Exhibit 10.44

                 FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT

   THIS FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT is made this     day 
of August, 1997 by and between (i) THE VARIABLE ANNUITY LIFE INSURANCE 
COMPANY, a Texas corporation ("Seller"), and (ii) ALEXANDRIA REAL ESTATE 
EQUITIES, INC., a Maryland corporation ("Purchaser").

                                     RECITALS

   A. Purchaser and Seller have entered into a Purchase and Sale Agreement 
dated June 23, 1997, the effective date of which is June 25, 1997 (the 
"Purchase Agreement").

   B. The parties hereto desire to amend the Purchase Agreement as 
hereinafter set forth.

   NOW, THEREFORE, the parties hereto agree as follows:

   1. RECITALS: DEFINED TERMS. The foregoing recitals are true and correct 
and are hereby incorporated herein by reference. The defined terms used in 
the Purchase Agreement shall have the same meaning when used herein, unless a 
contrary intent is indicated.

   2. EXTENSION OF INSPECTION PERIOD. The Inspection Period prescribed 
pursuant to Section 13 of the Purchase Agreement is hereby extended and shall 
terminate at the close of business on August 15, 1997.

   3. CLOSING DATE. The Closing Date shall be on or before August 26, 1997, 
notwithstanding the extension to the Inspection Period granted hereinabove.

   4. NO OTHER CHANGES. Except as set forth above, the Purchase Agreement 
remains in full force and effect and is ratified and confirmed by the parties 
hereto.

   WITNESS the signatures of the parties hereto.

WITNESS:                              SELLER:
                                      
                                      THE VARIABLE ANNUITY LIFE INSURANCE 
                                      COMPANY

/s/ [ILLEGIBLE]                       By: /s/ [ILLEGIBLE]
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                                      Name: [ILLEGIBLE]
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                                      Title: Real Estate Investment Officer
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