Alex Pissios And His Family Sells Cinespace

Alex Pissios is leaving Cinespace now that it was bought by TPG Real Estate Partners. Cinespace reportedly sold for $1 billion. The deal included Cinespace Studios campuses in Chicago and Toronto. The independent sound stage platform is the second largest in North America. Cinespace was founded by Alex Pissios and his family, but while it is expected to stay in Cicago, the Pissios family no longer will be actively involved in its management. TPG has expressed an interest in expanding the size of the facility.

New Leadership

To ensure a smooth transition, Alex Pissios might continue to work with Cinespace for six to twelve months. Netflix’s former production services head, Eoin Egan, is expected to become COO of Cinespace. Dick Wolf, legendary TV producer who did ‘Law & Order’, was lured to Cinespace by Pissios. He shot Chicago P.D., Chicago Med. and Chicago Fire at Cinespace Chicago since it opened in 2010. ‘Empire’, ‘Fargo’ and many other shows were produced at Cinespace. The studio currently operates 33 stages. It also has 15 more stages undergoing development on over 60 acres.

A Boon For The City And State

Illinois Governor JB Pritzker and Chicago Mayor Lori Lightfoot are excited about TPG buying Cinespace. They agree it creates opportunities more television and media production and jobs for people throughout the city and state. Through 2026, Illinois will give Cinespace a 30% tax credit. When asked about his future plans, Alex Pissios declined to comment, but he’s expected to make an announcement soon.