Real Estate in $1 As the Dick Wolf, One Chicago series prepares to wrap soon for the season, Cinespace announced four new series filming at its facilities. Monique Scott, 51, said she is preparing to fight for the neighborhood she was raised in. With the city at capacity, having a private equity firm running Cinespace could lead to growth. Cinespace Studios Sold to Private Equity Firm | Chicago News | WTTW He was so successful in this endeavor that CineCares created 7,500 new jobs. 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. CHICAGO (CBS) --Ald. Despite his legal woes and the attention from Colis indictment, Pissios has remained a player in Chicago real estate. Cinespace Chicago Film Studios specializes in the Development, Management & Operation of Studio Facilities. Cinespace Studios has sold for $1.1B to TPG Real Estate - ReelChicago.com ", The Honourable Doug Ford, Premier of Ontario, said: Since launching in 1988, Cinespace has been a pillar of Torontos world class entertainment industry. 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 continue to strictly follow health and safety best practices from the CDC and Illinois Guidance. Cinespace Chicago Film Studio campus in North Lawndale. Oscar-winner Sissy Spacek and three-time Emmy-nominated Ed O'Neill will star in the sci-fi drama. Media Contact The acquisition is expected to accelerate the growth of Chicagos thriving film industry and bring more production jobs to the area, said Avi Banyasz, co-head of TPG Real Estate. We also wanted to know or did we? 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. Cinespace Toronto has 23 production stages across the city, with another 12 stages planned for development on more than 40 acres. 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. Keep up to date with our latest industry news, from across 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, said Jacob Muller, managing director at TPG Real Estate Partners. "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. Terms of the deal, and the purchase price, were not mentioned in the release. What you need to live your best life now. 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.. how interested you are in the Fire, whose season begins Saturday against New York City FC at Soldier Field. Chicago is an entity of its own. One of the projects launched under Pissios tenure is a pipeline program called CineCares. The story centers around four 12-year-old girls who deliver newspapers. The indie studio operator was founded by the Toronto-based Mirkopoulos family in 1988, and the Chicago campus was launched in 2010. When current Illinois Film Office director Peter Hawley was appointed two years ago, he talked about the need for more soundstage space. 3.6 million square feet. 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. In true business news nerd fashion, I wanted to find a Valentine's Day angle . The show follows a couple who discovered a chamber buried in their backyard, which inexplicably leads to a strange, deserted planet. Michael Scott Jr. (24th), on June 22, 2022. 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. Reporting to Eoin Egan, COO and Co-Managing Partner, she will be responsible for . Williamson is a native Chicagoan and rose through the ranks of commercial, non-scripted and scripted TV production starting as a production assistant. 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. While making deliveries the day after Halloween, the girls become involved in a conflict between two groups of time travelers. 1448 S Rockwell St Chicago, IL 60608 - Alquileres en Chicago, IL Located on the west side of downtown Chicago, Cinespace Chicago Film Studios occupies 1.45 million sq. 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. (StockSnap / Pixabay). One of Pissios' deepest passions while CEO of Cinespace was to provide education and job training within the film industry. 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.