The basics:
- Paramount signs 10-year lease for 285,000 sq. ft. at 1888 Studios in Bayonne
- 1888 Studios set to become the largest production facility in the Northeast
- NJEDA tax incentives help attract major entertainment companies to NJ
- Project expected to create thousands of jobs, fuel Hudson County economy
The Garden State’s booming film and television sector scored another major win. Paramount signed a 10-year lease at 1888 Studios. The production complex is currently under development in Bayonne.
Under the agreement announced Oct. 28, Paramount (a Skydance Corp.) will occupy more than 285,000 square feet at the 1.5 million-square-foot facility. The site is slated to become the largest campus-style production facility in the Northeast. It will also create one of the largest in the nation.
Togus Urban Renewal is developing 1888 Studios. The New Jersey Economic Development Authority established the site as a Film-Lease Partner Facility. That designation offers tenants competitive incentives through the New Jersey’s Film and Digital Media Tax Credit program.
Paramount has submitted its Studio Partner application. The package is under review by the NJEDA and set for consideration at its Oct. 30 board meeting.
This marks the latest example of a major global media and entertainment company set to establish a major presence here in the New Jersey. It builds on the Netflix at Fort Monmouth and Lionsgate in Newark projects also underway.
‘More attractive than ever’
“Scaling our production and expanding our slate of world-class entertainment is central to our long-term strategy,” said Andy Gordon, chief strategy officer and chief operating officer, Paramount. “We’re thrilled to invest in the United States and in the region and lean into our creative momentum to spark economic growth.”
Gordon also thanked Gov. Phil Murphy; Sen. Raj Mukherji, D-32nd District; the NJEDA and 1888 Studios for their support.
“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,” Gordon added.
New Jersey’s stage
“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,” said Murphy. “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 named after the year Thomas Edison patented the motion film camera. Global architecture firm Gensler designed the facility to “evoke the imagery of Golden Age Hollywood.”
‘Creative economy’
“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. 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,” said Arpad “Arki” Busson, chairman, Togus Urban Renewal.
Busson added, “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.”
Golden Age Hollywood
Take a look around the planned 1888 Studios in Bayonne here.
“This once-in-a-generation, multibillion-dollar studio project will anchor a self-sustaining creative economy in Hudson County, create thousands of good-paying construction and permanent union jobs, and generate powerful multiplier effects,” said Mukherji.
Bayonne Mayor Jimmy Davis said the city is proud to welcome Paramount and 1888 Studios to the community.
“And we are excited to have them as partners in Bayonne’s ongoing renaissance,” said Davis. “These incentive programs are the result of years of collaboration with city and state officials dedicated to creating lasting economic, employment, and cultural benefits for Bayonne and its residents. Paramount’s investment shows that New Jersey is ready to lead the way in building the future of film and television production. This is a big win for Bayonne, Hudson County, and the State of New Jersey.”
The announcement came the same day reports confirmed Paramount Skydance plans to layoff 1,000 employees.
