Ulta Beauty Snags 12K SF in Herald Square

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Ulta Beauty will open a new store at 2 Herald Square, landlord SL Green Realty Corp. announced in a company statement. 

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The cosmetics and skincare retailer signed a 12,040-square-foot lease for the storefront, which is part of a space formerly occupied by H&M. The property, located at the intersection of Broadway, Avenue of the Americas and West 34th Street, is a block away from Penn Station. Asking rent for the space was $550 per square foot, according to the New York Post, which first reported the story.

Colliers International’s Partick Breslin and Kenny Yip brokered the deal on behalf of the tenant, according to the release. Ariel Schuster, Ross Berkowitz, Jason Wecker and Mitch Heifetz of RKF represented the landlord.

“This expansion represents our confidence in our ability to identify unique opportunities in urban markets to reach new guests,” David Krueger, a senior vice president at Ulta Beauty, said in a prepared statement.

H&M had previously operated a 60,500-square-foot flagship store at the location, which hit the market in early 2015 as the retailer prepared to relocate across the street, as Commercial Observer reported. 

Other tenants in the 369,000-square-foot mixed-use property include WeWork, Victoria’s Secret and Mercy College.

Spokespeople from RKF and SL Green declined to comment. Spokespeople from Colliers did not respond to a request for comment.