Magnificence retailer Ulta Magnificence has inked a large $400 million lease at Jeff Sutton’s marquee Midtown retail property in Instances Sq., The Actual Deal has realized.
The Illinois-based cosmetics and skincare retailer will occupy all 4 flooring of the 26,000-square-foot constructing at 1551 Broadway, owned by Sutton’s Wharton Properties. The 15-year lease additionally consists of the constructing’s 250-foot LED signal, a supply with data of the deal stated.
Ulta will substitute American Eagle, which at present has its flagship retailer within the constructing. Neither Sutton nor an Ulta consultant instantly responded to a request for remark.
At its most up-to-date earnings name, Ulta CEO and president Kecia Steelman stated it deliberate to open an “experiential” Instances Sq. retailer targeted on occasions and buyer expertise, in response to the sweetness and wellness commerce publication Glossy. The retailer at present has three Manhattan places.
Wharton purchased each 1551 and 1555 Broadway in a 50-50 three way partnership with SL Inexperienced for a complete of $82.5 million in 2005. The constructing was as soon as the location of the Instances Sq. Howard Johnson’s resort, which closed in 2005. Sutton and SL Inexperienced demolished the buildings and constructed new retail that opened in 2009; Sutton finally purchased out SL Inexperienced’s stake in 1551 Broadway.
Sutton scored a $176 million refinancing for the property in March from Acore Capital. The refi comes two years after Sutton secured an extension on a $180 million CMBS mortgage backed by the property. The mortgage briefly went into particular servicing earlier than Sutton landed the refinancing.
Instances Sq.’s retail restoration stays uneven, with leasing exercise concentrated in a handful of classes and attire tenants nonetheless largely absent, in response to REBNY’s second half 2025 retail report. Experiential ideas like Monopoly Experience have helped fill some area.
In the meantime, foot site visitors stays sturdy. The Instances Sq. Alliance recorded roughly 222,000 pedestrians in November, up 18 p.c from two years earlier.
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