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. We welcome this acquisition by TPG and look forward to their continued investment in Cinespace and commitment to growing their operations in Toronto. Illinois Governor JB Pritzker commented: Illinois is proud to welcome TPGs investment in Cinespace and Illinois booming film industry. As part of the acquisition, Eoin Egan and Keith Gee will join Cinespace as Co-Managing Partners and COO and CFO, respectively. The Cinespace brand is recognized around the world for the productions filmed on its premises by the most renowned content creation companies. General Inquiries 773.521.8000 studioinfo@cinespace.com The series of film studio facilities occupy over 1 million square feet of studio, office and support space on over 40 acres of land. their facilities, and in 2011, Cinespace Chicago Film Studios opened on the 70-acre site of the former Ryerson steel complex. Alex Pissios has confirmed that Cinespace Chicago Film Studios and Cinespace Toronto, the amazing empire that he and his uncle Nick Mirkopolous built on a dream, has been sold to TPG Real Estate, a West Coast based global alternative asset manager. Do. Power Book IV: Force, the third spin-off of the popular Starz Power series produced by Lionsgate, is also shooting at Cinespace Chicago Film Studios. The story centers around four 12-year-old girls who deliver newspapers. Skoronski is productive: in three seasons as Northwesterns starting left tackle, he allowed just five sacks in 2,364 snaps. The GM and coach seem to be more cohesive than Ryan Pace was with Matt Nagy and John Fox. Information. Egan and Gee are accomplished executives who have significant experience building and scaling businesses. Cinespace intends to grow its employee base at each studio as a result of the transaction. 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.". The results of that poll, in a word: Oof. 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 opened in 2010 and currently operates 33 stages, with an additional 15 stages undergoing development or conversion on more than 60 acres. Were really happy to have the industry back in action on our campus, said Alex Pissios, president and CEO of Cinespace Chicago Film Studios. 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. 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. Cinespace was initially launched with a sizable Toronto facility in the late 1980s under the stewardship of the late Nick Mirkopoulos. Monique Scott was sworn into City Council to replace her brother, former Ald. 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. Crains Chicago Business reported the sale price as $1.1 billion. Pissios cooperation earned him a non-prosecution deal with federal prosecutors on fraud charges tied to his 2011 personal bankruptcy. Our clients create groundbreaking films and television. Williamson is a native Chicagoan and rose through the ranks of commercial, non-scripted and scripted TV production starting as a production assistant. 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. The CineCares Foundation aims to empower Chicago residents in these communities by creating opportunities for education and employment in the TV and film industry. TPGs investment will expand these efforts and provide more jobs for Illinois.. Your pleasant demeanor, warm smiles, and bigger-than-life personality will be sorely missed on campus. This timely and provocative drama is set against the systemic abuse that exists in some of our countrys most vulnerable communities. One of the projects launched under Pissios tenure is a pipeline program called CineCares. 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. As part of the acquisition, Eoin Egan and Keith Gee will join Cinespace as co-managing. 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. The Hollywood Reporter is a part of Penske Media Corporation. 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. 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.". 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. 19 talking about this. 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. 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. 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 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. Gov. 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 program has provided training to local youth and young adults, giving its apprentices the opportunity to work on Cinespace Chicago campus productions. Cinespace Chicago Film Studios has been home to NBCs Chicago Fire, Chicago Med and Chicago P.D. Terms of the transaction were not disclosed. 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. 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. 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. 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. 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. 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. On Tuesday, Mayor Lori Lightfoot of Chicago, the first Black woman and first openly L.G.B.T.Q. 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. Cinespace Chicago Film Studios - DePaul University Sep 2021 - Mar 2022 7 months. Community has always been core to who we are at Cinespace, and I am deeply proud of the employment and education opportunities weve created. As part of Cinespace's commitment to the neighborhood, the family established CineCares Foundation to train and employ area residents through education and job training in TV & Film. You can accept the use of cookies or other identifiers by closing or clicking the accept button. 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. J.B. Pritzker said in the TPG statement. Watch. Chicago's then-Mayor Rahm Emanuel announced the job creation and his appreciation for Cinespace at a news conference on Sept. 1, 2015. 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 intends to continue growing its studio base following the transaction. The family-owned Cinespace Chicago Film Studios in North Lawndale has been sold to private equity firm TPG. Cinespace Chicago has 33 stages, with an additional 15 stages to be developed or converted on more than 60 acres. window.__mirage2 = {petok:"GL3.c8oBr.U4p6a6d_QPYkkKQ28t0k7.ps5ff2XyKPQ-1800-0"}; 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. Theyve carefully guarded their secret, but when a mysterious young man enters their lives, the couples quiet existence is quickly upended. //

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