Terrible news to start the morning as NBC New York confirms tipster reports that an elevator fall at 285 Madison Avenue, which has housed Y&R for 85 years as well as other businesses, has resulted in at least one death and two injuries. We’ve received tips saying that the elevator fell six floors and resulted in a shutdown in that area of Madison Ave. Our contacts there are saying they’re “awaiting more details.” We’ll keep you posted. Update: We’re being told that people can’t come in or leave the building and emergency rescue vehicles are everywhere.

Update 2: The New York Times‘ City Room section is reporting that an elevator fell “two” floors and that a 41-year-old woman died.

Update 3: Y&R sent a press statement:

“This is a tragic day here.

This morning, at 285 Madison Avenue, there was an elevator accident.

We are deeply, deeply saddened to confirm that one of our employees has died.

Our focus at this moment is the well-being of our employee’s family and our larger Y&R family.  As you can imagine, this is a great emotional shock to all.

We ask for your cooperation and understanding.  We will, of course, release information as we learn it.”

Update 4: We’ve been told that Peter Stringham, CEO of Young & Rubicam Group will be outside of 285 Madison at 3 pm to make a statement.

Sir Martin Sorrell nabbed another one today as his WPP announced that it’s acquired TAXI and is aligning the shop with its roster of Young & Rubicam Brands unit. TAXI as most of you probably know was founded by Paul Lavoie and Jane Hope in Montreal in 1992 and with this move, Lavoie maintains his post as the agency’s chairman while Rob Guenette serves as its CEO.

Lavoie will in turn report to Y&R Brands CEO/chairman Peter Stringham, who seems excited enough about the moving, saying in a statement, “TAXI is a fantastic addition to our group. It will fit perfectly with the 30 companies at Young & Rubicam Brands that span the marketing communications spectrum offering another exciting dimension to create innovative integrated  solutions. We also believe that their strong client roster will benefit from the wide range of resources and talents at Young & Rubicam Brands.” TAXI currently has offices throughout Canada as well as in New York and Amsterdam and the “strong client roster” Stringham is referring to includes New York Life, Heineken, Burger King and the Toronto Raptors.