Paramount has signed a 10-year lease agreement to occupy 285,000 square feet at 1888 Studios, a new film and television production campus in Bayonne, New Jersey. This move comes as Paramount implements over 1,000 job cuts starting today.

Developed by Togus Urban Renewal, the 1.6 million-square-foot facility is on track to become the largest campus-style production hub in the Northeast and one of the largest in the U.S. Through New Jersey’s Film and Digital Media Tax Credit program, tenants at 1888 Studios can benefit from tax incentives of up to 40 percent for filming TV shows and movies on site.

By 2025, the program will be expanded to include three Studio Partners and three Film-Lease Partner Facilities, each tied to significant infrastructure commitments. Paramount has already applied to be a Studio Partner.

Andy Gordon, Paramount’s chief strategy officer and chief operating officer, expressed excitement about the company’s production expansion and investment in the U.S. He highlighted the support received from various entities including Governor Murphy, Senator Raj Mukherji, the New Jersey Economic Development Authority, and 1888 Studios. The design of 1888 Studios by architecture firm Gensler pays homage to the Golden Age of Hollywood.

The Film and Digital Media Tax Credit program, which supports the initiative, is funded through 2049, making the tri-state area increasingly appealing for production activities.

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