Today, TREP has $5.3 billion of assets under management. Cinespace Chicago Film Studios - DePaul University Sep 2021 - Mar 2022 7 months. Officials with TPG, a Texas- and California-based buyout firm, did not reveal how much it paid for Cinespaces operations in Chicago and Toronto. Cinespace sold to buyout firm in deal reportedly worth $1 billion, $1 billion according to Crains Chicago Business, demanded Cinespace return the grant money, Netflix looks to curb password sharing, considers ads, Aiming to predict COVID, future pandemics better, CDC opens infectious diseases forecasting center, Joliet farmers wrangle cows thrown from semitrailer after crash on Interstate 80, 1 killed, 3 wounded in shootings Tuesday in Chicago, Obama relatives sue Milwaukee school alleging racial bias, Unmasked transit: Pritzker ends mask mandates in public transportation, airports, Dear Abby: When my husbands brother marries, I should be in the wedding, Facebook founder Mark Zuckerberg and wife to invest $250 million in new Chicago research lab, Jose Abreu on life with the Astros and leaving the White Sox, who werent a family in 2022, Chicago police officer was shot and killed in front of kids playing at school: They ran as quickly as possible just to get to safety, Dear Abby: With boyfriends fussy father living here, I feel trapped, Matt Eberflus influence essential as Bears GM Ryan Poles begins roster construction, Man found fatally shot inside Rogers Park home, Northwesterns Peter Skoronski could be a sure thing a Bears OL rarity, The Astros Dusty Baker 73 years young is still at it, and hes one Hall of a manager. Life on a third straight one-year contract with the mega-talented Astros isnt bad at all. According to the news release, TPG plans to expand upon the program, but did not provide further details. 86 active stages. Michael Scott Jr. (24th), on June 22, 2022. Since opening in 2011, Cinespace has helped bring more than 15,000 new jobs to the area. Our clients create groundbreaking films and television. 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.. Lightyears will premiere exclusively on Amazon Prime Video. Contact Heather Cherone:@HeatherCherone| (773) 569-1863 |[emailprotected]. Monique Scott needed more than 50 percent of the vote to avoid a runoff. 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 Chicago's West Side. Follow our newsletter to keep up with new offerings and opportunities at Cinespace - and key developments across our entire industry. Block Club Chicago is a nonprofit news organization dedicated to . Keith Gee, of LifeStorage, will become another co-managing partner and CFO. TPG is investing in two of the most stable and sought-after filming jurisdictions in the world, and we are excited to see Cinespaces continued growth and success with TPG.. Cinespace Chicago Film Studios specializes in the Development, Management & Operation of Studio Facilities. Cinespace Chicago Film Studio Arts & Culture. Located on the west side of downtown Chicago, Cinespace Chicago Film Studios occupies 1.45 million sq. "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. Illinois offers production companies 30% tax credits on production costs and on salaries up to $100,000 through 2026. The Chicago studio opened in 2010. their facilities, and in 2011, Cinespace Chicago Film Studios opened on the 70-acre site of the former Ryerson steel complex. 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. This timely and provocative drama is set against the systemic abuse that exists in some of our country's most vulnerable communities. The acquisition of Cinespace comes as the streaming content boom has Wall Street and hedge funds eyeing studio campuses for acquisition. 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 . 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. Executive producer Michael B. Jordan (Black Panther) is already shooting the AMC drama series61stStreet at Cinespace Chicago Film Studios. . CineCares Foundation, which was founded by Cinespace Chicago, aims to provide job training and education in the TV and film industry to underserved communities. Thanks for subscribing to Block Club Chicago, an independent, 501(c)(3), journalist-run newsroom. "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. Cinespace Chicago has 33 stages, with an additional 15 stages to be developed or converted on more than 60 acres. Media Contact 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). Do. Clickhereto support Block Clubwith atax-deductible donation. In true business news nerd fashion, I wanted to find a Valentine's Day angle . Zach Long. State grants heavily financed Cinespaces expansion into Chicago under Pissios uncle, Nick Mirkopoulos, who founded Cinespace in Toronto in the 1980s. Skoronski is productive: in three seasons as Northwesterns starting left tackle, he allowed just five sacks in 2,364 snaps. 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. window.__mirage2 = {petok:"GL3.c8oBr.U4p6a6d_QPYkkKQ28t0k7.ps5ff2XyKPQ-1800-0"}; 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. Chicago is not trying to be Hollywood. You can accept the use of cookies or other identifiers by closing or clicking the accept button. Oscar-winner Sissy Spacek and three-time Emmy-nominated Ed ONeill will star in the sci-fi drama. Eastdil Secured provided financing advisory to TREP for the transaction. Cinespace Chicago opened in 2010 and currently operates 33 stages, with an additional 15 stages undergoing development or conversion on more than 60 acres. Email Newsroom@BlockClubChi.org. Every dime we make fundsreportingfrom Chicagos neighborhoods. You can accept the use of cookies or other identifiers by closing or clicking the accept button. Keep up to date with our latest industry news, from across the world. ft. of what use to be the old Ryerson Steel Company. 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. 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. The two are not related. Launched in Chicago in 2010 by the Pissios family, Cinespace Chicago operates 33 stages, with an additional 15 stages undergoing development or conversion on more than 60 acres near Douglass Park. It occupies 1.45 million square feet of what use to be the old Ryerson Steel Company. The story centers around four 12-year-old girls who deliver newspapers. Cinespace Toronto has 23 production stages across the city, with another 12 stages planned for development on more than 40 acres. Illinois Governor JB Pritzker commented: Illinois is proud to welcome TPGs investment in Cinespace and Illinois booming film industry. Terms of the transaction were not disclosed. Kirkland & Ellis LLP and Davies Ward Phillips & Vineberg LLP served as legal counsel to TREP. The companys Booth Avenue Studios hosted shoots for Guillermo del Toros The Strain, Heroes: Reborn, Rupture and Between. Oscar-winner Sissy Spacek and three-time Emmy-nominated Ed O'Neill will star in the sci-fi drama. 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. 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 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. 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. We welcome this acquisition by TPG and look forward to their continued investment in Cinespace and commitment to growing their operations in Toronto. I am thrilled to see this acquisition expand our capability for content creation, Lightfoot said. Jones Lang Lasalle served as financial advisor to TREP. Cinespace intends to grow its employee base at each studio as a result of the transaction. J.B. Pritzker. CineCares is how we support, promote, and engage local communities. 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. Chicago, Illinois, United States . 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.. 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. Cinespace in North Lawndale has hosted filming for TV shows like Empire and Chicago Fire for the past few years, but the Southwest Side complex will start to look . 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. In addition to film production, the campus is home to Stage 18 Chicago, a 501(c) 3 organization and incubator established to retain and grow talent in Chicago. 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. 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.