Paramount Skydance has signed a minimum 10-year, 285,000 square foot lease at 1888 Studios in Bayonne, New Jersey in a move that will unlocks access to the state’s newly enhanced film tax incentives and makes Paramount eligible for its Studio Partner designation.
Lionsgate and Netflix are current Studio Partners with the former anchoring a new Great Point complex in Newark, and the giant streamer building out a production campus in Fort Monmouth, a former Army base.
The state approved the 1888 Studios in May of 2024 and it was designated New Jersey’s first Film-Lease Partner Facility. Paramount has submitted its Studio Partner application, a separate process that is under review by the NJ economic development authority and will be brought to its board for consideration on October 30.
The move comes as New Jersey continues to make a play as premiere production destination with some success. It touts proximity to Manhattan, access to a deep and experienced regional industry workforce, as well as attractive film, television and post-production tax incentives that runs through 2039 offering a a competitive 30%-35%. Feeling some heat from next door, New York sweetened its incentive package in its latest budget earlier this year.
Currently under development by Arpad “Arki” Busson’s Togus Urban Renewal, 1888 Studios is set to become the largest campus-style production facility in the Northeast and one of the largest in the nation. The 58-acre facility will offer over 1.1 million square feet of production space spanning 23 smart sound stages with a minimum of 40-foot clear ceilings; production support space; flexible post-production space; offices; mills; base camp and backlot; and lighting and grip facilities to accommodate all phases of production.
“Scaling our production and expanding our slate of world-class entertainment is central to our 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. We’re deeply grateful for the support and partnership of Governor Murphy, Senator Raj Mukherji, the New Jersey Economic Development Authority, and 1888 Studios,” said Paramount’s Chief Strategy Officer and Chief Operating Officer Andy Gordon.
“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.”
Busson, the New York-based French financier and ex-husband of Uma Thurman, said 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.”
Named after the year Thomas Edison patented the motion film camera, 1888 Studios, at the site of a former Texaco oil refinery, is designed by global architecture firm Gensler to evoke the imagery of Golden Age Hollywood.
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