1888 Studios And Paramount Unveil Landmark 10-Year Lease Agreement To Boost Film Tax Incentives

Paramount, a Skydance Corporation, has signed a significant 10-year lease with 1888 Studios in Bayonne, New Jersey. This agreement involves Paramount occupying over 285,000 square feet of the facility. The move strengthens New Jersey's position as a key location for film and television production, supported by an attractive tax incentive programme.

The expansive 1888 Studios campus is under development by Togus Urban Renewal. It aims to be the largest production facility in the Northeast and among the biggest nationwide. Spanning 58 acres, it will feature over 1.1 million square feet of production space, including 23 sound stages with at least 40-foot ceilings, support spaces, offices, and more.

New Jersey's Strategic Advantage

New Jersey's Film and Digital Media Tax Credit programme offers competitive incentives for tenants like 1888 Studios. Expanded in 2025, this programme allows the New Jersey Economic Development Authority (NJEDA) to designate Studio Partners and Film-Lease Partner Facilities. In May 2024, 1888 Studios became New Jersey's first Film-Lease Partner Facility.

Andy Gordon from Paramount expressed excitement about expanding their production capabilities in the United States. "Scaling our production and expanding our slate of world-class entertainment is central to our long-term strategy," he said. He acknowledged the support from Governor Murphy and other local leaders in making this venture possible.

The project promises to create thousands of jobs for union workers and opportunities for small businesses in New Jersey. Arpad "Arki" Busson of Togus Urban Renewal highlighted the project's potential to attract top storytellers globally while keeping American productions domestic.

Governor Phil Murphy noted that Paramount's expansion into New Jersey reflects the state's growing creative sector. "By attracting world-class studios and productions, we are not only creating high-quality jobs but are also investing in our communities," he stated.

Busson expressed gratitude to state leaders for their roles in supporting these initiatives. He thanked Governor Murphy and Senator Raj Mukherji for their leadership and advocacy efforts that have made New Jersey a global destination for filmmakers.

Senator Raj Mukherji emphasized that this multibillion-dollar studio project will anchor a self-sustaining creative economy in Hudson County. He praised the film and TV tax credit law for its role in boosting the local economy and cultural influence globally.

The expansive campus at 1888 Studios will serve as a hub for creativity and innovation, with ongoing discussions with additional tenants from the entertainment industry. The facility offers an all-inclusive production environment with unique benefits due to its strategic location.

The Film and Digital Media Tax Credit Program has significantly increased production spending since its reinstatement by Governor Murphy in 2018. The program enjoys bipartisan support across New Jersey and is funded through 2049.

Assemblywoman Eliana Pintor Marin expressed pride in sponsoring legislation that transformed New Jersey into an international film market. She congratulated both Paramount and 1888 Studios on their partnership that promises job creation statewide.

Bayonne Mayor Jimmy Davis welcomed Paramount and 1888 Studios to Bayonne, highlighting years of collaboration with city officials to bring economic benefits to residents. "This is a big win for Bayonne," he remarked.

Mike Hellstrom from LIUNA emphasised the importance of collaboration between labor, industry, and government in achieving shared goals through competitive incentive programs that create union jobs while positioning New Jersey as a major player in film production.