Paramount Signs 10-Year Lease With 1888 Studios
Paramount has signed a minimum 10-year lease agreement with 1888 Studios to occupy more than 285,000 square feet of the production company in Bayonne, N.J. as a way to capitalize on incentives offered from the state’s film and digital media tax credit program.
Variety has learned that 1888 Studios is expected to be operational by the fourth quarter of 2028.
Currently under development by Togus Urban Renewal, 1888 Studios will offer 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 every phase of production.
The tax credit program, which expanded in 2025, empowers the New Jersey Economic Development Authority (NJEDA) to designate three studio partners and three film-lease partner facilities, each linked to large-scale infrastructure commitments.
1888 Studios was designated New Jersey’s first film-lease partner facility in May 2024, and Paramount has submitted its studio partner application, which is under NJEDA review and will be brought to its Board for consideration on Oct. 30.
“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,” Arpad “Arki” Busson, chairman of Togus Urban Renewal, said in a statement.
He continued, “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.”
The 1888 Studios campus will provide infrastructure, proximity to Manhattan, access to the regional industry workforce and post-production tax incentives.
“With industry leaders like 1888 Studios and Paramount choosing New Jersey, it proves that our film and TV tax credit law – while prudent, guardrailled, and built for long-term capital investment – is competitive and can significantly boost our economy and local small businesses,” Senator Raj Mukherji, representative of New Jersey’s 32nd District, said about the partnership.
