In TPG, weve found a partner who loves our great city of Toronto, respects Cinespaces heritage and tradition of philanthropy, and has the expertise and resources to help lead the company into its next phase of growth, said Steve Mirkopoulos, President and CEO of Cinespace Toronto. ft. of what use to be the old Ryerson Steel Company. Located on the west side of downtown Chicago, Cinespace Chicago Film Studios occupies 1.45 million sq. 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. (Brian Cassella / Chicago Tribune). Your pleasant demeanor, warm smiles, and bigger-than-life personality will be sorely missed on campus. 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.. 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. 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. Block Club Chicago is a nonprofit news organization dedicated to . You can accept the use of cookies or other identifiers by closing or clicking the accept button. 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. 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. Thank you Alex for being the best ambassador this film community could ask for. Lightyears will premiere exclusively on Amazon Prime Video. CineCares Foundation, which was founded by Cinespace Chicago, aims to provide job training and education in the TV and film industry to underserved communities. Terms of the deal, and the purchase price, were not mentioned in the release. As part of the acquisition, Eoin Egan and Keith Gee will join Cinespace as co-managing. 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. Egan and Gee are accomplished executives who have significant experience building and scaling businesses. What to watch. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. . Power Book IV: Force, the third spin-off of the popular StarzPower series produced by Lionsgate, is also shooting at Cinespace Chicago Film Studios. 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. Ashlee Rezin Garcia / Sun-Times Alexander S. Pissios, president of Chicago's largest movie studio, had gone bankrupt but was still more than $1 million in debt when federal agents showed up three years ago. 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. Clickhereto support Block Clubwith atax-deductible donation. 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. Returning series filming at the Chicago campus includeChicago Fire, Season 9;Chicago P.D., Season 8;Chicago Med, Season 6; andThe Chi, Season 4; South Side, Season 2; andThe Big Leap. 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. Today's news is good news for Cinespace Studios, our city, and our thriving film sector. their facilities, and in 2011, Cinespace Chicago Film Studios opened on the 70-acre site of the former Ryerson steel complex. 24th Ward candidates headed to April runoff. 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. In true business news nerd fashion, I wanted to find a Valentine's Day angle . 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 [] TPG, which also owns a majority stake in the Hollywood talent agency CAA, declined to confirm that figure when contacted by the Tribune. In Toronto, Cinespace Film Studios was founded in 1988 by highly revered, (Uncle) Nick Mirkopolous. A federal appeals panel has ruled an Illinois state agency didn't violate . 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 . Chicago currently has one other soundstage facility, Chicago Studio City, which is considerably smaller. The statement also includes praise from Mayor Lori Lightfoot and Gov. //