Lightyearswill premiere exclusively on Amazon Prime Video. Our clients create groundbreaking films and television. During the waning days of Gov. Every dime we make fundsreportingfrom Chicagos neighborhoods. newsletter here. 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. What you need to live your best life now. 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. TPG Real Estate has a portfolio of some $5 billion in properties under management, according to the company website. 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). A global hub for premium content production, services and support that ensures your team reaches their fullest creative potential. DOWNLOAD THE FOX 32 NEWS APP. Keep up to date with our latest industry news, from across the world. 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. CHICAGO, April 21, 2021 (GLOBE NEWSWIRE) -- The film industry in Chicago is back up and rolling! Chicago is an entity of its own. 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. 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. 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. 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. For more information or to contract studio or business space at Cinespace, visit the website at ChicagoFilmStudios.com. 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 Chicago Film Studios - DePaul University Sep 2021 - Mar 2022 7 months. 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. The two are not related. (StockSnap / Pixabay). This enterprise has been a true family business, and todays transaction marks another important milestone in our 33-year history. 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. 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. 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. Mayor Lori Lightfoot added, Chicago has a compelling, beautiful cityscape with so much potential for film productions of all mediums and sizes. Chicago's then-Mayor Rahm Emanuel announced the job creation and his appreciation for Cinespace at a news conference on Sept. 1, 2015. 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 . . 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Email Newsroom@BlockClubChi.org. The show follows a couple who discovered a chamber buried in their backyard, which inexplicably leads to a strange, deserted planet. Cinespace furthers their vision to build a premier global production platform Reel Chicago News Cinespace Studios announced a series of key leadership changes at Studio Babelsberg, a leading German film studio majority owned by Cinespace. Cinespace intends to continue growing its studio base following the transaction. ft. of what use to be the old Ryerson Steel Company. The story centers around four 12-year-old girls who deliver newspapers. As the Dick Wolf, One Chicago series prepares to wrap soon for the season, Cinespace announced four new series filming at its facilities. I look forward to partnering with TPG to continue growing this critical industry and seeing what Illinois talent and infrastructure inspires in creatives across our state., Chicago Mayor Lori E. Lightfoot continued: "Chicago has a compelling, beautiful cityscape with so much potential for film productions of all mediums and sizes. 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. This website uses cookies or other identifiers, which are necessary for its functioning. Skip to content About Us Locations CinecaresNews Contact Log In Cinespace Chicago Cinespace Toronto The results of that poll, in a word: Oof. Keep up with new offerings and opportunities at Cinespace and key developments across our entire industry. The acquisition of Cinespace comes as the streaming content boom has Wall Street and hedge funds eyeing studio campuses for acquisition. Your pleasant demeanor, warm smiles, and bigger-than-life personality will be sorely missed on campus. To learn more, please refer to the cookie policy. 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. 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. 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. According to the news release, TPG plans to expand upon the program, but did not provide further details. Your fullest creative potential. The pop-up runs Friday through the end of March. A TPG official, Keith Gee, will be chief financial officer and the other co-managing partner. Chicago has a compelling, beautiful cityscape with so much potential. The CineCare's Foundation Mirkopoulos Internship Program partners with FOX, HBO, NBCUniversal, Wolf Films, and Studio Mechanics Union Local 476. TPG is bringing in its own team. 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 . This timely and provocative drama is set against the systemic abuse that exists in some of our country's most vulnerable communities. It occupies 1.45 million square feet of what use to be the old Ryerson Steel Company. Chicago, Illinois, United States . 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. J.B. Pritzker said in the TPG statement. The furtive chamber they thought they knew so well turns out to be much more than they could ever have imagined. Lightyears is a sci-fi drama co-produced by Amazon Studios and Legendary Television by writer Holden Miller and producer Daniel C. Connolly. Theyve carefully guarded their secret, but when a mysterious young man enters their lives, the couples quiet existence is quickly upended. The Hollywood Reporter is a part of Penske Media Corporation. how interested you are in the Fire, whose season begins Saturday against New York City FC at Soldier Field. Cinespace Chicago opened in 2010 and currently operates 33 stages, with an additional 15 stages undergoing development or conversion on more than 60 acres. Community has always been core to who we are at Cinespace, and I am deeply proud of the employment and education opportunities weve created, said Alex Pissios, president and CEO of Cinespace Chicago. 2023 The Hollywood Reporter, LLC. Keep up to date with our latest industry news, from across the world. their facilities, and in 2011, Cinespace Chicago Film Studios opened on the 70-acre site of the former Ryerson steel complex. Since opening in 2011, Cinespace has helped bring more than 15,000 new jobs to the area. 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. 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. 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. General Inquiries 773.521.8000 studioinfo@cinespace.com But the latest news, received glee-fully by producers, may deliver still more impetus to Chicago's impressive growth . 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. At the Intersection of advertising, TV, film and production. Zach Long. Thanks for subscribing to Block Club Chicago, an independent, 501(c)(3), journalist-run newsroom. 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. The release does not mention any role for Cinespace President and CEO Alex Pissios, whose run as the head of Cinespaces Chicago operation has seen the company expand into the citys premier studio space and purportedly the largest film campus east of California. Outlets including Crains Chicago Business and Deadline.com are reporting a sale price of $1 billion. A global hub for premium content production, services and support that ensures your team reaches their fullest creative potential. CHICAGO (CBS) --Ald. 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. Block Club Chicago is a nonprofit news organization dedicated to . For more information on programs filming at Cinespace Chicago Film Studios or for information on CineCares Foundation, please visitChicagoFilmStudios.com orCineCaresFoundation.org. The companys Booth Avenue Studios hosted shoots for Guillermo del Toros The Strain, Heroes: Reborn, Rupture and Between. While making deliveries the day after Halloween, the girls become involved in a conflict between two groups of time travelers. With the city at capacity, having a private equity firm running Cinespace could lead to growth. 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. 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. CineCares creates pathways into the film industry for young people on the South and West Sides through job training, education and internships at Cinespace. 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 enterprise has been a true family business, and todays transaction marks another important milestone in our 33-year history. Gov. Poles needs to make sure Eberflus maintains significant input. The statement also includes praise from Mayor Lori Lightfoot and Gov. 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. window.__mirage2 = {petok:"GL3.c8oBr.U4p6a6d_QPYkkKQ28t0k7.ps5ff2XyKPQ-1800-0"};
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