Paramount Expands to New Jersey: A Strategic Move to Leverage State Tax Incentives and Boost Production Capacity

Paramount Pictures Expands to New Jersey, Tapping into State’s Generous Film Incentives

Bayonne, NJ — In a strategic move to bolster its production capabilities, Paramount Pictures has announced it will establish a significant presence in New Jersey, leasing over 285,000 square feet at the expansive 1888 Studios production campus in Bayonne. This ten-year lease not only marks a pivotal expansion for the studio but also positions it to take advantage of the state’s lucrative tax incentives for film and television production.

Paramount’s partnership with 1888 Studios could yield a tax credit of up to 40% for qualifying projects filmed in New Jersey, pending the approval of their application. This incentive is part of a broader effort by the state to attract major film studios, making it a competitive player in the entertainment industry.

“Scaling production is central to our long-term strategy,” said Andy Gordon, Paramount’s Chief Operating Officer, emphasizing the importance of this move in the studio’s future plans.

New Jersey is rapidly emerging as a production hotspot, with Netflix recently breaking ground on a massive $848 million facility, further solidifying the state’s status as a key player in the film industry. The 1888 Studios campus, developed by Togus Urban Renewal, will feature over 1.1 million square feet of production space, including 23 sound stages equipped with 40-foot ceilings, postproduction facilities, and a backlot.

Gordon highlighted the role of competitive tax credit programs in making the tri-state area increasingly attractive for production. “Thanks to highly competitive tax credit programs like New Jersey’s, we are working together to create new jobs and empower more domestic production for America’s creative workforce,” he stated.

Under New Jersey’s film and TV tax incentive program, productions can typically receive a subsidy of up to 35% of qualifying costs. However, the special partnership program for studio and film lease partners allows for an additional 5% credit, making it one of the most appealing incentives globally. Paramount plans to submit its application for this designation later this week.

Governor Phil Murphy praised the expansion, stating, “Paramount’s expansion into New Jersey, utilizing 1888 Studios’ large-scale, full-service production campus, reflects the incredible momentum of our state’s creative sector, solidifying our reputation as a global powerhouse in the entertainment industry.”

As Paramount sets its sights on New Jersey, the state’s film landscape is poised for significant growth, promising new opportunities for filmmakers and creative professionals alike. With the backing of robust incentives and state-of-the-art facilities, New Jersey is ready to shine on the global entertainment stage.