Paramount Signs Landmark 10-Year Lease with 1888 Studios, Cementing New Jersey’s Status as a Premier Film and Television Hub
In a major milestone for the U.S. entertainment and construction industries, 1888 Studios, a state-of-the-art, 1.6 million-square-foot film and television production campus currently under development in Bayonne, New Jersey, announced a landmark agreement with Paramount, a Skydance Corporation (NASDAQ: PSKY). Under the minimum 10-year lease agreement, Paramount will occupy more than 285,000 square feet of the upcoming facility, creating a world-class production hub that reinforces New Jersey’s growing reputation as one of the most competitive film and television production destinations in the United States.
The project represents a significant moment for both the entertainment and construction sectors, as it combines large-scale infrastructure investment, job creation, and government-backed incentives designed to attract global creative talent.
A Vision for a New Era in Production
Developed by Togus Urban Renewal, 1888 Studios is set to become the largest campus-style production facility in the Northeast and one of the largest in the entire country. The 58-acre campus will feature more than 1.1 million square feet of production space across 23 state-of-the-art smart sound stages, each equipped with a minimum of 40-foot clear ceilings.
In addition to its extensive soundstage facilities, the campus will include flexible post-production areas, executive offices, mill space, base camps, backlots, and advanced lighting and grip facilities — all designed to accommodate every phase of film and television production. Once completed, 1888 Studios will offer a comprehensive production ecosystem under one roof, rivaling leading global production centers such as Los Angeles, Toronto, and London.
The design and construction of the facility will be executed by union labor, generating thousands of jobs and providing a significant boost to local small businesses throughout the Bayonne and Hudson County areas.
Empowering Growth Through Competitive Tax Incentives
A key factor driving this partnership is New Jersey’s Film and Digital Media Tax Credit program, which offers some of the most competitive production incentives in the world. The program was expanded in 2025 to allow the New Jersey Economic Development Authority (NJEDA) to designate three Studio Partners and three Film-Lease Partner Facilities. Each designation is tied to major infrastructure commitments that anchor long-term industry growth.
In May 2024, 1888 Studios became New Jersey’s first Film-Lease Partner Facility, setting a precedent for the state’s film industry expansion. Paramount has since applied for the prestigious Studio Partner designation, which is currently under review by the NJEDA and is expected to be brought before its Board on October 30, 2025.
Through this program, productions filmed at 1888 Studios can access substantial tax benefits while contributing to the sustainable growth of New Jersey’s creative economy.
Paramount’s Commitment to U.S. Production and Local Investment
“Scaling our production and expanding our slate of world-class entertainment is central to our long-term strategy,” said Andy Gordon, Chief Strategy Officer and Chief Operating Officer of Paramount. “We’re thrilled to invest in the United States and in this region, leaning into our creative momentum to spark economic growth. We’re deeply grateful for the partnership and support of Governor Murphy, Senator Raj Mukherji, the NJEDA, and 1888 Studios. Thanks to competitive tax credit programs like New Jersey’s, the tri-state area has become one of the most attractive locations in the world for film and television production.”
Paramount’s decision marks not only a strategic investment in infrastructure but also a vote of confidence in the local creative economy, promising to deliver lasting benefits to the New Jersey workforce and entertainment supply chain.
Building a Creative Powerhouse in Bayonne
According to Arpad “Arki” Busson, Chairman of Togus Urban Renewal, the development of 1888 Studios represents a long-term vision to position New Jersey as a global leader in entertainment infrastructure.
“With 1888 Studios, we set out to build a cutting-edge facility that would attract the world’s most ambitious storytellers and give New Jersey a true home for every facet of production,” said Busson. “By keeping American productions at home, this project will be constructed by union workers, generating thousands of jobs and creating additional opportunities for small businesses across the state. Paramount’s commitment validates our vision and underscores the strategic advantages of Bayonne’s location — and the leadership of Governor Phil Murphy in fostering an environment where creativity and commerce thrive.”
State Leaders Celebrate a Milestone for Economic and Cultural Growth
Governor Phil Murphy praised the announcement as a defining achievement for the state’s creative economy. “Paramount’s expansion into New Jersey through 1888 Studios’ full-service campus reflects the incredible momentum of our entertainment sector,” said Murphy. “By attracting world-class studios and productions, we’re not only creating high-quality jobs and promoting infrastructure development, but we’re also elevating New Jersey’s position as a national leader in entertainment.”
Senator Raj Mukherji (NJ-32) echoed those sentiments, emphasizing the long-term benefits for local communities. “This once-in-a-generation, multibillion-dollar project will anchor a self-sustaining creative economy in Hudson County,” Mukherji said. “With industry leaders like 1888 Studios and Paramount choosing New Jersey, it’s clear that our tax credit law is both competitive and responsible — driving real investment, job creation, and cultural impact.”
A Campus Designed to Inspire
The 1888 Studios campus, designed by global architecture firm Gensler, pays tribute to cinema’s origins — its name referencing the year Thomas Edison patented the motion picture camera. The design will blend Golden Age Hollywood aesthetics with cutting-edge modern infrastructure, offering an environment that inspires creativity and innovation.
Strategically located near Manhattan, the campus provides unmatched access to one of the deepest and most experienced entertainment workforces in the world. This unique combination of infrastructure, accessibility, and incentives fulfills a growing regional need for a comprehensive production hub capable of supporting New Jersey’s expanding film and television sector.
Leadership and Collaboration Drive Success
Busson credited state and local leaders for their instrumental roles in making the project a reality. “Governor Phil Murphy and First Lady Tammy Murphy have created a stable and forward-thinking environment that enables projects like 1888 Studios to flourish,” said Busson. He also extended special recognition to Senator Raj Mukherji, Assemblywoman Eliana Pintor Marin, Bayonne Mayor Jimmy Davis, Mike Hellstrom of the Laborers’ International Union of North America (LIUNA), and NJEDA CEO Tim Sullivan for their advocacy and collaboration.
“Each of these leaders has played a critical part in turning New Jersey into a true global destination for storytellers,” Busson added.
Driving Long-Term Industry Growth
Since the reinstatement of New Jersey’s Film and Digital Media Tax Credit program in 2018, production spending in the state has increased dramatically. With bipartisan support and guaranteed funding through 2049, the program provides a strong foundation for continued investment in creative infrastructure.
By encouraging large-scale, purpose-built facilities like 1888 Studios, the state is fostering a sustainable ecosystem that promotes economic diversification, job creation, and cultural enrichment. The result is a dynamic, future-ready creative economy that benefits both residents and businesses alike.
Assemblywoman Eliana Pintor Marin (LD-29), who sponsored key legislation for the tax program, said, “I’m honored to have helped transform New Jersey into an international production hub. Paramount’s partnership with 1888 Studios validates our vision and will create thousands of construction and permanent jobs for our great state.”
Bayonne: The Heart of a Renaissance
Bayonne Mayor Jimmy Davis welcomed the development as a transformative investment for the city’s ongoing revitalization. “We’re proud to welcome Paramount and 1888 Studios to our community,” Davis said. “This partnership reflects years of collaboration between local and state officials, ensuring long-term economic, employment, and cultural benefits for Bayonne residents.”
Echoing this sentiment, Mike Hellstrom, Vice President and Eastern Regional Manager of LIUNA, emphasized the project’s significance for local labor and workforce development. “The state’s competitive incentive programs demonstrate what can be achieved when labor, industry, and government work together. By supporting projects like this, we’re not only creating good union jobs but also laying the foundation for New Jersey to become a dominant player in the global entertainment industry.”
A Creative Future Built on Innovation and Infrastructure
With Paramount’s long-term commitment and New Jersey’s proactive public policy, 1888 Studios is set to redefine the landscape of American film and television production. The development marks a powerful intersection of creativity, infrastructure, and economic opportunity — positioning Bayonne and New Jersey at the forefront of the next generation of storytelling.
As construction progresses, 1888 Studios continues to engage with additional entertainment industry leaders and potential tenants, ensuring that the campus becomes a thriving, multi-tenant hub for innovation and collaboration.
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