Paramount is coming to New Jersey, a move meant to capitalize on the state’s generous subsidies to Hollywood.
Under a ten-year lease, Paramount will occupy more than 285,000 square feet of 1888 Studios’ sprawling production campus in Bayonne, New Jersey. By partnering with 1888, Paramount will be eligible to receive a tax credit of up to 40 percent for movies and TV shows filmed in the state if its application is approved.
In a statement, Paramount chief operating officer Andy Gordon said scaling production is “central to our long-term strategy.”
The move comes amid New Jersey’s rapid rise as a production hotspot. It’s slated to be Netflix’s next big base, with the company breaking ground earlier this year to redevelop hundreds of acres for a massive $848 million production facility.
Under development by Togus Urban Renewal, 1888’s 58-acre facility will offer over 1.1 million square feet of production space across 23 sound stages, all of which will have 40-foot ceilings, support and postproduction space, offices and a backlot, among other things. Paramount will be an anchor tenant.