Alexandria Real Estate Equities Inc., which owns various local laboratory facilities, including Massachusetts Institute of Technology’s Technology Square, has announced it will sell 4 million shares.

The California-based real estate investment trust intends to initially use the net proceeds from this offering to reduce the outstanding balance on its unsecured line of credit, according to a statement.

The offering is upsized from yesterday’s originally sized offering of 3 million shares.

Common stock will be sold at $53.25 per share.

Alexandria expects to grant the underwriters a 30-day option to purchase up to 600,000 additional shares to cover over-allotments, if any.

The offering is expected to close on Sept. 29.