Cinespace Studios Chicago and Toronto aquired by TPG Real Estate in $1.1B deal
CHICAGO - The studio campuses of Cinespace Studios in Chicago and Toronto have been acquired by TPG Real Estate Partners for $1.1 billion.
"Illinois is proud to welcome TPG’s investment in Cinespace and Illinois’ booming film industry. Expanding the state’s capacity for television and media production will create opportunities for countless Illinoisans — including the job training and apprenticeship programs that have been hallmarks of Cinespace’s efforts in Illinois. 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," Gov. JB Pritzker said.
Cinespace Chicago opened in 2010. According to their website, it has 51 soundproof stages, 10 production offices, prop facilities, parking areas, carpentry shops and paint areas, casting, wardrobe and dressing room spaces, along with on-site dining areas and an on-site caterer.
CineCares Foundation, which was founded by Cinespace Chicago, aims to provide job training and education in the TV and film industry to underserved communities.
"Chicago has a compelling, beautiful cityscape with so much potential for film productions of all mediums and sizes. I am thrilled to see this acquisition expand our capability for content creation and look forward to the jobs and productions it will bring to our region," Mayor Lori Lightfoot said.
This is a developing story.
