As more than 1,000 job cuts will be implemented at Paramount starting today, the media company has signed a 10-year lease agreement to occupy 285,000 square feet of 1888 Studios, the new film and television production campus in Bayonne, New Jersey.
Currently under development by Togus Urban Renewal, the 1.6 million-square-foot facility is set 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, 1888 Studios offers tenants tax incentives of up to 40 percent for tv shows and movies filmed in the facilities.
Expanded in 2025, the program empowers the New Jersey Economic Development Authority to designate three Studio Partners and three Film-Lease Partner Facilities, each linked to large-scale infrastructure commitments. Paramount has already submitted its Studio Partner application.
Andy Gordon, chief strategy officer and chief operating officer at Paramount said: “Scaling our production and expanding our slate of world-class entertainment is central to our long-term strategy. We’re thrilled to invest in the United States and in the region and lean into our creative momentum to spark economic growth. We’re deeply grateful for the support and partnership of Governor Murphy, Senator Raj Mukherji, the New Jersey Economic Development Authority, and 1888 Studios. 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.”
1888 Studios is designed by architecture firm Gensler to evoke the imagery of Golden Age Hollywood. The Film and Digital Media Tax Credit program is fully funded through 2049.
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