The Property functioned as a watch factory until the 1950s. The First Republic Corporation of America purchased the Property in 1961 as a multi-tenanted light manufacturing and warehousing facility. Panametrics, a manufacturer of precision instruments, grew to become the largest tenant and occupied 75% of the complex before being acquired and relocated by General Electric in 2004. Since then, the Property has remained mostly vacant.
The complex was listed on the State and National Register of Historic Places in 1989. The monumental character and historic significance of the Watch Factory is such that it adorns the seal of the City of Waltham.