Paramount has agreed to a minimum 10-year lease for 285,000 square feet at 1888 Studios in Bayonne, New Jersey. The deal gives the company access to the state’s updated film tax credit program and qualifies it to secure Studio Partner status. Paramount had already submitted its application, and the New Jersey Economic Development Authority reviewed the request on October 30.
- Paramount secured a 10-year lease for 285,000 square feet at the new 1888 Studios in Bayonne, N.J., gaining access to tax credits up to 40%.
- The $1-billion, 58-acre development will include 23 smart sound stages and over 1.1 million square feet of production space, opening in late 2028.
- New Jersey’s aggressive tax incentives, ranging from 30%–35% with an extra 5% for studio partners, are fueling competition with California and New York.
New Jersey Incentives Strengthen Production Growth
This location was approved by the state in May 2024 and named New Jersey’s first Film-Lease Partner Facility. The lease supports New Jersey’s plan to attract long-term film and TV production. The state offers tax credits of 30% to 35%, plus an extra 5% for Studio Partner companies, with incentives running through 2039.
New Jersey promotes its close distance to Manhattan, a skilled labor pool, and new studio facilities to compete with other production hubs. The rise in activity has pushed nearby states, including New York, to raise their own incentive programs earlier this year.
Planned Features of the $1-Billion 1888 Studios Project
The 1888 Studios property is now being built by Togus Urban Renewal, led by Arpad “Arki” Busson, a New York-based French investor. The site sits on a 58-acre former Texaco oil refinery in Bayonne. It will become one of the largest film campuses in the United States and the largest in the Northeast region when finished in the fourth quarter of 2028.
The development cost is over $1 billion and will include:
- Over 1.1 million square feet of total production space
- 23 smart sound stages
- 40-foot clear stage ceilings
- Post-production facilities
- Office and production support areas
- Mills and storage
- Lighting and grip space
- Base camp and backlot zones
The campus name “1888” honors the year Thomas Edison patented the motion picture camera. Gensler, a global architecture firm, designed the site with a look inspired by classic Hollywood studio style combined with modern production needs.
New Jersey Expands Its Role in Film and TV Production
New Jersey continues to strengthen its position in the U.S. production industry. The state already has Studio Partner commitments with Lionsgate and Netflix. Lionsgate is the anchor tenant for a new Great Point studio campus in Newark, and Netflix is creating a large production center at Fort Monmouth, valued at $848 million.
With Studio Partner status limited to three companies, New Jersey requires major investment tied to real studio infrastructure before awarding the full incentive level. This policy encourages long-term projects instead of short-term shoots.
The region has seen strong growth, and the Paramount deal adds another major studio to New Jersey’s list of planned production centers.
