In late 1886 Tesla met Alfred S. Brown, a Western Union superintendent, and New York attorney Charles F. Peck. The two men were experienced in setting up companies and promoting inventions and patents for financial gain. Based on Tesla's patents and other ideas they agreed to back him financially and handle his patents. Together in April 1887 they formed the Tesla Electric Company with an agreement that profits from generated patents would go ⅓ to Tesla, ⅓ to Peck and Brown, and ⅓ to fund development. They set up a laboratory for Tesla at 89 Liberty Street in Manhattan where he worked on improving and developing new types of electric motors, generators and other devices.