The headquarters building of this firm at 85 Broad Street, designed by Skidmore, Owings & Merrill was completed in 1983. Its lobby curves to conform to the shape of Stone Street over which it was built. Originally this site was purchased by Lehman Brothers, who were going to build their own new headquarters to replace the cramped One William Street offices. But the economic downturn of 1973-75 changed all that, and now Goldman Sachs, its friendly competitor for many years, occupies the spot instead. In 1882 Marcus Goldman and Samuel Sachs formed a partnership to continue a commercial paper business which had been started by Goldman in 1869. It has operated under the name Goldman, Sachs & Co. since 1885. From the early days when Marcus Goldman would walk the streets of Manhattan negotiating trade receivables among merchants and banks, stuffing the receipts in the lining of his top hat, the firm has maintained a unique, close-knit entrepreneurial spirit. When asked some years ago if Goldman Sachs had a new business department, Walter Sachs replied that "Goldman Sachs & Co. is a new business department." The firm joined the New York Stock Exchange in 1896 and entered the field of investment banking in 1906, when it co-managed its first public offering for United Cigars Manufacturers which is still one of the firm's clients. Goldman Sachs was a pioneer in underwriting public offerings and brought many issues to market for well-known names in retailing and consumer goods manufacturing. In the 1930s, the firm began making markets in securities, and it developed institutional and individual sales departments. In 1956, Goldman Sachs was co-manager of the first public offering of Ford Motor Company common stock, the largest equity offering ever undertaken and a major event in corporate finance history. The syndicate contained an unprecedented number of underwriters-seven hundred twenty-two-clearly the greatest assemblage of firms ever. Partners of firms competing to manage the offering all began driving Fords that year. Today, Goldman Sachs is a leading, full-service investment banking firm. There is practically no financial activity they are not involved with. The difference is that Goldman does its business with a degree of professionalism that has been admired by many, and envied by some, for decades. Its culture fosters the team approach which derives from its long heritage as a partnership. There are few individual stars at Goldman, and everyone is rewarded handsomely. The firm has approximately 11,500 employees in thirty-eight offices. It has occupied various Broad Street sites, primarily nos. 20, 55, and 85 for almost fifty years.