Tufts Health Plan pays $85.5m for Watertown headquarters

The Art Deco structure was built in 1931 as a service center for Western Electric.
Tufts has leased space in it since 1998, and this year said it was consolidating its offices and moving 475 employees from Waltham to Watertown. "Buying this building signals our long-term commitment to the marketplace," said James Roosevelt Jr., chief executive of Tufts Health Plan, in a statement. "This purchase will provide us with millions of dollars of savings over the next several years, which will enable us to further lower administrative costs."