Netflix Isn’t the Only One Moving to New Jersey — Paramount Signs 10-Year Lease on Massive Lot in the Garden State
Netflix is about to get a new next-door neighbor. Paramount has signed a 10-year lease to occupy a massive amount of studio space in New Jersey, a state that has recently become a hotspot for production thanks to a highly lucrative and aggressive tax credit program.
Paramount will commit to occupying 285,000 square feet within 1888 Studios in Bayonne, NJ. This is part of a sprawling 1.6 million square foot film and TV production campus currently under development, set to become the largest production facility in the Northeast. This move gives Paramount-Skydance a substantial presence in The Garden State, further establishing New Jersey as an increasingly attractive East Coast production hub.
Earlier this year, in May, Netflix broke ground on its own 500,000 square foot facility in Fort Monmouth, NJ, with a $1 billion investment. Similarly, Lionsgate has secured a lease for a 270,000 square foot campus in Newark.
One of the standout advantages of the Bayonne location is its accessibility. 1888 Studios is just 30 minutes from downtown Manhattan and can be reached easily by boat or helicopter, making it a convenient option for productions based in the city.
In May 2024, 1888 Studios was named one of New Jersey’s first Film-Lease Partner Facilities. This designation means tenants there can access New Jersey’s Film and Digital Media Tax Credit program. Approved in 2018 and funded through 2049, the program offers productions shooting in the state a tax credit of up to 40 percent.
Although there is a cap on how much of that credit can be applied to above-the-line costs (which aren’t eligible in California), the tax credits are transferable. Additionally, the program dedicates $100 million annually for legacy film projects, making it one of the most competitive and attractive filming tax credit programs in the country.
Governor Phil Murphy praised the development, stating, “Paramount’s expansion into New Jersey, utilizing 1888 Studios’ large-scale, full-service production campus in Bayonne, reflects the incredible momentum of our state’s creative sector, solidifying our reputation as a global powerhouse in the entertainment industry.”
He added, “By attracting world-class studios and productions, we are not only creating high-quality jobs, promoting infrastructure, and driving economic growth, but are also investing in our communities and elevating New Jersey as a national leader in entertainment.”
Paramount’s chief strategy officer and chief operating officer, Andy Gordon, commented on the move: “Scaling our production and expanding our slate is central to our long-term strategy. Being able to reduce costs and shoot in an affordable new location is going to be key.”
Film historians will recall that Thomas Edison once shot films in New Jersey. While patent issues and California’s favorable weather ultimately lured the film industry westward to become Hollywood, the landscape is changing. With the industry now more global than ever, New Jersey is back on the map for filming — and 1888 Studios pays homage to that legacy, named after the year Edison patented the motion picture camera.
https://www.indiewire.com/news/business/paramount-signs-10-year-lease-massive-lot-new-jersey-1235157940/
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