Do. Life on a third straight one-year contract with the mega-talented Astros isnt bad at all. . Cinespace also has a significant presence in Toronto. 3.6 million square feet. It was a stunning rebuke. Executive producer Michael B. Jordan (Black Panther) is already shooting the AMC drama series 61st Street at Cinespace Chicago Film Studios. 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 . The show follows a couple who discovered a chamber buried in their backyard, which inexplicably leads to a strange, deserted planet. and Cassels Brock & Blackwell LLP served as legal counsel to Cinespace. This enterprise has been a true family business, and todays transaction marks another important milestone in our 33-year history. 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. On Tuesday, Mayor Lori Lightfoot of Chicago, the first Black woman and first openly L.G.B.T.Q. 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. Illinois has a 30% tax credit that. The furtive chamber they thought they knew so well turns out to be much more than they could ever have imagined. 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. The soundstages for Dick Wolf's 'Chicago Fire' and Netflix's 'Umbrella Academy' have been picked up by the real estate investor amid a . 86 active stages. The deal includes both the Chicago and Toronto locations, which have more than 50 soundstages combined. 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. Much Shelist P.C. 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 Toronto, Cinespace Film Studios was founded in 1988 by highly revered, (Uncle) Nick Mirkopolous. Officials with TPG, a Texas- and California-based buyout firm, did not reveal how much it paid for Cinespace's operations in . The city's (non) voters are not a monolith but crowded races and low awareness could be keeping them home, voting organizers say. About Us Locations CineCares News Contact Cinespace Chicago Cinespace Toronto Studio Babelsberg Cinespace We're the perfect partner for your next production. 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. With the city at capacity, having a private equity firm running Cinespace could lead to growth. Oscar-winner Sissy Spacek and three-time Emmy-nominated Ed ONeill will star in the sci-fi drama. Michael Scott Jr. (24th), on June 22, 2022. Keep up to date with our latest industry news, from across the world. Cinespace intends to grow its employee base at each studio as a result of the transaction. #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. After a Covid-19 hiatus, Chicago's film industry is back up and running, with local film studio Cinespace Chicago adding more than 100,000 square feet of production space to keep up with demand. Follow Your Favorite Chicago's Afternoon News Personalities on Twitter:Follow @SteveBertrand Follow @kpowell720 Follow @maryvandeveldeFollow @LaurenLapka The series of film studio facilities occupy over 1 million square feet of studio, office and support space on over 40 acres of land. "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 Chicago studio opened in 2010. Were really happy to have the industry back in action on our campus, said Alex Pissios, president and CEO of Cinespace Chicago Film Studios. Crains Chicago Business reported the sale price as $1.1 billion. Located on the west side of downtown Chicago, Cinespace Chicago Film Studios occupies 1.45 million sq. 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. General Inquiries 773.521.8000 [email protected] Ve el apartamento 3N en alquiler en 1448 S Rockwell St en Chicago, IL desde $1200 y encuentra otros apartamentos disponibles en Chicago. 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. Got a story tip? This courtroom drama follows a promising black high school athlete who is swept up into the Chicago criminal justice system. Cinespace Chicago opened in 2010 and currently operates 33 stages, with an additional 15 stages undergoing development or conversion on more than 60 acres. 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. At the Intersection of advertising, TV, film and production. In the ensuing decade, that key facility has grown to include 36 soundstages, helping to bring . By clicking below to submit this form, you acknowledge that the information you provide will be processed in accordance with our Privacy Policy. This timely and provocative drama is set against the systemic abuse that exists in some of our country's most vulnerable communities. 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, 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. It is home to Dick Wolfs Chicago-set shows, including the One Chicago series, and Showtimes The Chi.. New programs scheduled to film at Cinespace Chicago Film Studios this spring include Lightyears, 61st Street, Power Book IV: Force, and Paper Girls. To learn more, please refer to the cookie policy. Williamson is a native Chicagoan and rose through the ranks of commercial, non-scripted and scripted TV production starting as a production assistant. 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 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. 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. Every dime we make fundsreportingfrom Chicagos neighborhoods. News about the Studio and Production Facility Industry | Cinespace News and industry updates about Cinespace, as well as the entire industry devoted to filming locations, production facilities, and studio space. Today's news is good news for Cinespace Studios, our city, and our thriving film sector. In Chicago, Cinespace Chicago Film Studios virtually rose up out of an abandoned steel mill. 24th Ward candidates headed to April runoff. The Cinespace brand is recognized. 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 . 415-743-1550, Internet Explorer presents a security risk. 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. 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. 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. Website. Keith Gee, of LifeStorage, will become another co-managing partner and CFO. The program has provided training to local youth and young adults, giving its apprentices the opportunity to work on Cinespace Chicago campus productions. 2023 The Hollywood Reporter, LLC. Cinespace Toronto has 23 production stages across the city, with another 12 stages planned for development on more than 40 acres. ft. of what use to be the old Ryerson Steel Company. 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. Lightyears is a sci-fi drama co-produced by Amazon Studios and Legendary Television by writer Holden Miller and producer Daniel C. Connolly. Sign up for THR news straight to your inbox every day. 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. Eoin Egan, who served as the head of production services at Netflix, will serve as the chief operating officer of Cinespace, officials said. [CDATA[ Studio Babelsberg Honored as Treasure of European Film Culture, Cinespace to Expand Production Infrastructure in Port Lands to Better Serve Toronto, Hollywoods Streaming Gold Rush Keeps Ontario Soundstages at Full Capacity, Cinespace Studios Announces Updates to Platform Following Annual General Meeting at Studio Babelsberg, Cinespace Names Andy Weltman Co-CEO of Legendary Studio Babelsberg, Illinois Shatters Record for Film Production Revenues at $630 Million in Economic Impact, Chicago Public Servant Michael Scott Jr. to Join Cinespace Studios as Director of Industry and Community Relations, Cinespace and York University Commit $3.12 Million to Motion Media Studio for Students, Illinois Film Production Tax Credit Expanded. 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. By clicking below to submit this form, you acknowledge that the information you provide will be processed in accordance with our Privacy Policy. 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. In true business news nerd fashion, I wanted to find a Valentine's Day angle . "We're really happy to have the industry back in action on our campus," said Alex Pissios, president and CEO of Cinespace Chicago Film Studios. Cinespace Chicago Film Studios shoots shows like "Chicago Fire" and "The Chi" at its North Lawndale campus at 2621 W. 15th Place. The story centers around four 12-year-old girls who deliver newspapers. Cinespace Chicago Film Studio president Alexander S. "Alex" Pissios at a news conference last February at Cinespace Chicago Film Studio. 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. The CineCares Foundation aims to empower Chicago residents in these communities by creating opportunities for education and employment in the TV and film industry. 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.. Its how we build something beyond facilities, develop a stronger, more diverse workforce, broaden educational platforms, change the narrative behind the camera, and affect meaningful change to create a more vibrant industry. With all precincts reporting, Monique Scott won 45.4 percent of the vote in a crowded field, while challenger Creative Scott had 12.6 percent. You can accept the use of cookies or other identifiers by closing or clicking the accept button. I want to thank TPG for their commitment and investment in Toronto and the future of Cinespace. Clickhereto support Block Clubwith atax-deductible donation. Oscar-winner Sissy Spacek and three-time Emmy-nominated Ed O'Neill will star in the sci-fi drama. Cinespace Chicago Film Studio Arts & Culture. Cinespace intends to grow its employee base in Chicago and Toronto, officials said. 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. Expanding the states capacity for television and media production will create opportunities for countless Illinoisans including the job training and apprenticeship programs that have been hallmarks of Cinespaces efforts in Illinois. ft. of what use to be the old Ryerson Steel Company. It occupies 1.45 million square feet of what use to be the old Ryerson Steel Company. Mayor Lori Lightfoot commended the investment for the jobs and productions it will bring to the city. Gov. 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. The Toronto studio launched in 1988. 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. Cinespace Chicago has 33 stages, with an additional 15 stages to be developed or converted on more than 60 acres. CineCares creates pathways into the film industry for young people on the South and West Sides through job training, education and internships at Cinespace. their facilities, and in 2011, Cinespace Chicago Film Studios opened on the 70-acre site of the former Ryerson steel complex. Illinois is proud to welcome TPGs investment in Cinespace and Illinois booming film industry, Gov. Kirkland & Ellis LLP and Davies Ward Phillips & Vineberg LLP served as legal counsel to TREP. Chicago currently has one other soundstage facility, Chicago Studio City, which is considerably smaller. Subscribe for full access to The Hollywood Reporter. One of the projects launched under Pissios tenure is a pipeline program called CineCares. Lightyearswill premiere exclusively on Amazon Prime Video. Every dime we make fundsreportingfrom Chicagos neighborhoods. According to Crains Chicago Business, TPG, in a statement, has confirmed that its TPG Real Estate Partners unit has made the acquisition. 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. 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. While making deliveries the day after Halloween, the girls become involved in a conflict between two groups of time travelers. 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. As the Dick Wolf, One Chicago series prepares to wrap soon for the season, Cinespace announced four new series filming at its facilities. Cinespace Chicago Film Studios specializes in the Development, Management & Operation of Studio Facilities. Reporting to Eoin Egan, COO and Co-Managing Partner, she will be responsible for . I cringe when I hear our town referred to as Hollywood in Chicago. What you need to live your best life now. 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's sale is expected to accelerate the growth of Chicago's film industry and bring more production jobs to the area, new owners said. According to the news release, TPG plans to expand upon the program, but did not provide further details. (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 . (StockSnap / Pixabay). Your preeminent production platform with 36 active stages across its 1.6 million square foot two campuses, located within 15 minutes of downtown. When Hollywood comes to Chicago to film, they do it Chicago style. 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. Community has always been core to who we are at Cinespace, and I am deeply proud of the employment and education opportunities weve created. I am thrilled to see this acquisition expand out capability for content creation and look forward to the jobs and productions it will bring to our region.. 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.. Illinois Governor JB Pritzker commented: Illinois is proud to welcome TPGs investment in Cinespace and Illinois booming film industry. Egan and Gee are accomplished executives who have significant experience building and scaling businesses. CHICAGO (CBS) --Ald. As production begin to ramp back up the studio continues to strictly follow health and safetybest practices from the CDC andIllinois Guidance. 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. 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. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. 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. 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. Follow our newsletter to keep up with new offerings and opportunities at Cinespace and key developments across our entire industry. 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. Clickhereto support Block Clubwith atax-deductible donation. Stay on top of the latest advertising, film, TV, entertainment and production news. 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. Skip to content Reel Chicago News At the Intersection of advertising, TV, film and production REEL PRO 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. We welcome this acquisition by TPG and look forward to their continued investment in Cinespace and commitment to growing their operations in Toronto. newsletter here. 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. 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.". ft. of what use to be the old Ryerson Steel Company. Terms of the deal, and the purchase price, were not mentioned in the release. This enterprise has been a true family business, and todays transaction marks another important milestone in our 33-year history. 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 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. 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. 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.
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