Ivy Realty Converts Cinema, Offices to Retail

HOBOKEN, NJ-Ivy Realty has completed the conversion of more than 15,000 sf of ground-floor space, formerly a cinema and offices, into four retail units that were quickly spoken for. The largest of the spaces was taken by HSBC Bank, which signed a lease for 6,100 sf for a new branch location and expects to occupy it by the end of the year. The spot was formerly a cinema.Another bank has taken a total of 4,500 sf: Citibank also signed on for a branch location and has already taken occupancy. The rest of the converted space is being taken by two eateries, with Subway committing to 2,200 sf and Saladworks taking 2,500 sf."Conversion of the ground-floor space to retail adds value to the asset," says Marion Geddes, executive vice president of leasing for the Montvale-based Ivy Realty. "It compliments the building by providing amenities."Located in the Hudson County waterfront market, 5 Marine View Plaza is a five-story, 125,000-sf class A brick office building owned and managed by Ivy.