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cinespace chicago news

Email Newsroom@BlockClubChi.org. Contact | Cinespace 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. Stay on top of the latest advertising, film, TV, entertainment and production news. Media Contact 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. Feds' mole's disappearing debt - Chicago Sun-Times J.B. Pritzker. Skip to content Reel Chicago News At the Intersection of advertising, TV, film and production REEL PRO 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. Cinespace Chicago Film Studios | Chicago IL - Facebook Chicago has a compelling, beautiful cityscape with so much potential for film productions of all mediums and sizes, Lightfoot said. In true business news nerd fashion, I wanted to find a Valentine's Day angle . TPG is bullish on the Chicago film scene as well. The family-owned Cinespace Chicago Film Studios in North Lawndale has been sold to private equity firm TPG. It was a stunning rebuke. The companys Booth Avenue Studios hosted shoots for Guillermo del Toros The Strain, Heroes: Reborn, Rupture and Between. Polling Place: Is Patrick Kane the greatest Blackhawk ever. The two are not related. TPG Real Estate has a portfolio of some $5 billion in properties under management, according to the company website. I am thrilled to see this acquisition expand our capability for content creation, Lightfoot said. Box Office: Michael B. Jordans Creed III Grabbing Title With Series-Best $51M Opening, Lionsgate Dealmakers Michael Burns, Brian Goldsmith Extend Contracts, Jefferson White, Adeline Rudolph Join Hellboy Movie The Crooked Man, Jonathan Krisel in Talks to Direct Pokmon: Detective Pikachu Sequel, Zedd's Striking Beverly Hills Mansion Finally Sells to Kenya Barris, Jennifer Lopez Lists Bel Air Mansion for $42.5M Complete With an Outdoor Amphitheater for Home Concerts, John Malone and Charter Directors Reach $87.5M Deal to Settle Investor Suit, Rupert Murdoch, Fox Corp. 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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. Oscar-winner Sissy Spacek and three-time Emmy-nominated Ed ONeill will star in the sci-fi drama. Sign up for our free elert here. //Cinespace Studios Chicago and Toronto aquired by TPG Real Estate in $1 Eastdil Secured provided financing advisory to TREP for the transaction. Lightyears will premiere exclusively on Amazon Prime Video. Having Chicago as acritical 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.. window.__mirage2 = {petok:"GL3.c8oBr.U4p6a6d_QPYkkKQ28t0k7.ps5ff2XyKPQ-1800-0"}; Cinespace Chicago opened in 2010 and currently operates 33 stages, with an additional 15 stages undergoing development or conversion on more than 60 acres. Jones Lang Lasalle served as financial advisor to TREP. Located on the west side of downtown Chicago, Cinespace Chicago Film Studios occupies 1.45 million sq. This courtroom drama follows a promising black high school athlete who is swept up into the Chicago criminal justice system. Monique Scott needed more than 50 percent of the vote to avoid a runoff. 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 show follows a couple who discovered a chamber buried in their backyard, which inexplicably leads to a strange, deserted planet. Masking, social distancing, and capacity limits in public and workplaces continue to be enforced at Cinespace Chicago Film Studios for the health and safety of staff and all production workers. Kirkland & Ellis LLP and Davies Ward Phillips & Vineberg LLP served as legal counsel to TREP. Cinespace sold to buyout firm in deal reportedly worth $1 billion Every dime we make fundsreportingfrom Chicagos neighborhoods. For more information or to contract studio or business space at Cinespace, visit the website at ChicagoFilmStudios.com. General Inquiries 773.521.8000 studioinfo@cinespace.com Egan and Gee are accomplished executives who have significant experience building and scaling businesses. Cinespace is up and rolling with 4 new series and more Reel Chicago News I cringe when I hear our town referred to as Hollywood in Chicago. 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. The Cinespace brand is recognized around the world for the productions filmed on its premises by the most renowned content creation companies. The story centers around four 12-year-old girls who deliver newspapers. Much Shelist P.C. 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. 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. Ald. Michael Scott Jr. resigning from City Council, joining Cinespace The Toronto studio launched in 1988. Cinespace Chicago Film Studio campus in North Lawndale. This enterprise has been a true family business, and todays transaction marks another important milestone in our 33-year history. Do. 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. 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. The city's (non) voters are not a monolith but crowded races and low awareness could be keeping them home, voting organizers say. 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 . It's how we act that makes a difference: we offer education and training to engage, support and contribute to our communities. Ve el apartamento 3N en alquiler en 1448 S Rockwell St en Chicago, IL desde $1200 y encuentra otros apartamentos disponibles en Chicago. 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. Today's news is good news for Cinespace Studios, our city, and our thriving film sector. For more information on programs filming at Cinespace Chicago Film Studios or for information on CineCares Foundation, please visitChicagoFilmStudios.com orCineCaresFoundation.org. 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. 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. Chicago is an entity of its own. Cinespace Studios Sold to Private Equity Firm | Chicago News | WTTW Chicago has a compelling, beautiful cityscape with so much potential for film productions of all mediums and sizes, Lightfoot said. The furtive chamber they thought they knew so well turns out to be much more than they could ever have imagined. 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. Cinespace Chicago opened in 2010 and currently operates 33 stages, with an additional 15 stages undergoing development or conversion on more than 60 acres. By clicking below to submit this form, you acknowledge that the information you provide will be processed in accordance with our Privacy Policy. The deal will also expand Cinespaces social impact work in Chicago by growing the CineCares Foundation, the film studios nonprofit wing. I am thrilled to see this acquisition expand our capability for content creation and look forward to the jobs and production it will bring to our region.. Sign Up:Stay on top of the latest film, TV, advertising, entertainment and production news! Today, TREP has $5.3 billion of assets under management. This timely and provocative drama is set against the systemic abuse that exists in some of our countrys most vulnerable communities. The story centers around four 12-year-old girls who deliver newspapers. PDF Ever more enticing tax credits, locations renaissance in Chicago and Officials with TPG, a Texas- and California-based buyout firm, did not reveal how much it paid for Cinespaces operations in Chicago and Toronto. Since opening in 2011, Cinespace has helped bring more than 15,000 new jobs to the area. The bar will host a flip cup tournament, trivia nights and, of course, a St. Patrick's Day bash. Subscribe:Sign up for our FREE e-lert here. 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. For more information on programs filming at Cinespace Chicago Film Studios or for information on CineCares Foundation, please visit ChicagoFilmStudios.com or CineCaresFoundation.org. Cinespace Chicago Film Studios - DePaul University Sep 2021 - Mar 2022 7 months. Terms of the transaction were not disclosed. 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. #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. 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. Cinespace Chicago Film Studios announces huge expansion by the - WGN "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 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 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. 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. 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. As a Cinespace executive, Pissios also wore a wire on former Teamsters boss John Coli Sr., who pleaded guilty to extorting more than $300,000 from the company to maintain labor peace at the studio. This timely and provocative drama is set against the systemic abuse that exists in some of our country's most vulnerable communities. ft. of what use to be the old Ryerson Steel Company. 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.. A global hub for premium content production, services and support that ensures your team reaches their fullest creative potential. Cinespace is building a Hollywood-style studio - Time Out Chicago [CDATA[ Executive producer Michael B. Jordan (Black Panther) is already shooting the AMC drama series 61st Street at Cinespace Chicago Film Studios. 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). newsletter here. Chicago currently has one other soundstage facility, Chicago Studio City, which is considerably smaller. 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. 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. Opinion | The Spectacular Fall of Lori Lightfoot - The New York Times Reporting to Eoin Egan, COO and Co-Managing Partner, she will be responsible for . Productions ramped back up once the city reopened in June. Your preeminent production platform with 36 active stages across its 1.6 million square foot two campuses, located within 15 minutes of downtown. The statement also includes praise from Mayor Lori Lightfoot and Gov. Lightyears is a sci-fi drama co-produced by Amazon Studios and Legendary Television by writer Holden Miller and producer Daniel C. Connolly. 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. But the latest news, received glee-fully by producers, may deliver still more impetus to Chicago's impressive growth . 86 active stages. 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 has been home to NBC's Chicago Fire, Chicago Med and Chicago P.D. Subscribe to Block Club Chicago,an independent, 501(c)(3), journalist-run newsroom. Sign up for THR news straight to your inbox every day. . 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. Cinespace Studios has sold for $1.1B to TPG Real Estate - ReelChicago.com Chicago, Illinois, United States . This enterprise has been a true family business, and todays transaction marks another important milestone in our 33-year history. 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. 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. Sign up for our morning newsletter to get all of our stories delivered to your mailbox each weekday. Outlets including Crains Chicago Business and Deadline.com are reporting a sale price of $1 billion. As part of the acquisition, Eoin Egan and Keith Gee will join Cinespace as Co-Managing Partners and COO and CFO, respectively. Film production studio, which could create hundreds of jobs, eyed for ft. of what use to be the old Ryerson Steel Company. 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. 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. Bridgeport bank failure fallout: Washington Federal Bank for Savings This website uses cookies or other identifiers, which are necessary for its functioning. 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. Cinespace intends to grow its employee base at each studio as a result of the transaction. 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. Teagan Pompa - Senior Studio Technician - Cinespace Chicago Film media@tpg.com 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. 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 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.