Cinespace, the family-owned film and TV production center, is being sold, reportedly for $1.1 billion to TPG Real Estate Partners. TPG has purchased the studio campuses of Cinespace Studios in Chicago and Toronto — combined, it is the second largest independent sound stage platform in North America. Cinespace owner Alex Pissios, and other members of his family, will no longer will be involved in active management of the company, with TPG Real Estate bringing in its own team. Eoin Egan, former head of production services at Netflix, will join Cinespace as COO.
It’s the firm’s second major deal in the space in as many months after agreeing in late September to acquire a large stake in Germany’s Studio Babelsberg.
The firm will remain based here and is interested in expanding beyond the 55 active soundstages it now operates at two campuses at the old Ryerson Steel distribution facility at 2621 W. 15th Place and at 31st St. and Kedzie Ave.
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