Paramount signs 10-year lease for a New Jersey production facility

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Paramount has committed to a 10-year lease for a new film and TV production hub being built in New Jersey. This will allow the company to take advantage of New Jersey’s film and television tax incentives.

Togus Urban Renewal is building a new 58-acre facility in Bayonne, New Jersey, called 1888 Studios.

Scheduled to open in late 2028, the new facility will feature over 1.1 million square feet of space for film and television production. This includes 23 sound stages, areas for editing and post-production, offices, and equipment storage. The project is expected to cost over $1 billion to complete, according to a statement released Tuesday.

Following its recent acquisition by Skydance Media, Paramount will be moving into a space of over 285,000 square feet at the facility.

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After the state increased its film tax incentive, 52 movies qualified for a credit in the first application round.

1888 Studios is hoping to attract more companies to its production space. Bayonne, New Jersey, has already hosted filming for projects like the Bruce Springsteen biopic “Deliver Me From Nowhere” and the famous HBO show “The Sopranos.”

According to Paramount’s COO, Andy Gordon, the company plans to increase production and offer more high-quality entertainment as part of its long-term goals. He stated that programs like New Jersey’s tax credits are making the New York City area a very appealing location for filming, which will help create jobs and support American creatives.

New Jersey is trying to attract more film and television productions by increasing its tax credit program. As part of this effort, the state’s economic development authority will select three studio partners and three facilities for film leasing. Paramount is seeking to become a studio partner and their application will be reviewed by the authority’s board on Thursday. Lionsgate and Netflix have already been approved as partners.

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I’ve been following the news closely, and it’s interesting to see changes happening just a couple of months after David Ellison’s Skydance Media finalized the deal to buy Paramount. It feels like things are already starting to shift under the new ownership.

The project comes as California faces growing competition for Hollywood projects.

New Jersey, like California, is offering bigger incentives to attract film and television production, a field that’s becoming more competitive globally. Other countries, including the UK, Australia, and New Zealand, are also increasing their tax breaks to draw in these projects. New Jersey currently dedicates $430 million each year to this program and can cover up to 45% of eligible production costs.

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2025-10-30 00:01