Photo courtesy of Bruce T. Martin Photography

Life science developer Alexandria Real Estate Equities is giving its first hints about its plans for its newest acquisitions in Watertown and Newton as it explores lab space growth in Boston’s inner suburbs.

Alexandria paid $525.5 million in December for the Athenahealth campus in Watertown, and followed that up with January’s $235 million acquisition of the 509,702-square-foot Riverside Center at 275 Grove St. in Newton.

The Newton office complex gives Alexandria the chance to expand its 1.1 million-square-foot Route 128 life science portfolio, including the potential to gradually convert the building to lab space, Co-Chief Executive Officer Peter Moglia said during a conference call to discuss the company’s quarterly earnings.

Digital medical records specialist Athenahealth has leased back 410,000 square feet at the 11-building Arsenal on the Charles campus in Watertown, which totals 935,000 square feet. Moglia said the developer plans to expand the campus to over 1 million square feet.

“This acquisition is a terrific example of our focus on value add investments,” Moglia said during a conference call to discuss the REIT’s quarterly earnings. “Upon full development, we contemplate a 12-building campus containing 1.035 million square feet that will provide unprecedented scale in Cambridge’s inner suburbs.”

Watertown Planning Director Steve Magoon said Alexandria has not submitted any formal applications yet.

Successful lab conversions at nearby properties such as 65 Grove St. and LINX have confirmed East Watertown’s potential to attract life science startups and sales to institutional investors.

Athenahealth had planned to lead the expansion of the campus but scaled back its growth plans following its acquisition by Veritas Capital and Elliott Management.