Vornado Realty Trust announced a 70,000‑square‑foot lease with Paramount Television Studios at its newly opened Sunset Pier 94 Studios in Manhattan. The lease will house the second season of Showtime’s Dexter: Resurrection, making Paramount the first tenant of the 232,000‑square‑foot complex.
The announcement came on Thursday, January 15, 2026, and confirms the completion of the 266,000‑square‑foot purpose‑built studio, a joint venture between Vornado, Hudson Pacific, and Blackstone. The complex includes six sound stages, production support, and office space, and was slated for completion by the end of 2025.
The lease is a key milestone for Vornado’s growing entertainment portfolio. The company’s Q3 2025 earnings showed revenue of $453.7 million, up 2.4% YoY, and net income of $86.8 million, underscoring the financial strength that supports its studio expansion. The new lease adds a long‑term, high‑quality revenue stream that diversifies Vornado’s traditionally office‑centric holdings.
Paramount’s commitment reflects the attractiveness of New York’s tax incentives and the demand for state‑of‑the‑art production facilities. The company cited the studio’s advanced infrastructure and proximity to creative talent as decisive factors. The lease term is expected to span several years, aligning with Paramount’s multi‑season production strategy.
Industry analysts view the deal as a validation of Vornado’s strategy to capture a share of the booming content‑creation market. The move positions Vornado alongside other major players such as Blackstone’s 1888 Studios in New Jersey, and signals that Manhattan’s first purpose‑built studio is ready to attract high‑profile productions.
The lease also supports Vornado’s broader goal of balancing its portfolio with high‑yield, low‑leverage assets. By securing a marquee tenant, the REIT strengthens its cash‑flow profile ahead of its Q4 2025 earnings release scheduled for February 9, 2026.
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