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.
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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.
“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,” Gordon said.
Under the state’s film and TV tax incentive program, productions are typically eligible for a subsidy of up to 35 percent of qualifying costs. It has a special partnership program for studio and film lease partners that bumps the credit up an extra five percent, making it among the most competitive incentives in the world. There can only be three such designations, which require a link to a large-scale infrastructure commitment. Paramount plans to bring its application later this week.
“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,” said Gov. Phil Murphy in a statement.
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