Ulta Beauty has signed a $400 million lease to take over the space that’s currently occupied by American Eagle at 1551 Broadway in Times Square.

America’s largest beauty retailer will take all four floors in the building, which spans 26,000 square feet, as reported by The Real Deal. The term of the deal, which also includes the property’s 250-foot LED sign, is for 15 years.

Currently, the building, owned by Wharton Properties, serves as American Eagle’s flagship store. Ulta currently has three other locations in Manhattan. It’s unclear when the move-in to 1551 Broadway will take place.

Retail continues to thrive in New York City — but it remains scarce. For example, JLL reported in the first quarter that the prime markets, which include Times Square and various other major areas in the city, continued to see availability at a record low of 13.7 percent. The CRE brokerage’s data dates back to 2017.

Also, average asking rents rose 1.4 percent year-over-year to $585 per square foot. Yet, four submarkets, including Times Square, saw rents drop. Patrick A. Smith, vice chairman of retail brokerage at JLL New York, in his forecast ahead, said that the limited availability will force tenants to look for activity in non-core submarkets.