Paramount, a Skydance Corporation, has signed a 10-year lease agreement with 1888 Studios located in Bayonne, New Jersey.
The deal, which gives Paramount access to over 285,000 square feet in the 1.6 million square foot film and television production campus, further establishes New Jersey as a major production hub for the company, and unlocks the state’s tax incentive program.
As 1888 Studios tenants, Paramount will receive tax incentives comparable to other leading production hubs worldwide through New Jersey’s film and digital media tax credit program. With the program empowering the New Jersey Economic Development Authority (NJEDA) to designate three studio partners and three film-lease partner facilities, 1888 Studios was designated as the first film-lease partner facility in May 2024, and Paramount has submitted itself as a studio partner. Paramount’s application is under NJEDA review and will be brought to its board for consideration on Oct. 30.
Paramount chief strategy officer and COO Andy Gordon attributed the deal, which will scale production and expand the slate, to being central in Paramount’s long-term strategy.
“We’re thrilled to invest in the United States and in the region and lean into our creative momentum to spark economic growth,” he said. “We’re deeply grateful for the support and partnership of Governor Murphy, Senator Raj Mukherji, the New Jersey Economic Development Authority and 1888 Studios. Thanks to highly competitive tax credit programs like New Jersey’s, the tri-state area is more attractive than ever before for production as we work together to create new jobs and empower more domestic production for America’s creative workforce.”
“Paramount’s expansion into New Jersey, utilizing 1888 Studios’ large-scale, full-service production campus in Bayonne, reflects the incredible momentum of our state’s creative sector, solidifying our reputation as a global powerhouse in the entertainment industry,” Gov. Phil Murphy added. “By attracting world-class studios and productions, we are not only creating high-quality jobs, promoting infrastructure, and driving economic growth, but are also investing in our communities and elevating New Jersey as a national leader in entertainment.”
1888 Studios is currently under development by Togus Urban Renewal, and is on track to become one of the largest campus-style production facilities in the country.
“With 1888 Studios, we set out to build a cutting-edge facility that would attract the world’s most ambitious storytellers – giving New Jersey true scale and a home for every facet of film and television production under one roof,” Togus Urban Renewal chairman Arpad “Arki” Busson said. “By keeping American productions at home, the project, which will be constructed by union workers, will generate thousands of jobs and additional opportunities for New Jersey’s small businesses.”
“I am grateful to Paramount’s leadership and entire team for recognizing the unique opportunity that 1888 Studios and New Jersey present for future productions,” he continued. “Paramount’s commitment underscores the caliber of our campus, the strategic advantages of our Bayonne location, and the impact of Governor Phil Murphy’s leadership in establishing industry-leading tax incentives and promoting infrastructure that have enabled New Jersey’s entertainment industry to thrive and enshrine the state as a true cornerstone of global production.”
