12,000-square-foot store to open in coveted Manhattan retail submarket
NEW YORK--(BUSINESS WIRE)--Jul. 31, 2019--
SL Green Realty Corp., New York City’s largest office landlord, today announced that Ulta Beauty, Inc., the largest beauty retailer in the U.S., has signed a 12,040-square-foot lease at 2 Herald Square for a new location.
Located on a prime corner of Herald Square at the intersection of Sixth Avenue, Broadway, and 34th Street, 2 Herald is a 369,000-square-foot mixed-use property in one of Manhattan’s best retail submarkets. Steps from Penn Station, the area’s foot traffic each year exceeds 100 million people. 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,”saidBrett 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 percent leased.”
“We are extremely pleased to extend our Manhattan presence into Herald Square, one of New York City’s most highly shopped retail destinations,” said David Krueger, Senior Vice President, Ulta Beauty growth and development. “We opened our first Manhattan store in the fall of 2017 and it has performed well. This expansion represents our confidence in our ability to identify unique opportunities in urban markets to reach new guests.”
Colliers Executive Managing Director Patrick Breslin and Associate Director Kenny Yip represented Ulta Beauty on the transaction. RKF Vice Chairman Ariel Schuster, Managing Director Ross Berkowitz, and Associates Jason Wecker and Mitch Heifetz represented SL Green.
About SL Green Realty Corp.
SL Green Realty Corp., an S&P 500 company and New York City's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of June 30, 2019, SL Green held interests in 96 Manhattan buildings totaling 46.0 million square feet. This included ownership interests in 27.2 million square feet of Manhattan buildings and 18.8 million square feet securing debt and preferred equity investments. In addition, SL Green held ownership interests in 7 suburban properties comprised of 15 buildings totaling 2.3 million square feet in Brooklyn, Westchester County, and Connecticut.
SLG – LEAS
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Source: SL Green Realty Corp.
SL Green Realty Corp.