Ulta Leases 26 KSF in Times Square

Ulta Beauty has inked a deal to lease the entirety of the 26,000-square-foot building at Wharton Properties’ 1551 Broadway in Times Square, Manhattan, The Real Deal reported. The cosmetics retailer will take the place of a current American Eagle flagship store.

The new flagship store is expected to open in late 2027. Ulta CEO Kecia Steelman said in a June 2 earnings call that the site would be “highly experiential.”

Wharton Properties initially acquired the site in 2005 as part of a joint venture with SL Green Realty Corp. and later bought out the entire property. The 15-year lease includes the building’s 250-foot LED sign, The Real Deal also reported, citing a source familiar with the deal.

---

READ ALSO: How Top CRE Brokers Hone Their Reputations

---

Ulta currently has three other locations in Manhattan.

Times Square retail otherwise sluggish

Though known as a premier retail hub, the Real Estate Board of New York characterized Times Square as a “lagging corridor” in its most recent report on Manhattan retail real estate, which covered the second half of 2025.

Last July, tm:rw, an immersive gadget and accessory store, opened in the Candler Building, according to the report. In August 2025, discount grocer Aldi signed a 25,000-square-foot lease at The Ellery, located at 311 W. 42nd Street, and plans to open the location later this month.

The Times Square area has been more active in the office sector lately, with entertainment company Versant Media Group inking an 84,509-square-foot lease at 229 W. 43rd St. in May. During the same month, insurance broker Howden signed a 31,519-square-foot lease at One Five One in Times Square, the former Condé Nast Building.