Fallon, the advertising agency with clients like Time magazine, Virgin Mobile, and Citibank, is closing up their New York office. According to AdAge, it turns out that the president and top creative decided to start their own venture, and hence Fallon Chairman Pat Fallon's statement:
While we have loved doing business in New York, and have a great group of talent, the truth is that New York is not a necessary part of Fallon's U.S. offering. We believe our clients will be best served by a single office.
Burn! The New York employees will apparently be offered jobs in Minneapolis, so we don't know if that means some apartments will open up or the competition for NYC ad jobs will heat up.
And Fallon worked on the graffiti billboard Time commissioned from Cope2 - yeah, New York isn't a neccesary part of an ad agency's offering.