Pasadena, Calif.-based Alexandria Real Estate Equities has paid $33 million to acquire a 23,840 square foot office and lab property in South San Francisco, as stated by the public real estate investment trust in its 2017 third quarter earnings report.

The property is now 100 percent occupied, and it is located at 201 Haskins Way in South San Francisco. The new owner of the property has future development plans for the location, although the details about the redevelopment have not been revealed at this time. Alexandria stated in the earnings report that it plans to turn the property into a 280,000 square foot project in the future, but there is no indication about the total cost of this project going forward or when this new development would be started or completed.

Alexandria is a major property owner in the San Francisco Bay Area. In this region, the company has a total of 3.74 million square feet of operational properties, with an additional 750,930 square feet in development projects. This portfolio has a total of 34 properties and is now 100 percent occupied. The assets in the San Francisco region make up 22 percent of the national portfolio controlled by Alexandria.