NEW YORK CITY-Bursting at the seams in their current space in the Chelsea Market, Innovatix, a division of the Greater New York Hospital Association, has sublet its 17,900 square feet there to advertising company Zenith Optimedia.

Jodi Roberts, a Cushman & Wakefield director who represented Innovatix in the sublease along with vice chairman Josh Kuriloff, says that growth made a move from the location at 75 Ninth Ave. necessary.

“They were doubling in space,” Roberts tells GlobeSt.com. “We decided that, since there was no more additional space available at Chelsea Market, to consolidate them with the Greater New York Hospital Association space at 555 W. 57th St. There was actually some vacancy there, which is rare for that building.”

The sublease term is through March 2014 and Roberts says that the asking rent was $40 per square foot. According to a CBRE Q3 2011 market report, asking rents for Midtown South were right at that figure--$39.81, to be exact, for the quarter. The area also had the lowest availability of Manhattan sublease space for the quarter.

For Zenith Optimedia, a division of advertising giant Publicis Groupe, the deal gives them access to a sought-after location for media companies hoping to attract young talent.

“It’s one of the areas that’s most in demand these days,” Roberts says. “There is very little vacancy there since Google purchased 111 Eighth and started displacing a lot of the tenants. People want to be in the neighborhood to be close to Google.”