Skin care and cosmetics retailer Ulta Beauty has signed a deal to take over the entirety of Jeff Sutton’s Times Square retail building at 1551 Broadway.

Ulta inked a 26,000-square-foot lease for all four floors of the property located in Midtown’s bright and bustling Times Square, according to The Real Deal, which first reported the news. 

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Ulta will replace clothing and accessories retailer American Eagle, which currently has a flagship store in the property at the corner of Broadway and West 46th Street. The deal also includes the building’s exterior 250-foot LED sign, TRD reported. 

Sutton declined to comment, while a representative for Ulta Beauty did not immediately respond to Commercial Observer’s request for comment. Cushman & Wakefield, which has represented the landlord at 1551 Broadway in the past, also did not immediately respond to a request for comment. 

In March, Sutton’s Wharton Properties secured a three-year, floating-rate $176 million refinancing on 1551 Broadway from Acore Capital, TRD reported. Wharton acquired 1551 and 1555 Broadway in 2005 for $82.5 million in a joint venture with SL Green Realty. 

Ulta Beauty, which has seven locations across New York City, recently announced its plans to open what it described as a “highly experiential” retail concept in Times Square that will focus on events and a grand customer experience.

“We are beginning work on a new, highly experiential Ulta Beauty location in Times Square, New York,” Kecia Steelman, president and CEO of Ulta, said during the company’s first-quarter earnings call. “Expected to open in late 2027, this flagship store will be a vibrant, dynamic destination where technology, entertainment, convenience and our differentiated assortment come together to deliver immersive guest experiences and brand activations.”

Times Square and the surrounding area is a bustling hub of large retail deals. Recently, Sandbox VR, a virtual reality experience provider, announced it selected Delshah Capital’s 761-777 Seventh Avenue for its first New York City location, while global jewelry retailer Pandora signed a lease in April at Rudin’s 3 Times Square.  

Amanda Schiavo can be reached at aschiavo@commercialobserver.com.