By moving into 4 Times Square, the fashion chain becomes the latest in a line of affordable clothing retailers that are willing to brave high rents for a Times Square storefront, The Wall Street Journal reports.

H&M was represented by Bob Gibson of Cushman & Wakefield. Amira Yunis, Gary Trock, and Matthew Krell, all of CBRE, represented the Durst Organization, the owners of 4 Times Square.

Asking rent for the 20-year deal was rumored to be around $2,500-a-square-foot.

The ESPN Zone, which offered bar grub and a variety of flat screen TVs showing the latest sports games and an endless loop of Sportscenter (basically like every other bar in New York City nowadays), closed in 2010 after parent company Walt Disney shuttered five ESPN Zones across the country.

The Durst Organization struggled to find a replacement for the space. A deal with Express, Inc. was in place until the clothing chain decided to sign a deal for the old T.G.I. Friday's space at 46th and Broadway.

H&M will also receive four large signs near the top of the building and two street-level signs, The WSJ reports.

drosen@observer.com