This could explain why Condé Nast is moving out of 4 Times Square. A giant, illuminated 70-by-70-foot H&M sign will soon top the building—and will transform New York City’s iconic skyline. H&M signed a lease with the building’s owner for sign rights, as there will soon be a 42,500-square-foot store at the base of the 48-story tower. “They certainly understood the value of skyline signage,” said Tom Bower, the leasing director of the building’s owner, Durst Organization. The panels will be higher than the nearby bright-red GE atop 30 Rockefeller Plaza. When building 4 Times Square in 2000, Durst intended to lease out the signage at the top—but few companies were willing to pay the high rent.