Hudson Pacific Properties (NYSE: HPP) announced that Paramount Television Studios will occupy a 70,000‑square‑foot space at its newly developed Sunset Pier 94 Studios in Manhattan. The lease, which includes two state‑of‑the‑art sound stages, production support, and office space, will house the second season of the Showtime original series Dexter: Resurrection and marks the first tenant commitment for the studio’s opening this month.
The signing validates the joint‑venture model that brought Sunset Pier 94 to life. Hudson Pacific, Vornado Realty Trust and Blackstone Real Estate jointly own the facility, and the Paramount lease demonstrates the venture’s ability to attract marquee tenants. The deal also underscores the strength of New York State’s expanded film‑production tax‑credit program, a key driver that has helped the city compete with other major production hubs.
Sunset Pier 94 Studios spans roughly 232,000 to 266,000 square feet and will feature six sound stages, production support, and office space. The complex is located on the Hudson River waterfront and is slated to open in early 2026. In addition to the studio, the project includes public amenities such as an extension of Hudson River Park, new public restrooms, waterfront open space, pier access and bikeway safety improvements.
Hudson Pacific’s financial performance has been mixed in recent quarters. The company reported a net loss of $98 million in Q4 2023 and a decline in FFO in Q2 2024, while a significant portion of its debt matures in 2025 and 2026. The studio segment, however, has shown improvement, and the Paramount lease provides an early cash‑flow boost that helps offset broader headwinds in the company’s office‑leasing business.
"We are thrilled to bring the second season of Dexter: Resurrection to Sunset Pier 94 Studios and its state‑of‑the‑art facilities," said Drew Brown, EVP of Production for Paramount Television Studios. "The region’s talent pool, competitive tax credits and our commitment to U.S. production make this partnership a natural fit." Hope Knight, President and CEO of Empire State Development, added, "The lease demonstrates the economic impact of film production in New York and the value of our expanded tax‑credit program. We look forward to welcoming more projects to Sunset Pier 94 as the studio opens." Victor Coleman, Chairman and CEO of Hudson Pacific, noted, "Our ability to capitalize on the growth of streaming content is unmatched, and this lease is a testament to the strength of our studio platform.”
The Paramount lease is expected to accelerate further leasing activity at Sunset Pier 94. With the studio’s opening imminent, additional productions are likely to follow, positioning Hudson Pacific to capture a growing share of the U.S. film‑production market and to diversify its revenue streams beyond traditional office leasing.
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