Fulton Market Property in Chicago Sold to Alex Pissios, Former Cinespace CEO

Image: Alex Pissios’s next Chicago film studios will be headquartered in the Fulton Market district.

Alex Pissios, the former CEO of Cinespace Chicago Film Studios, is making his next move with the $11 million purchase of the Fulton Market property, an office building in the heart of Chicago. Pissios is no stranger to making big moves in the industry, and this seems to be an incredible opportunity.

Alex Pissios plans to turn the 10,000-square-foot building into a new venture that focuses on a combination of charity and investments. The building, located at 232 North Carpenter Street, sits between two offices operated by Google. Interestingly, this is the only neighborhood in the Windy City where leasing survived the pandemic without losing financially.

Hartshorne Plunkard Architecture sold the building. It was the last longtime property owner at the Fulton Market at the time of the sale. The area has seen numerous developers offer vast sums of money for the property.

The New Building’s Use

The Fulton Market property is likely to turn more than a few heads in the film industry. The building will become a work space for the new venture Alex Pissios is creating.

“My long-term vision is to build a family office and hire some smart people to help me manage it,” Pissios told Crain’s. “I really love the Fulton Market area. I’m excited about being in that neighborhood.” He noted his philanthropic work will likely focus on helping children with special needs as a nod to his father, a special education teacher in Chicago public schools. It’s a likely step, considering the work done at the Cinespace Foundation throughout his career.

Pissios told Crain’s the space will house a new foundation. “There’s a big need for kids with special needs after the age of 21,” says Pissios. “They’re out there, and they can’t find jobs. Some of them come from families living in poverty, one-parent homes, or those homes that do not have money to help provide for these children. I’m aiming to help them get a job, to have a life, and feel like they can do something.”

He continued, “It was already a huge part of Cinespace, and for my next chapter of my life, it’s going to be actually more important than making more money. It’s going to be more about giving back and just a matter of what I want to concentrate on giving back to.”

While many expected to see the Fulton Market property become a new development, something many developers have sought for a long time, Alex Pissios says he has no intention of knocking down the building. He plans to create a mix of corporations and upscale restaurants, hotels, and other services in the area.

The Industry Is Changing

Alex Pissios saw now as the ideal time to make a change, which is why he decided to sell Cinespace. He says, “I loved my job, I loved my life, and it took a while for us to actually agree to sell it when they threw in that number. We had three different companies bidding on us. And again, we didn’t go for sale. They all came to us, which was crazy. When they said, “What’s your knockout number?” we said, “That,” and he was like, “Done.” You can’t say no to this because it’s not going to happen again. It’s one chance of a lifetime.“ So we figured, let’s grab this opportunity, and then we can do some good stuff for society with the money.”

The Fulton Market property seems to be the big opportunity Pissios was looking for with the ability to create an incredible new foundation to help those in need once again.

‘Take a Deep Breath’

Cinespace was the jewel in Pissios’ life. As he collects the $1 billion from its sale, he recalls, “Eleven years ago, I was bankrupt in a real bad place, a dark, dark place. And now, this past November 12, we sold Cinespace for $1.3 billion. It’s a crazy story, but the best part of that story, what I always tell people, is that I’m most proud of is the Cinespace Foundation, which we started in honor of my Uncle Nick.

“In November, I sold. I’ve been taking a little time off to just take a deep breath because it’s been a hell of an 11 years building Cinespace. I’m not focused on real estate, and I have a project in mind.”