2 Herald Square
NEW YORK CITY—Although maybe not quite a miracle, Ulta Beauty is coming to 34th Street. The nation's largest beauty retailer has signed a 12,040-square-foot lease with SL Green, New York City's largest office landlord, to open a new location at 2 Herald Square. Terms of the lease were not disclosed. But a source close to the deal tells GlobeSt.com that asking rents were $550 per square foot in the 10-year deal.
The 369,000-square-foot, mixed-use property is in one of Manhattan's best retail submarkets. Located at the intersection of Sixth Avenue, Broadway and 34th Street, the area exceeds 100 million people in foot traffic each year.
Notable tenants in the building include Victoria's Secret, WeWork and Mercy College.
“This new partnership with Ulta Beauty, considered one of the most popular shopping destinations, demonstrates the strength of the Herald Square submarket and further attests to the importance of a brick and mortar presence in New York City as part of an overall retail strategy,” says Brett Herschenfeld, managing director at SL Green. “I am proud that in only 16 months since acquiring this property, our business plan has been executed and the retail is now 100% leased.”
“We opened our first Manhattan store in the fall of 2017 and it has performed well,” says David Krueger, SVP, Ulta Beauty growth and development. “This expansion represents our confidence in our ability to identify unique opportunities in urban markets to reach new guests.”
Colliers International's Patrick Breslin and Kenny Yip represented Ulta Beauty. RKF's Ariel Schuster, Ross Berkowitz, Jason Wecker and Mitch Heifetz represented SL Green.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
