Blue Cross is scheduled to begin occupying the property in the third quarter of 2005 and the new building will house the majority of the company's business units in the Quincy area.
"Purchasing this facility enables us to keep the majority of our associates in the Quincy area," says Peter Meade, Blue Cross Blue Shield of Massachusetts's executive vice president of corporate affairs.
In a statement, Blue Cross Blue Shield of Massachusetts notes that purchasing the facility, rather than leasing it, allows the company to "consolidate expertise across departments because associates will be in one facility, provides savings in property management costs and lowers administrative and operating costs."
State Street Corp. was represented by John P. Barry and Michael R. Frisoli, partners, and Richard M. Bradbury, vice president of financial services of Richards Barry Joyce & Partners in the transaction. Blue Cross Blue Shield of Massachusetts was represented by Thomas J. Hynes, Jr., president, James L. Elcock, executive vice president, and Kristin E. Blount, vice president of Meredith & Grew.
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