Paramount has signed a minimum 10-year lease with 1888 Studios, which occupies more than 285,000 square feet of the production company’s Bayonne, New Jersey location, as a way to take advantage of incentives provided by the state’s Motion Picture and Digital Media Tax Credit Program.
Variety has learned that 1888 Studios is scheduled to be operational by the fourth quarter of 2028.
Currently being developed by Togus Urban Renewal, 1888 Studios will offer 1.1 million square feet of production space across 23 smart sound stages with minimum 40-foot clear ceilings, production support space, flexible post-production space, offices, factories, base camps and backlots, and lighting and grip equipment for every stage of production.
Expanded in 2025, this tax credit program authorizes the New Jersey Economic Development Authority (NJEDA) to designate three studio partners and three film lease partner facilities, each associated with major infrastructure improvements.
1888 Studios will be designated as New Jersey’s first film leasing partner facility in May 2024, and Paramount has submitted a studio partner application, currently under review by NJEDA and expected to be submitted to the board for consideration on October 30th.
“At 1888 Studios, we have begun construction on a state-of-the-art facility that will attract the world’s most ambitious storytellers, providing New Jersey with true scale and a home where all aspects of film and television production can be done under one roof,” Togas Urban Renewal chairman Arpad “Arki” Busson said in a statement.
He continued, “By keeping American productions at home, this project, built by union workers, will create thousands of jobs and more opportunities for New Jersey’s small businesses.”
The 1888 Studio campus offers infrastructure, proximity to Manhattan, access to regional industry workforce, and post-production tax incentives.
“The selection of New Jersey by industry leaders such as 1888 Studios and Paramount proves that our film and television tax credit law, while cautious, guardrailed, and built for long-term capital investment, is competitive and can provide a significant boost to our economy and local small businesses,” said New Jersey State Senator Raj Mukherji, representing District 32, of the partnership.
