Image courtesy Newmark Knight Frank

A Waltham office campus that has potential to add more life science space following the pending departure of a major office tenant in 2021 has been sold to Alexandria Real Estate Equities for $330 million.

The 3-story, 313,000-square-foot Reservoir Woods East campus includes Verizon Laboratories’ 202,428-square-foot short-term lease and has another 440,000 square feet of development potential as-of-right, according to Newmark Knight Frank which represented sellers Davis Cos. and Marcus Partners. Verizon is moving to 439,000 square feet at the Hub on Causeway office tower next year.

Another 312,845 square feet at Reservoir Woods East is leased to National Grid’s U.S. headquarters.

“The property presents an exceptional opportunity to benefit from the momentum of the Waltham-Lexington life science cluster, which has become a bona fide extension of Cambridge in recent years,” NKF Vice Chairman Edward Maher said in a statement.

The campus includes 410 garaged and 1,319 surface parking spaces.