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. TPG Real Estate Partners ("TREP") is the dedicated real estate equity investment platform of global alternative asset firm TPG. The CineCares Foundation aims to empower Chicago residents in these communities by creating opportunities for education and employment in the TV and film industry. 24th Ward candidates headed to April runoff. 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. Alex Pissios On the Future of Cinespace Chicago and His - News Anyway Keep up to date with our latest industry news, from across the world. 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. 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. This enterprise has been a true family business, and todays transaction marks another important milestone in our 33-year history. 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. Monique Scott, 51, said she is preparing to fight for the neighborhood she was raised in. Cinespace Chicago Film Studios has been home to NBC's Chicago Fire, Chicago Med and Chicago P.D. Cinespace Studios has sold for $1.1B to TPG Real Estate - ReelChicago.com 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. Sign up for THR news straight to your inbox every day. Your fullest creative potential. //]]> Scott Vs. Scott: Ald. Monique Scott Headed To Runoff Against Creative Cinespace Chicago has 33 stages, with an additional 15 stages to be developed or converted on more than 60 acres. Stay on top of the latest advertising, film, TV, entertainment and production news. CineCares Foundation, which was founded by Cinespace Chicago, aims to provide job training and education in the TV and film industry to underserved communities. Feds' mole's disappearing debt - Chicago Sun-Times 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. 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. As part of the acquisition, Eoin Egan and Keith Gee will join Cinespace as co-managing partners and COO and CFO, respectively. Cinespace Chicago Film Studio Arts & Culture. 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. . Skip to content Reel Chicago News At the Intersection of advertising, TV, film and production REEL PRO 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. Opinion | The Spectacular Fall of Lori Lightfoot - The New York Times 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. A federal appeals panel has ruled an Illinois state agency didn't violate . 2023 The Hollywood Reporter, LLC. Illinois Governor JB Pritzker commented: Illinois is proud to welcome TPGs investment in Cinespace and Illinois booming film industry. DOWNLOAD THE FOX 32 NEWS APP. Watch. 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. Im around for six more months. After that, Alex and the other members of the family owned business will no longer be involved in the operation. Mayor Lori Lightfoot commended the investment for the jobs and productions it will bring to the city. 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. Bridgeport bank failure fallout: Washington Federal Bank for Savings 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. 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. Cinespace intends to continue growing its studio base following the transaction. I also want to thank the Mirkopoulos family for founding and building up Cinespace here in our city. Sources: Feds made recordings at Cinespace Chicago - Chicago Tribune 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.. Film production studio, which could create hundreds of jobs, eyed for The family-owned Cinespace Chicago Film Studios in North Lawndale has been sold to private equity firm TPG. The pop-up runs Friday through the end of March. #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. The Studios also announced four new series filming at its facilities as productions begin to ramp back up with additional health and safety protocols. Eastdil Secured provided financing advisory to TREP for the transaction. Located on the west side of downtown Chicago, Cinespace Chicago Film Studios occupies 1.45 million sq. The family that owns the Cinespace soundstages where - Chicago Tribune 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.. TPG is bringing in its own team. Life on a third straight one-year contract with the mega-talented Astros isnt bad at all. (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 . 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.". PDF Ever more enticing tax credits, locations renaissance in Chicago and Poles needs to make sure Eberflus maintains significant input. 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. 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 . Jane Williamson joins Cinespace as Head of Studio Operations Cinespace Studios Chicago and Toronto aquired by TPG Real Estate in $1 During the waning days of Gov. General Inquiries 773.521.8000 studioinfo@cinespace.com 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 [] Chicago, Illinois, United States . Chicago has a compelling, beautiful cityscape with so much potential for film productions of all mediums and sizes, Lightfoot said. 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. 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. 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. I want to thank TPG for their commitment and investment in Toronto and the future of Cinespace. Sign up for our Eat. Cinespace intends to grow its employee base at each studio as a result of the transaction. Website. 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. State grants heavily financed Cinespaces expansion into Chicago under Pissios uncle, Nick Mirkopoulos, who founded Cinespace in Toronto in the 1980s. They've carefully guarded their secret, but when a mysterious young man enters their lives, the couples' quiet existence is quickly upended. Oscar-winner Sissy Spacek and three-time Emmy-nominated Ed ONeill will star in the sci-fi drama. 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. I am thrilled to see this acquisition expand our capability for content creation, Lightfoot said. Learn More Cinespace Toronto The Cinespace brand is recognized around the world for the productions filmed on its premises by the most renowned content creation companies. 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. Polling Place: Is Patrick Kane the greatest Blackhawk ever. A global hub for premium content production, services and support that ensures your team reaches their fullest creative potential. Friday April 20 2018. 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. Illinois offers production companies 30% tax credits on production costs and on salaries up to $100,000 through 2026. Cinespace Chicago Film Studios shoots shows like "Chicago Fire" and "The Chi" at its North Lawndale campus at 2621 W. 15th Place. This courtroom drama follows a promising black high school athlete who is swept up into the Chicago criminal justice system. To learn more, please refer to the cookie policy. While making deliveries the day after Halloween, the girls become involved in a conflict between two groups of time travelers. 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. 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. Cinespace Studios Sold for $1.1B to TPG Real Estate. 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. 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. Egan and Gee are accomplished executives who have significant experience building and scaling businesses. J.B. Pritzker welcomed Cinespaces new owners and said in a statement he was pleased the firm would expand 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.. New programs scheduled to film at Cinespace Chicago Film Studios this spring include Lightyears, 61st Street, Power Book IV: Force, and Paper Girls. Mayor Lori Lightfoot said in a statement she was thrilled Cinespaces new owners plan to expand its workforce.
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