Arki Busson, the founder of 1888 Studios in Bayonne, is a French hedge fund manager, investor and philanthropist who has been part of multi-million-dollar deals around the globe.
Every deal, he has said previously, had one thing in common: Strong, local support.
So, it came as no surprise Tuesday afternoon — after it was announced that Paramount had signed an agreement on a ten-year lease to take nearly 300,000 square feet of space and serve as the anchor tenant in the still-being-built 1888 Studios — that Busson was quick to thank local, regional and state officials for their persistent efforts, including the creation of strong tax incentive programs.
“State and local leadership have played a crucial role in championing each of these programs,” he said. “I am deeply grateful to Gov. Phil Murphy and first lady Tammy Murphy for their entrepreneurial leadership and for creating a stable and prosperous environment to make New Jersey a true production powerhouse.”
Busson was just getting started.
“I extend my sincerest gratitude to Senator Raj Mukherji, whose relentless pursuit and tireless advocacy for this program has been instrumental in establishing the state as an undeniable global destination for storytellers,” he said. “My deepest appreciation for Bayonne Mayor Jimmy Davis, who immediately recognized the potential of this project and never wavered in our common vision; Assemblywoman Eliana Pintor Marin, whose steadfast support was invaluable from day one in shepherding these programs forward; Mike Hellstrom, VP and Eastern Regional manager of LIUNA, who galvanized the backing of labor unions to our transformative project; and Tim Sullivan, CEO of the NJEDA, and his team, whose adaptive approach and commitment to creating forward-thinking, competitive programs has been pivotal in positioning New Jersey as the new global hub for our industry.”
Inside the deal
1888 Studios is set to become the largest campus-style production facility in the Northeast and one of the largest in the nation. Here’s how it happened.
The campus, named after the year Thomas Edison patented the motion film camera, is designed by global architecture firm Gensler to evoke the imagery of Golden Age Hollywood. It will provide a unique blend of cutting-edge infrastructure, proximity to Manhattan, access to a deep and experienced regional industry workforce, and some of the world’s most attractive film, television and post-production tax incentives.
Busson said the aim of 1888 Studios is to fulfill the region’s pressing need for an all-inclusive production campus to accommodate New Jersey’s growing film and television industry and provide the scale necessary for the state to compete on the world stage with a world-class facility. And at up to 1.6 million square feet, it is poised to be the Northeast’s largest production studious — and one of the largest in the nation.
Mukherji said he saw the promise from the start. That’s why he has been such a champion for the project.
“This once-in-a-generation, multibillion-dollar studio project will anchor a self-sustaining creative economy in Hudson County, create thousands of good-paying construction and permanent union jobs, and generate powerful multiplier effects,” he said.
“With industry leaders like 1888 Studios and Paramount choosing New Jersey, it proves that our film and TV tax credit law — while prudent, guard-railed, and built for long-term capital investment — is competitive and can significantly boost our economy and local small businesses. And as film and television remain among America’s greatest sources of cultural influence and soft power around the world, Hudson County will be at the center of that global stage. Congratulations to all involved in bringing this transformational project to fruition.”
Hellstrom noted how the project will support local workers.
“The state’s competitive incentive programs are a testament to what can be achieved when labor, industry, and government work together toward a shared vision,” he said. “By supporting these programs, we’re not only creating good union jobs and training opportunities for local workers, but we are also laying the foundation for New Jersey to be a major player in the television and motion picture industry.”
Of course, no one was happier than Davis.
“Bayonne is proud to welcome Paramount and 1888 Studios to our community, and we are excited to have them as partners in Bayonne’s ongoing renaissance,” he said. “These incentive programs are the result of years of collaboration with city and state officials dedicated to creating lasting economic, employment, and cultural benefits for Bayonne and its residents.
“Paramount’s investment shows that New Jersey is ready to lead the way in building the future of film and television production. This is a big win for Bayonne, Hudson County, and the state of New Jersey.”
